---
title: "Funds, AIFS & Foreign Portfolio Investment (FPI)"
date: 2025-05-04
author: "IndiaLaw LLP"
url: https://www.indialaw.in/expertise/corporate-and-investment/funds-aifs-foreign-portfolio-investment-fpi/
---

![AIF and FPI Lawyers in India: SEBI and FEMA Advisory](https://www.indialaw.in/wp-content/uploads/8lnbxtxfgzw.jpg)

# Funds, AIFS & Foreign Portfolio Investment (FPI)

## Funds and AIF Law Firm in India for FPI Registration, SEBI, and FEMA Compliance

We provide end-to-end legal advisory and compliance support for setting up and operating investment funds and facilitating portfolio investments into India. Our team specializes in advising Alternative Investment Funds (AIFs), Foreign Portfolio Investors (FPIs), and fund managers on structuring, registration, investment strategy alignment, and regulatory compliance under SEBI, FEMA, and RBI frameworks. We act as trusted advisors to fund sponsors, asset managers, global investors, and institutional LPs seeking to access or deploy capital in India’s fast-evolving investment landscape.

## Our Services

**Alternative Investment Funds (AIFs)**

- Structuring and setting up Category I, II, and III AIFs under SEBI (AIF) Regulations.
- Assistance in registration and ongoing compliance with SEBI
- Drafting of fund documentation: Private Placement Memorandum (PPM), trust deeds, contribution agreements, and side letters
- Advisory on sponsor/manager commitments, carried interest, waterfall mechanisms, and valuation policies
- Tax structuring in coordination with tax advisors (pass-through status, withholding, etc.)
- Setup in domestic or offshore jurisdictions including GIFT City International Financial Service Centre (IFSC). Our Services for GIFT City Entities includes:
- Structuring and setting up AIFs, FMEs, PMS/IAS platforms, and offshore funds
- Drafting of fund documents, trust deeds, investment management agreements, offering memoranda
- Assistance with registration and licensing with IFSCA
- Tax and FEMA advisory on pooling Indian capital and outbound investments
- Integration with FPI, ECB, and ODI strategies from a GIFT City base
- Ongoing compliance, audit liaison, and regulatory reporting

**Foreign Portfolio Investors (FPIs)**

- Advising on registration of FPIs with Designated Depository Participants (DDPs) under SEBI (FPI) Regulations.
- Classification under Category I, Category II and Category III.
- Structuring investments to comply with sectoral caps, FPI limits, and short-term restrictions
- Advisory on FPI route vs. FDI route
- Assistance with PAN, KYC, custodian arrangements, and FEMA compliance
- Regulatory reporting, disclosure, and trading obligations

**Fund Structuring & Cross-Border Advisory**

- Structuring of private equity, venture capital, real estate, infrastructure, and hedge funds
- Setting up feeder funds or co-investment vehicles in offshore jurisdictions (Singapore, Mauritius, Cayman, Luxembourg, etc.)
- Advising on round-tripping, beneficial ownership, and treaty eligibility under Indian law
- Support on fundraising, marketing, and investor onboarding (AML/KYC, eligibility checks)

**Ongoing Compliance & Regulatory Filings**

- Periodic disclosures to SEBI, investors, and regulators
- Assistance with audit queries, inspections, and show-cause responses
- Compliance with SEBI Insider Trading, Takeover, and PIT regulations
- FEMA and RBI reporting for capital flows and downstream investments

[![Shiju P V, Managing Partner at IndiaLaw LLP](https://www.indialaw.in/wp-content/uploads/DSC09750-Photoroom-e1746353050437.png)

#### Shiju P V

Managing Partner

contact@indialaw.in](https://www.indialaw.in/people/shiju-p-veettil/)[![Rahul Sundaram, Partner at IndiaLaw LLP](https://www.indialaw.in/wp-content/uploads/DSC09790-Photoroom.png)

#### Rahul Sundaram

Partner

contact@indialaw.in](https://www.indialaw.in/people/rahul-sundaram/)[![Shrishail Kittad, Senior Partner at IndiaLaw LLP](https://www.indialaw.in/wp-content/uploads/Shrishail-Picture-e1762953800498.webp)

#### Shrishail Kittad

Senior Partner

contact@indialaw.in](https://www.indialaw.in/people/adv-shrishail-kittad/)

### FAQs

#### What does a funds, AIFs, and FPI practice cover in India?

It covers structuring, registering, and operating Alternative Investment Funds under SEBI (AIF) Regulations, advising Foreign Portfolio Investors on market access, and guiding fund managers on FEMA, RBI, and tax compliance for pooling and deploying capital in Indian markets.

#### When should a fund sponsor or global investor engage a funds lawyer in India?

Ideally before finalising fund structure or jurisdiction. Early legal input shapes AIF category selection, GIFT City vs. domestic setup, FPI vs. FDI route decisions, and LP terms. Engaging late often means costly restructuring or delayed SEBI registration.

#### Which regulators and statutes govern AIFs and FPIs in India?

AIFs are regulated by SEBI under the SEBI (Alternative Investment Funds) Regulations, 2012. FPIs fall under SEBI (FPI) Regulations, 2019. Cross-border capital flows are governed by FEMA and RBI directions. GIFT City entities are licensed by IFSCA.

#### How long does it typically take to register an AIF or FPI with SEBI?

SEBI AIF registration generally takes 8 to 12 weeks from filing, assuming complete documentation and no queries. FPI registration through a Designated Depository Participant can be faster, often 4 to 6 weeks. Delays usually stem from incomplete KYC or structural concerns.

#### What documents are needed to set up an AIF or register as an FPI?

For an AIF: trust deed, Private Placement Memorandum, contribution agreement, compliance test report, and sponsor track record. For FPI registration: constitutional documents, board resolutions, KYC records, PAN application, and custodian appointment letter.

#### What common mistakes do fund managers make when setting up AIFs or FPIs?

Frequent pitfalls include misclassifying the AIF category, overlooking sectoral caps or FPI concentration norms, drafting vague waterfall and carried interest provisions, and ignoring FEMA pricing guidelines on downstream investments. Each can trigger SEBI scrutiny or investor disputes.

## Related Insights

[View All →](https://www.indialaw.in/infocus/)

[May 6, 2026

![India's carbon market framework illustrated with industrial emissions and green energy symbols](https://www.indialaw.in/wp-content/uploads/indias-carbon-market-1080x720.webp)

### Operationalizing India’s Carbon Market: An Analysis of the CERC (Terms and Conditions for Purchase and Sale of Carbon Credit Certificates) Regulations, 2026 →](https://www.indialaw.in/blog/environment/cerc-carbon-credit-certificates-regulations-2026/)[May 4, 2026

![grayscale photo of crane in front of building](https://www.indialaw.in/wp-content/uploads/biec4yk2mta-1080x720.jpg)

### No Environmental Clearance, No Construction: NGT Clarifies Limits of Deemed Approval under EIA Framework →](https://www.indialaw.in/blog/environment/environmental-clearance-without-ec/)[April 20, 2026

![woman in white shirt and red skirt standing on brown dried leaves near bridge during daytime](https://www.indialaw.in/wp-content/uploads/j1ppslywxd0-1080x720.jpg)

### Reasserting the Polluter Pays Principle: Judicial Intervention in River Ecology Degradation →](https://www.indialaw.in/blog/environment/polluter-pays-principle-india-river-ecology/)[March 20, 2026

![Aerial view of urban development surrounded by green landscape reflecting environmental planning controls](https://www.indialaw.in/wp-content/uploads/wpapb9iqrkw-1080x607.jpg)

### Precaution Over Presumption: The Supreme Court’s Reaffirmation Of Statutory Planning Control And Environmental Safeguards In India →](https://www.indialaw.in/blog/environment/planning-control-and-environmental-safeguard/)[March 5, 2026

![assorted plastic bottles in black plastic bucket](https://www.indialaw.in/wp-content/uploads/ciitgnbeogw-1080x720.jpg)

### It Is Now or Never: Supreme Court Signals Zero Tolerance for Waste Mismanagement (Mandatory Nationwide Enforcement of SWM Rules, 2026)  →](https://www.indialaw.in/blog/environment/supreme-court-mandates-nationwide-swm-rules-2026/)[February 27, 2026

![Dust Mitigation Compliance under CAQM Act, 2021](https://www.indialaw.in/wp-content/uploads/vf_fvwjsae-1080x720.jpg)

### Mitigation of Dust Pollution from Construction and Demolition Activities: Legal Obligations and Compliance Requirements under the CAQM Act, 2021 →](https://www.indialaw.in/blog/environment/dust-mitigation-compliance-caqm-act/)[February 12, 2026

![Forest Encroachment](https://www.indialaw.in/wp-content/uploads/p8zk5cxiuso-1080x661.jpg)

### Balancing Environmental Protection with Procedural Justice: Supreme Court’s Landmark Ruling on Forest Encroachment Evictions in Assam  →](https://www.indialaw.in/blog/environment/sc-on-assam-forest-evictions-due-process-and-ecology/)[January 27, 2026

![Solid Waste Management Bill, 2025](https://www.indialaw.in/wp-content/uploads/5wfttm2cjei-1080x720.jpg)

### The Solid Waste Management Bill, 2025: Establishing A Statutory Framework For Segregation, Recycling And Sustainable Municipal Solid Waste Governance In India →](https://www.indialaw.in/blog/environment/solid-waste-management-bill-2025/)[January 20, 2026

![Environmental (Protection) Fund Rules, 2026](https://www.indialaw.in/wp-content/uploads/pf_2lrjwije-1080x810.jpg)

### Environmental (Protection) Fund Rules, 2026: Converting Penalties Into Green Investments →](https://www.indialaw.in/blog/environment/environmental-protection-fund-rule/)[January 16, 2026

![GIB case: CSR is Environmental Duty](https://www.indialaw.in/wp-content/uploads/y63bnihvvgo-1080x720.jpg)

### The Great Indian Bustard Judgment: Redefining Corporate Social Responsibility As Environmental Duty →](https://www.indialaw.in/blog/commercialcorporate/csr-as-environmental-duty-gib-case/)[January 5, 2026

![forest land](https://www.indialaw.in/wp-content/uploads/sp-p7uut0tw-1080x720.jpg)

### Supreme Court Reaffirms Absolute Protection of Forest Land: Illegal Agricultural Leases Cannot Be Regularised →](https://www.indialaw.in/blog/environment/forest-land-cannot-be-regularized/)[October 14, 2025

![Supreme Court Balances Forest Rights and Conservation](https://www.indialaw.in/wp-content/uploads/pretf0phkvq-1080x720.jpg)

### Supreme Court Examines Conflict Between Forest Rights Act and Forest Conservation Act on Tribal Housing →](https://www.indialaw.in/blog/environment/supreme-court-balances-forest-rights-and-conservation/)

[### People

Meet our team of experts](https://www.indialaw.in/people/)### Careers

Explore career opportunities[### Contact Us

Tell us what you're looking for](https://www.indialaw.in/connect/)

### Subscribe

Legal developments to your inbox

---

# IndiaLaw LLP — Offices & Contact Details

---

## General Contact

| | |
|---|---|
| **Website** | https://www.indialaw.in |
| **Primary email** | contact@indialaw.in |
| **Primary phone** | +91 836-9995919 |
| **Contact form** | https://www.indialaw.in/connect/ |
| **Careers (separate channel)** | https://www.indialaw.in/careers/ |


---

## All Offices (9 locations across 8 cities)

### 1. Mumbai — Registered Office & Head Office (Apeejay Chambers)

| | |
|---|---|
| **Address** | Apeejay Chambers, Ground Floor, Wallace Street, Fort, Mumbai – 400 001 |
| **Phone** | [022-6924-7400](tel:02269247400) |
| **Email** | contact@indialaw.in |
| **Page** | https://www.indialaw.in/mumbai/ |
| **Practice focus** | Litigation · Arbitration · Insolvency & Bankruptcy · Corporate · Banking · Real Estate · IP |
| **Notes** | The HQ. 5 partners based here. Handles PAN-India litigation, arbitration, corporate, banking, IP and real estate practice. Largest team across all offices. |

### 2. Mumbai — Non-Litigation Office (Excelsior, Fort)

| | |
|---|---|
| **Address** | 4th Floor, New Excelsior Theatre Pvt. Ltd., Amrit Keshav Nayak Marg, Fort, Mumbai – 400 001 |
| **Phone** | [022-697-40500](tel:022-697-40500) |
| **Email** | contact@indialaw.in |
| **Page** | https://www.indialaw.in/mumbai/ |
| **Practice focus** | Non-litigation only — consultations, negotiations, transactional work |
| **Notes** | Opened 2024. Litigation and arbitration remain at the Apeejay Chambers head office. |

### 3. Delhi

| | |
|---|---|
| **Address** | Flat No. 1107 & 1108, Prakashdeep Building, Tolstoy Marg, Connaught Place, New Delhi – 110 001 |
| **Phone** | (general line: +91 836-9995919) |
| **Email** | contact@indialaw.in |
| **Page** | https://www.indialaw.in/delhi/ |
| **Practice focus** | Litigation · Arbitration · Insolvency & Bankruptcy · Corporate · Banking · Real Estate |
| **Notes** | 3 partners based here. Located near the Supreme Court of India, Delhi High Court and other appellate bodies. |

### 4. Kolkata

| | |
|---|---|
| **Address** | Centre Point Building, Room No. 214, 2nd Floor, Premises No. 21, Hemanta Basu Sarani, Opp. Great Eastern Hotel, P.S. Hare Street, Kolkata – 700 001, West Bengal |
| **Phone** | [+91 33 4813 1001](tel:+913348131001) |
| **Email** | contact@indialaw.in |
| **Page** | https://www.indialaw.in/kolkata/ |
| **Practice focus** | Insolvency & Bankruptcy · Commercial & Civil Litigation · Arbitration · Banking Litigation · Real Estate · Labour & Employment · Consumer |
| **Notes** | Advises banks, NBFCs, MSMEs and corporates on transactions and dispute resolution. Works in close coordination with the Mumbai HO. |

### 5. Chennai

| | |
|---|---|
| **Address** | GF-A, 19 Casa Major Road, Egmore, Chennai – 600 008 |
| **Phone** | (general line: +91 836-9995919) |
| **Email** | contact@indialaw.in |
| **Page** | https://www.indialaw.in/chennai/ |
| **Practice focus** | Litigation · Insolvency & Bankruptcy · Real Estate |
| **Notes** | Full-fledged office with experienced legal team. Supported by Mumbai HO. |

### 6. Bengaluru (Bangalore)

| | |
|---|---|
| **Address** | INDIALAW LLP, No. 7 Chinnaswamy Mudaliar Road, Shivaji Nagar, Bangalore – 560 051 |
| **Phone** | [080-4167-2444](tel:08041672444) |
| **Email** | contact@indialaw.in |
| **Page** | https://www.indialaw.in/bengaluru/ |
| **Practice focus** | Litigation · Insolvency & Bankruptcy · Real Estate · Family Laws · Labour |
| **Notes** | Located near Bangalore High Court. Handles corporate, commercial, banking and matrimonial disputes. |

### 7. Hyderabad

| | |
|---|---|
| **Address** | 403, 4th Floor, Sanatana Ecstasy Building, beside Tanishq Show Room, Himayathnagar, Hyderabad – 500 029, Telangana |
| **Phone** | [040-6666-5166](tel:04066665166) |
| **Email** | contact@indialaw.in |
| **Page** | https://www.indialaw.in/hyderabad/ |
| **Practice focus** | Litigation · Banking · Insolvency & Bankruptcy · Real Estate |
| **Notes** | Particularly well known for complex banking matters and real estate transactions. |

### 8. Cochin (Kochi)

| | |
|---|---|
| **Address** | Second Floor, Pulikkal Building, K.K. Padmanabhan Road, Ernakulam North – 682 018, Kerala |
| **Phone** | [0484-3583961](tel:04843583961) |
| **Email** | contact@indialaw.in |
| **Page** | https://www.indialaw.in/cochin/ |
| **Practice focus** | Litigation · Insolvency & Bankruptcy · Real Estate |
| **Notes** | Commercial disputes, property litigation, financial-claim arbitrations and real estate transactions. |

### 9. Noida (NCR)

| | |
|---|---|
| **Address** | No. 16 & 17, Silver Offices, 17th Floor, Wave One, Sector 18, Noida – 201 301 |
| **Phone** | (general line: +91 836-9995919) |
| **Email** | contact@indialaw.in |
| **Page** | https://www.indialaw.in/noida/ |
| **Practice focus** | Aviation · Insurance · Mergers & Acquisitions · Corporate |
| **Office head** | **Mr. Dinesh Gupta** (joined August 2025 to lead and expand the corporate practice) |
| **Notes** | Newest office. Sector-focused on highly regulated industries serving NCR-based clients. |

---

## Quick-Dial Phone List

| Office | Phone |
|---|---|
| Mumbai HO (Apeejay) | 022-6924-7400 |
| Mumbai Excelsior | 022-697-40500 |
| Kolkata | +91 33 4813 1001 |
| Bengaluru | 080-4167-2444 |
| Hyderabad | 040-6666-5166 |
| Cochin | 0484-3583961 |
| **General / Marketing line** | **+91 836-9995919** |

Delhi, Chennai and Noida route through the general number.

---

## Social Channels

- LinkedIn: https://www.linkedin.com/company/indialaw
- X / Twitter: https://twitter.com/Indialawmumbai
- Facebook: https://www.facebook.com/indialawllp/
- Instagram: https://www.instagram.com/indialawllp

---