When the Fund Manager Is the Fraud Victim — And Still the Noticee: Lessons from IFSCA’s Interim Order in the We Founder Circle Matter
IFSCA’s ex-parte ad-interim order against We Founder Circle Angel Accelerator LLP offers a critical compliance lesson for every FME at GIFT IFSC. Although the fund manager was itself a victim of a USD 100,000 cyber fraud, IFSCA directed it to earmark an equivalent amount and restricted new scheme launches. Here are seven key lessons on fiduciary responsibility, payment controls, investor communication and regulatory response.