Summary: The International Financial Services Centres Authority (IFSCA) has notified the International Financial Services Centres Authority (Capital Market Intermediaries) (Second Amendment) Regulations, 2026 on 25 August 2026 through Notification No. IFSCA/GN/2026/013. The amendment further modifies the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025, which provide the regulatory framework for capital market intermediaries operating in international financial services centres in India.
The amendment is made under the powers conferred by the International Financial Services Centres Authority Act, 2019 and the Securities and Exchange Board of India Act, 1992. It comes into force from the date of its publication in the Official Gazette.
The substantive change concerns the first proviso to sub-regulation (5) of Regulation 28 of the principal regulations. The words to be inserted after “a rating in” and before “the” are: “certain situations as per its approved policy, including but not limited to”. This gives the relevant approved policy a broader role in identifying situations in which the rating requirement contemplated under Regulation 28(5) applies.
The amendment regulations consist of three clauses covering their short title, commencement and the specific amendment to Regulation 28(5). The notification has been signed by Pradeep Ramakrishnan, Executive Director, IFSCA.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 25th August, 2026
International Financial Services Centres Authority (Capital Market Intermediaries) (Second Amendment) Regulations, 2026
IFSCA/GN/2026/ 013.—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 30 read with Section 28C of the Securities and Exchange Board of India Act, 1992 (15 of 1992); the International Financial Services Centres Authority hereby makes the following regulations, further to amend the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (hereinafter referred to as the ‘principal regulations’), namely:-
1. These regulations may be called the International Financial Services Centres Authority (Capital Market Intermediaries) (Second Amendment) Regulations, 2026.
2. These regulations shall come into force on the date of their publication in the Official Gazette.
3. In the principal regulations, in the first proviso of sub-regulation (5) of regulation 28, after the words “a rating in” and before the word “the”, the following shall be inserted, namely:-
“certain situations as per its approved policy, including but not limited to”
PRADEEP RAMAKRISHNAN, Executive Director
[ADVT.-III/4/Exty./296/2026-27]
