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The International Financial Services Centres Authority (IFSCA) is seeking public and regulated entities’ suggestions for reviewing the IFSCA (Market Infrastructure Institutions) Regulations, 2021. This initiative follows the Union Finance Minister’s announcement in the FY 2023-24 budget to simplify, ease, and reduce compliance costs by reviewing existing financial sector regulations.

The MII Regulations, notified on April 16, 2021, cover the recognition, net worth, shareholding, governance, and record-keeping requirements for Market Infrastructure Institutions (MIIs) in the International Financial Services Centre (IFSC). With the switch of NIFTY Derivatives contracts from Singapore to IFSC, the monthly turnover of derivatives on IFSC stock exchanges reached approximately USD 80 billion in February 2024. Additionally, Indian companies are now permitted to list on IFSC exchanges. To support a robust secondary market ecosystem in the IFSC, an Expert Committee on Secondary Markets has been established to address related operational and policy issues.

IFSCA invites suggestions for the review of MII Regulations to enhance liquidity and expand the investor base in MIIs at IFSC. Suggestions should be emailed to Shri Pradeep Ramakrishnan ( and Shri Praveen Kamat ( with the subject line “Comments for review of IFSCA (Market infrastructure Institutions) Regulations, 2021” by June 17, 2024.

Submissions should include the person’s or entity’s details and follow a specific format detailing the regulation number, text, suggestions, rationale, and any supporting information.


International Financial Services Centres Authority


Seeking suggestions for review of IFSCA (Market Infrastructure Institutions) Regulations, 2021

In the Union Budget for FY 2023-24, the Hon’ble Union Finance Minister announced that:

“To simplify, ease and reduce cost of compliance, financial sector regulators will be requested to carry out a comprehensive review of existing regulations. For this, they will consider suggestions from public and regulated entities….”

The IFSCA (Market infrastructure Institutions) Regulations, 2021 (“MII Regulations”) were notified on April 16, 2021. MII regulations, inter-alia, provide the requirements for grant of recognition to an MII in IFSC, net worth requirement, shareholding requirement, fit and proper requirement, governance norms, record keeping requirements for MIIs, general obligations of the MIIs in IFSC etc.

Post liquidity switch of NIFTY Derivatives contracts from Singapore to IFSC, monthly turnover of Derivatives on Stock Exchanges in IFSC has been approximately USD 80 Billion in February 2024. Recently, Government of India has also permitted the listing of Indian Companies on IFSC Exchanges. For the development of robust Secondary Market ecosystem in IFSC, IFSCA has constituted an Expert Committee on Secondary Markets. The Committee, inter-alia, is expected to address the operational/policy matters pertaining to secondary markets.

In view of the enhancing the liquidity and widening the investor base on MIIs in IFSC, IFSCA hereby invites suggestions for review of MII Regulations from the public and regulated entities.

Suggestions may be sent by email Shri Pradeep Ramakrishnan, Executive Director at and Shri Praveen Kamat, General Manager at with subject line “Comments for review of IFSCA (Market infrastructure Institutions) Regulations, 2021” latest by June 17, 2024.

The suggestions should be provided in the following format:

Name and Details of the Person/Entity
(Organisation name (if applicable), Contact No. and Email address)
S. No. Regulation no./sub regulation no. Text of the Regulation/ sub-Regulation Suggestion Detailed Rationale Other supporting information

May 27, 2024


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June 2024