Summary: The International Financial Services Centres Authority (Electronic Trading Platforms) Regulations, 2026 establish the regulatory framework for operating Electronic Trading Platforms (ETPs) in an International Financial Services Centre. The regulations require persons operating ETPs in the IFSC to obtain registration as an Electronic Trading Platform Operator, subject to specified exemptions for certain IFSC Banking Units and electronic trading platforms located outside the IFSC. They prescribe eligibility conditions, registration requirements, fit and proper criteria, minimum net worth requirements, and procedures for refusal, suspension, cancellation and surrender of registration. An ETP Operator incorporated as a company in the IFSC or operating as a branch is required to maintain minimum net worth of USD 200,000 or its equivalent in a specified foreign currency, subject to the Authority’s power to prescribe a higher requirement. The operating framework requires transparent and orderly trading rules, objective participation criteria, real-time surveillance, conflict-of-interest management, grievance redressal, secure connectivity, risk management systems, controls against Market Abuse, and safeguards for algorithmic trading. The regulations also address clearing and settlement arrangements, business continuity and disaster recovery, cyber security and cyber resilience, appointment of a compliance officer, preservation and access to data, returns and reports, inspection, inquiry, investigation, audit and regulatory directions. The Authority is empowered to call for information, appoint auditors, recover inspection and investigation expenses, remove difficulties, relax specified requirements and issue subsidiary instructions and clarifications. The First Schedule identifies eligible jurisdictions, while the Second Schedule sets out the fit and proper requirements applicable to relevant persons associated with an ETP Operator.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 8th September, 2026
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (ELECTRONIC TRADING PLATFORMS) REGULATIONS, 2026
F. No. IFSCA/GN/2026/016.— In exercise of the powers conferred by sub-section (1) of section 28 read with sub-section (1) of section 12 and sub-section (1) of section 13 of the International Financial Services Centres Authority Act, 2019 (50 of 2019); section 45W of the Reserve Bank of India Act, 1934 (2 of 1934), the International Financial Services Centres Authority hereby makes the following regulations, namely:-
CHAPTER I
PRELIMINARY
1. Short title and commencement
(1) These regulations may be called the International Financial Services Centres Authority (Electronic Trading Platforms) Regulations, 2026.
(2) These regulations shall come into force on and from the date of their publication in the Official Gazette.
2. Definitions.
(1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings as assigned below, and their cognate expressions shall be construed accordingly, –
(a) “Act” means the International Financial Services Centres Authority Act, 2019 (50 of 2019);
(b) “Algorithmic Trading Systems (ATS)” means the hardware, software, procedures, and processes used to originate a transaction on an Electronic Trading Platform using a system-driven execution mechanism;
(c) “Authority” means the International Financial Services Centres Authority established under sub- section (1) of section 4 of the Act;
(d) ‘“Competent Authority” means,–
(i) Chairperson;
(ii) Whole-Time Member or Committee of the Whole-Time Members or officer(s) of the Authority, as may be determined by the Chairperson;
(e) “Eligible Instruments” means securities, money market instruments, foreign exchange, and derivatives as defined in the Reserve Bank of India Act, 1934, or other instruments of a like nature, as may be specified by the Authority from time to time.
Explanation: For the removal of doubts, it is hereby clarified that the scope of this definition shall also include the instruments mentioned in this clause which are denominated in Indian Rupee but settled in a specified foreign currency.
(f) “Eligible Jurisdiction” shall mean the jurisdictions specified in the First Schedule;
(g) “Electronic Trading Platform” means an electronic system located in the International Financial Services Centre through which offers for sale, purchase or exchange of Eligible Instruments are regularly made by the Participants and which, upon acceptance of such offer, may enable the clearing and settlement of such Eligible Instruments between the Participants;
(h) “Electronic Trading Platform Operator (ETP Operator)” means an entity that has been granted registration under sub-regulation (2) of regulation 5 to operate an Electronic Trading Platform;
(i) “International Financial Services Centre (IFSC)” shall have the same meaning as assigned to it under clause (g) of sub-section (1) of Section 3 of the Act;
(j) “Key Managerial Personnel” shall have the same meaning as assigned to it in clause (51) of section 2 of the Companies Act, 2013 (18 of 2013);
(k) “Market Abuse” for the purpose of these Regulations, shall mean any action by a Participant on an Electronic Trading Platform, whether executed manually or through an Algorithmic Trading System, with the intention to unreasonably disadvantage other Participant(s), distort the pricing mechanisms on an ETP, or create artificial supply and demand for Eligible Instruments;
(l) “Net Worth” for the purpose of these Regulations, shall mean paid-up equity capital, compulsorily convertible preference shares, free reserves, balance in share premium account and capital reserves representing surplus arising out of sale proceeds of assets, but not include reserves created by revaluation of assets adjusted for accumulated loss balance, book value of intangible assets and deferred revenue expenditure, if any;
Explanation: For the removal of doubts, it is clarified that compulsorily convertible preference shares shall mean preference shares, whether cumulative or non-cumulative, which are compulsorily convertible into equity shares, and the shareholder agreement(s) must specifically prohibit the withdrawal of such preference capital at any time.
(m) “Participant” means a person transacting in the Eligible Instruments through an ETP;
(2) Words and expressions used and not defined in these regulations but defined in the Act, Reserve Bank of India Act, 1934 (2 of 1934), the Banking Regulation Act, 1949 (10 of 1949), or the Companies Act, 2013 (18 of 2013), or any rules or regulations made thereunder shall have the same meanings respectively assigned to them in those Acts, rules or regulations made thereunder or any statutory modification or re-enactment thereto, as the case may be.
CHAPTER II
REGISTRATION
3. Application for seeking registration.
(1) No person shall operate an Electronic Trading Platform in the IFSC unless it has obtained a registration, as an Electronic Trading Platform Operator, under these regulations:
Provided that an IFSC Banking Unit shall not be required to obtain the registration if such Unit or its parent bank, as the case may be, is:–
a) the sole provider of buy or sell quotes in Eligible Instrument(s) on its Electronic Trading Platform; and
b) one of the counterparties to every transaction undertaken through such Electronic Trading Platform.
Provided further that a person operating an electronic trading platform located outside the International Financial Services Centre and providing services to an entity in the International Financial Services Centre shall not be required to obtain a registration as an Electronic Trading Platform Operator, under these Regulations.
(2) A company incorporated in the International Financial Services Centre shall be eligible to seek registration to act as an Electronic Trading Platform Operator:
Provided that an entity operating an electronic trading platform, by whatever name called, in an Eligible Jurisdiction may setup a branch in the International Financial Services Centre and obtain registration from the Authority under these Regulations:
Provided further that a financial institution set up in the International Financial Services Centre may also be eligible to obtain certificate of registration, subject to such terms and conditions as may be specified by the Authority.
(3) An application for certificate of registration to act as an Electronic Trading Platform Operator shall be submitted to the Authority in such form and manner, along with such fees, as may be specified by the Authority.
4. Requirements for grant of registration
(1) The Authority, while examining the application filed under regulation 3, shall take into account such factors as it considers relevant for the grant of certificate of registration, including the following:
(a) track record, management expertise and financial soundness of the applicant or its promoter(s);
(b) ability to employ sufficient number of individuals having adequate professional and other relevant experience;
(c) the directors, Key Managerial Personnel, and persons exercising control over the applicant i.e., the natural persons who ultimately own, control, or significantly influence the applicant’s operations, assets, or strategic decisions satisfy the “fit and proper” criteria as specified in the Second Schedule; Explanation: For the removal of doubts, it is clarified that the applicant seeking certificate of registration shall ensure that such persons are “fit and proper”, at all times, during the validity of its registration.
(d) strength of risk management systems and accompanying internal controls;
(e) ability to satisfy the Net Worth requirements specified in these regulations;
(f) viability of the business plan and projections submitted by the applicant.
5. Grant of registration
(1) Upon considering an application for certificate of registration, if the Authority is satisfied that the applicant, prima facie, fulfils the conditions for grant of registration, the Authority may issue an “in- principle approval” with or without additional conditions to be fulfilled by the applicant, prior to the grant of registration:
Provided that the “in-principle approval” granted to an applicant may be revoked by the Authority if the applicant is unable to fulfil with the condition(s) specified in the “in-principle approval”, to the satisfaction of the Authority.”
(2) The Authority may, upon being satisfied that the applicant fulfilled the requirements specified under these regulations, including the additional conditions imposed, if any, while granting “in-principle approval” grant registration to the applicant to operate as Electronic Trading Platform Operator subject to such conditions as the Authority may deem fit, and also specify the following:
(a) the Eligible Instrument(s) that may be offered for sale, purchase or exchange on the Electronic Trading Platform; and
(b) the categories of persons eligible to be Participants of such platform.
(3) In addition to the conditions specified in sub-regulation (2), an Electronic Trading Platform Operator shall also comply with such other conditions as may be specified by the Authority from time to time.
(4) The registration granted under sub-regulation (2) shall remain valid till it is cancelled by the Authority or surrendered by the Electronic Trading Platform Operator.
6. Refusal to grant registration
(1) If the Authority, upon examination of the application, is of the opinion that the certificate of registration cannot be granted, it shall communicate the deficiencies to the applicant, giving it thirty days’ time to rectify them:
Provided that the Authority may, in its sole discretion, extend the aforesaid period of thirty days to such further period as it may deem fit.
Provided further that no such extension shall be granted beyond a period of ninety days without the permission of the Chairperson who may extend such period up to one-hundred and eighty days, for the reasons to be recorded in writing.
(2) If the applicant fails to rectify the deficiencies to the satisfaction of the Authority within the specified time, the Authority shall refuse to grant the registration and communicate the same to the applicant, with reasons thereof:
Provided that no such refusal shall be made without giving the applicant a reasonable opportunity of being heard by way of filing written submissions.
(3) The applicant whose application is refused under sub-regulation (2) may submit a fresh application for registration after a period of six (6) months from the date of communication of such refusal by the Authority.
7. Suspension or Cancellation of registration
If the Authority is satisfied that an Electronic Trading Platform Operator has failed to comply with any of the conditions of its certificate of registration, provisions of these regulations, order or direction issued by the Authority, or that the activity of the Electronic Trading Platform Operator is being carried on in a manner prejudicial to the interests of the Participants, it may suspend or cancel the registration granted to such Electronic Trading Platform Operator:
Provided that the no order for suspension or cancellation of the registration shall be issued without giving such Electronic Trading Platform Operator a reasonable opportunity of being heard by way of filing written submissions.
8. Surrender of registration
(1) An Electronic Trading Platform Operator may file an application to the Authority for surrender of its registration with the Authority, in such form and manner as may be specified.
(2) Upon examination of the application filed under sub-regulation (1) and being satisfied that the surrender of registration is unlikely to cause any material adverse effect on the financial services market in the International Financial Services Centre or the interests of the Participants, the Authority may permit such surrender, subject to such conditions as it may deem fit.
(3) The surrender of registration shall become effective only upon its acceptance by the Authority.
9. Net Worth requirements
(1) An Electronic Trading Platform Operator set up as a company in the IFSC shall, at all times,, maintain a Net Worth of at least USD 200,000 or its equivalent in any specified foreign currency.
(2) An Electronic Trading Platform Operator set up as a branch shall, at all times, maintain a Net Worth of at least USD 200,000 or its equivalent in any specified foreign currency, with its parent.
(3) As a risk management measure, the Authority may specify a higher Net Worth requirement for an Electronic Trading Platform Operator, at any time, having regard to the nature and scale of its business.
(4) An Electronic Trading Platform Operator shall, within six months from the closure of every financial year, submit an audited Net Worth certificate to the Authority.
(5) In case of any shortfall in the Net Worth as specified in this regulation, the Electronic Trading Platform Operator shall immediately restore the same and report compliance of the same within a period of fifteen days the occurrence of such event, to the Competent Authority.
Chapter III
OPERATING GUIDELINES
10. General obligations
An ETP Operator shall:
(a) lay down and maintain transparent rules and procedures for ensuring fair and orderly trading on the Electronic Trading Platform;
(b) lay down objective criteria and put in place the necessary infrastructure for the orderly and efficient execution of orders;
(c) establish and maintain arrangements for the sound management of the technical operations of the Electronic Trading Platform, including effective business continuity arrangements to address the risks of systemic disruption;
(d) lay down and maintain transparent rules regarding the criteria for determining the Eligible Instruments that can be traded on the ETP;
(e) develop a mechanism to provide, access to, sufficient publicly available information to enable its Participants to take a well-informed investment decision, in relation to, the nature of the Participants and the type of Eligible Instrument traded;
(f) lay down and maintain a comprehensive policy of managing conflicts of interest, that shall include measures for identification, mitigation, disclosure, and monitoring of conflicts, which shall, inter- alia, encompass situations where the Electronic Trading Platform Operator or its affiliates, directly or indirectly, participate as Participants;
(g) make available to its Participants a screen-based trading system for execution or submission of trades on the Electronic Trading Platform;
(h) put in place a real time surveillance system for monitoring of prices, volumes and positions, to ensure market integrity;
(i) put in place defined procedures for handling identified surveillance cases, including procedures for investigation, escalation and regulatory reporting;
(k) make necessary arrangements for its Participants to connect to the Electronic Trading Platform using secure communication channels;
(l) possess the capability to have a comprehensive network of Participants, and adequate facilities to admit and regulate its Participants;
(m) put in place a mechanism for redressal of grievances arising out of trades undertaken on the Electronic Trading Platform, in such form and manner as may be specified by the Authority from time to time:
Provided that any dispute arising from or in relation to the settlement of the trade undertaken on the Electronic Trading Platform shall be dealt with in accordance with the applicable laws and Operating Policy;
(n) have the facility to disseminate information about trades, quantities and quotes in real time;
(o) employ sufficient number of persons possessing adequate professional and other relevant experience;
(p) forthwith inform the Competent Authority in writing, in case of any material change in information previously submitted to the Authority; and
(q) comply with any other requirements as may be specified by the Authority.
11. Participation on the Electronic Trading Platform
(1) Every person, including institutions, whether regulated or unregulated, proprietary trading firms, funds, family offices, and treasury centres shall be eligible to be admitted as a Participant.
Explanation: For the removal of doubts, it is clarified that a person resident in India, in terms of Foreign Exchange Management Act, 1999 (42 of 1999), may also be admitted as a Participant, if such person is permitted under the provisions of the said Act, or any other law for the time being in force in India, to undertake transactions in Eligible Instruments outside India.
(2) An Electronic Trading Platform Operator shall lay down objective, fair, transparent, and non- discriminatory criteria for admitting a person as a Participant.
(3) Prior to admitting a person as a Participant, an Electronic Trading Platform Operator shall undertake due diligence to ensure that such person:
(a) is of good repute;
(b) has sufficient competence and experience in undertaking transactions on an Electronic Trading Platform; and
(c) has adequate organisational arrangements, including financial and technological resources, appropriate to the nature of its operations.
(4) An Electronic Trading Platform Operator shall uniquely identify its Participants using Legal Entity Identifier, Permanent Account Number (PAN) or any other equivalent document.
12. Products traded on the Electronic Trading Platform The Electronic Trading Platform Operator shall allow trading on the Electronic Trading Platform in only those Eligible Instruments which are specified under clause (a) of sub-regulation (2) of regulation 5.
13. Operating policy
(1) An Electronic Trading Platform operator shall put in place operating policy, approved by its board which shall be,:
(a) objective, fair, transparent, and non-discriminatory; and
(b) legally binding and enforceable against each Participant.
(2) Such policy shall inter alia include provisions for
(a) onboarding of Participants on the Electronic Trading Platform, as well as their suspension and termination;
(b) roles and responsibilities of the Electronic Trading Platform Operator;
(c) a liability framework for the Participants in the case of breach of the policy;
(d) restrictions or other requirements for using the Electronic Trading Platform;
(e) processing and execution of orders, risk management and control; and
(f) Complaint Redressal and Dispute Resolution Mechanism for participants
(3) Any material change in such policy shall be intimated to the Competent Authority forthwith.
Explanation: For the purposes of this sub-regulation, the expression “material change” shall mean a significant alteration in the procedures, systems, performance standards, or safety requirements, specified in such policy, which affects the ability Electronic Trading Platform Operator to meet its contractual obligations.
(4) An Electronic Trading Platform Operator shall establish and maintain adequate and effective systems and controls, including policies and procedures, to ensure that the Participants comply with such policy.
(5) An Electronic Trading Platform Operator shall promptly address gaps or deficiencies identified in such policy.
(6) An Electronic Trading Platform Operator shall make such policy, including the changes effected thereon, available to the public, inter alia, by hosting them on its official website.
14. Risk management
(1) An Electronic Trading Platform Operator shall
(a) lay down sound risk management system and infrastructure for comprehensive management of risks, and ensure that the risks associated with its operations are properly identified and prudently managed;
(b) put in place access control measures for its Participants and take steps to prevent unauthorised access of the Electronic Trading Platform;
(c) have effective systems, controls, and procedures to:
(i) ensure that its trading systems are resilient, possess adequate capacity to deal with peak order and message volumes, and are able to operate in an orderly manner under conditions of market stress;
(ii) reject orders that exceed its pre-determined volume and price thresholds, and to temporarily halt trading of Eligible Instruments traded on its facility where there is a significant price movement in relation to such Eligible Instruments; and
(iii) prevent and minimise error trades, promptly identify and rectify such trades where they occur, and determine whether error trades are related to disorderly market activity; and
(d) implement and maintain appropriate measures to identify, deter, and prevent Market Abuse on and through its Electronic Trading Platform, and promptly report any incident of Market Abuse to the Authority.
(2) Where the Electronic Trading Platform Operator permits the Participants to access the Electronic Trading Platform through Algorithmic Trading System, it shall ensure that:
(a) other Participants on the Electronic Trading Platform are made aware of such access;
(b) such access is permitted after the Algorithmic Trading System has been tested to assure that it does not affect the normal operations of the platform; and
(c) the personnel deployed by such Participant to operate the Algorithmic Trading System are adequately trained and qualified to operate it.
Clearing and Settlement
15. (1) An Electronic Trading Platform Operator that enables the clearing and settlement of transactions in Eligible Instruments between two or more Participants through its electronic system shall ensure that satisfactory arrangements are in place for securing the timely discharge of the rights and liabilities of the parties to transactions conducted on or through such electronic system and shall inform its Participants of the details of such arrangements and any changes thereto.
(2) The arrangements referred to in sub-regulation (1) shall be entered into by the Electronic Trading Platform Operator, with an entity, with the prior approval of the Authority.
Provided that, if an Electronic Trading Platform operator desirous of offering services of clearing and /or settlement of funds shall, prior to offering such services, seek authorisation as a payment system operator under the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024.
CHAPTER IV
GENERAL OBLIGATIONS OF AN ELECTRONIC TRADING PLATFORM OPERATOR
16. Business continuity plan and disaster recovery site
An Electronic Trading Platform Operator shall establish and maintain a business continuity plan and a disaster recovery site to maintain data and transaction integrity and ensure the continuity of its operations.
17. Cyber security and cyber resilience
An Electronic Trading Platform Operator shall comply with such cyber security and cyber resilience requirements as may be specified by the Authority from time to time.
18. Appointment of compliance officer
An Electronic Trading Platform Operator shall appoint a compliance officer, who shall be responsible for ensuring compliance with the applicable regulatory requirements.
Chapter V
MISCELLANEOUS
19. Preservation, access and use of data
(1) An Electronic Trading Platform Operator shall ensure that the confidentiality and security of all data relating to activities on the Electronic Trading Platform is maintained, and access to such data is strictly under its control.
(2) An Electronic Trading Platform Operator shall maintain all data relating to activities on the Electronic Trading Platform, in a readily retrievable form, for at least eight (8) years:
Provided that the data which may be sought in connection with any investigation by the Authority, shall be maintained for at least three (3) years from the date of completion of such investigation:
Provided further that the data which may be sought in connection with any investigation by any investigative agency, under any law for the time being in force, shall be maintained for such period as prescribed under such law.
(3) In the event of cancellation of the registration by the Authority or surrender of the registration by the Electronic Trading Platform Operator, the Authority may direct the Electronic Trading Platform Operator to share all data relating to activities on the Electronic Trading Platform with the Authority or such other agency as may be specified by the Authority.
20. Returns and reports
(1) An Electronic Trading Platform Operator shall furnish such returns, statements and particulars, in such form and manner as may be specified by the Authority.
(2) Without prejudice to regulation 3, an International Financial Services Centre Banking Unit operating an Electronic Trading Platform shall furnish such returns, statements and particulars, in such form and manner as may be specified by the Authority.
(3) An Electronic Trading Platform Operator shall submit its audited annual financial statements to the Authority within thirty (30) days of their finalisation.
21. Power to call for information
The Authority may, at any time, call for any information, document or record from an Electronic Trading Platform Operator, and such Electronic Trading Platform Operator shall submit the same within the specified time.
22. Inspection, inquiry, investigation, and audit
(1) The Authority may, at any time, undertake inspection or investigation, conduct inquiry or audit of an Electronic Trading Platform Operator.
(2) Every manager, director, managing director, chairperson, officer and other employee of an Electronic Trading Platform Operator shall have the obligation to cooperate with the Authority during the inspection, inquiry, investigation or audit of such ETP Operator.
(3) The Authority may, upon consideration of the report arising out of inspection, inquiry, investigation, or audit of an Electronic Trading Platform Operator, take such action as it may deem fit.
23. Directions by the Authority
Without prejudice to the exercise of its powers under the provisions of the Act and the rules, regulations, or subsidiary instructions issued thereunder, the Authority may, either suo motu or on receipt of any information or during pendency or on completion of any inspection, inquiry or investigation, in the interest of public or trade or Participants or the operations of an Electronic Trading Platform, issue such directions as it deems fit.
24. Appointment of auditor by the Authority
The Authority may appoint an auditor to audit the books of account, records, documents, infrastructure, systems, procedures or affairs of an Electronic Trading Platform Operator, in such manner as it may deem fit.
25. Authority to recover the expenses
The Authority shall be entitled to recover from an Electronic Trading Platform Operator such expenses, including the fees paid to the auditors, as may be incurred by it for the purposes of inspecting or investigating the books of account, records, documents, infrastructures, system or procedures of an Electronic Trading Platform Operator.
26. Power to remove difficulties
In order to remove any difficulties in the interpretation or application of the provisions of these regulations, the Authority may issue directions through subsidiary instructions.
27. Power to relax strict enforcement of the regulations
(1) The Authority may, for reasons to be recorded in writing, in the interest of development of financial services market in the International Financial Services Centre, relax the strict enforcement of any requirement of these regulations.
(2) For seeking relaxation under sub-regulation (1), an application giving details and the grounds on which relaxation is being sought shall be filed with the Authority along with a non-refundable fee of USD 1500.
28. Power to specify procedures and issue clarifications
For the purposes of implementation of these regulations and matters incidental thereto, or in order to facilitate and regulate the activities relating to Electronic Trading Platforms, the Authority may specify norms, procedures, processes, manners, additional requirements, guidelines or provide relaxations, by way of subsidiary instructions and issue such clarifications as may be required.
FIRST SCHEDULE
Eligible Jurisdictions
[see clause (f) of sub-regulation (1) of regulation 2]
| No. | Jurisdiction | Authorisation |
|---|---|---|
| 1. | Singapore | Recognised Market Operator under the Securities and Futures (Organised markets) Regulations, 2018, issued by the Monetary Authority of Singapore. |
| 2. | India | ETP Operator under the Master Direction- Reserve Bank of India (Electronic Trading Platforms) Directions, 2025, issued by the Reserve Bank of India. |
| 3. | United States of America | Alternative trading systems approved under Reg – ATS by the Securities and Exchange Commis sion. |
| 4. | United Kingdom | Multilateral Trading Facility (MTF) authorised by the Financial Conduct Authority, UK (FCA). |
| 5. | European Union | Multilateral Trading Facility (MTF) authorised and supervised by the National Competent Authority (NCA) of the EU Participant State where the venue is registered and operating under Markets in Financial Instruments Directive II. |
| 6. | Dubai International Financial Centre (DIFC) | An Authorised Market Institution (AMI) in DIFC, authorised to operate an alternative trading system for investments. |
SECOND SCHEDULE
Fit and Proper requirements
[see clause (c) of regulation 4]
A person shall be fit and proper if:-
(a) such person has a record of fairness and integrity, including but not limited to:
(i) financial integrity;
(ii) good reputation and character; and
(iii) honesty.
(b) such person has not incurred any of the following disqualifications –
(i) the person has been convicted by a court for any offence involving moral turpitude or any economic offence or any offence under laws dealing with financial markets and financial institutions;
(ii) a recovery proceeding has been initiated against the person by a financial regulatory authority and is pending;
(iii) an order for winding up has been passed against the person for malfeasance;
(iv) the person has not been declared an undischarged insolvent;
(v) an order, restraining, prohibiting or debarring the person from accessing, providing or dealing in financial products or financial services, has been passed by any regulatory authority, and a period of three years from the date of the expiry of the period specified in the order has not elapsed;
(vi) any other order against the person has been passed by the Authority or any other regulatory authority, and a period of three years from the date of the order has not elapsed;
(vii) the person has been found to be of unsound mind by a court of competent jurisdiction and the finding is in force;
(viii) the person is financially not sound or has been categorised as a wilful defaulter;
(ix) the person has been declared a fugitive economic offender; or
(x) any other disqualification as may be specified by the Authority.
PRAVEEN TRIVEDI, Executive Director
[ADVT.-III/4/Exty./322/2026-27]
