The International Financial Services Centres Authority (IFSCA) has issued Circular No. IFSCA-PLNP/80/2024-Capital Markets dated September 12, 2025, extending the compliance deadline for revised net worth requirements under the IFSCA (Capital Market Intermediaries) Regulations, 2025. These regulations, which replaced the 2021 framework, mandate updated minimum net worth norms for different categories of capital market intermediaries operating in the IFSC. Originally, entities were required to meet the new requirements by October 1, 2025. However, based on industry representations, the deadline has now been extended to December 31, 2025. The circular takes effect immediately and has been issued under the IFSCA Act, 2019, along with relevant provisions of the 2025 regulations. The updated circular is available on the IFSCA’s official website.
International Financial Services Centres Authority
Let noble thoughts come to us from all directions
Circular No. IFSCA-PLNP/80/2024-Capital Markets |Dated: September 12, 2025
To
All capital market intermediaries in the IFSC
Dear Sir/Madam,
Subject: IFSCA (CMI) Regulations, 2025 – Extension of deadline for compliance with revised net worth requirements
1.Reference may be drawn to the IFSCA (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”) providing the revised regulatory framework for capital market intermediaries in the IFSC, repealing the IFSCA (Capital Market Intermediaries) Regulations, 2021. The CMI Regulations stipulate revised norms for net worth requirements for various categories of intermediaries. Further, the explanation provided under regulation 7 of the CMI Regulations provides that:
Explanation: Where a CMI is required to infuse capital to comply with the revised minimum net worth requirements specified in these regulations, such entity shall ensure compliance by October 01, 2025 or any other date as may be specified by the Authority.
2. Pursuant to representations received from market participants, it has been decided that the timeline for compliance with revised minimum net worth requirements is extended till December 31, 2025.
3. The circular shall come into force with immediate effect.
4. This circular is issued in exercise of powers conferred under sections 12 and 13 of the IFSCA Act, 2019 read with regulation 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
