The International Financial Services Centres Authority (IFSCA), through guidance issued on 20 May 2026, clarified that IFSC Banking Units (IBUs) may avail voice broking services from entities registered as TechFin and Ancillary Service Providers under the IFSCA (Tech Fin and Ancillary Services) Regulations, 2025. The guidance refers to Module 5 of the IFSCA Banking Handbook: Conduct of Business Directions v 6.0, which permits IBUs to use electronic trading platforms and voice brokers. It further reiterates that a voice broker is an entity located within or outside the IFSC that connects buyers and sellers of financial assets for transaction execution. The guidance specifically recognizes that registered TechFin and Ancillary Service Providers offering voice broking services are eligible to provide such services to IBUs, subject to compliance with conditions prescribed under Module 5. Issued under Sections 12 and 13 of the IFSCA Act, 2019, the clarification takes immediate effect.
International Financial Services Centres Authority
Guidance e-file No. IFSCA-FMPP0BR/25/2024-Banking | Dated: May 20, 2026
All IFSC Banking Units (IBUs)
Madam/ Sir,
Subject : Availing of Voice broking services by IBUs from TechFin and Ancillary Service Providers registered with IFSCA.
1. Reference is drawn to module 5 (“USE OF ELECTRONIC TRADING PLATFORMS AND THE SERVICES OF VOICE BROKERS”) of the IFSCA Banking handbook: Conduct of Business Directions v 6.0 which, inter alia, permits IBUs to avail the services of Voice brokers.
2. Further, a Voice broker is defined in para 2(ii) of the aforementioned module as” an entity (located within or outside IFSC) that brings together buyers and sellers of a financial asset for the purpose of executing a transaction in such financial asset”.
3. Reference is also drawn to the para 3(i)(xiii) of IFSCA (Tech Fin and Ancillary Services) Regulations, 2025 (‘regulations’), wherein an entity registered as TechFin and Ancillary Service Provider, may provide the service of voice broking (para (xxiv) of the first schedule of the regulations).
4. IBUs are advised that they may, subject to satisfying the other conditions specified in Module 5, avail Voice broking services from entities registered as TechFin and Ancillary Service Providers and that offer the service of Voice broking.
5. This guidance is issued in exercise of the powers conferred by sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, and shall come into force with immediate effect.
Yours faithfully,
(Supriyo Bhattacharjee)
Chief General Manager
Head – Department of Banking
