Search: Restricted scheme

September 2026

• 25Sep

  FEMA & RBIIFSCA issues differential distribution framework for Venture Capital and Restricted Schemes: one senior class, junior units from USD 2 million, grants up to 49% for ESG schemes

  Junior units: min USD 2 millionNew facility

  IFSCA has issued the framework under which Venture Capital Schemes and Restricted Schemes in the IFSC can issue senior and junior or subordinate units with different distribution rights, to facilitate blended finance. Minimum investment in junior units is USD 2 million (USD 1 million for accredited investors). ESG schemes may accept grants up to 49% of corpus.

• 11Sep

  FEMA & RBIExpired placement memorandum can be revived: IFSCA allows extension even on a late application, at 50% extension fee plus a late fee the FME must bear

  Expired PPM: late extensionRelief

  IFSCA may now extend the validity of an expired placement memorandum of a Venture Capital or Restricted Scheme even where the FME applies after expiry. The FME pays an extension fee of 50% of the fresh-filing fee for each six-month period plus a late fee of 50% of that extension fee, cannot make material changes, and cannot pass the late fee to the scheme or investors.