The International Financial Services Centres Authority approved a broad regulatory package for financial markets and international branch campuses in GIFT International Financial Services Centre. The measures include unified prohibitions on insider trading and fraudulent, manipulative and unfair trading practices, a dedicated framework for electronic trading platforms and amendments governing the withdrawal of credit ratings. The authority also approved extensive fund management reforms covering valuations, disclosures, fund manager contributions, investor protection and regulatory governance. Fund management entities and their associates with Indian ultimate beneficial owners will be allowed to contribute up to 25% of the corpus of eligible venture capital and restricted schemes, replacing the existing 10% limit. Closed-ended restricted schemes may move from semiannual to annual net asset value calculation and disclosure with approval from investors representing at least 75% of invested value, while the deadline for scheme annual reports will increase from four to six months. Venture capital and restricted schemes may also issue multiple unit classes with differential distribution rights. Minimum investment in junior classes will be USD 1 million for nonindividual accredited investors and USD 2 million for other investors, with enhanced due diligence and disclosure requirements. The revamped branch campus rules broaden eligibility to foreign higher educational institutions, recognize academic infrastructure service providers, introduce student grievance committees and allow fees in INR if converted into a permitted foreign currency within the specified period. Registrations will remain valid unless suspended, canceled or surrendered. The authority will release the notifications in due course.

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