The International Financial Services Centres Authority (“IFSCA”), in exercise of powers conferred under Section 12 and Section 13 of the International Financial Services Centres Authority Act, 2019 and in accordance with Regulation 107K(1)(i) of the IFSCA (Fund Management) Regulations, 2025 (“FM Regulations”), vide Circular No. IFSCA-AIF/104/2024-Capital Markets/08092025, dated September 08, 2025, laid down the fee structure applicable to Fund Management Entities (“FMEs”) providing Third-Party Fund Management Services (“TPFMS”) in IFSCs (“Circular”).[1]
Key Provisions of the Circular
I. Authorisation-Related Fees
Registered FMEs, both Retail and Non-Retail categories, seeking authorisation to offer TPFMS shall be subject to the following fees:
| Fee Type | Amount (in USD) | Payable At |
| Application Fee | 2,500 | At the time of application |
| Authorisation Fee | 7,500 | Prior to the grant of authorisation |
II. Conditional Recurring Fee (Annual)
Once authorised, a Registered FME providing TPFMS must pay an annual conditional recurring fee as follows:
- USD 2,000 (Two Thousand United States Dollars) per Third-Party Fund Manager (“TPFM”) to whom services are provided.
- Applicable from the financial year following the year of contract execution with the respective TPFM.
- Due in April of every financial year.
Note: This is in addition to the Flat Recurring Fee of USD 2,000 000 (Two Thousand United States Dollars) already payable by Registered FMEs as per the IFSCA circular dated April 08, 2025, and any future amendments or clarifications thereto.
III. Activity-Based & Other Regulatory Fees
Any other applicable activity-based or regulatory fees shall be governed by the IFSCA Circular dated April 08, 2025, and these provisions remain subject to amendments or clarifications by the Authority from time to time.
[1]https://ifsca.gov.in/CommonDirect/GetFileView?id=21626bde60601ef44a0ed02201bc1138&fileName=Fee_structure_applicable_for_Third_Party_Fund_Management_Services_20250908_0630.pdf