ICAI Certification Course Added as an Alternative Under the IFSCA Fund Management Regulations, 2025
The International Financial Services Centres Authority (IFSCA) has expanded the certification options available to employees of Fund Management Entities operating in International Financial Services Centres (IFSCs).
Through its circular dated 10 August 2026, IFSCA has specified an additional certification course for the purpose of compliance with the employee certification requirement prescribed under the IFSCA (Fund Management) Regulations, 2025.
Regulatory Background
Regulation 7(6) of the IFSCA (Fund Management) Regulations, 2025 empowers IFSCA to specify certification courses that employees of Fund Management Entities in an IFSC are required to complete.
IFSCA had earlier, through its circular dated 1 April 2026, specified the certificate course titled:
“Regulatory Framework for Fund Management in IFSC: AIFs and Retail Schemes”
offered by the Institute of Company Secretaries of India (ICSI) for this purpose.
The latest circular now introduces an additional certification option.
ICAI Certification Course Recognised
IFSCA has specified the certificate course titled:
“Regulatory Framework for Fund Management in IFSC”
offered by the Institute of Chartered Accountants of India (ICAI) under Regulation 7(6) of the Fund Management Regulations, 2025.
This provides Fund Management Entities and their employees with an alternative professional certification route for meeting the regulatory requirement.
Either Certification Course Will Satisfy the Requirement
Importantly, IFSCA has clarified that successful completion of any one of the two specified certificate courses will be considered sufficient for compliance with Regulation 7(6).
Accordingly, employees may satisfy the applicable certification requirement by successfully completing either:
ICSI – “Regulatory Framework for Fund Management in IFSC: AIFs and Retail Schemes”; or
ICAI – “Regulatory Framework for Fund Management in IFSC”.
The circular therefore does not replace the earlier ICSI certification. Instead, it adds the ICAI course as an alternative.
Implications for Fund Management Entities
The clarification is relevant for Fund Management Entities establishing or operating fund management activities within an IFSC.
By recognising certification courses offered by both ICSI and ICAI, IFSCA has provided greater flexibility in meeting the prescribed employee certification requirement.
Fund Management Entities should accordingly review their internal compliance and employee certification processes to determine which of the two specified courses is appropriate for their relevant personnel.
The circular also expressly provides that all other provisions of the earlier circular dated 1 April 2026 remain unchanged.
Effective Immediately
The circular has been issued under the relevant provisions of the International Financial Services Centres Authority Act, 2019 and the IFSCA (Fund Management) Regulations, 2025.
It comes into force with immediate effect.
Key Takeaway
The 10 August 2026 circular represents a straightforward but important compliance clarification for Fund Management Entities in IFSCs.
IFSCA has now recognised two certification routes for the purposes of Regulation 7(6) of the Fund Management Regulations, 2025 — one offered by ICSI and the newly specified course offered by ICAI. Completion of either course will be sufficient to meet the certification requirement.
Fund managers should ensure that their employee compliance frameworks are updated accordingly and that relevant personnel complete one of the specified certification courses.
Source: IFSCA Circular No. F. No. IFSCA-PLNP/80/2024-Capital Markets/10082026 dated 10 August 2026.