The International Financial Services Centres Authority issued a circular on December 30, 2025, clarifying the computation of liquid net worth under the IFSCA (Capital Market Intermediaries) Regulations, 2025. The clarification follows the earlier circular dated September 12, 2025, extending the deadline for compliance with revised net worth requirements. The Authority clarified that base minimum capital and interest-free deposits maintained by registered broker dealers with recognised stock exchanges, and by registered clearing members with clearing corporations, shall be included in liquid net worth. It further clarified that margins maintained by broker dealers or clearing members in relation to trading activities in the IFSC or Global Access shall also form part of liquid net worth. Additionally, while computing net worth, liabilities are not to be considered as per the definition under the regulations, and accordingly, all liabilities must be excluded when calculating liquid net worth. The circular comes into force with immediate effect and is issued under statutory powers conferred by the IFSCA Act, 2019 and the CMI Regulations.
International Financial Services Centres Authority
Circular No. IFSCA-PLNP/80/2024- Capital Markets | Dated: December 30, 2025
To
All Capital Market Intermediaries in the IFSC
Dear Sir/ Madam,
Sub: Computation of liquid net worth under IFSCA (Capital Market Intermediaries) Regulations, 2025 – Clarifications
1. Reference may be drawn to the IFSCA (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”) and the IFSCA circular titled “IFSCA (CMI) Regulations, 2025 – Extension of deadline for compliance with revised net worth requirements” issued on September 12, 2025.
2. In this regard, the following is hereby clarified:
a) Base minimum capital and interest free deposits maintained by the registered broker dealers and the registered clearing members with the recognised stock exchanges and clearing corporations respectively shall be considered as part of liquid net worth;
b) Margins maintained by the registered broker dealers / clearing members in relation to their trading activities in the IFSC or Global Access, as the case may be, shall be considered as part of liquid net worth; and
c) While computing “net worth” of an entity, liabilities are not considered as per definition of “net worth” provided in the CMI Regulations and accordingly any liability shall be excluded for the purpose of computation of “liquid” net worth.
3. The circular shall come into force with immediate effect.
4. This circular is issued in exercise of powers conferred by Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019 read with regulation 45 of the CMI Regulations.
5. A copy of this circular is available on the website of the International Financial Services Centres Authority at www.ifsca.gov.in.
Yours faithfully,
Arjun Prasad
General Manager
Division of CMI – Policy & Registration
arjun.pd@ifsca.gov.in
+91-079-61809815
