The International Financial Services Centres Authority issued a circular dated April 2, 2026, specifying a mandatory certification course for employees of capital market intermediaries (CMIs) operating in International Financial Services Centres. Referring to Regulation 9(5) of the CMI Regulations, 2025, the Authority designated the course titled “Regulatory Framework for Capital Market Intermediaries in IFSC,” offered by The Institute of Company Secretaries of India. CMIs are required to ensure that their Key Managerial Personnel and employees engaged in core business activities complete this certification by September 30, 2026. Responsibility for compliance rests with both the CMI and persons in control of such entities. While not mandatory, employees involved in support or non-operational roles are encouraged to undertake the course to enhance competence and regulatory preparedness. The circular, issued under the IFSCA Act, 2019 and relevant regulations, comes into immediate effect.
International Financial Services Centres Authority
Circular No. F. No. IFSCA-PLNP/80/2024-Capital Markets | Dated: April 02, 2026
To,
All Capital Market Intermediaries in the International Financial Services Centres (IFSC)
Dear Sir/Madam,
Sub: Specification of Certification Course for KMPs and other employees of Capital Market Intermediaries under the IFSCA (Capital Market Intermediaries) Regulations, 2025
1. Reference is drawn to sub-regulation (5) of regulation 9 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (‘CMI Regulations’), which empowers the Authority to specify certification courses for the employees of capital market intermediaries (‘CMIs’) in the IFSC.
2. Accordingly, the Authority hereby specifies the following certificate course:
“Regulatory Framework for Capital Market Intermediaries in IFSC” offered by The Institute of Company Secretaries of India.
3. The CMI shall ensure that its Key Managerial Personnel and all other employees discharging core business activities, successfully complete the said certification course on or before September 30, 2026.
4. The CMI and the person(s) in control of the CMI shall be responsible for ensuring timely completion of the specified certification course by its employees as specified in this circular.
5. Further, employees of the CMIs involved in providing non-operational / support services are encouraged to undertake this certification to enhance professional competence, ensure regulatory preparedness, and promote higher standards of operational excellence within the IFSC.
6. This circular is issued in exercise of the powers conferred under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with sub-regulation (5) of regulation 9 and regulation 45 of the CMI Regulations, and shall come into force with immediate effect.
7. A copy of this circular is available on the website of the International Financial Services Centres Authority at ifsca.gov.in.
Yours faithfully,
Arjun Prasad
General Manager
Department of Capital Markets
arjun.pd@ifsca.gov.in
+91 79 6180 9815
