The International Financial Services Centres Authority (IFSCA) has extended the deadline for capital market intermediaries to comply with revised regulations concerning the appointment of principal officers and compliance officers. The new deadline is now December 31, 2025, moved from the original date of October 1, 2025. This decision was made in response to requests from market participants to allow more time for implementation. The extension is intended to ensure continuity in business operations and support the ease of doing business for intermediaries registered with the IFSCA. This circular, issued on September 4, 2025, amends the IFSCA (Capital Market Intermediaries) Regulations, 2025, which were notified on April 16, 2025.
International Financial Services Centres Authority
CIRCULAR
File No. IFSCA-PLNP/80/2024-Capital Markets September 04, 2025
To
All capital market intermediaries in the IFSC
Dear Sir/Madam,
Subject: IFSCA (CMI) Regulations, 2025 – Extension of deadline for implementing revised norms for principal officer and compliance officer
1. The IFSCA (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”) have been notified and published in the Official Gazette of India on April 16, 2025 providing the regulatory framework for capital market intermediaries in the IFSC, repealing the IFSCA (Capital Market Intermediaries) Regulations, 2021.
2. The CMI Regulations stipulate revised norms for appointment of principal officer and compliance officer by capital market intermediaries. The existing capital market intermediaries operating in the IFSC (as on the date of the CMI Regulations coming into force) were required to meet the revised requirements on or before October 01, 2025 or any other date as may be specified by the Authority.
3. Pursuant to representations received from market participants, it has been decided that the deadline for implementation of sub-regulations (2), (3) and (8) of regulation 9 of the CMI Regulations has been extended for all capital market intermediaries registered with the Authority till December 31, 2025. The said extension has been granted to ensure continuity in operations and promote ease of doing business.
4. The circular shall come into force with immediate effect.
5. This circular is issued in exercise of powers conferred under sections 12 and 13 of the IFSCA Act, 2019 read with regulation 9(4) 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
