Tohani has managed the fund since its launch in November 2006 as well as the offshore version which launched in 1999.
Current co-manager David Gait is to become lead manager, with Angus Tulloch moving into the co-manager role.
First State was the first group to offer an onshore India fund, with the fund an extension of the offhore version available through the Irish Variable Capital Company structure. In addition to India, the fund also offers exposure to the likes of Pakistan, Sri Lanka and Bangladesh.
The fund is currently second quartile in the IMA specialist sector, having lost 11.1 per cent in the past 12 months.