The International Financial Services Authority (IFSCA) – the unified regulator for GIFT City – recently released the draft IFSCA (Fund Management) regulations, 2022 (Draft Regulations). The Draft Regulations propose a wholesale overhaul of the investment funds regime in GIFT City in line with the regulatory model that has been adopted by major global jurisdictions such as the European Union. The most salient feature is the shift from a regime focused on the investment vehicle to one that is focused on the fund manager. The reforms set out in the Draft Regulations follow several other tax and regulatory measures introduced by the IFSCA and the Government of India to facilitate the development of GIFT City as a highly reputable international funds jurisdiction.