**Executive Summary**
This circular, issued by the International Financial Services Centres Authority (IFSCA) on February 06, 2026, provides directions for Units in the International Financial Services Centres (IFSC) to obtain International Securities Identification Numbers (ISINs) from a recognized depository in the IFSC. Units currently using domestic depositories for ISINs must transition to IFSC depositories by August 31, 2026. The recognized depository in the IFSC must submit a compliance report to IFSCA by September 30, 2026.
**Key Points / Main Content**
* **ISIN Requirements for Units in IFSC:**
* All Units in the IFSC intending to dematerialize securities or other permitted financial products must obtain ISINs from a depository recognized by the IFSCA.
* Units in the IFSC currently holding ISINs from domestic depositories in India for securities or other permitted financial products must obtain new ISINs from a depository recognized by the IFSCA by August 31, 2026.
* **Clarification for Issuers:**
* Issuers may continue to use International Central Securities Depositories for the issuance and listing of debt securities and other financial products, as permitted under the International Financial Services Centres Authority (Listing) Regulations, 2024.
* **Responsibilities of recognized depositories in the IFSC:**
* Prepare a standardized process flow in coordination with domestic depositories in India to ensure seamless onboarding.
* Issue Frequently Asked Questions and notices to provide guidance to the Units in the IFSC for smooth transition.
* Submit a compliance report to IFSCA confirming completion of the transition process by September 30, 2026.
**Impact Analysis**
**Units in the IFSC**
* **Impact:** Affected by the mandatory requirement to obtain ISINs from an IFSCA-recognized depository. Those currently using domestic depositories need to transition to IFSCA depositories.
* **Action Required:** Units currently using domestic depositories for ISINs need to obtain new ISINs from a depository recognized by the IFSCA by August 31, 2026.
**Recognized Depositories in the IFSC**
* **Impact:** Increased responsibility to facilitate the ISIN transition process for Units in the IFSC.
* **Action Required:** Prepare a standardized process flow with domestic depositories for onboarding, issue FAQs and notices, and submit a compliance report to IFSCA by September 30, 2026.
Key Entities Referenced
International Financial Services Centres Authority (IFSCA): The regulatory authority issuing the circular and responsible for regulating International Financial Services Centres in India.
International Securities Identification Numbers (ISINs): Unique identifiers for securities that are the subject of the directive, requiring units in IFSC to obtain ISINs from depositories recognized by IFSCA.
International Financial Services Centres (IFSC): The geographic area where the policy applies, specifically directing units operating within the IFSC regarding ISINs.
International Financial Services Centres Authority Act, 2019: The legal foundation providing the authority for IFSCA's actions.
International Financial Services Centres Authority (Listing) Regulations, 2024: Regulations related to listing of securities, referenced in the circular for debt securities and other financial products.
CIRCULAR
F No. IFSCA-PLNP/85/2025-Capital Markets February 06, 2026
To,
Units in the International Financial Services Centres (IFSC)
Dear Sir/Madam,
Sub: Directions for obtaining International Securities Identification Numbers
(ISINs) from a recognised depository in IFSC
1. International Financial Services Centres Authority (IFSCA) has been taking
various measures to promote ease of doing business, deepen market
infrastructure, and strengthen the regulatory ecosystem in the IFSC.
2. It has been noted that while some Units operating in the IFSC obtain
International Securities Identification Numbers (ISINs) from the recognised
depository in the IFSC, several Units in the IFSC continue to obtain ISINs and
hold their securities with the domestic depositories in India.
3. In order to develop a holistic regulatory and supervisory ecosystem, it is hereby
directed that:
(a) All Units in the IFSC intending to dematerialise securities or other
permitted financial products shall obtain ISINs from a depository
recognised by the IFSCA.
(b) The Units in IFSC which have already obtained ISINs from the domestic
depositories in India for the securities or other permitted financial
products, shall obtain new ISINs from a depository recognised by the
IFSCA, by August 31, 2026.
Page 1 of 24. For removal of doubt, it is hereby clarified that an issuer may continue to avail
the services of International Central Securities Depositories for issuance and
listing of debt securities and other financial products, as permitted under the
International Financial Services Centres Authority (Listing) Regulations, 2024.
Responsibilities of recognised depository in the IFSC
5. In order to ease the process of obtaining new ISINs, the recognised depository
in the IFSC shall:
(a) prepare a standardized process flow in coordination with the domestic
depositories in India to ensure seamless onboarding; and
(b) issue Frequently Asked Questions and notices, as required, for providing
guidance to the Units in the IFSC for smooth transition.
6. The recognised depository in the IFSC shall submit a compliance report to
IFSCA confirming completion of the transition process, by September 30, 2026.
7. This circular is issued in exercise of powers conferred under sections 12 and 13
of the International Financial Services Centres Authority Act, 2019, read with
regulation 72 of the International Financial Services Centres Authority (Market
Infrastructure Institutions) Regulations, 2021, and shall come into force with
immediate effect.
A copy of this circular is available on the website of the International Financial
Services Centres Authority at www.ifsca.gov.in.
Yours faithfully
Pawan Kumar Chowdhary
Deputy General Manager
Department of Capital Markets
pawan.kc@ifsca.gov.in
079-61809854
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