Private placement with listing by an Investment Trust requires in-principle approval from recognised stock exchange(s) and filing of a placement memorandum with the Authority at least five working days before opening the issue. Funds may be raised from accredited investors or investors committing at least USD 150,000, subject to a USD 1 million minimum where less than eighty per cent of asset value is invested in completed and revenue-generating assets. The offering must have between two and one thousand investors, and the final placement memorandum must be filed within ten working days after listing.

Initial offers of Investment Trust units require registration, minimum asset value, and a minimum offer size. Where units are proposed to be listed on a recognised stock exchange, the minimum public offer and allotment is determined by post-issue capital through percentage-based or value-based thresholds. Units offered to the sponsor, investment manager, project manager, or their related parties or associates cannot be counted as units offered to the public.

Investment Trust units may be issued only in a freely convertible foreign currency. The currency-denomination requirement applies under Regulation 90 of the International Financial Services Centres Authority (Fund Management) Regulations, 2025.

Registration of an Investment Trust is conditional on the Investment Trust and its parties satisfying the fit and proper person criteria. Parties to the Investment Trust must perform their designated roles and discharge the responsibilities prescribed in the Fourth Schedule.

Trustee eligibility for an Investment Trust requires authorisation or registration with the Authority or another securities market regulator. The trustee must be independent of the sponsor or sponsors and the investment manager, and must not be their associate. It must also maintain adequate infrastructure, personnel and other necessary wherewithal satisfactory to the Authority and recognised stock exchange or exchanges.

Investment Manager appointments depend on the mode of issuance. Any Registered Fund Management Entity may be appointed for a private placement, whereas a public issue requires appointment of a Registered Fund Management Entity (Retail).

Sponsor eligibility for an Investment Trust requires each sponsor to maintain a minimum post-initial-offer unit holding, subject to restoration within one year if the holding declines. Corporate and limited liability partnership sponsors must meet prescribed financial strength requirements, with separate individual and collective net-worth thresholds for REIT sponsors. Sponsors or their associates must also demonstrate a sound track record in relevant real estate, infrastructure, or sectoral fund-management activities.

Investment Trust eligibility requires creation under Indian law, whether within or outside IFSC, or under a foreign jurisdiction. The trust deed must principally provide for REIT or InvIT activities and specify the trustee's regulatory responsibilities. Sponsor(s), an investment manager and a trustee must be designated as separate entities.

Investment Trust registration requires a sponsor-led application in the prescribed format, accompanied by the specified non-refundable fee. Additional information, clarification, or personal representation may be required for processing the application. Investor protection may warrant appointment of a person to take charge of the trust's records and documents on determined terms. Registration may be granted after receipt of required information, satisfaction with the application, and payment of the applicable fee.

BRICS supports reform of international financial governance to increase emerging-market and developing-economy representation in the IMF and World Bank through quota and voting realignment. It opposes unilateral tariffs and non-tariff measures that distort trade and conflict with WTO rules, while supporting a rules-based multilateral trading system. BRICS also promotes local-currency trade and investment settlements and interoperable cross-border payment mechanisms, without creating a common currency or unified payment system. Development-finance cooperation includes expanded local-currency financing, project preparation, private-capital mobilisation and a phased, member-driven investment platform.

Investment Trust definitions govern REITs, InvITs, their assets, participants and ownership structures. Eligible infrastructure projects include specified PPP projects, qualifying pre-COD projects and non-PPP projects holding requisite construction approvals. Holding companies and SPVs must meet prescribed control, ownership, asset-holding and permitted-activity conditions, subject to PPP restrictions. Trustees hold assets for investors, investment managers manage assets and investments, and project managers undertake project execution or management. Sponsor groups include sponsors, controlled entities, controlling persons and related controlled entities.

Investment Trusts operating in IFSCs require registration with the Authority. They may raise funds through public issues or private placements, with units either listed on a recognised stock exchange or, in the case of private placement, unlisted. Recognised stock exchanges must prescribe requirements for listed or proposed-to-be-listed units, including offer-document disclosures, continuing obligations, trading, clearing and settlement. Investment Trusts must comply with the applicable exchange requirements.

Multi-family office portfolio management services may be provided by a Fund Management Entity under a portfolio management agreement. The Authority may prescribe additional conditions and additional permissible investments for Fund Management Entities providing such services.

Portfolio management advisory services by a Fund Management Entity require a prior agreement with prospective clients. The entity must comply with Regulations 43 to 50 and the applicable code of conduct under the IFSCA (Capital Market Intermediaries) Regulations, 2021. Advisory services may be provided only for portfolios valued at not less than USD 75,000.

Portfolio management services require agreed client fees without any direct or indirect guarantee or assurance of returns. Discretionary portfolio management must be independently tailored to each client's needs and must not have the character of a retail fund, while non-discretionary management must follow client directions. The FME must ensure compliant distribution, report performance uniformly across required disclosures and communications, conduct annual audits of managed portfolio accounts, and provide the audit certificate to each client.

Portfolio management must follow the client agreement, and derivatives investments require express client consent. Client transactions must generally involve actual delivery or transfer of securities, except derivatives. Client funds and securities must remain segregated from the FME's assets. Aggregated transactions require pro rata allocation at the weighted average price without open allocation positions. Omnibus accounts require prior consent and separate earmarking of client securities. Portfolio managers, except advisory-only providers, must appoint a custodian.

An FME must observe a minimum investment threshold for portfolio management clients, subject to an exemption for accredited investors. Client funds may be held through specified FME, client, or regulated broker-dealer accounts, subject to operational authority, compliance controls, and disclosure of account and transaction details when directed. Client securities must generally be segregated, with omnibus structures permitted only with prior client consent and separate earmarking. The FME must accurately record client account movements, act in a fiduciary capacity, avoid benefiting from client assets, and not borrow on a client's behalf.

Portfolio management client reporting requires the FME to furnish periodic reports in accordance with the client agreement. Reports must include the portfolio's composition and value, transactions undertaken during the reporting period, beneficial interest received, management expenses, and risks relating to securities recommended for investment or disinvestment by the portfolio manager. Each report may be provided online through access restricted to the relevant client.

Portfolio management agreements must be written and define the relationship, rights, liabilities and obligations of the Fund Management Entity and client, including investment objectives, risks, fees and contract duration. Client funds or securities may be withdrawn before maturity despite contrary contractual terms if either party terminates portfolio management services, the Fund Management Entity's registration is suspended or cancelled, or it enters bankruptcy or liquidation.

Portfolio management disclosure requirements require an FME to provide a disclosure document before entering into a portfolio management agreement and to publish it on its website. The disclosure must address services, risks, client representation, financial and portfolio-manager performance, auditor observations, expenses, taxation, investor grievance redressal, and regulatory litigations involving the portfolio manager and specified senior persons.