The International Financial Services Centres Authority (IFSCA) has issued an amendment to its “Regulatory Framework for Global Access in the IFSC” circular, effective September 12, 2025. This change addresses clauses 27, 36, and 37 of the original circular, which mandated that all Global Access Providers and Introducing Brokers route client funds through bank accounts maintained at an International Banking Unit in the IFSC. In response to feedback from market participants, the IFSCA has decided to provide a new option for managing these funds.
Going forward, Global Access Providers and Introducing Brokers can now choose between maintaining accounts with an IFSC Banking Unit or with a payment service provider (PSP) authorized by the IFSCA. This change allows for more flexibility in handling cross-border payments for global access activities. The amendment, made under the powers of the IFSCA Act, 2019, aims to improve the efficiency and competitiveness of payment services within the IFSC while ensuring these activities remain regulated. The original requirements for separating client funds from proprietary funds and maintaining separate accounts for global access and IFSC activities still apply, regardless of whether a bank or PSP is used. This updated framework is intended to enhance the operational capabilities of market participants.
International Financial Services Centres Authority
File No. IFSCA-PLNP/80/2024-Capital Markets Dated: September 12, 2025
To
All Broker Dealers in the IFSC
All Recognised Stock Exchanges in the IFSC
All Global Access Providers in the IFSC
Dear Sir/Madam,
Subject: Regulatory Framework for Global Access in the IFSC – Amendments
1. Reference may be drawn to the circular titled “Regulatory Framework for Global Access in the IFSC” (“Circular”) issued on August 12, 2025.
2. Clauses 27, 36 and 37 of the Circular stipulate requirements relating to maintaining bank accounts in the IFSC for the purpose of global access business activities, as mentioned below:
Clause 27
A Global Access Provider shall ensure that funds of all clients participating in the global access are routed through a bank account in the IFSC. A Global Access Provider already accessing Global Markets as on the date of the circular shall ensure compliance with this clause by October 31, 2025.
Clause 36
A Global Access Provider or an Introducing Broker, as the case may be, shall maintain separate bank accounts for its activities in Global Access and the activities in the IFSC. The bank accounts shall be maintained with an International Banking Unit in IFSC.
Clause 37
A Global Access Provider or an Introducing Broker, as the case may be, shall maintain a separate bank account of clients’ funds for segregation from proprietary trading fund, if any. The Global Access Provider or an Introducing Broker, as the case may be, shall receive or pool the clients’ funds in this separate account to be maintained in an International Banking Unit in IFSC.
3. We are in receipt of representations from market participants to consider permitting services offered by payment service providers (PSPs) for facilitating movement of funds for global access activities in the IFSC. The PSPs authorised with the Authority will enhance efficiency and competitiveness in cross-border payments in a regulated manner.
4. Accordingly, it has been decided that the Global Access Providers and the Introducing Brokers in IFSC will have the option to either open bank account(s) with an IFSC Banking Unit licensed by the Authority or open account(s) with a PSP authorised under the IFSCA (Payment Services) Regulations, 2024 for payments / movement of funds referred in clauses 27, 36 and 37 of the Circular, so far as it relates to global access business activities.
5. The circular shall come into force with immediate effect.
6. This circular is issued in exercise of powers conferred under sections 12 and 13 of the IFSCA Act, 2019 read with regulation 27 and 45 of the CMI Regulations.
A copy of this circular is available on the website of IFSCA at www.ifsca.gov.in .
Yours faithfully,
Arjun Prasad
General Manager
arjun.pd@ifsca.gov.in
