The International Financial Services Centres Authority (IFSCA) has issued a comprehensive Master Circular dated June 5, 2026, consolidating the regulatory framework applicable to recognized Stock Exchanges and Clearing Corporations operating in IFSCs. The circular aims to simplify compliance, promote ease of doing business, and strengthen the IFSC ecosystem by bringing together various regulatory directions, guidelines, and operational requirements into a single document. It supersedes 15 earlier IFSCA circulars issued between 2021 and 2025 covering areas such as governance, liquidity enhancement schemes, disaster recovery, direct market access, co-location facilities, settlement guarantee funds, and code of conduct for market infrastructure institutions (MIIs). Additionally, all SEBI circulars issued before October 1, 2020, relating to Stock Exchanges and Clearing Corporations in IFSCs stand superseded. Actions taken under the previous circulars remain valid. The circular comes into immediate effect and requires MIIs, Broker Dealers, Clearing Members, and Depositories to ensure compliance with the consolidated framework.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
Master Circular No. IFSCA/CMD/MIIT/MCSECC/2026-27 Dated: June 05, 2026
To,
All the recognised Stock Exchanges in the International Financial Services Centres (IFSC)
All the recognised Clearing Corporations in the IFSC
All the recognised Depositories in IFSC
All Broker Dealers and Clearing Members in the IFSC
Madam/Sir,
Subject: Master Circular for recognised Stock Exchanges and recognised Clearing Corporations
1. Reference may be drawn to the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 [hereinafter called as “MII Regulations”] amended subsequently vide International Financial Services Centres Authority (Market Infrastructure Institutions) (Amendment) Regulation, 2024 which provides for a unified framework for the regulation and supervision of the Market Infrastructure Institutions in the IFSC.
2. Attention may further be drawn to regulation 73 (5) of the MII Regulations, which states as under:-
“The circulars and guidelines issued by SEBI and applicable to a market infrastructure institution in an IFSC shall continue to be in force unless and until they are superseded by any regulations or circulars or guidelines by the Authority”
3. The International Financial Services Centres Authority (`uthority’/IFSCA), being satisfied that it is necessary and expedient for ease of doing business and for overall development of the IFSC ecosystem, hereby consolidates all the circulars pertaining to recognised Stock Exchange (Stock Exchange) and recognised Clearing Corporation (Clearing Corporation) and issues this Master Circular.
4. (i) On and from the date of commencement of this Master Circular, the following circulars, to the extent they pertain to recognised Stock Exchanges and recognised Clearing Corporations (hereinafter collectively referred to as “MIIs”) issued by the Authority, shall stand superseded:
| Sr. No. |
Date | Circular No. | Subject |
| 1 | April 13, 2021 | F. No. 286/IFSCA/Policy Matters (CMD-DMIIT)/2021 | Fee structure for Market Infrastructure Institutions (MIIs) and Participants |
| 2 | June 2021 22, | F. No. 286/IFSCA/PM (CMD- DMIIT)/2021 /2 | Introduction of Negotiated Large Trade facility on Stock Exchanges |
| 3 | June 22, 2021 | F. No. 257/IFSCA/CMD- DMIIT/BCP-DR/2021/1 | Status of transactions executed at Disaster Recovery site of MIIs |
| 4 | September 13, 2021 | F. No. 286/IFSCA/CMD-DMIIT/ PM/ 2021 | Code of Conduct and Code of Ethics for Directors and KMPs of MIIs |
| 5 | September 20, 2021 | F. No. 286/IFSCA/CMD- DMIIT/PM-MII/2021/1 | Application form for
recognition and renewal of MIIs |
| 6 | November 30, 2021 | 286/IFSCA/ CMD- DMIIT/PM/2021/001 | Clarification regarding disclosure of dealing in securities by Directors and Key Management Personnel of the all recognized MIIs in GIFT-IFSC |
| 7 | March 11, 2022 | F. No. 286/IFSCA/PM(CMD- DMIIT)/2 | Negotiated large trade facility on Stock Exchanges |
| 8 | March 31, 2022 | F. No. 286/IFSCA/PM (CMD- DMIIT)/2021/4 | Guidelines for Liquidity Enhancement Scheme on Stock Exchanges |
| 9 | June 28, 2022 | IFSCA/CMD/DMIIT/MII/CG/2 022-23/1 | Committees at MIIs in IFSC |
| 10 | September 09, 2022 | IFSCA/CMD-DMIIT/LES/2022/005 | Amendment to guidelines for Liquidity Enhancement Scheme |
| 11 | November 16, 2022 | IFSCA/CMD-DMIIT/DR/774/2022/01 | Guidelines for Business Continuity Plan and Disaster Recovery for MIIs |
| 12 | June 21, 2023 | IFSCA/CMD-DMIIT/EXCHTRD/2023-24/001 | Direct Market Access facility |
| 13 | June 23, 2023 | IFSCA/CMD DMIIT/EXCHTRD/2023- 24/002 | Co-location facility offered by the Stock Exchanges |
| 14 | March 07, 2025 | IFSCA/CMD-MIIT/RTP/2024-25/001 | Contribution to Settlement Guarantee Fund (SGF) |
| 15 | October 13, 2025 | IFSCA/CMD-DMIIT/PID- MII/2025-26/001 | Governing Board of the Market Infrastructure Institutions (Mils) |
(ii) On and from the commencement of this Master Circular, all the circulars and guidelines issued by Securities and Exchange Board of India (“SEBI”) prior to October 01, 2020, in respect of recognised Stock Exchanges and recognised Clearing Corporations, shall stand superseded.
(iii) Notwithstanding such supersession specified in clause(s) (i) and (ii) above:
a) anything done or any action taken or purported to have been done or taken under the superseded circulars, prior to such supersession, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; and
b) any application made to the Authority under the any of the superseded circular(s), prior to such supersession, shall be deemed to have been made under the corresponding provisions of this Master Circular;
5. This Master Circular is being issued in exercise of powers conferred by Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulation 72 of the MII Regulations and regulation 45 of the IFSCA (Capital Market Intermediaries) Regulations, 2025, and shall come into force from the date of its issuance.
6. The Stock Exchanges and Clearing Corporations shall ensure that its Key Management Personnel, other officers responsible for compliance and the relevant committees including the Regulatory Oversight Committee acclimatize themselves with the provisions of this circular.
7. This master circular is primarily applicable to Stock Exchanges and Clearing Corporations. However, all Broker Dealers, Clearing Members and Depository are also required to ensure compliance with the respective directions and obligations (as applicable) contained herein. Broker Dealers, Clearing Members and Depository may also refer to specific master circulars/circulars issued or to be issued, for additional regulatory compliance/guidance.
A copy of this circular is available on the website of the International Financial Services Centres Authority at www.ifsca.gov.in
Yours faithfully,
Praveen Kamat
Chief General Manager
Division of Market Infrastructure Institutions & Technology
Capital Markets Department
Email : praveen.kamat@ifsca.gov.in
Tel: +91-079-61809820
