The International Financial Services Centres Authority (IFSCA), through Circular No. IFSCA-PLNP/80/2024-Capital Markets dated 06 August 2026, has specified an additional certification course for compliance with sub-regulation (5) of regulation 9 of the IFSCA (Capital Market Intermediaries) Regulations, 2025. In addition to the certificate course titled “Regulatory Framework for Capital Market Intermediaries in IFSC” offered by The Institute of Company Secretaries of India, IFSCA has now specified the certificate course titled “Regulatory Framework for Capital Markets Intermediaries and Listing Requirements of IFSCA” offered by The Institute of Chartered Accountants of India. The circular provides that successful completion of either of these two certificate courses shall be sufficient for compliance with sub-regulation (5) of regulation 9 of the CMI Regulations. It further states that all other provisions of the Circular dated 02 April 2026 remain unchanged. The circular has been issued under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with sub-regulation (5) of regulation 9 and regulation 45 of the CMI Regulations, and comes into force with immediate effect.
International Financial Services Centres Authority
Circular No. IFSCA-PLNP/80/2024-Capital Markets | Dated: August 06, 2026
To,
All Capital Market Intermediaries in the International Financial Services Centres (IFSC)
Dear Sir/Madam,
Sub: Specification of Certification Course for KMPs and other employees of Capital Market Intermediaries under the IFSCA (Capital Market Intermediaries) Regulations, 2025
1. Reference is drawn to sub-regulation (5) of regulation 9 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”), which empowers the Authority to specify certification courses for the employees of Capital Market Intermediaries (“CMIs”) in the IFSC.
2. IFSCA had earlier vide circular dated April 02, 2026 specified the certificate course titled “Regulatory Framework for Capital Market Intermediaries in IFSC” offered by The Institute of Company Secretaries of India for the purpose of the aforesaid provision.
3. In addition to the above, it has been decided to specify certificate course titled “Regulatory Framework for Capital Markets Intermediaries and Listing Requirements of IFSCA” offered by The Institute of Chartered Accountants of India under sub-regulation 5 of regulation 9 of the CMI Regulations.
4. Accordingly, for the purpose of compliance with sub-regulation (5) of regulation 9 of the CMI Regulations, successful completion of either the certificate course referred to in paragraph 2 above or the certificate course referred to in paragraph 3 above shall be sufficient.
5. All the other provisions of the Circular dated April 02, 2026 shall remain unchanged.
6. This circular is issued in exercise of the powers conferred under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with sub-regulation (5) of regulation 9 and regulation 45 of the CMI Regulations, and shall come into force with immediate effect.
A copy of this circular is available on the website of the International Financial Services Centres Authority at www.ifsca.gov.in.
Yours faithfully,
Pawan Kumar Chowdhary
Deputy General Manager
Department of Capital Markets
Email- pawan.kc@ifsca.gov.in
Tel-079- 61809854
