The International Financial Services Centres Authority (IFSCA) issued a Notification on October 13, 2025, introducing the International Financial Services Centres Authority (Listing) (Amendment) Regulations, 2025. These regulations, which amend the existing 2024 Listing Regulations, focus on modifying several compliance requirements for entities listed in an IFSC. Key changes include an increase in the maximum penalty for certain non-compliances, specifically substituting “one hundred and thirty-five” with “one hundred and eighty” in sub-regulation (8) of regulation 16. Furthermore, the penalty amount mentioned in sub-regulation (2) of regulation 25, sub-regulation (3) of regulation 52, and regulation 65 has been changed from “five” to “eight,” indicating an upward revision in those specific fine amounts. A notable procedural change affects the disclosure of half-yearly financial statements. The amended regulations 96(2) and 107(2) now mandate that a Listed Entity must disclose its first half-year financial statements to the stock exchange(s) not later than forty-five days after the end of the first half-year, following board approval. These amendments aim to adjust certain regulatory timelines and penalty provisions within the IFSC listing framework.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 13th October, 2025
International Financial Services Centres Authority (Listing) (Amendment) Regulations, 2025
F. No. IFSCA/GN/2025/011.—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), read with Section 30, Section 11A and 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 (Listing) Regulations, 2024 (hereinafter referred to as the principal regulations), namely:-
1. (1) These regulations may be called the International Financial Services Centres Authority (Listing) (Amendment) Regulations, 2025.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In sub-regulation (8) of regulation 16 of the principal regulations, for the words “one hundred and thirty five”, the words “one hundred and eighty” shall be substituted.
3. In sub-regulation (2) of regulation 25 of the principal regulations, for the word “five”, the word “eight” shall be substituted.
4. In sub-regulation (3) of regulation 52 of the principal regulations, for the word “five”, the word “eight” shall be substituted.
5. In regulation 65 of the principal regulations, for the word “five”, the word “eight” shall be substituted.
6. In regulation 96 of the principal regulations, for sub-regulation (2) the following sub-regulation shall be substituted, namely:-
“(2) The Listed Entity shall disclose its financial statements for first half of the financial year to the recognised stock exchange(s) immediately after the approval of its board of directors, but in any event not later than forty five days after the end of first half year.”
7. In regulation 107 of the principal regulations, for sub-regulation (2) the following sub-regulation shall be substituted, namely:-
“(2) The Listed Entity shall disclose its financial statements for first half of the financial year to the recognised stock exchange(s) immediately after the approval of its board of directors, but in any event not later than forty-five days after the end of first half year.”
PRAVEEN TRIVEDI, Executive Director
[ADVT.-III/4/Exty./408/2025-26]
