The International Financial Services Centres Authority issued a circular on 2 March 2026 prescribing a comprehensive fee structure for entities undertaking or intending to undertake permissible activities in International Financial Services Centres (IFSCs) and for persons seeking guidance under the Informal Guidance Scheme, 2024. The circular applies to applicants seeking licence, registration, recognition, or authorisation as well as existing regulated entities. It categorizes fees into application fees, licence/registration fees, recurring fees (flat and conditional based on turnover), activity-based fees, processing fees, interest on delayed payments, charges for delayed reporting, and fees for informal guidance. Recurring fees must generally be paid annually, with conditional fees adjusted based on actual turnover. The circular also prescribes penalties for delays, including 0.75% monthly interest on unpaid fees and USD 100 per month for delayed regulatory reporting. Payments are primarily required in USD to a designated bank account, with limited INR payment options for certain Indian applicants. The circular will apply from FY 2026–27 onwards.
International Financial Services Centres Authority
CIRCULAR
Circular No. IFSCA-DTFA/1/2026 | Dated: March 02, 2026
To,
All Regulated Entities of International Financial Services Centres Authority (‘IFSCA’)
All entities seeking licence, registration, recognition or authorisation from International Financial Services Centres Authority (Authority’)
All persons seeking guidance under the International Financial Services Centres Authority (Informal Guidance) Scheme, 2024 (Informal Guidance Scheme’)
Dear Sir/Madam,
Subject: Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC or persons seeking guidance under the Informal Guidance Scheme
1. CATEGORIES OF FEES/CHARGES
1.1. An entity seeking licence, registration, recognition or authorisation, as the case may be, from the Authority (such entity shall hereinafter be referred to as ‘applicant’), or an entity which has already been granted licence, registration, recognition or authorisation, as the case may be, by the Authority (such entity shall hereinafter be referred to as ‘Regulated Entity’), or a person seeking guidance under the Informal Guidance Scheme, shall remit the applicable fees/charges, to the designated bank account of the Authority, under the relevant categories mentioned below:
a. Application fee;
b. Licence/Registration/Recognition/Authorisation fee;
c. Recurring fee;
d. Activity based fee;
e. Processing fee;
f. Interest on delay in payment of applicable fees;
g. Charges for delay in submission or non-submission of reports/returns; and
h. Informal Guidance fee.
1.2. The details of applicable fees to be remitted by any applicant, Regulated Entity or any person seeking guidance under the Informal Guidance Scheme, to the designated bank account of the Authority (herein after referred to as the ‘Authorityl, are provided hereinafter.
2. APPLICATION FEE
2.1. Applications seeking licence(s), registration(s), recognition(s) or authorisation(s), as the case may be, shall be made separately under the respective regulations or subsidiary instructions, except as otherwise provided.
2.2. An applicant shall pay the application fee, as specified in Schedule-I of this circular, at the time of making the application to the Authority. An application without applicable fees shall not be entertained by the Authority.
2.3. Every application by an entity seeking licence(s), registration(s), recognition(s) or authorisation(s), as the case may be, shall be treated as separate applications and shall attract separate specified application fees for each such application, as indicated at Schedule-I.
3. LICENCE/REGISTRATION/RECOGNITION/AUTHORISATION FEE
3.1. On intimation of the decision by the Authority to grant provisional or in-principle approval, where applicable, the applicant shall, within 15 days of such intimation, pay the applicable fee before the grant of licence, registration, recognition or authorisation, as specified in Schedule-I.
3.2. Where the Authority subsequently decides not to grant licence, registration, recognition or authorisation to an applicant to whom a provisional/ in-principle approval was granted, the fees paid by the applicant seeking licence, registration, recognition or authorisation shall not be refunded.
3.3. Where the licence, registration, recognition or authorisation is to be granted directly (without provisional/in-principle approval), the applicant shall pay the fees and only thereafter the licence, registration, recognition or authorisation shall be granted/issued.
3.4. Where the applicant fails to pay the requisite licence, registration, recognition or authorisation fee, within the time specified as above, it shall be assumed that the applicant does not wish to obtain the licence, registration, recognition or authorisation and in such case, the Authority may at its discretion, discontinue the process and close the application.
Provided that where an applicant wishes to seek the licence, registration, recognition or authorisation after such closure, shall be required to make fresh application.
4. RECURRING FEE – FLAT
4.1. Upon obtaining licence, registration, recognition or authorisation, a Regulated Entity shall pay flat recurring fee as specified at Schedule-I.
4.2. For the financial year in which the licence, registration, recognition or authorisation is granted, the flat recurring fee shall be calculated on a pro rata basis for every remaining month of that financial year. The Regulated Entity shall pay the applicable recurring fee within 15 days from the grant of licence, registration, recognition or authorisation. For the purpose of calculation of the recurring fee, a part of a month shall be considered as a full month.
4.3. For the subsequent financial years, i.e., after the financial year in which the licence, registration, recognition or authorisation was granted, the flat recurring fee shall become due on 01st of April and be paid by 30th of April of such financial year to which the fee pertains. For example, the flat recurring fee for FY 2026-27 shall become due on April 01, 2026 and shall be payable by April 30, 2026.
5. RECURRING FEE – CONDITIONAL
5.1. Upon obtaining licence, registration, recognition or authorisation, the Regulated Entity shall pay the conditional recurring fee, based on turnover, etc., as specified at Schedule-I. Such conditional recurring fee shall be paid in two instalments.
Explanation – For removal of doubts, it is clarified that the Regulated Entity shall pay the conditional recurring fee in addition to the flat recurring fee, wherever applicable.
5.2. For the financial year in which the licence, registration, recognition or authorisation is granted, the conditional recurring fee shall be payable as follows:
(A) First Instalment (Advance payment of fee):
Such a fee shall be payable within 15 days of grant of licence, registration, recognition or authorisation. For the purpose of calculation of such fees, the lowest slab of fees applicable to the Regulated Entity, as specified at Schedule-I, shall be considered.
(B) Final Instalment (Balance payment of fee):
After the end of financial year, the total fees payable for such financial year shall be re-calculated based on the actual turnover of the Regulated Entity for that financial year. Accordingly, the differential amount, if any, between the fee paid in advance as per (A) above, and the fee payable based on the actual turnover, shall be paid by the Regulated Entity by 30th of April of the subsequent financial year.
Illustration 1
A Stock Exchange which has been granted the recognition for first time on May 20, 2026, the recurring fee (conditional) shall be calculated as under:
-
- Fee applicable for lowest slab of turnover [Refer to Schedule-I of this circular] = USD 1,500
- Actual Turnover achieved for FY 2026-27 (at the end of FY) = USD 20 Billion
- Conditional recurring fee based on actual turnover of FY 2026-27 = USD 75,000
- Fee paid earlier in advance = USD 1,500
- Remaining conditional recurring fee to be paid for FY 2026-27 by April 30, 2027 = USD 75,000- USD 1,500 = USD 73,500
Accordingly, the total conditional recurring fee payable for FY 2025-26 i.e. USD 75,000 shall be payable as under:
✓ USD 1,500 on or before June 04, 2026 (A); and
✓ USD 73,500 on or before April 30, 2027 (B).
5.3. For the subsequent financial years, i.e., after the financial year in which the licence, registration, recognition or authorisation was granted, the conditional recurring fee shall be payable as follows:
(I) First Instalment (Advance payment of fee):
The fee shall be calculated based on the turnover of the preceding financial year and shall be payable by 30th of April of such financial year to which the fee pertains.
(II) Final Instalment (Balance payment of fee):
After the end of financial year, the total fees payable for such financial year shall be re-calculated based on the actual turnover of the Regulated Entity for that financial year. Accordingly, the differential amount, if any, between the fee paid in advance as per (I) above, and the fee payable based on the actual turnover, shall be paid by the Regulated Entity by 30th of April of the subsequent financial year.
Illustration 2
The case explained in Illustration 1 is being considered again as under:
-
- Date of grant of recognition of stock exchange: May 20, 2026
- Total conditional recurring fee payable for FY 2026-27 as explained at Illustration 1 above = USD 75,000
-
- Conditional recurring fee payable for FY 2027-28 by April 30, 2027, based on turnover of preceding FY i.e. FY 2026-27 = USD 75,000 [Refer to Schedule-I of this circular for slabs]
- Actual Turnover achieved for FY 2027-28 (at the end of FY) = USD 110 Billion
- Total conditional recurring fee payable for FY 2027-28 based on actual turnover = USD 1,50,000
- Fee paid earlier in advance = USD 75,000
- Remaining conditional recurring fee to be paid for FY 2027-28 on or before April 30, 2028= USD 1,50,000 – USD 75,000 = USD 75,000
Accordingly, the total conditional recurring fee payable for FY 2027-28 i.e. USD 1,50,000 shall be payable as under:
✓ USD 75,000 on or before April 30, 2027 (I); and
✓ USD 75,000 on or before April 30, 2028 (II).
6. ACTIVITY-BASED FEE
An Applicant/ a Regulated Entity shall pay the applicable activity-based fee as specified at Schedule-I of this circular.
7. PROCESSING FEE
The processing fee shall be applicable in the following instances:
7.1. Applicable to all the Regulated Entities- A Regulated Entity seeking approval for ‘change in management or control’, shall pay the processing fee, which shall be equivalent to 20% of the licence, registration, recognition or authorisation fee.
7.2. Applicable to Fund Management Entities – Fund Management Entity seeking modification to a scheme document shall attract a fee of USD 500.
7.3. Applicable to Finance Company / Unit undertaking aircraft leasing or ship leasing activity – Finance Company / Unit undertaking aircraft leasing or ship leasing activity, seeking utilisation of office space or manpower or both (resources) in accordance with IFSCA (Finance Company) Regulations, 2021, read with circular F. No. 535/IFSCA/FC/ALF/2023-24/02 dated April 18, 2023, and circular F. No. 496/IFSCA/FC/SLF/2024-25/003 dated October 04, 2024, as applicable, shall pay one-time fee of USD 2,500.
8. INTEREST ON DELAY IN PAYMENT OF APPLICABLE FEES
Where a Regulated Entity fails to pay the outstanding dues or fees, in part or full, within the specified time, such dues or fees shall increase by a simple interest of 0.75% for every month or part thereof.
9. CHARGES FOR DELAY IN SUBMISSION OR NON-SUBMISSION OF REPORTS/RETURNS
9.1. Where a Regulated Entity fails to submit the complete periodic regulatory/ supervisory report(s) or return(s) within the specified period, it shall pay an amount of USD 100 for delay of every month or part thereof for each such instance of delay in submission or non-submission.
Explanation – For removal of doubts, it is clarified that such charges shall be applicable separately for each activity undertaken by the Regulated Entity.
9.2. Notwithstanding anything contained in clause 9.1, acceptance of delayed payment of outstanding dues/ fees or delayed submission of periodic returns shall be without prejudice to any other action that the Authority may take for such defaults/delay.
10. FEES UNDER INFORMAL GUIDANCE SCHEME
10.1. Applicant seeking informal guidance under the Informal Guidance Scheme shall pay a fee of USD 1,000 per application.
10.2. Where the application received under clause 10.1 is not maintainable under the Informal Guidance Scheme, an amount of USD 250 i.e. 25% of the total fees shall be deducted as processing fee and the remaining amount of USD 750 i.e. 75% of the total fee shall be refunded.
11. ADDITIONAL OR SUPPLEMENTARY FEES
The Authority may, at its discretion, levy additional or supplementary fees on an applicant or a Regulated Entity, if it is of the opinion that such fees is justified in light of specific facts and circumstances of a case, including the work/documentation processing involved.
12. REFUND OF FEES
12.1 Fee once paid shall not be refunded, including in circumstances where:
a. the application is withdrawn by the applicant for any reason; or
b. the Authority withdraws/revokes or cancels the licence, registration, recognition or authorisation.
Provided that in case of transactional errors, the amount may be refunded if there are no outstanding fees or dues.
12.2. Where an applicant or a Regulated Entity remits amount exceeding the amount of fees due, the excess amount shall be adjusted against any other applicable fees or dues.
12.3. Where a Regulated Entity voluntarily surrenders its licence, registration, recognition or authorisation, the recurring fees payable for that financial year shall be calculated on a pro rata basis up to the effective date of such surrender, and the excess amount, if any, may be refunded.
Clarification I – The voluntary surrender of certificate of registration, license, recognition or authorisation shall be effective only upon its acceptance by the Authority.
Clarification II – For the purpose of calculation of such amount of fees, a part of a month shall be considered as a full month.
13. MODE OF PAYMENT OF FEES
13.1. The fees as specified at Schedule-I of this circular shall be paid in USD only to the following bank account of the Authority:
Account Name: International Financial Services Centres Authority
Account Number: 970105000174
Type of Account: USD Current Account
Bank Name: ICICI Bank Limited
SWIFT Code: ICICINAAXXX
NOSTRO Details: CHASUS33XXX
JP MORGAN CHASE BANK NA, NEWYORK, USA
Account no: 833999532
13.2. An applicant from India (other than an entity already registered with the Authority) desirous of obtaining licence, registration, recognition, or authorisation from the Authority, shall have the option to remit only the application fee and registration fee, as specified at Schedule-I of this circular, in equivalent INR, to the following bank account of the Authority:
Account Name: IFSCA FUND 2
Account Number: 39907189884
Name of the Bank: State Bank of India
Type of Account: INR Current Account
IFSC Code: SBIN0060228
13.3. For the entities remitting the fees in INR, the FBIL reference rate for USD-INR, of the date on which the remittance is being made, shall be applicable.
https://www.fbil.org.in/#/home
13.4. The applicable fee shall be paid in full, as indicated in this circular, excluding any deductions or charges. All applicable charges towards remittance of the amount, shall be borne by the applicant / Regulated Entity.
13.5. After the payment of the applicable fees, the applicant or Regulated Entity shall submit the documentary evidence of such a payment to the Authority, along with the details of such a payment in the form and manner specified at Schedule-II.
13.6. All dues or fees payable to the Authority shall be paid by the applicant or Regulated Entity either from the bank account of the entity or that of its KMPs/Directors. In case the payment is made from the bank account of the KMPs/Directors, the same shall be informed to the Authority during submission of the documentary evidence, as mandated at clause 13.5.
Provided that the initial payments towards application and registration fee may be made either by the parent entity or the promoter of the applicant.
13.7. The provisions of this circular shall have effect insofar as they are not inconsistent with any of the provisions of any applicable laws including regulation/framework/guidelines, and in case of any inconsistency, the provisions of such applicable laws including regulation/framework/guidelines shall prevail to the extent of such inconsistency.
14. RELAXATION OF PROVISIONS
The Authority may, suo moto or on an application by the applicant or Regulated Entity, relax any of the provision of this circular for the reasons to be recorded in writing.
15. REPEAL AND SAVINGS
15.1. On and from the date of issuance of this circular, the following circulars shall stand superseded:
a. Circular IFSCA-DTFA/1/2025 dated April 08, 2025;
b. Circular IFSCA-DTFA/2/2025 dated April 23, 2025;
c. Circular IFSCA/CMD/DMIIT/KRA/2025-26/1 dated June 13, 2025; and
d. Circular F. No. IFSCA-AIF/104/2024-Capital Markets/08092025 dated September 08, 2025.
15.2. Notwithstanding such supersession, the previous operation of the superseded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the superseded circulars, any penalty, incurred in respect of any violation committed against the superseded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the superseded circulars have never been superseded.
15.3. Any reference in other Circulars/Guidelines/Notifications containing reference to the said superseded circulars, shall mean the reference to this circular.
16. This circular is issued in exercise of the powers conferred by Section 12 and 13 of the International Financial Services Centres Authority Act, 2019, to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs), and shall be applicable for FY 2026-27 and onwards.
17. A copy of this circular is available on the website of the International Financial Services Centres Authority at ifsca.gov.in .
Yours faithfully,
Rakesh Kumar
Deputy General Manager
Department of Treasury, Finance & Accounts
Email: rakesh.kumar@ifsca.gov.in
(Signature / Digital Signature)
Authorised Signatory of the Entity
Kindly note that:
(a) The said intimation about remittance of fee is to be submitted via electronic mail to respective division/ department of the Authority along with a copy to finance@ifsca.gov.in
(b) Calculation towards para 8 of this circular, i.e. interest on delay in payment of applicable fees, shall be provided separately to the Authority along with this format.
