On August 5, 2025, the International Financial Services Centres Authority (IFSCA) released Master Circulars for capital market intermediaries operating within IFSC. These circulars are issued under the IFSCA (Capital Market Intermediaries) Regulations, 2025, which were notified on April 11, 2025. The capital markets ecosystem in IFSC has grown steadily, with an increasing number of registered intermediaries contributing to market development. To streamline regulatory clarity and operational efficiency, IFSCA has now consolidated guidelines applicable to seven intermediary categories: Credit Rating Agencies, Debenture Trustees, Distributors, ESG Ratings and Data Products Providers, Investment Advisers, Investment Bankers, and Research Entities.
The Master Circulars serve as a unified point of reference for all prior circulars and guidance, aiming to enhance ease of doing business in the IFSC. These documents provide detailed information on various operational and compliance aspects, including registration procedures, scope of permissible activities, governance standards, code of conduct, KYC, anti-money laundering (AML) and counter-financing of terrorism (CFT) norms, outsourcing policies, complaint redressal mechanisms, change in control protocols, reporting requirements, cyber security, and guidelines for surrendering registration. The initiative is part of IFSCA’s broader effort to ensure a fair, efficient, and transparent capital market regulatory framework within the IFSC.
International Financial Services Centres Authority
PRESS RELEASE
Master Circulars on Capital Market Intermediaries in IFSC
Capital market intermediaries play a pivotal role in fostering the growth of the securities market ecosystem in the IFSC in a fair, efficient and transparent manner. Over the last few years, the capital markets ecosystem in IFSC has witnessed significant growth, leading to a notable increase in the number of registered capital market intermediaries.
Recently, International Financial Services Centres Authority (IFSCA) had notified the IFSCA (Capital Market Intermediaries) Regulations, 2025 on April 11, 2025.
IFSCA has today issued Master Circulars for the following categories of capital market intermediaries in IFSC under the IFSCA (Capital Market Intermediaries) Regulations, 2025:
c) Distributors
d) ESG Ratings and Data Products Providers
These master circulars aim to promote ease of doing business by providing a one-stop reference for all circulars and guidelines applicable on the capital market intermediaries.
Further, they also provide clarity on various operational aspects, inter-alia, such as registration process, validity of registration, permissible activities, governance, code of conduct, KYC, AML and CFT guidelines, outsourcing, complaint handling, change in control, periodic reporting, cyber security and cyber resilience and surrender of registration.
Gandhinagar
August 05, 2025
