Summary: The International Financial Services Centres Authority (IFSCA) has amended the “Master Circular for Distributors in the IFSC” dated August 05, 2025, pursuant to the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (CMI Regulations), following representations received from stakeholders. The amendment inserts paragraphs 5.1A and 5.1B in Chapter III of the Master Circular. Paragraph 5.1A specifies the UAE, Singapore, Australia and the European Union as jurisdictions for the purposes of clauses (a) and (c) of sub-regulation (1) of regulation 32 of the CMI Regulations. However, these jurisdictions, as well as those identified in paragraph 5.1, will not qualify where they are identified by the Financial Action Task Force (FATF) as High-Risk Jurisdictions subject to a Call for Action or Jurisdictions under Increased Monitoring, or by the Central Government as high-risk jurisdictions for money laundering, terrorist financing or proliferation financing. Paragraph 5.1B clarifies that, for purposes of sub-regulation (1) of regulation 32, the term “jurisdiction” in the context of capital market products and/or services refers to the jurisdiction of domicile of those capital market products and/or services, rather than the jurisdiction where the entity managing such products or services is located. The Circular has been issued under sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulations 32 and 45 of the CMI Regulations, and takes effect immediately.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
Circular No. eF.No. IFSCA-PLNP/45/2026-Capital Markets | Dated: September 18, 2026
To, All Distributors in the International Financial Services Centre (IFSC) All Fund Management Entities in the IFSC
Dear Sir/Madam,
Subject: Amendment to the Circular titled “Master Circular for Distributors in the IFSC”
1. Reference may be drawn to the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (hereinafter referred to as “CMI Regulations”) and the Circular titled “Master Circular for Distributors in the IFSC” dated August 05, 2025 (hereinafter referred to as “Master Circular”), issued thereunder.
2. Reference may further be drawn to Chapter – III of the Master Circular which, inter alia, identifies the jurisdictions relating to the distribution of capital market products and/or services by a Distributor registered with the Authority under the CMI Regulations.
3. In this regard, upon consideration of the representations received from stakeholders, it has been decided to amend the Master Circular, as under:
(a) In Chapter – III, after paragraph 5.1, the following paragraphs shall be inserted, namely:–
“5.1A For the purposes of clauses (a) and (c) of sub-regulation (1) of regulation 32 of the CMI Regulations, the following jurisdictions are specified by the Authority:
a) UAE;
b) Singapore;
c) Australia; and
d) European Union
Provided that the aforementioned jurisdictions mentioned in paragraphs 5.1 and 5.1A shall not be identified by FATF as High-Risk Jurisdictions subject to a Call for Action and Jurisdictions under Increased Monitoring or by Central Government as high risk jurisdiction for money laundering, terrorist financing or proliferation financing.”
5.1B For the removal of doubts, it is clarified that for the purposes of sub-regulation (1) of regulation 32 of the CMI Regulations, the reference to term “jurisdiction”, in the context of capital market products and/or services, shall be construed as referring to the jurisdiction of domicile of the capital market products and/or services and not to the jurisdiction in which the entity managing such capital market products and/or services is located.”
4. This Circular is issued in exercise of powers conferred under sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulations 32 and 45 of the CMI Regulations, and shall come into force with immediate effect.
A copy of this circular is available on the website of IFSCA at [www.ifsca.gov.in](http://www.ifsca.gov.in).
Yours faithfully,
Pawan Kumar Chowdhary
Deputy General Manager
Department of Capital Markets
Email- [email protected]
Tel-079- 61809854
