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August 2026
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FEMA & RBIIFSCA Fund Management Regulations amended again: “associate” set at a 20% test, pre-first-close money ring-fenced, differential distribution enabled
Associate = 20% holding testRule changeThe IFSCA (Fund Management) (Second Amendment) Regulations, 2026 redefine “associate” on a 20 per cent holding test, require money received before first close to be parked only in liquid, capital-preserving investments, let Venture Capital schemes make follow-on investments in companies older than ten years, enable senior and junior units, and reset NAV disclosure and FME contribution rules.
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