See Full Document Text
2024-25
This report is in conformity with the form prescribed in the
International Financial Services Centres Authority (Annual
Report and Returns and Statements and Other Particulars) Rules,
2022 notified on February 28, 2022, in the Gazette of India.SECTION-ASECTION-A2024-25
STATEMENT OF GOALS & OBJECTIVES
The International Financial Services Centres Authority (IFSCA) was set up by the Government of
India on April 27, 2020, as a unified financial regulator under the International Financial Services
Centres Authority Act, 2019. It is headquartered at Gujarat International Finance Tec-City (GIFT
City), Gandhinagar in Gujarat. The main objective of IFSCA (hereinafter referred to as “the
Authority”) is to develop and regulate financial services in the International Financial Services
Centres (IFSCs) established in India, with a mandate to create a financial ecosystem with ease of
doing business and well-balanced regulatory system with a view to making IFSCs a preferred
global destination for international financial services. IFSCA is a unified financial regulator, having
powers to regulate Financial Services, Financial Institutions, and Financial Products in IFSCs. The
powers of RBI, SEBI, IRDAI and PFRDA are assigned to IFSCA for regulation of IFSCs. The GIFT IFSC
is the maiden International Financial Services Centre in India.
Vision
To provide globally benchmarked regulatory environment and develop IFSCs with primary focus
on accelerating India's economic development, besides serving as a regional and global financial
hub.
Mission
To develop IFSCs into well-diversified and globally competitive financial hubs for international
banking, insurance, capital market, and other allied financial activities through a pro-business
environment, duly supported by a progressive regulatory architecture, advance technology and
infrastructure, and talented financial professionals, which serve both the Indian economy and the
region as a whole.
Goals & Objectives
1. To facilitate the development of a strong base of international financial services in India
2. To promote IFSCs as a dominant gateway for international capital flows into and out of India
3. To emerge as a regional and global hub for international financial services
4. To provide a conducive unified regulatory framework, with robust regulation and
supervisory technology aligned with international best practices
5. To develop a strong global connect with leading international financial jurisdictions
16 0V32024-25
STATEMENT OF GOALS & OBJECTIVES
The International Financial Services Centres Authority (IFSCA) was set up by the Government of
India on April 27, 2020, as a unified financial regulator under the International Financial Services
Centres Authority Act, 2019. It is headquartered at Gujarat International Finance Tec-City (GIFT
City), Gandhinagar in Gujarat. The main objective of IFSCA (hereinafter referred to as “the
Authority”) is to develop and regulate financial services in the International Financial Services
Centres (IFSCs) established in India, with a mandate to create a financial ecosystem with ease of
doing business and well-balanced regulatory system with a view to making IFSCs a preferred
global destination for international financial services. IFSCA is a unified financial regulator, having
powers to regulate Financial Services, Financial Institutions, and Financial Products in IFSCs. The
powers of RBI, SEBI, IRDAI and PFRDA are assigned to IFSCA for regulation of IFSCs. The GIFT IFSC
is the maiden International Financial Services Centre in India.
Vision
To provide globally benchmarked regulatory environment and develop IFSCs with primary focus
on accelerating India's economic development, besides serving as a regional and global financial
hub.
Mission
To develop IFSCs into well-diversified and globally competitive financial hubs for international
banking, insurance, capital market, and other allied financial activities through a pro-business
environment, duly supported by a progressive regulatory architecture, advance technology and
infrastructure, and talented financial professionals, which serve both the Indian economy and the
region as a whole.
Goals & Objectives
1. To facilitate the development of a strong base of international financial services in India
2. To promote IFSCs as a dominant gateway for international capital flows into and out of India
3. To emerge as a regional and global hub for international financial services
4. To provide a conducive unified regulatory framework, with robust regulation and
supervisory technology aligned with international best practices
5. To develop a strong global connect with leading international financial jurisdictions
16 0V32024-25
CHAIRPERSON'S MESSAGE
The Financial Year 2024-25 marks a pivotal chapter for our organization and
for India's financial sector, as the Government's bold reforms and strategic
vision continue to redefine the landscape of international finance. GIFT City,
India's first operational greenfield smart city and IFSC, stands at the forefront of
this transformation, and I am pleased to share our progress and outlook in this
momentous year.
2. Hon'ble Prime Minister's vision of Viksit Bharat @2047 has gathered steam
with deepening reforms focused on replacing the colonial legal architecture
with new laws that suit the new millennium, simplification of regulations
and deregulation in areas where regulations are not required, pump
priming the manufacturing sector with production linked incentives and
research funding, promotion of designing from India, Net Zero agenda
Shri K Rajaraman
focused on addition of 500 GW of renewable power capacity by 2030 and
Net Zero emissions by 2070, infrastructure thrust focused on elimination of Chairperson, IFSCA
multi-dimensional poverty by saturation of basic infrastructure services across India and economic,
social and financial inclusion programs.
3. Focus of GIFT IFSC for ViksitBharat@2047 is in facilitating global capital and financial services for
initiatives described above. IFSC is a global financial centre that would host the best financial
institutions across the world to provide cost efficient capital for corporate business houses,
infrastructure companies, renewable energy firms and SMEs in India. Therefore, providing clear,
consistent, unambiguous policies, laws and regulations is a sine qua non. Of these, providing tax clarity
and certainty for financial institutions, financial services and financial products in IFSC is crucial.
Hon'ble Finance Minister, through Budget 2025 and Finance Act, 2025, introduced a series of
progressive reforms and tax policy enhancements that further strengthen GIFT IFSC's position as India's
international financial gateway. Several important sunset dates for tax exemptions and incentives in
IFSC have been extended to March 31, 2030¹.
4. Above-said reforms underscore Government of India's commitment to making GIFT IFSC a premier
global financial centre. By removing operational bottlenecks, expanding tax incentives, and providing
regulatory clarity has created a fertile ground for international banks, asset managers, fintech
innovators, technology firms, aviation leasing and ship leasing firms to thrive. The progress of GIFT IFSC
is evident in the numbers, as of March 2025, IFSCA authorised/registered/licensed 864² entities, across
35 business segments. Regulated entities in GIFT IFSC facilitated inward capital flows of nearly USD 50
billion till date into India via the banking and fund industry, of which USD 20 billion was in FY 2024-25.
5. Benchmarking IFSCA regulations, policies and legal frameworks with those in Global Financial Centres
has been a consistent practice in law, regulation and policy making. All consultation papers delve into
this dimension to assess how competitive GIFT-IFSC could be when financial products are eventually
manufactured. Constant interaction with Global Regulators has been afforded by IFSCA's membership
and participation in Regulatory platforms such as International Organisation of Securities Commissions
(IOSCO), International Association of Insurance Supervisors (IAIS), International Organisation of
Pension Supervisors (IOPS), Global Financial Innovation Network (GFIN), etc. This has helped IFSCA in
accessing best practices in regulation and supervision.
6. Banking sector continued to scale new heights with 29 banks licensed to set up IFSC Banking Units
(IBUs) as on March 31, 2025. Total banking assets as on March 31, 2025, reached USD 88.51 Bn with
outstanding credit touching USD 59.95 billion. As of March 2025, of the total IBUs exposure, 74.5% was
to India and 25.5% was to other countries, which shows scaling up of global impact by IFSC Banks. Of the
29 banks, 10 are Globally Systemically Important Banks (G-SIBs). IBUs have scaled up their operations
with focus on trade finance, global and regional treasury centres, project finance, OTC derivatives,
insurance corporate agent services, etc. IBUs have also commenced financing of aviation and shipping
assets. With over 7500 Non-resident Indian (NRI) depositors' savings over USD 1.1 billion in IBUs, IFSCA
will focus on serving more than 15.8 million NRIs across the world with a variety of useful financial
products across banking, insurance, pension and capital markets.
7. IFSC Capital Markets continue to advance with the average monthly turnover of NSE IX GIFT NIFTY
touching USD 93 billion in FY 2024-25. INDIA INX has launched the GIFT SENSEX, whose volumes are
building up. The cumulative listing of debt securities in the two stock exchanges, INDIA INX and NSE IX,
has crossed USD 65 billion. Direct listing of unlisted and listed Indian companies is likely to afford more
¹ Budget 2025
² Cumulative numbers as on March 31, 2025
16 V0I3I2024-25
CHAIRPERSON'S MESSAGE
The Financial Year 2024-25 marks a pivotal chapter for our organization and
for India's financial sector, as the Government's bold reforms and strategic
vision continue to redefine the landscape of international finance. GIFT City,
India's first operational greenfield smart city and IFSC, stands at the forefront of
this transformation, and I am pleased to share our progress and outlook in this
momentous year.
2. Hon'ble Prime Minister's vision of Viksit Bharat @2047 has gathered steam
with deepening reforms focused on replacing the colonial legal architecture
with new laws that suit the new millennium, simplification of regulations
and deregulation in areas where regulations are not required, pump
priming the manufacturing sector with production linked incentives and
research funding, promotion of designing from India, Net Zero agenda
Shri K Rajaraman
focused on addition of 500 GW of renewable power capacity by 2030 and
Net Zero emissions by 2070, infrastructure thrust focused on elimination of Chairperson, IFSCA
multi-dimensional poverty by saturation of basic infrastructure services across India and economic,
social and financial inclusion programs.
3. Focus of GIFT IFSC for ViksitBharat@2047 is in facilitating global capital and financial services for
initiatives described above. IFSC is a global financial centre that would host the best financial
institutions across the world to provide cost efficient capital for corporate business houses,
infrastructure companies, renewable energy firms and SMEs in India. Therefore, providing clear,
consistent, unambiguous policies, laws and regulations is a sine qua non. Of these, providing tax clarity
and certainty for financial institutions, financial services and financial products in IFSC is crucial.
Hon'ble Finance Minister, through Budget 2025 and Finance Act, 2025, introduced a series of
progressive reforms and tax policy enhancements that further strengthen GIFT IFSC's position as India's
international financial gateway. Several important sunset dates for tax exemptions and incentives in
IFSC have been extended to March 31, 2030¹.
4. Above-said reforms underscore Government of India's commitment to making GIFT IFSC a premier
global financial centre. By removing operational bottlenecks, expanding tax incentives, and providing
regulatory clarity has created a fertile ground for international banks, asset managers, fintech
innovators, technology firms, aviation leasing and ship leasing firms to thrive. The progress of GIFT IFSC
is evident in the numbers, as of March 2025, IFSCA authorised/registered/licensed 864² entities, across
35 business segments. Regulated entities in GIFT IFSC facilitated inward capital flows of nearly USD 50
billion till date into India via the banking and fund industry, of which USD 20 billion was in FY 2024-25.
5. Benchmarking IFSCA regulations, policies and legal frameworks with those in Global Financial Centres
has been a consistent practice in law, regulation and policy making. All consultation papers delve into
this dimension to assess how competitive GIFT-IFSC could be when financial products are eventually
manufactured. Constant interaction with Global Regulators has been afforded by IFSCA's membership
and participation in Regulatory platforms such as International Organisation of Securities Commissions
(IOSCO), International Association of Insurance Supervisors (IAIS), International Organisation of
Pension Supervisors (IOPS), Global Financial Innovation Network (GFIN), etc. This has helped IFSCA in
accessing best practices in regulation and supervision.
6. Banking sector continued to scale new heights with 29 banks licensed to set up IFSC Banking Units
(IBUs) as on March 31, 2025. Total banking assets as on March 31, 2025, reached USD 88.51 Bn with
outstanding credit touching USD 59.95 billion. As of March 2025, of the total IBUs exposure, 74.5% was
to India and 25.5% was to other countries, which shows scaling up of global impact by IFSC Banks. Of the
29 banks, 10 are Globally Systemically Important Banks (G-SIBs). IBUs have scaled up their operations
with focus on trade finance, global and regional treasury centres, project finance, OTC derivatives,
insurance corporate agent services, etc. IBUs have also commenced financing of aviation and shipping
assets. With over 7500 Non-resident Indian (NRI) depositors' savings over USD 1.1 billion in IBUs, IFSCA
will focus on serving more than 15.8 million NRIs across the world with a variety of useful financial
products across banking, insurance, pension and capital markets.
7. IFSC Capital Markets continue to advance with the average monthly turnover of NSE IX GIFT NIFTY
touching USD 93 billion in FY 2024-25. INDIA INX has launched the GIFT SENSEX, whose volumes are
building up. The cumulative listing of debt securities in the two stock exchanges, INDIA INX and NSE IX,
has crossed USD 65 billion. Direct listing of unlisted and listed Indian companies is likely to afford more
¹ Budget 2025
² Cumulative numbers as on March 31, 2025
16 V0I3I2024-25
MEMBERS OF THE AUTHORITY
investment options to investors. FinTech players in the capital markets have critical advances in scaling
up access to retail investors. As of March 2025, over 65,000 Demat accounts have been opened for retail
(As on 31.03.2025)
investors trading on IFSC stock exchanges with IFSC Depository.
8. The Fund industry has made great strides with 162 Fund Management Entities launching 229 funds as
on March 31, 2025. Revision of Fund Management Entity Regulations provided simplifications including
reduction in the minimum size of schemes, reduction in the investment size for portfolio management
schemes, etc. The revisions were focused on reducing barriers to small investors, eliminating
unnecessary approvals and reducing barriers for entry of smaller funds. 14 schemes have been
redomiciled to GIFT IFSC from foreign jurisdictions. IFSC funds have cumulatively raised commitments
of USD 15.7 bn from more than 3000 investors from over 50 countries and invested USD 8 billion.
9. During FY 2024-25, 18 IFSC Insurance Offices (IIOs) transacted USD 207.7 Mn as premium while 27 IFSC
Insurance Intermediary Offices (IIIOs) wrote USD 302.6 Mn as premium. The total Reinsurance
premium written in FY 2024-25 was USD 191.07 Mn. Direct insurance premium was USD 13.48 Mn.
IFSCA is working with regulated entities to enable manufacture of important products such as trade
insurance, non-payment insurance, etc., IFSCA will also focus on retail direct insurance products to serve
15.8 million NRIs and over 19.5 million Persons of Indian Origin (PIO) living across the world.
10. India's journey towards Net Zero @2070 would require significant capital resources for manufacturing,
Shri K Rajaraman
generation of renewable energy while also providing transition financing arrangements for large units
Chairperson, IFSCA
in hard-to-abate sectors in switching to green technologies and processes. GIFT IFSC has been acting as a
catalyst for Sustainable Finance as total sustainable credit extended by the IBUs during FY 2024-25 has
reached the USD 3380 Mn mark and cumulative ESG debt listing on IFSC exchanges was USD 15.43 Bn. An
Expert committee on Transition Finance was set up based on whose recommendations, a Transition Bond
Framework is under preparation. IFSCA also released a regulatory framework enabling ESG ratings
providers and ESG data service providers to offer services to regulated entities.
11. GIFT IFSC is also increasingly becoming a hub for niche businesses as the number of aircraft and ship
lessors has increased to 32 and 24 respectively.³ With 242 aircraft assets, including 90 aircrafts,
helicopters, trainers, etc., and 18 large ships including Large Crude, Ethane Carriers, being leased
through GIFT IFSC, momentum has picked up with global shipping and Indian airline companies
launching operations. Passage of the Protection of Interest in Aircraft Objects Act 2025 by Parliament
has been a big step forward in fully acceding to the Cape Town Convention enabling lessors to face lower
risks in leasing aircrafts to airlines.
12. All regulations in IFSCA are drafted through an intense consultation process as per IFSCA (Procedure for
making regulations) Regulation 2021. Drafts of regulations are put out as part of this consultation. We
intend to make this even more meaningful in certain complex regulations by organising physical or Shri Pankaj Sharma Shri Pramod Rao
online consultation forums. An Annual Chintan Shivir was organised with participation of more than 40 Member Member
CEOs in May & June 2024 providing deeper insights into market dynamics and suggestions for reform.
Joint Secretary, Joint Secretary, Executive Director,
13. Ease of Doing Business is the corner stone of GIFT IFSC's competitiveness. IFSCA Single Window IT
Department of Financial Services, Department of Economic Affairs, Securities and Exchange
System was launched on September 16, 2024, by Hon'ble Prime Minister enabling complete electronic
Ministry of Finance, Ministry of Finance, Board of India
processing of applications. The SWIT is being further improved with SWIT 2.0 to be released in Q2 Government of India Government of India
FY2026. A Task Force on EoDB, focussing on regulatory processes and difficulties faced by applicants
within and outside IFSCA, submitted a report covering various aspects of IFSCA regulation, Companies
Act, GST Act, SEZ Rules etc.
14. Strengthening supervision across all verticals has been a very important task of IFSCA. Strengthening
supervision teams, building capacity through training programs and standardising reporting formats
has enabled IFSCA supervision teams to plan and carry out effective offsite (report based) supervision
and physical inspections. Enforcement division has also been established, and a few enforcement orders
have been issued during FY 2024-25 sending a clear message to erring entities. In order to
unambiguously convey regulatory expectations to regulated entities, an annual workshop of
Compliance officers and other functionaries of regulated entities is being organised by all supervision
teams.
15. I extend my gratitude to all our stakeholders for unwavering support and commitment. Together, we will
shape a future of prosperity, resilience, and global leadership envisioned in the plans for Viksit Bharat
@2047.
Shri Pramod Kumar Arora Shri R. Lakshmi Kanth Rao Ms. Mamta Rohit
Let us embrace opportunities ahead with an open mind, confidence and determination.
Member Member Member
Member (Actuary), Executive Director, Executive Director,
Insurance Regulatory and Reserve Bank of India Pension Fund Regulatory and
Development Authority of India Development Authority
³ IFSCA Business Highlights
VIII I0X32024-25
MEMBERS OF THE AUTHORITY
investment options to investors. FinTech players in the capital markets have critical advances in scaling
up access to retail investors. As of March 2025, over 65,000 Demat accounts have been opened for retail
(As on 31.03.2025)
investors trading on IFSC stock exchanges with IFSC Depository.
8. The Fund industry has made great strides with 162 Fund Management Entities launching 229 funds as
on March 31, 2025. Revision of Fund Management Entity Regulations provided simplifications including
reduction in the minimum size of schemes, reduction in the investment size for portfolio management
schemes, etc. The revisions were focused on reducing barriers to small investors, eliminating
unnecessary approvals and reducing barriers for entry of smaller funds. 14 schemes have been
redomiciled to GIFT IFSC from foreign jurisdictions. IFSC funds have cumulatively raised commitments
of USD 15.7 bn from more than 3000 investors from over 50 countries and invested USD 8 billion.
9. During FY 2024-25, 18 IFSC Insurance Offices (IIOs) transacted USD 207.7 Mn as premium while 27 IFSC
Insurance Intermediary Offices (IIIOs) wrote USD 302.6 Mn as premium. The total Reinsurance
premium written in FY 2024-25 was USD 191.07 Mn. Direct insurance premium was USD 13.48 Mn.
IFSCA is working with regulated entities to enable manufacture of important products such as trade
insurance, non-payment insurance, etc., IFSCA will also focus on retail direct insurance products to serve
15.8 million NRIs and over 19.5 million Persons of Indian Origin (PIO) living across the world.
10. India's journey towards Net Zero @2070 would require significant capital resources for manufacturing,
Shri K Rajaraman
generation of renewable energy while also providing transition financing arrangements for large units
Chairperson, IFSCA
in hard-to-abate sectors in switching to green technologies and processes. GIFT IFSC has been acting as a
catalyst for Sustainable Finance as total sustainable credit extended by the IBUs during FY 2024-25 has
reached the USD 3380 Mn mark and cumulative ESG debt listing on IFSC exchanges was USD 15.43 Bn. An
Expert committee on Transition Finance was set up based on whose recommendations, a Transition Bond
Framework is under preparation. IFSCA also released a regulatory framework enabling ESG ratings
providers and ESG data service providers to offer services to regulated entities.
11. GIFT IFSC is also increasingly becoming a hub for niche businesses as the number of aircraft and ship
lessors has increased to 32 and 24 respectively.³ With 242 aircraft assets, including 90 aircrafts,
helicopters, trainers, etc., and 18 large ships including Large Crude, Ethane Carriers, being leased
through GIFT IFSC, momentum has picked up with global shipping and Indian airline companies
launching operations. Passage of the Protection of Interest in Aircraft Objects Act 2025 by Parliament
has been a big step forward in fully acceding to the Cape Town Convention enabling lessors to face lower
risks in leasing aircrafts to airlines.
12. All regulations in IFSCA are drafted through an intense consultation process as per IFSCA (Procedure for
making regulations) Regulation 2021. Drafts of regulations are put out as part of this consultation. We
intend to make this even more meaningful in certain complex regulations by organising physical or Shri Pankaj Sharma Shri Pramod Rao
online consultation forums. An Annual Chintan Shivir was organised with participation of more than 40 Member Member
CEOs in May & June 2024 providing deeper insights into market dynamics and suggestions for reform.
Joint Secretary, Joint Secretary, Executive Director,
13. Ease of Doing Business is the corner stone of GIFT IFSC's competitiveness. IFSCA Single Window IT
Department of Financial Services, Department of Economic Affairs, Securities and Exchange
System was launched on September 16, 2024, by Hon'ble Prime Minister enabling complete electronic
Ministry of Finance, Ministry of Finance, Board of India
processing of applications. The SWIT is being further improved with SWIT 2.0 to be released in Q2 Government of India Government of India
FY2026. A Task Force on EoDB, focussing on regulatory processes and difficulties faced by applicants
within and outside IFSCA, submitted a report covering various aspects of IFSCA regulation, Companies
Act, GST Act, SEZ Rules etc.
14. Strengthening supervision across all verticals has been a very important task of IFSCA. Strengthening
supervision teams, building capacity through training programs and standardising reporting formats
has enabled IFSCA supervision teams to plan and carry out effective offsite (report based) supervision
and physical inspections. Enforcement division has also been established, and a few enforcement orders
have been issued during FY 2024-25 sending a clear message to erring entities. In order to
unambiguously convey regulatory expectations to regulated entities, an annual workshop of
Compliance officers and other functionaries of regulated entities is being organised by all supervision
teams.
15. I extend my gratitude to all our stakeholders for unwavering support and commitment. Together, we will
shape a future of prosperity, resilience, and global leadership envisioned in the plans for Viksit Bharat
@2047.
Shri Pramod Kumar Arora Shri R. Lakshmi Kanth Rao Ms. Mamta Rohit
Let us embrace opportunities ahead with an open mind, confidence and determination.
Member Member Member
Member (Actuary), Executive Director, Executive Director,
Insurance Regulatory and Reserve Bank of India Pension Fund Regulatory and
Development Authority of India Development Authority
³ IFSCA Business Highlights
VIII I0X32024-25
SENIOR MANAGEMENT OF THE AUTHORITY TABLE OF CONTENTS
(As on 31.03.2025)
Particulars Page No.
SECTION – A III
Name Designation
STATEMENT OF GOALS & OBJECTIVES V
Shri Praveen Trivedi Executive Director
CHAIRPERSON’S MESSAGE VII
Shri Dipesh Shah Executive Director
MEMBERS OF THE AUTHORITY (As on 31.03.2025) IX
Shri Pradeep Ramakrishnan Executive Director
SENIOR MANAGEMENT OF THE AUTHORITY (As on 31.03.2025) X
Shri K Mahipal Reddy Executive Director
List of Tables XII
Shri Supriyo Bhattacharjee Chief General Manager
Data Appendix XIV
Shri Ashutosh Sharma Chief General Manager
List of Figures XV
Shri Joseph Joshy C J Chief General Manager
List of Boxes XV
Shri Pradeep Deo Chief General Manager
List of Images XVI
ABBREVIATIONS XX
SECTION – B THE YEAR IN REVIEW: OVERVIEW OF
THE GENERAL ECONOMIC ENVIRONMENT 1
Global Economy Assessment and Outlook 2
India: Economic Assessment and Prospects 6
SECTION – C REVIEW OF POLICIES, PROGRAMMES AND ACTIVITIES
OF THE AUTHORITY 17
BANKING AND PAYMENT SERVICES 18
FINANCE COMPANIES 28
CAPITAL MARKETS 34
CONSUMER EDUCATION AND PROTECTION 54
FUND MANAGEMENT 57
METALS AND COMMODITIES 64
FINTECH 73
INSURANCE AND PENSION 80
GLOBAL IN-HOUSE CENTRES 89
SUSTAINABLE FINANCE 90
X X0I32024-25
SENIOR MANAGEMENT OF THE AUTHORITY TABLE OF CONTENTS
(As on 31.03.2025)
Particulars Page No.
SECTION – A III
Name Designation
STATEMENT OF GOALS & OBJECTIVES V
Shri Praveen Trivedi Executive Director
CHAIRPERSON’S MESSAGE VII
Shri Dipesh Shah Executive Director
MEMBERS OF THE AUTHORITY (As on 31.03.2025) IX
Shri Pradeep Ramakrishnan Executive Director
SENIOR MANAGEMENT OF THE AUTHORITY (As on 31.03.2025) X
Shri K Mahipal Reddy Executive Director
List of Tables XII
Shri Supriyo Bhattacharjee Chief General Manager
Data Appendix XIV
Shri Ashutosh Sharma Chief General Manager
List of Figures XV
Shri Joseph Joshy C J Chief General Manager
List of Boxes XV
Shri Pradeep Deo Chief General Manager
List of Images XVI
ABBREVIATIONS XX
SECTION – B THE YEAR IN REVIEW: OVERVIEW OF
THE GENERAL ECONOMIC ENVIRONMENT 1
Global Economy Assessment and Outlook 2
India: Economic Assessment and Prospects 6
SECTION – C REVIEW OF POLICIES, PROGRAMMES AND ACTIVITIES
OF THE AUTHORITY 17
BANKING AND PAYMENT SERVICES 18
FINANCE COMPANIES 28
CAPITAL MARKETS 34
CONSUMER EDUCATION AND PROTECTION 54
FUND MANAGEMENT 57
METALS AND COMMODITIES 64
FINTECH 73
INSURANCE AND PENSION 80
GLOBAL IN-HOUSE CENTRES 89
SUSTAINABLE FINANCE 90
X X0I32024-25
Particulars Page No. Particulars Page No.
ANCILLARY AND BATF SERVICES 99 TABLE 12: BROKER DEALERS IN IFSC 40
TABLE 13: REMOTE TRADING PARTICIPANTS (RTPS) ONBOARDED BY IFSC STOCK
FOREIGN UNIVERSITIES & INSTITUTIONS 103
EXCHANGES 40
INFORMATION TECHNOLOGY AND CYBER SECURITY 107
TABLE 14: CLEARING MEMBERS IN IFSC AS ON MARCH 31, 2025 40
ANTI MONEY LAUNDERING (AML) & COUNTER FINANCING OF TERRORISM (CFT) 111 TABLE 15: NUMBER OF CONTRACTS AND TURNOVER IN INDEX FUTURES 43
TABLE 16: NUMBER OF CONTRACTS AND PREMIUM TURNOVER IN INDEX OPTIONS 43
SEZ ADMINISTRATION (IFSCA) 114
TABLE 17: TURNOVER IN COMMODITY DERIVATIVES ON INDIA INX 43
ENFORCEMENT 118
TABLE 18: TURNOVER IN CURRENCY DERIVATIVES ON NSE IX 44
DEVELOPMENTAL ACTIVITIES 119
TABLE 19: CONTRACT WISE TURNOVER ON STOCK EXCHANGES (IN USD MN) 44
SECTION – D QUASI-LEGISLATIVE, EXECUTIVE AND QUASI-JUDICIAL
TABLE 20: SUMMARY OF ADMINISTRATIVE ACTIONS TAKEN BASED ON OFFSITE
FUNCTIONS OF THE AUTHORITY 141
SUPERVISION DURING FY 2024-25 48
SECTION – E PERFORMANCE ASSESSMENT OF THE AUTHORITY 155 TABLE 21: FUND MANAGEMENT ECOSYSTEM IN GIFT IFSC 61
TABLE 22: NUMBER OF REGISTERED FMES 62
SECTION – F SOURCE OF FUNDS AND MAJOR AREAS OF EXPENDITURE 159
TABLE 23: INVESTMENT BY FUND MANAGEMENT SCHEMES 62
SECTION – H ORGANISATIONAL MATTERS 161
TABLE 24: PARTICIPANTS ON INDIA INTERNATIONAL BULLION EXCHANGE (IIBX) 69
SECTION – J AUDIT COMMITTEES 173
TABLE 25: REGULATED ENTITIES/ INTERMEDIARIES ON IIBX 69
DATA APPENDIX 175
TABLE 26: PRODUCT-WISE SUMMARY OF TRADES ON IIBX 70
TABLE 27: LISTING OF DEBT SECURITIES AT IFSC EXCHANGES (IN USD BN) 92
TABLE 28: OVERALL SUSTAINABLE FINANCING BY IBUS 92
List of Tables
TABLE 29: SECTOR-WISE CLASSIFICATION OF SUSTAINABLE FINANCING BY IBUS 93
TABLE 30: ACTIVITY WISE BREAK UP OF ANCILLARY SERVICES ENTITIES
Particulars Page No.
AUTHORIZED 101
TABLE 1: NO. OF IBUS & GAOS AT IFSC 20
TABLE 31: ACTIVITY WISE BREAK UP OF BATF SERVICES ENTITIES AUTHORIZED 101
TABLE 2: TOTAL ASSETS (OUTSTANDING) IN IBUS 21
TABLE 32: DETAILS OF UAC MEETINGS HELD IN FY 2024-25 115
TABLE 3: NO. OF EMPLOYEES IN ALL IBUS 21
TABLE 33: DETAILS OF POST LOA PROCESSES DURING FY 2024-25 116
TABLE 4: OUTSTANDING OVER THE COUNTER (OTC) DERIVATIVE CONTRACTS 23
TABLE 34: LIST OF REGULATIONS 143
TABLE 5: NUMBER OF PSP AND PSO AS ON MARCH 31, 2025 24
TABLE 35: LIST OF MAJOR NOTIFICATIONS 145
TABLE 6: REGISTERED FINANCE COMPANIES DURING FY 2024-25 31
TABLE 36 : LIST OF MAJOR CIRCULARS/ GUIDELINES 146
TABLE 7: ASSETS LEASED BY AIRCRAFT LEASING ENTITIES AS ON MARCH 31, 2025 31
TABLE 37: SOURCES OF FUNDS FOR FY 2024-25 160
TABLE 8: ASSETS LEASED BY SHIP LEASING ENTITIES AS ON MARCH 31, 2025 31
TABLE 38: MAJOR AREAS OF EXPENDITURE FOR FY 2024-25 160
TABLE 9: BUSINESS DETAILS OF GLOBAL/REGIONAL CORPORATE TREASURY
TABLE 39: AUTHORITY STRUCTURE AS ON MARCH 31, 2025 162
CENTRES (GRCTC) AS ON MARCH 31, 2025 31
TABLE 40: IFSCA AUTHORITY MEETING HELD IN FY 2024-25 163
TABLE 10: BUSINESS DETAILS OF CORE FINANCE COMPANIES (E.G. LENDING,
EXPORT FINANCING) 31 TABLE 41: SANCTIONED AND ACTUAL STRENGTH OF IFSCA EMPLOYEES 163
TABLE 11: TRANSACTIONS FACILITATED BY ITFS PLATFORMS 32 TABLE 42: CONSULTANTS AT IFSCA AS ON MARCH 31, 2025 164
TABLE 43: STATUS OF RTI APPLICATIONS DURING FY 2024-25 164
XII X0II3I2024-25
Particulars Page No. Particulars Page No.
ANCILLARY AND BATF SERVICES 99 TABLE 12: BROKER DEALERS IN IFSC 40
TABLE 13: REMOTE TRADING PARTICIPANTS (RTPS) ONBOARDED BY IFSC STOCK
FOREIGN UNIVERSITIES & INSTITUTIONS 103
EXCHANGES 40
INFORMATION TECHNOLOGY AND CYBER SECURITY 107
TABLE 14: CLEARING MEMBERS IN IFSC AS ON MARCH 31, 2025 40
ANTI MONEY LAUNDERING (AML) & COUNTER FINANCING OF TERRORISM (CFT) 111 TABLE 15: NUMBER OF CONTRACTS AND TURNOVER IN INDEX FUTURES 43
TABLE 16: NUMBER OF CONTRACTS AND PREMIUM TURNOVER IN INDEX OPTIONS 43
SEZ ADMINISTRATION (IFSCA) 114
TABLE 17: TURNOVER IN COMMODITY DERIVATIVES ON INDIA INX 43
ENFORCEMENT 118
TABLE 18: TURNOVER IN CURRENCY DERIVATIVES ON NSE IX 44
DEVELOPMENTAL ACTIVITIES 119
TABLE 19: CONTRACT WISE TURNOVER ON STOCK EXCHANGES (IN USD MN) 44
SECTION – D QUASI-LEGISLATIVE, EXECUTIVE AND QUASI-JUDICIAL
TABLE 20: SUMMARY OF ADMINISTRATIVE ACTIONS TAKEN BASED ON OFFSITE
FUNCTIONS OF THE AUTHORITY 141
SUPERVISION DURING FY 2024-25 48
SECTION – E PERFORMANCE ASSESSMENT OF THE AUTHORITY 155 TABLE 21: FUND MANAGEMENT ECOSYSTEM IN GIFT IFSC 61
TABLE 22: NUMBER OF REGISTERED FMES 62
SECTION – F SOURCE OF FUNDS AND MAJOR AREAS OF EXPENDITURE 159
TABLE 23: INVESTMENT BY FUND MANAGEMENT SCHEMES 62
SECTION – H ORGANISATIONAL MATTERS 161
TABLE 24: PARTICIPANTS ON INDIA INTERNATIONAL BULLION EXCHANGE (IIBX) 69
SECTION – J AUDIT COMMITTEES 173
TABLE 25: REGULATED ENTITIES/ INTERMEDIARIES ON IIBX 69
DATA APPENDIX 175
TABLE 26: PRODUCT-WISE SUMMARY OF TRADES ON IIBX 70
TABLE 27: LISTING OF DEBT SECURITIES AT IFSC EXCHANGES (IN USD BN) 92
TABLE 28: OVERALL SUSTAINABLE FINANCING BY IBUS 92
List of Tables
TABLE 29: SECTOR-WISE CLASSIFICATION OF SUSTAINABLE FINANCING BY IBUS 93
TABLE 30: ACTIVITY WISE BREAK UP OF ANCILLARY SERVICES ENTITIES
Particulars Page No.
AUTHORIZED 101
TABLE 1: NO. OF IBUS & GAOS AT IFSC 20
TABLE 31: ACTIVITY WISE BREAK UP OF BATF SERVICES ENTITIES AUTHORIZED 101
TABLE 2: TOTAL ASSETS (OUTSTANDING) IN IBUS 21
TABLE 32: DETAILS OF UAC MEETINGS HELD IN FY 2024-25 115
TABLE 3: NO. OF EMPLOYEES IN ALL IBUS 21
TABLE 33: DETAILS OF POST LOA PROCESSES DURING FY 2024-25 116
TABLE 4: OUTSTANDING OVER THE COUNTER (OTC) DERIVATIVE CONTRACTS 23
TABLE 34: LIST OF REGULATIONS 143
TABLE 5: NUMBER OF PSP AND PSO AS ON MARCH 31, 2025 24
TABLE 35: LIST OF MAJOR NOTIFICATIONS 145
TABLE 6: REGISTERED FINANCE COMPANIES DURING FY 2024-25 31
TABLE 36 : LIST OF MAJOR CIRCULARS/ GUIDELINES 146
TABLE 7: ASSETS LEASED BY AIRCRAFT LEASING ENTITIES AS ON MARCH 31, 2025 31
TABLE 37: SOURCES OF FUNDS FOR FY 2024-25 160
TABLE 8: ASSETS LEASED BY SHIP LEASING ENTITIES AS ON MARCH 31, 2025 31
TABLE 38: MAJOR AREAS OF EXPENDITURE FOR FY 2024-25 160
TABLE 9: BUSINESS DETAILS OF GLOBAL/REGIONAL CORPORATE TREASURY
TABLE 39: AUTHORITY STRUCTURE AS ON MARCH 31, 2025 162
CENTRES (GRCTC) AS ON MARCH 31, 2025 31
TABLE 40: IFSCA AUTHORITY MEETING HELD IN FY 2024-25 163
TABLE 10: BUSINESS DETAILS OF CORE FINANCE COMPANIES (E.G. LENDING,
EXPORT FINANCING) 31 TABLE 41: SANCTIONED AND ACTUAL STRENGTH OF IFSCA EMPLOYEES 163
TABLE 11: TRANSACTIONS FACILITATED BY ITFS PLATFORMS 32 TABLE 42: CONSULTANTS AT IFSCA AS ON MARCH 31, 2025 164
TABLE 43: STATUS OF RTI APPLICATIONS DURING FY 2024-25 164
XII X0II3I2024-25
Data Appendix List of Figures
Particulars Page No. Particulars Page No.
APPENDIX TABLE 1: LICENSES/ REGISTRATIONS ISSUED BY FIGURE 1: GROWTH OF TOTAL ASSETS (USD MN) OF IBUS 21
IFSCA BASED ON SEZ LOAS 176
FIGURE 2: OUTSTANDING OF MAJOR CREDIT PRODUCTS (USD MN) OF IBUS 22
APPENDIX TABLE 2: ASSETS OF IBUS 177
FIGURE 3: INVESTMENT PROFILE IN USD MN 22
APPENDIX TABLE 3: LIABILITIES OF IBUS 178
FIGURE 4: GROWTH OF DEPOSITS (IN USD MN) 23
APPENDIX TABLE 4: CUSTOMER DEPOSITS (IN USD MN) 178
FIGURE 5: MAJOR COUNTRY EXPOSURE OF IBUS 24
APPENDIX TABLE 5: CUSTOMER DEPOSITS 178
FIGURE 6: GROWTH IN FINANCE COMPANIES IN IFSC 32
APPENDIX TABLE 6: ODI OUTSTANDING OF IBUS (USD MN) 178
FIGURE 7: TURNOVER ON STOCK EXCHANGES (IN USD MN) 42
APPENDIX TABLE 7: COUNTRY WISE EXPOSURE OF IBUS 179
FIGURE 8: LISTING OF DEBT SECURITIES (IN USD BN) 44
APPENDIX TABLE 8: INDUSTRY WISE CREDIT EXPOSURE OF IBUS 179
FIGURE 9: TRENDS OF DEBT ISSUANCE IN IFSC 45
APPENDIX TABLE 9: IFSC STOCK EXCHANGES TURNOVER
FIGURE 10: DISTRIBUTION BY ISSUE SIZE OF DEBT 46
(TRADED VALUE IN USD MN) 181
FIGURE 11: INTERNATIONAL DEPOSITORIES WISE ISSUANCE DISTRIBUTION 46
APPENDIX TABLE 10: AGGREGATE OPEN INTEREST (OI) OF ALL DERIVATIVES
CONTRACTS ON IFSC STOCK EXCHANGES 181
FIGURE 12: CLASSIFICATION OF IIOS 83
APPENDIX TABLE 11: INDIA INX GLOBAL ACCESS 181
FIGURE 13: CLASSIFICATION OF IIIOS 83
APPENDIX TABLE 12: TRADING IN GLOBAL EXCHANGES THROUGH
FIGURE 14: BUSINESS UNDERWRITTEN BY IIOS (USD MN) 84
INDIA INX GLOBAL ACCESS (TRADED VALUE: USD MN) 181
FIGURE 15: BUSINESS TRANSACTED BY IIIOS (USD MN) 84
APPENDIX TABLE 13: NUMBER OF DEMAT ACCOUNTS WITH THE DEPOSITORY 181
FIGURE 16: ESG DEBT SECURITIES AS OF MARCH 31, 2025 (IN USD BN) 92
APPENDIX TABLE 14: SETTLEMENT BY CLEARING CORPORATIONS 182
FIGURE 17: SECTOR-WISE DISTRIBUTION OF LOAS ISSUED UP TO MARCH 31, 2025 116
APPENDIX TABLE 15: INVESTMENTS BY FUND MANAGEMENT SCHEMES
AT GIFT IFSC 182
APPENDIX TABLE 16: NUMBER OF INVESTORS IN IFSC FUNDS 183 List of Boxes
APPENDIX TABLE 17: TRENDS OF FUND MANAGEMENT ACTIVITY 183
Particulars Page No.
APPENDIX TABLE 18: PORTFOLIO MANAGEMENT SERVICES (PMS) 183
BOX 1: REVIEW OF IFSCA (FUND MANAGEMENT) REGULATIONS, 2022 59
APPENDIX TABLE 19: WRITTEN/ TRANSACTED PREMIUM BY IFSC INSURANCE
BOX 2: EASE OF INVESTING ENABLED FOR NRI/OCI INVESTORS 60
OFFICES (IIOS) AND INTERMEDIARY OFFICES (IIIOS) 183
BOX 3: PRINCIPLES TO MITIGATE THE RISK OF GREENWASHING IN ESG
APPENDIX TABLE 20: LINE OF BUSINESS WISE DIRECT INSURANCE BUSINESS
LABELLED DEBT SECURITIES IN THE IFSC 93
(LIFE AND GENERAL) 184
BOX 4: KEY FEATURES OF THE AISP CIRCULAR 102
APPENDIX TABLE 21: LINE OF BUSINESS WISE RE-INSURANCE BUSINESS 184
APPENDIX TABLE 22: CLAIMS DATA (RETAIL / RE-INSURANCE) 185
APPENDIX TABLE 23: FINTECH ECOSYSTEM IN IFSC 185
XIV X0V32024-25
Data Appendix List of Figures
Particulars Page No. Particulars Page No.
APPENDIX TABLE 1: LICENSES/ REGISTRATIONS ISSUED BY FIGURE 1: GROWTH OF TOTAL ASSETS (USD MN) OF IBUS 21
IFSCA BASED ON SEZ LOAS 176
FIGURE 2: OUTSTANDING OF MAJOR CREDIT PRODUCTS (USD MN) OF IBUS 22
APPENDIX TABLE 2: ASSETS OF IBUS 177
FIGURE 3: INVESTMENT PROFILE IN USD MN 22
APPENDIX TABLE 3: LIABILITIES OF IBUS 178
FIGURE 4: GROWTH OF DEPOSITS (IN USD MN) 23
APPENDIX TABLE 4: CUSTOMER DEPOSITS (IN USD MN) 178
FIGURE 5: MAJOR COUNTRY EXPOSURE OF IBUS 24
APPENDIX TABLE 5: CUSTOMER DEPOSITS 178
FIGURE 6: GROWTH IN FINANCE COMPANIES IN IFSC 32
APPENDIX TABLE 6: ODI OUTSTANDING OF IBUS (USD MN) 178
FIGURE 7: TURNOVER ON STOCK EXCHANGES (IN USD MN) 42
APPENDIX TABLE 7: COUNTRY WISE EXPOSURE OF IBUS 179
FIGURE 8: LISTING OF DEBT SECURITIES (IN USD BN) 44
APPENDIX TABLE 8: INDUSTRY WISE CREDIT EXPOSURE OF IBUS 179
FIGURE 9: TRENDS OF DEBT ISSUANCE IN IFSC 45
APPENDIX TABLE 9: IFSC STOCK EXCHANGES TURNOVER
FIGURE 10: DISTRIBUTION BY ISSUE SIZE OF DEBT 46
(TRADED VALUE IN USD MN) 181
FIGURE 11: INTERNATIONAL DEPOSITORIES WISE ISSUANCE DISTRIBUTION 46
APPENDIX TABLE 10: AGGREGATE OPEN INTEREST (OI) OF ALL DERIVATIVES
CONTRACTS ON IFSC STOCK EXCHANGES 181
FIGURE 12: CLASSIFICATION OF IIOS 83
APPENDIX TABLE 11: INDIA INX GLOBAL ACCESS 181
FIGURE 13: CLASSIFICATION OF IIIOS 83
APPENDIX TABLE 12: TRADING IN GLOBAL EXCHANGES THROUGH
FIGURE 14: BUSINESS UNDERWRITTEN BY IIOS (USD MN) 84
INDIA INX GLOBAL ACCESS (TRADED VALUE: USD MN) 181
FIGURE 15: BUSINESS TRANSACTED BY IIIOS (USD MN) 84
APPENDIX TABLE 13: NUMBER OF DEMAT ACCOUNTS WITH THE DEPOSITORY 181
FIGURE 16: ESG DEBT SECURITIES AS OF MARCH 31, 2025 (IN USD BN) 92
APPENDIX TABLE 14: SETTLEMENT BY CLEARING CORPORATIONS 182
FIGURE 17: SECTOR-WISE DISTRIBUTION OF LOAS ISSUED UP TO MARCH 31, 2025 116
APPENDIX TABLE 15: INVESTMENTS BY FUND MANAGEMENT SCHEMES
AT GIFT IFSC 182
APPENDIX TABLE 16: NUMBER OF INVESTORS IN IFSC FUNDS 183 List of Boxes
APPENDIX TABLE 17: TRENDS OF FUND MANAGEMENT ACTIVITY 183
Particulars Page No.
APPENDIX TABLE 18: PORTFOLIO MANAGEMENT SERVICES (PMS) 183
BOX 1: REVIEW OF IFSCA (FUND MANAGEMENT) REGULATIONS, 2022 59
APPENDIX TABLE 19: WRITTEN/ TRANSACTED PREMIUM BY IFSC INSURANCE
BOX 2: EASE OF INVESTING ENABLED FOR NRI/OCI INVESTORS 60
OFFICES (IIOS) AND INTERMEDIARY OFFICES (IIIOS) 183
BOX 3: PRINCIPLES TO MITIGATE THE RISK OF GREENWASHING IN ESG
APPENDIX TABLE 20: LINE OF BUSINESS WISE DIRECT INSURANCE BUSINESS
LABELLED DEBT SECURITIES IN THE IFSC 93
(LIFE AND GENERAL) 184
BOX 4: KEY FEATURES OF THE AISP CIRCULAR 102
APPENDIX TABLE 21: LINE OF BUSINESS WISE RE-INSURANCE BUSINESS 184
APPENDIX TABLE 22: CLAIMS DATA (RETAIL / RE-INSURANCE) 185
APPENDIX TABLE 23: FINTECH ECOSYSTEM IN IFSC 185
XIV X0V32024-25
List of Images
Particulars Page No.
IMAGE 18: HON’BLE PRIME MINISTER LAUNCHING THE SWIT
Particulars Page No.
SYSTEM ON SEPTEMBER 16, 2024 107
IMAGE 1: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA AT HSBC GLOBAL
IMAGE 19: ENTITY LOGIN INTERFACE OF THE SWIT SYSTEM 108
INVESTMENT SUMMIT, HONG KONG, 2024 26
IMAGE 20: SHRI K RAJARAMAN, CHAIRPERSON, IFSCA AND SHRI VIVEK AGGARWAL,
IMAGE 2: CHAIRPERSON, IFSCA WITH VICE CHAIRMAN, FSC KOREA 26
DIRECTOR, FIU IND, ADDRESSING AT IFSCA ANNUAL ANTI-FINANCIAL
CRIME CONFERENCE 112
IMAGE 3: MS. RIDDHI BHANDARI, GENERAL MANAGER, IFSCA, DURING
IFSCA CPSE SUMMIT 2.0 32
IMAGE 21: IFSCA SIGNED MOU WITH RASHTRIYA RAKSHA UNIVERSITY
IN PRESENCE OF HON'BLE FINANCE MINISTER
IMAGE 4: SHRI ARJUN PRASAD, GM, IFSCA PARTICIPATING IN
SMT. NIRMALA SITHARAMAN 119
THE CLOSING BELL CEREMONY DURING WIW 50
IMAGE 22: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA SIGNS THE IOSCO EMMOU
IMAGE 5: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA PARTICIPATING IN THE
DURING THE IOSCO ANNUAL MEETING 2024 IN PRESENCE
INAUGURAL CEREMONY OF THE GSMC 50
OF CHAIR OF IOSCO BOARD MR. JEAN-PAUL SERVAIS 120
IMAGE 6: SHRI PRADEEP RAMAKRISHNAN, ED, IFSCA IN A PANEL DISCUSSION ON
IMAGE 23: SHRI K RAJARAMAN, CHAIRPERSON, IFSCA AND
“LEADERSHIP DIALOGUE: SUSTAINABLE FINANCE REGULATION
MR. OTHMAN AL-ISSA, VICE CHAIRMAN CAPITAL MARKET
AND POLICY”, TOKYO 52
AUTHORITY OF KUWAIT EXCHANGING MOU IN THE PRESENCE OF
IMAGE 7: CHAIRPERSON, IFSCA WITH SENIOR OFFICIALS OF DR. ADARSH SWAIKA, AMBASSADOR OF INDIA IN KUWAIT 120
FUND MANAGEMENT INDUSTRY 63
IMAGE 24: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA AND
IMAGE 8: IFSCA PARTICIPATION IN CROSS BORDER DATA TRANSFERS WORKSHOP 76 PROF. SHIBLI RUBAYAT-UL ISLAM, CHAIRMAN, BSEC SIGN THE MOU
ON THE SIDELINES OF THE IOSCO ANNUAL MEETING IN GREECE 121
IMAGE 9: SHRI JOSEPH JOSHY, CHIEF TECHNOLOGICAL OFFICER, IFSCA,
PARTICIPATED IN STARTUP POLICY FORUM BAITHAK 2025 AT IMAGE 25: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA AND SHRI VIVEK AGARWAL,
G20 SUMMIT ROOM 76 DIRECTOR, FIU-IND, EXCHANGING MOU 121
IMAGE 10: CHAIRPERSON, IFSCA, AT SINGAPORE FINTECH FESTIVAL (SFF) 2024 78 IMAGE 26: IFSCA AND INSTITUTE OF COST ACCOUNTANTS OF INDIA (ICMAI)
EXCHANGING MOU 122
IMAGE 11: IFSCA DELEGATION LED BY CHAIRPERSON, AT IFSCA-IRDAI GIFT IFSC
GLOBAL REINSURANCE SUMMIT 87 IMAGE 27: IFSCA AND FINANCIAL PLANNING STANDARDS BOARD
(FPSB) EXCHANGING MOU 123
IMAGE 12: MEMBERS OF THE EXPERT COMMITTEE DURING THE SUBMISSION
OF THE REPORT 94 IMAGE 28: CHAIRPERSON AND STAFF OF IFSCA WITH SHRI SHAKTIKANTA DAS,
GOVERNOR, RBI, AND DR. HASMUKH ADHIA, CHAIRMAN, GIFT CITY 124
IMAGE 13: CHAIRPERSON, IFSCA SHRI K. RAJARAMAN WITH OTHER KEY
DIGNITARIES AT GSS+ BONDS TRAINING WORKSHOP 96 IMAGE 29: CHAIRPERSON, IFSCA WITH DR TAMY AHMED ALI AL BOUTAMY
AL BINALI, CEO, QATAR FINANCIAL MARKETS AUTHORITY (QFMA) IN
IMAGE 14: GEMC MEMBERS OF THE NETWORK FOR ADOPTION AND
PRESENCE OF MR. SANDEEP KUMAR, DEPUTY CHIEF OF MISSION,
OTHER USE OF ISSB STANDARDS 97
EMBASSY OF INDIA, DOHA, QATAR 126
IMAGE 15: PRESENTATION TO THE BANGALORE CHAMBER OF INDUSTRY AND
IMAGE 30: CHAIRPERSON, IFSCA WITH QATARI BUSINESSES AND INDIAN
COMMERCE (BCIC) ON OPPORTUNITIES FOR PROFESSIONALS
DIASPORA IN PRESENCE OF SHRI VIPUL, AMBASSADOR OF
IN GIFT-IFSC 101
INDIA TO QATAR IN DOHA 126
IMAGE 16 : DEAKIN UNIVERSITY IN GIFT IFSC 105
IMAGE 31: CHAIRPERSON, IFSCA WITH ABU DHABI GLOBAL MARKET’S FINANCIAL
SERVICES REGULATORY AUTHORITY (ADGM’S FSRA) 127
IMAGE 17: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA WITH
SHRI HARSH SANGHAVI, HON'BLE MINISTER OF STATE - HOME AND
IMAGE 32: CHAIRPERSON, IFSCA WITH DR. MARYAM ALSUWAIDI, CEO,
INDUSTRY, AND OTHER DIGNITARIES AT IFSCA TALENT
SECURITIES & COMMODITIES AUTHORITY (UAE – SCA) 127
VISTA SUMMIT 2024 106
IMAGE 33: CHAIRPERSON, IFSCA WITH MR. ARIF AMIRI, CEO,
DUBAI INTERNATIONAL FINANCIAL CENTRE 128
XVI X0V3II2024-25
List of Images
Particulars Page No.
IMAGE 18: HON’BLE PRIME MINISTER LAUNCHING THE SWIT
Particulars Page No.
SYSTEM ON SEPTEMBER 16, 2024 107
IMAGE 1: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA AT HSBC GLOBAL
IMAGE 19: ENTITY LOGIN INTERFACE OF THE SWIT SYSTEM 108
INVESTMENT SUMMIT, HONG KONG, 2024 26
IMAGE 20: SHRI K RAJARAMAN, CHAIRPERSON, IFSCA AND SHRI VIVEK AGGARWAL,
IMAGE 2: CHAIRPERSON, IFSCA WITH VICE CHAIRMAN, FSC KOREA 26
DIRECTOR, FIU IND, ADDRESSING AT IFSCA ANNUAL ANTI-FINANCIAL
CRIME CONFERENCE 112
IMAGE 3: MS. RIDDHI BHANDARI, GENERAL MANAGER, IFSCA, DURING
IFSCA CPSE SUMMIT 2.0 32
IMAGE 21: IFSCA SIGNED MOU WITH RASHTRIYA RAKSHA UNIVERSITY
IN PRESENCE OF HON'BLE FINANCE MINISTER
IMAGE 4: SHRI ARJUN PRASAD, GM, IFSCA PARTICIPATING IN
SMT. NIRMALA SITHARAMAN 119
THE CLOSING BELL CEREMONY DURING WIW 50
IMAGE 22: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA SIGNS THE IOSCO EMMOU
IMAGE 5: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA PARTICIPATING IN THE
DURING THE IOSCO ANNUAL MEETING 2024 IN PRESENCE
INAUGURAL CEREMONY OF THE GSMC 50
OF CHAIR OF IOSCO BOARD MR. JEAN-PAUL SERVAIS 120
IMAGE 6: SHRI PRADEEP RAMAKRISHNAN, ED, IFSCA IN A PANEL DISCUSSION ON
IMAGE 23: SHRI K RAJARAMAN, CHAIRPERSON, IFSCA AND
“LEADERSHIP DIALOGUE: SUSTAINABLE FINANCE REGULATION
MR. OTHMAN AL-ISSA, VICE CHAIRMAN CAPITAL MARKET
AND POLICY”, TOKYO 52
AUTHORITY OF KUWAIT EXCHANGING MOU IN THE PRESENCE OF
IMAGE 7: CHAIRPERSON, IFSCA WITH SENIOR OFFICIALS OF DR. ADARSH SWAIKA, AMBASSADOR OF INDIA IN KUWAIT 120
FUND MANAGEMENT INDUSTRY 63
IMAGE 24: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA AND
IMAGE 8: IFSCA PARTICIPATION IN CROSS BORDER DATA TRANSFERS WORKSHOP 76 PROF. SHIBLI RUBAYAT-UL ISLAM, CHAIRMAN, BSEC SIGN THE MOU
ON THE SIDELINES OF THE IOSCO ANNUAL MEETING IN GREECE 121
IMAGE 9: SHRI JOSEPH JOSHY, CHIEF TECHNOLOGICAL OFFICER, IFSCA,
PARTICIPATED IN STARTUP POLICY FORUM BAITHAK 2025 AT IMAGE 25: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA AND SHRI VIVEK AGARWAL,
G20 SUMMIT ROOM 76 DIRECTOR, FIU-IND, EXCHANGING MOU 121
IMAGE 10: CHAIRPERSON, IFSCA, AT SINGAPORE FINTECH FESTIVAL (SFF) 2024 78 IMAGE 26: IFSCA AND INSTITUTE OF COST ACCOUNTANTS OF INDIA (ICMAI)
EXCHANGING MOU 122
IMAGE 11: IFSCA DELEGATION LED BY CHAIRPERSON, AT IFSCA-IRDAI GIFT IFSC
GLOBAL REINSURANCE SUMMIT 87 IMAGE 27: IFSCA AND FINANCIAL PLANNING STANDARDS BOARD
(FPSB) EXCHANGING MOU 123
IMAGE 12: MEMBERS OF THE EXPERT COMMITTEE DURING THE SUBMISSION
OF THE REPORT 94 IMAGE 28: CHAIRPERSON AND STAFF OF IFSCA WITH SHRI SHAKTIKANTA DAS,
GOVERNOR, RBI, AND DR. HASMUKH ADHIA, CHAIRMAN, GIFT CITY 124
IMAGE 13: CHAIRPERSON, IFSCA SHRI K. RAJARAMAN WITH OTHER KEY
DIGNITARIES AT GSS+ BONDS TRAINING WORKSHOP 96 IMAGE 29: CHAIRPERSON, IFSCA WITH DR TAMY AHMED ALI AL BOUTAMY
AL BINALI, CEO, QATAR FINANCIAL MARKETS AUTHORITY (QFMA) IN
IMAGE 14: GEMC MEMBERS OF THE NETWORK FOR ADOPTION AND
PRESENCE OF MR. SANDEEP KUMAR, DEPUTY CHIEF OF MISSION,
OTHER USE OF ISSB STANDARDS 97
EMBASSY OF INDIA, DOHA, QATAR 126
IMAGE 15: PRESENTATION TO THE BANGALORE CHAMBER OF INDUSTRY AND
IMAGE 30: CHAIRPERSON, IFSCA WITH QATARI BUSINESSES AND INDIAN
COMMERCE (BCIC) ON OPPORTUNITIES FOR PROFESSIONALS
DIASPORA IN PRESENCE OF SHRI VIPUL, AMBASSADOR OF
IN GIFT-IFSC 101
INDIA TO QATAR IN DOHA 126
IMAGE 16 : DEAKIN UNIVERSITY IN GIFT IFSC 105
IMAGE 31: CHAIRPERSON, IFSCA WITH ABU DHABI GLOBAL MARKET’S FINANCIAL
SERVICES REGULATORY AUTHORITY (ADGM’S FSRA) 127
IMAGE 17: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA WITH
SHRI HARSH SANGHAVI, HON'BLE MINISTER OF STATE - HOME AND
IMAGE 32: CHAIRPERSON, IFSCA WITH DR. MARYAM ALSUWAIDI, CEO,
INDUSTRY, AND OTHER DIGNITARIES AT IFSCA TALENT
SECURITIES & COMMODITIES AUTHORITY (UAE – SCA) 127
VISTA SUMMIT 2024 106
IMAGE 33: CHAIRPERSON, IFSCA WITH MR. ARIF AMIRI, CEO,
DUBAI INTERNATIONAL FINANCIAL CENTRE 128
XVI X0V3II2024-25
Particulars Page No. Particulars Page No.
IMAGE 34: CHAIRPERSON, IFSCA WITH CHAIRMAN, TABF AND THE TAIWANESE IMAGE 51: IFSCA OFFICIALS TAKING PLEDGE FOR SAYING "NO" TO SINGLE
DELEGATION 129 USE PLASTIC ITEMS 167
IMAGE 35: CHAIRPERSON, IFSCA AND JOINT SECRETARY, DEA WITH UK IMAGE 52: IFSCA OFFICIALS PARTICIPATED IN A CLEANLINESS AWARENESS
DELEGATION 130 WALKATHON IN GIFT IFSC 168
IMAGE 36: SMT. SURBHI JAIN, JOINT SECRETARY, DEA, GIVING ADDRESS IMAGE 53: A PREVENTIVE HEALTH CHECK-UP OF SAFAI MITRAS/ SANITATION
DURING IFSCA CPSE SUMMIT 2.0 131 WORKERS AT IFSCA 169
IMAGE 37: CHAIRPERSON, IFSCA, ADDRESSING AT CONFERENCE ON “BUSINESS IMAGE 54: IFSCA OFFICIALS CELEBRATING 78TH INDEPENDENCE DAY 169
OPPORTUNITIES IN INDIA’S MAIDEN IFSC AT GIFT CITY” 132
IMAGE 55: IFSCA OFFICIALS PARTICIPATING IN HINDI PAKHWADA 2024
IMAGE 38: DR. DIPESH SHAH, EXECUTIVE DIRECTOR, IFSCA, GIVING ORGANISED BY IFSCA 170
OVERVIEW OF REGULATORY FRAMEWORK UNDER IFSCA FOR
IMAGE 56: IFSCA OFFICIALS CELEBRATING INTERNATIONAL YOGA DAY 2024 171
INTERNATIONAL BRANCH CAMPUSES AND OFFSHORE
EDUCATION CENTRES 133
IMAGE 39: ROUNDTABLE INTERACTION ON INTERNATIONAL BRANCH
CAMPUS OPPORTUNITIES FOR IRISH UNIVERSITIES IN GIFT IFSC 133
IMAGE 40: ROUNDTABLE INTERACTION ON INTERNATIONAL
BRANCH CAMPUS OPPORTUNITIES FOR UK UNIVERSITIES IN GIFT IFSC 133
IMAGE 41: IFSCA DELEGATION INTERACTING ON TRADE FINANCE IN LONDON 134
IMAGE 42: MR. ASHUTOSH SHARMA GIVING OVERVIEW OF THE REGULATORY
FRAMEWORK GOVERNING FINANCIAL ACTIVITIES IN GIFT IFSC 134
IMAGE 43: CHAIRPERSON, IFSCA, DURING INTERACTION WITH AIRCRAFT
LEASING STAKEHOLDERS 135
IMAGE 44: THE EXPERT COMMITTEE ON DRAFTING INSTITUTIONAL
ARBITRAL RULES FOR IAC SUBMITTING THE REPORT ON
JULY 16, 2024, TO CHAIRPERSON, IFSCA 151
IMAGE 45: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA, SHRI DR. M.S. SAHOO,
FORMER CHAIRPERSON, IBBI, PROF. (DR.) S. SHANTHAKUMAR,
DIRECTOR, GNLU, AND OTHER DIGNITARIES AT CONFERENCE ON
DEVELOPING ALTERNATIVE DISPUTE RESOLUTION AND
INTERNATIONAL ARBITRATION CENTRE (IAC) IN GIFT-IFSC 152
IMAGE 46: IFSCA OFFICIALS AT CHINTAN SHIVIR 2025 164
Conventions used in this report
IMAGE 47: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA, FACILITATING AWARDS
FOR OUTSTANDING PERFORMANCE BY IFSCA OFFICIALS ON
₹ : Rupees (Rs)
VARIOUS THEMES 165
Lakh : Hundred thousand
IMAGE 48: IFSCA OFFICIALS CELEBRATING "SWACHHATA HI SEVA 2024" Crore : Ten million
WITH A CLEANLINESS DRIVE 166 Million (Mn) : Ten lakh
Billion (Bn) : Thousand million/hundred crore
IMAGE 49: IFSCA OFFICIALS PARTICIPATING IN A PLANTATION DRIVE IN GIFT CITY 166
Differences in total are due to rounding off and sometimes they may not exactly add up
IMAGE 50: CHAIRPERSON, IFSCA, ADMINISTERED THE “SWACHHATA SHAPATH” to hundred per cent.
TO IFSCA OFFICIALS 167
This report can also be accessed on internet at: https://www.ifsca.gov.in/
XVIII X0IX32024-25
Particulars Page No. Particulars Page No.
IMAGE 34: CHAIRPERSON, IFSCA WITH CHAIRMAN, TABF AND THE TAIWANESE IMAGE 51: IFSCA OFFICIALS TAKING PLEDGE FOR SAYING "NO" TO SINGLE
DELEGATION 129 USE PLASTIC ITEMS 167
IMAGE 35: CHAIRPERSON, IFSCA AND JOINT SECRETARY, DEA WITH UK IMAGE 52: IFSCA OFFICIALS PARTICIPATED IN A CLEANLINESS AWARENESS
DELEGATION 130 WALKATHON IN GIFT IFSC 168
IMAGE 36: SMT. SURBHI JAIN, JOINT SECRETARY, DEA, GIVING ADDRESS IMAGE 53: A PREVENTIVE HEALTH CHECK-UP OF SAFAI MITRAS/ SANITATION
DURING IFSCA CPSE SUMMIT 2.0 131 WORKERS AT IFSCA 169
IMAGE 37: CHAIRPERSON, IFSCA, ADDRESSING AT CONFERENCE ON “BUSINESS IMAGE 54: IFSCA OFFICIALS CELEBRATING 78TH INDEPENDENCE DAY 169
OPPORTUNITIES IN INDIA’S MAIDEN IFSC AT GIFT CITY” 132
IMAGE 55: IFSCA OFFICIALS PARTICIPATING IN HINDI PAKHWADA 2024
IMAGE 38: DR. DIPESH SHAH, EXECUTIVE DIRECTOR, IFSCA, GIVING ORGANISED BY IFSCA 170
OVERVIEW OF REGULATORY FRAMEWORK UNDER IFSCA FOR
IMAGE 56: IFSCA OFFICIALS CELEBRATING INTERNATIONAL YOGA DAY 2024 171
INTERNATIONAL BRANCH CAMPUSES AND OFFSHORE
EDUCATION CENTRES 133
IMAGE 39: ROUNDTABLE INTERACTION ON INTERNATIONAL BRANCH
CAMPUS OPPORTUNITIES FOR IRISH UNIVERSITIES IN GIFT IFSC 133
IMAGE 40: ROUNDTABLE INTERACTION ON INTERNATIONAL
BRANCH CAMPUS OPPORTUNITIES FOR UK UNIVERSITIES IN GIFT IFSC 133
IMAGE 41: IFSCA DELEGATION INTERACTING ON TRADE FINANCE IN LONDON 134
IMAGE 42: MR. ASHUTOSH SHARMA GIVING OVERVIEW OF THE REGULATORY
FRAMEWORK GOVERNING FINANCIAL ACTIVITIES IN GIFT IFSC 134
IMAGE 43: CHAIRPERSON, IFSCA, DURING INTERACTION WITH AIRCRAFT
LEASING STAKEHOLDERS 135
IMAGE 44: THE EXPERT COMMITTEE ON DRAFTING INSTITUTIONAL
ARBITRAL RULES FOR IAC SUBMITTING THE REPORT ON
JULY 16, 2024, TO CHAIRPERSON, IFSCA 151
IMAGE 45: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA, SHRI DR. M.S. SAHOO,
FORMER CHAIRPERSON, IBBI, PROF. (DR.) S. SHANTHAKUMAR,
DIRECTOR, GNLU, AND OTHER DIGNITARIES AT CONFERENCE ON
DEVELOPING ALTERNATIVE DISPUTE RESOLUTION AND
INTERNATIONAL ARBITRATION CENTRE (IAC) IN GIFT-IFSC 152
IMAGE 46: IFSCA OFFICIALS AT CHINTAN SHIVIR 2025 164
Conventions used in this report
IMAGE 47: SHRI K. RAJARAMAN, CHAIRPERSON, IFSCA, FACILITATING AWARDS
FOR OUTSTANDING PERFORMANCE BY IFSCA OFFICIALS ON
₹ : Rupees (Rs)
VARIOUS THEMES 165
Lakh : Hundred thousand
IMAGE 48: IFSCA OFFICIALS CELEBRATING "SWACHHATA HI SEVA 2024" Crore : Ten million
WITH A CLEANLINESS DRIVE 166 Million (Mn) : Ten lakh
Billion (Bn) : Thousand million/hundred crore
IMAGE 49: IFSCA OFFICIALS PARTICIPATING IN A PLANTATION DRIVE IN GIFT CITY 166
Differences in total are due to rounding off and sometimes they may not exactly add up
IMAGE 50: CHAIRPERSON, IFSCA, ADMINISTERED THE “SWACHHATA SHAPATH” to hundred per cent.
TO IFSCA OFFICIALS 167
This report can also be accessed on internet at: https://www.ifsca.gov.in/
XVIII X0IX32024-25
ABBREVIATIONS
CPI Consumer Price Index
CPMI Committee on Payments and Market Infrastructures
Particulars
CPSE Central Public Sector Enterprises
AD Authorized Dealer CRA Credit Rating Agency
ADB Asian Development Bank CRAR Capital to Risk (Weighted) Assets
ADR Alternative Dispute Resolution CTCR Counter Terrorism and Counter Radicalization
ADRC Alternative Dispute Resolution Committee DEA Department of Economic Affairs
AED UAE Dirham DFSA Dubai Financial Services Authority
AGM Annual General Meeting DGFT Directorate General of Foreign Trade
AI Artificial Intelligence DICGC Deposit Insurance and Credit Guarantee Corporation
AIF Alternative Investment Funds DIN Director Identification Number
AISP Academic Infrastructure Service Provider DKK Danish Krone
AML Anti-Money Laundering DP Depository Participant
API Application Programming Interface DSCI Data Security Council of India
ARCA Archipelago Exchange DTA Domestic Tariff Area
AUD Australian Dollar DTC Depository Trust Company
AUM Assets Under Management EBA European Banking Authority
AWCS Automated Waste Collection System ECB External Commercial Borrowing
BATF Book-keeping, Accounting, Taxation and Financial crime compliance ECGC Export Credit Guarantee Corporation of India Limited
BCIC Bangalore Chamber of Industry and Commerce EIOPA European Insurance and Occupational Pensions Authority
BFSI Banking, Financial Services and Insurance EMDE Emerging Market and Developing Economies
BLUT Bond-cum-Legal Undertaking EMMOU Enhanced Multilateral Memorandum of Understanding
BPSS Board for Regulation and Supervision of Payment and Settlement Systems EODB Ease of Doing Business
BSE Bombay Stock Exchange ERM Enterprise Risk Management
BSEC Bangladesh Securities and Exchange Commission ERP Enterprise Resource Planning
CAD Canadian Dollar ESG Environmental, Social and Governance
CAGR Compound Annual Growth Rate ESMA Essential Services Maintenance Act.
CBI Climate Bonds Initiative ETF Exchange Traded Fund
CBOE Chicago Board Options Exchange ETP Exchange-traded products
CCIL Clearing Corporation of India Limited EU European Union
CDSL Central Depository Services Ltd. EUR Euro
CEEW Council on Energy, Environment and Water EXIM Export Import Bank of India
CEO Chief Executive Officer FATF Financial Action Task Force
CEPA Comprehensive Economic Partnership Agreement FC Finance Company
CERSAI Central Registry of Securitisation Asset Reconstruction and Security Interest FCSS Foreign Currency Settlement System
of India
FCY Foreign Currency
CFT Counter Financing of Terrorism
FDI Foreign Direct Investment
CHF Swiss Franc
FEMA Foreign Exchange Management Act
CIN Corporate Identification Number
FICCI Federation of Indian Chambers of Commerce and Industry
CKYCRR Central KYC Records Registry
FIU Financial Intelligence Unit
CME Chicago Mercantile Exchange
FME Fund Management Entity
CMI Capital Market Intermediaries
FPI Foreign Portfolio Investment
COB Conduct Of Business
FPO Further Public Offer
COMEX Commodity Exchange
XX XXXXII2024-25
ABBREVIATIONS
CPI Consumer Price Index
CPMI Committee on Payments and Market Infrastructures
Particulars
CPSE Central Public Sector Enterprises
AD Authorized Dealer CRA Credit Rating Agency
ADB Asian Development Bank CRAR Capital to Risk (Weighted) Assets
ADR Alternative Dispute Resolution CTCR Counter Terrorism and Counter Radicalization
ADRC Alternative Dispute Resolution Committee DEA Department of Economic Affairs
AED UAE Dirham DFSA Dubai Financial Services Authority
AGM Annual General Meeting DGFT Directorate General of Foreign Trade
AI Artificial Intelligence DICGC Deposit Insurance and Credit Guarantee Corporation
AIF Alternative Investment Funds DIN Director Identification Number
AISP Academic Infrastructure Service Provider DKK Danish Krone
AML Anti-Money Laundering DP Depository Participant
API Application Programming Interface DSCI Data Security Council of India
ARCA Archipelago Exchange DTA Domestic Tariff Area
AUD Australian Dollar DTC Depository Trust Company
AUM Assets Under Management EBA European Banking Authority
AWCS Automated Waste Collection System ECB External Commercial Borrowing
BATF Book-keeping, Accounting, Taxation and Financial crime compliance ECGC Export Credit Guarantee Corporation of India Limited
BCIC Bangalore Chamber of Industry and Commerce EIOPA European Insurance and Occupational Pensions Authority
BFSI Banking, Financial Services and Insurance EMDE Emerging Market and Developing Economies
BLUT Bond-cum-Legal Undertaking EMMOU Enhanced Multilateral Memorandum of Understanding
BPSS Board for Regulation and Supervision of Payment and Settlement Systems EODB Ease of Doing Business
BSE Bombay Stock Exchange ERM Enterprise Risk Management
BSEC Bangladesh Securities and Exchange Commission ERP Enterprise Resource Planning
CAD Canadian Dollar ESG Environmental, Social and Governance
CAGR Compound Annual Growth Rate ESMA Essential Services Maintenance Act.
CBI Climate Bonds Initiative ETF Exchange Traded Fund
CBOE Chicago Board Options Exchange ETP Exchange-traded products
CCIL Clearing Corporation of India Limited EU European Union
CDSL Central Depository Services Ltd. EUR Euro
CEEW Council on Energy, Environment and Water EXIM Export Import Bank of India
CEO Chief Executive Officer FATF Financial Action Task Force
CEPA Comprehensive Economic Partnership Agreement FC Finance Company
CERSAI Central Registry of Securitisation Asset Reconstruction and Security Interest FCSS Foreign Currency Settlement System
of India
FCY Foreign Currency
CFT Counter Financing of Terrorism
FDI Foreign Direct Investment
CHF Swiss Franc
FEMA Foreign Exchange Management Act
CIN Corporate Identification Number
FICCI Federation of Indian Chambers of Commerce and Industry
CKYCRR Central KYC Records Registry
FIU Financial Intelligence Unit
CME Chicago Mercantile Exchange
FME Fund Management Entity
CMI Capital Market Intermediaries
FPI Foreign Portfolio Investment
COB Conduct Of Business
FPO Further Public Offer
COMEX Commodity Exchange
XX XXXXII2024-25
GAO Global Administrative Office LRS Liberalised Remittance Scheme
GBP UK Pound Sterling MAS Monetary Authority of Singapore
GDP Gross Domestic Product MCA Ministry of Corporate Affairs
GFIN Global Financial Innovation Network MCLR Marginal Cost of Funds-based Lending Rate
GIC Global In-house Centre MCX Multi Commodity Exchange
GIFT Gujarat International Finance-Tec City MII Market Infrastructure Institutions
GNLU Gujarat National Law University MIS Management Information Systems
GNPA Gross Non-Performing Asset MSME Ministry of Micro, Small & Medium Enterprises
GRCTC Global/Regional Corporate Treasury Centre MUFG Mitsubishi UFJ Financial Group
GSTIN Goods and Services Tax Identification Number NASDAQ National Association of Securities Dealers Automated Quotations
GSTN Goods and Services Tax Network NASSCOM National Association of Software and Service Companies
GVA Gross Value Added NBFC Non-Banking Financial Company
HKD Hong Kong Dollar NDF Non-Deliverable Forward
HKMA Hong Kong Monetary Authority NIC National Informatics Centre
IAIS International Association of Insurance Supervisors NICCL NSE IFSC Clearing Corporation Limited
IBA Indian Banks Association NIFTY National Stock Exchange Fifty
IBBI Insolvency and Bankruptcy Board of India NITI National Institution for Transforming India
IBC IFSC Banking Company NPS National Pension System
IBU IFSC Banking Unit NRI Non-Resident Indian
ICAI Institute of Chartered Accountants of India NSCS National Security Council Secretariat
ICEGATE Indian Customs Electronic Gateway NSDL National Securities Depository Limited
ICES Indian Customs EDI System NSE National Stock Exchange
ICMA International Capital Market Association NSEIX NSE International Exchange
ICMAI Institute of Cost Accountants of India ODI Offshore Derivative Instruments
ICSI Institute of Company Secretaries of India OEC Offshore Education Centres
IFSC International Financial Services Centre OFS Offer For Sale
IFSCA International Financial Services Centres Authority OIS Overnight Indexed Swaps
IIBX India International Bullion Exchange PAN Permanent Account Number
IIDI India International Depository IFSC Limited PCI Payment Council of India
IIIO International Financial Service Centre Insurance Intermediary Office PDEU Pandit Deendayal Energy University
IIO International Financial Service Centre Insurance Office PFRDA Pension Fund Regulatory and Development Authority
IMF International Monetary Fund PMS Portfolio Management Services
INR Indian Rupee POSH Prevention of Sexual Harassment
IOSCO International Organization of Securities Commission PRC Performance Review Committee
IPO Initial public offering PSO Payment System Operator
IRDAI Insurance Regulatory and Development Authority of India PSP Payment Service Provider
ISP Internet Service Provider PSS Payment & Settlement Systems
ITFS International Trade Financing Services QCI Quality Council of India
IVCA Indian Venture and Alternate Capital Association QFMA Qatar Financial Markets Authority
JFSA Japanese Financial Services Authority RBI Reserve Bank of India
JPY Japanese Yen REIT Real Estate Investment Trust
LAN Local Area Network RFP Request For Proposal
LBMA London Bullion Market Association ROE Return on Equity
LPTM Limited Purpose Trading Member RTI Right To Information
XXII X0X3III2024-25
GAO Global Administrative Office LRS Liberalised Remittance Scheme
GBP UK Pound Sterling MAS Monetary Authority of Singapore
GDP Gross Domestic Product MCA Ministry of Corporate Affairs
GFIN Global Financial Innovation Network MCLR Marginal Cost of Funds-based Lending Rate
GIC Global In-house Centre MCX Multi Commodity Exchange
GIFT Gujarat International Finance-Tec City MII Market Infrastructure Institutions
GNLU Gujarat National Law University MIS Management Information Systems
GNPA Gross Non-Performing Asset MSME Ministry of Micro, Small & Medium Enterprises
GRCTC Global/Regional Corporate Treasury Centre MUFG Mitsubishi UFJ Financial Group
GSTIN Goods and Services Tax Identification Number NASDAQ National Association of Securities Dealers Automated Quotations
GSTN Goods and Services Tax Network NASSCOM National Association of Software and Service Companies
GVA Gross Value Added NBFC Non-Banking Financial Company
HKD Hong Kong Dollar NDF Non-Deliverable Forward
HKMA Hong Kong Monetary Authority NIC National Informatics Centre
IAIS International Association of Insurance Supervisors NICCL NSE IFSC Clearing Corporation Limited
IBA Indian Banks Association NIFTY National Stock Exchange Fifty
IBBI Insolvency and Bankruptcy Board of India NITI National Institution for Transforming India
IBC IFSC Banking Company NPS National Pension System
IBU IFSC Banking Unit NRI Non-Resident Indian
ICAI Institute of Chartered Accountants of India NSCS National Security Council Secretariat
ICEGATE Indian Customs Electronic Gateway NSDL National Securities Depository Limited
ICES Indian Customs EDI System NSE National Stock Exchange
ICMA International Capital Market Association NSEIX NSE International Exchange
ICMAI Institute of Cost Accountants of India ODI Offshore Derivative Instruments
ICSI Institute of Company Secretaries of India OEC Offshore Education Centres
IFSC International Financial Services Centre OFS Offer For Sale
IFSCA International Financial Services Centres Authority OIS Overnight Indexed Swaps
IIBX India International Bullion Exchange PAN Permanent Account Number
IIDI India International Depository IFSC Limited PCI Payment Council of India
IIIO International Financial Service Centre Insurance Intermediary Office PDEU Pandit Deendayal Energy University
IIO International Financial Service Centre Insurance Office PFRDA Pension Fund Regulatory and Development Authority
IMF International Monetary Fund PMS Portfolio Management Services
INR Indian Rupee POSH Prevention of Sexual Harassment
IOSCO International Organization of Securities Commission PRC Performance Review Committee
IPO Initial public offering PSO Payment System Operator
IRDAI Insurance Regulatory and Development Authority of India PSP Payment Service Provider
ISP Internet Service Provider PSS Payment & Settlement Systems
ITFS International Trade Financing Services QCI Quality Council of India
IVCA Indian Venture and Alternate Capital Association QFMA Qatar Financial Markets Authority
JFSA Japanese Financial Services Authority RBI Reserve Bank of India
JPY Japanese Yen REIT Real Estate Investment Trust
LAN Local Area Network RFP Request For Proposal
LBMA London Bullion Market Association ROE Return on Equity
LPTM Limited Purpose Trading Member RTI Right To Information
XXII X0X3IIIRTP Remote Trading Participants
RUB Russian Ruble
SCB Scheduled Commercial Banks
SEBI Securities And Exchange Board of India
SENSEX Stock Exchange Sensitive Index
SEZ Special Economic Zone
SGD Singapore Dollar
SGF Settlement Guarantee Fund
SGX Singapore Stock Exchange
SLA Surveyor and Loss Assessor
SNRR Special Non-Resident Rupee Account
SPV Special Purpose Vehicle
STEM Science, technology, engineering, and mathematics
STPI Software Technology Parks of India
SWITS Single Window IT System
TCM Trading and Clearing member
TERI The Energy Research Institute
TM Trading member
TMCM Trading Member/Clearing Member
TRQ Tariff Rate Quota
TSCM Trading cum Self Clearing Member
UAC Unit Approval Committee
UAEGD UAE Good Delivery
UAEGDCEPA United Arab Emirates Good Delivery Comprehensive Economic Partnership
Agreement (CEPA)
UAEGDTRQ UAE Good Delivery Tariff Rate Quota
UK United Kingdom
UNDP United Nations Development Program
USA United States of America
USD United States Dollar
USIBC US-India Business Council
XXIVSECTION-B
THE YEAR IN REVIEW: OVERVIEW
OF THE GENERAL ECONOMIC ENVIRONMENT2024-25
Compared to equity markets, the volatility in credit markets was of lesser intensity. In both
The Year In Review
America and Europe, the credit spreads compressed.
In the third quarter of C.Y 2024, the global foreign currency credit in the three major currencies
Global Economy Assessment and Outlook
increased slightly, Dollar credit to non-banks outside US increased by $89 billion. Euro credit to
2024 was a year of turbulence as many major economies such as India, U.S.A and Indonesia non-banks increased by €157 billion and Yen credit to non-banks outside Japan increased by ¥263
underwent elections, public anticipation around election outcomes lead to volatility in markets billion.⁸
and economic instability.
Cross-border credit to emerging market and developing economy (EMDE) borrowers rose by $35
The Global Economic Policy Uncertainty Index reflects this sentiment as well, the year started with billion (3.8% yoy). In comparison to last year, banks' cross border claims rose by 3.4% i.e. $629
the index at a comparatively lower level of 200.46 in February 2024 but rose rapidly, reaching billion. The increase in cross border credit was brought about by a $704 billion increase in lending
548.89 in February 2025.⁴ to non-bank sector. The Cross-border credit to non-bank financial institutions (NBFIs) recorded a
growth of $495 billion displaying an annual growth rate of 14%, which is its highest annual growth
Supply chain disruptions which were a far-reaching consequence of geopolitical tensions in
rate since Q3 2019. Cross-border credit to the non-financial sector (NFS) also grew strongly,
Ukraine and Suez Canal continue to slow down global manufacturing and external demand to this
expanding by $209 billion during the quarter (+11% yoy).
day.
During the period between December 2024 and February 2025, the disturbances in US and Japan
The monetary stance globally is observed to have been easing over the last year as seen on the
started returning to normalcy post US elections and with central bank of Japan signalling
CFR's Global Monetary Policy Tracker⁵. In January 2024, the overall global monetary stance was
normalising of monetary policy in the near future and the inflation started returning to target
neutral ( -0.36) however, major economies such as U.S (5.3), Russia (8.5), India (2.5) and Australia
levels.
(4.3) were all observed to be tightening⁶ barring China (-3.1). However, by January 2025 (-8.31),
many economies started easing, some economies like U.S (-0.5), China ( -3.5) more than others Between December 2024 to February 2025 varied conditions prevailed across the globe, the
such as Russia (13.5), India (2.5), Australia (4.3). policy rates across major economies fell and the long-term yields rose. In the emerging economies
however, the overall sentiment was subdued as they were still experiencing uncertainty owing to
The world is projected to grow at 3.3 percent both in 2025 and 2026. Global headline inflation is
global political factors and volatility in technology stocks.⁹
expected to decline to 4.2 percent in 2025 and to 3.5 percent in 2026, converging back to target
earlier in advanced economies than in emerging market and developing economies.⁷
Capital Markets
Financial Markets Performance The effects of geo-political tensions and supply chain disruptions cascade well into the future, as
was observed in FY 2025. There was substantial change in the monetary policy around the world,
Banking Industry there was monetary relaxation in US and Europe. However, Emerging Markets have been
performing consistently well in the last two decades and India has been one of the countries at the
Globalisation, especially in the financial world has opened multiple avenues for borrowing,
forefront of this growth along with China and Brazil.¹⁰
however, it has also exposed the borrower to global risk factors.
The trajectory of growth and inflation around economies remained contrasting, in the US, there
During the first half of FY 2024-25, Growth jitters were prevalent among investors, a major factor
was sound economic growth in the starting of the year, but the inflation has remained high
behind this was disturbances in Japan and Europe. In Japan this was caused due to the abrupt
whereas in Europe, the overall inflation level has gone down but there is a slowdown.
monetary tightening decision undertaken by the Bank of Japan after nearly two decades and in
Many positive trends were observed during the beginning of FY 2025; In comparison to FY 2024,
Europe it was due to anticipations surrounding elections in United Kingdom, France and Germany.
the trading value increased by 15.5% and trading volume 9.6% respectively, the global equity
The period was also characterised by a synchronised decline in short term yields.
market capitalisation increased by 5% to USD 116.12 trillion. Global markets hosted seven
As a result, frantic de-risking and de-leveraging had initiated in the financial markets. This
unicorns in the first half of this year. The number of Initial Public Offerings (IPOs) and capital
volatility in the markets was, however, short lived and the markets soon recovered, this was a clear
raised through IPOs however, decreased by 24.2% and 10% globally. There was also an increase in
indicator of acute market sensitivity to investor sentiment. Markets are extremely prone to the
volume of exchange traded derivatives which amounted to the largest number in the last five years
ever-changing perceptions of investors about the economy.
at 85.04 billion contracts.¹¹
⁴ Economic Policy Uncertainty Index, Stephen J. Davis, an index of global economic policy uncertainty, National Bureau of Economic Research working
paper number 22740, Oct 2016
⁸ BIS Global liquidity indicators
⁵ CFR’s Global Monetary Policy Tracker compiles data from 54 countries around the world to highlight significant global trends in monetary policy
⁹ Quarterly Review, March 2025, BIS
and uses a scale from -15 (representing easing) to 15 (representing tightening) , a negative figure represents a tightening stance and vice versa.
¹⁰ “Global Equity Investing through the decades", April 2025, MSCI
⁶ CFR’s Global Monetary Policy Tracker
¹¹ Market Highlights, 2024, World Federation of Exchanges
⁷ World Economic Outlook, IMF, Jan 2025
02 032024-25
Compared to equity markets, the volatility in credit markets was of lesser intensity. In both
The Year In Review
America and Europe, the credit spreads compressed.
In the third quarter of C.Y 2024, the global foreign currency credit in the three major currencies
Global Economy Assessment and Outlook
increased slightly, Dollar credit to non-banks outside US increased by $89 billion. Euro credit to
2024 was a year of turbulence as many major economies such as India, U.S.A and Indonesia non-banks increased by €157 billion and Yen credit to non-banks outside Japan increased by ¥263
underwent elections, public anticipation around election outcomes lead to volatility in markets billion.⁸
and economic instability.
Cross-border credit to emerging market and developing economy (EMDE) borrowers rose by $35
The Global Economic Policy Uncertainty Index reflects this sentiment as well, the year started with billion (3.8% yoy). In comparison to last year, banks' cross border claims rose by 3.4% i.e. $629
the index at a comparatively lower level of 200.46 in February 2024 but rose rapidly, reaching billion. The increase in cross border credit was brought about by a $704 billion increase in lending
548.89 in February 2025.⁴ to non-bank sector. The Cross-border credit to non-bank financial institutions (NBFIs) recorded a
growth of $495 billion displaying an annual growth rate of 14%, which is its highest annual growth
Supply chain disruptions which were a far-reaching consequence of geopolitical tensions in
rate since Q3 2019. Cross-border credit to the non-financial sector (NFS) also grew strongly,
Ukraine and Suez Canal continue to slow down global manufacturing and external demand to this
expanding by $209 billion during the quarter (+11% yoy).
day.
During the period between December 2024 and February 2025, the disturbances in US and Japan
The monetary stance globally is observed to have been easing over the last year as seen on the
started returning to normalcy post US elections and with central bank of Japan signalling
CFR's Global Monetary Policy Tracker⁵. In January 2024, the overall global monetary stance was
normalising of monetary policy in the near future and the inflation started returning to target
neutral ( -0.36) however, major economies such as U.S (5.3), Russia (8.5), India (2.5) and Australia
levels.
(4.3) were all observed to be tightening⁶ barring China (-3.1). However, by January 2025 (-8.31),
many economies started easing, some economies like U.S (-0.5), China ( -3.5) more than others Between December 2024 to February 2025 varied conditions prevailed across the globe, the
such as Russia (13.5), India (2.5), Australia (4.3). policy rates across major economies fell and the long-term yields rose. In the emerging economies
however, the overall sentiment was subdued as they were still experiencing uncertainty owing to
The world is projected to grow at 3.3 percent both in 2025 and 2026. Global headline inflation is
global political factors and volatility in technology stocks.⁹
expected to decline to 4.2 percent in 2025 and to 3.5 percent in 2026, converging back to target
earlier in advanced economies than in emerging market and developing economies.⁷
Capital Markets
Financial Markets Performance The effects of geo-political tensions and supply chain disruptions cascade well into the future, as
was observed in FY 2025. There was substantial change in the monetary policy around the world,
Banking Industry there was monetary relaxation in US and Europe. However, Emerging Markets have been
performing consistently well in the last two decades and India has been one of the countries at the
Globalisation, especially in the financial world has opened multiple avenues for borrowing,
forefront of this growth along with China and Brazil.¹⁰
however, it has also exposed the borrower to global risk factors.
The trajectory of growth and inflation around economies remained contrasting, in the US, there
During the first half of FY 2024-25, Growth jitters were prevalent among investors, a major factor
was sound economic growth in the starting of the year, but the inflation has remained high
behind this was disturbances in Japan and Europe. In Japan this was caused due to the abrupt
whereas in Europe, the overall inflation level has gone down but there is a slowdown.
monetary tightening decision undertaken by the Bank of Japan after nearly two decades and in
Many positive trends were observed during the beginning of FY 2025; In comparison to FY 2024,
Europe it was due to anticipations surrounding elections in United Kingdom, France and Germany.
the trading value increased by 15.5% and trading volume 9.6% respectively, the global equity
The period was also characterised by a synchronised decline in short term yields.
market capitalisation increased by 5% to USD 116.12 trillion. Global markets hosted seven
As a result, frantic de-risking and de-leveraging had initiated in the financial markets. This
unicorns in the first half of this year. The number of Initial Public Offerings (IPOs) and capital
volatility in the markets was, however, short lived and the markets soon recovered, this was a clear
raised through IPOs however, decreased by 24.2% and 10% globally. There was also an increase in
indicator of acute market sensitivity to investor sentiment. Markets are extremely prone to the
volume of exchange traded derivatives which amounted to the largest number in the last five years
ever-changing perceptions of investors about the economy.
at 85.04 billion contracts.¹¹
⁴ Economic Policy Uncertainty Index, Stephen J. Davis, an index of global economic policy uncertainty, National Bureau of Economic Research working
paper number 22740, Oct 2016
⁸ BIS Global liquidity indicators
⁵ CFR’s Global Monetary Policy Tracker compiles data from 54 countries around the world to highlight significant global trends in monetary policy
⁹ Quarterly Review, March 2025, BIS
and uses a scale from -15 (representing easing) to 15 (representing tightening) , a negative figure represents a tightening stance and vice versa.
¹⁰ “Global Equity Investing through the decades", April 2025, MSCI
⁶ CFR’s Global Monetary Policy Tracker
¹¹ Market Highlights, 2024, World Federation of Exchanges
⁷ World Economic Outlook, IMF, Jan 2025
02 032024-25
Funds Industry
Both developed and emerging markets are set to record improved profitability in FY 2025, in the
US it will be nudged by continued annuity inflow, in UK by pension de-risking supported by
The global asset management industry reached a record $128 trillion in assets under management
regulatory changes, In Japan it is supported by consistent underwriting results and in India it will
(AuM) in C.Y 2024, up 12% from the previous year.¹²
be driven by strong economic growth, with rising demand for auto insurance, health coverages
Robust market performance was the primary driver of this growth. Key indices, including the S&P
and government support for crop insurance.¹⁸
500 and NASDAQ, posted substantial annual gains of 23% and 29%, respectively. As a result, global
Global total insurance premiums are predicted to increase by 2.6% on average in real terms in
industry revenues increased by $58 billion, with over 70% of this growth ($42 billion) attributed
2025 and 2026, well above the last 5-year average of 1.6%.¹⁹
to market appreciation, while only 30% ($16 billion) stemmed from net inflows.¹³
Alternative assets, particularly those focused on private investments, now account for over half of
Life Insurance
global asset management revenues, despite representing less than 25% of total assets under
management (AuM). Between 2014 and 2024, the aggregate AuM of private equity, private debt, Life insurance premiums are anticipated to grow by 3% in real terms in 2025-26, supported by
real estate, and infrastructure funds grew at a compound annual growth rate (CAGR) of 11.1%. higher interest rates boosting demand for savings products. The growth trend is expected to
This significantly outpaced the broader asset management industry's CAGR of 6.5% over the same continue over the decade and the global life insurance premiums reaching the USD 4.8 trillion
period, when excluding these asset classes. The robust expansion of private assets is driven by mark by 2035.²⁰
consistent outperformance and sustained investor demand. Both institutional investors and asset
Non-Life Insurance
managers remain highly motivated to capitalize on this momentum.¹⁴
Popularization of ETFs is another trend that is observed globally, over the past decade, assets Global non-life premiums are projected to grow by 2.3% over the 2025-26 period, down from
under management (AuM) in active exchange-traded funds (ETFs) have grown with a compound 4.3% growth rate in 2024, as insurance prices moderate alongside easing claims inflation.21
annual growth rate (CAGR) of 39% globally. This strong growth reflects investor interest in active However, the sector's return on equity (ROE) is expected to improve to around 10% in both 2024
ETFs, which offer the potential for similar performance to active mutual funds since both aim to and 2025, surpassing the 10-year average of 6.8%.
outperform the market yet typically come with significantly lower fees. On average, active ETFs
charge 0.64% in fees, compared to 1.08% for mutual funds, making them a more cost-efficient Reinsurance
choice for investors.¹⁵
Global reinsurance dedicated capital reached USD 769 billion at the end of 2024, marking a 5.4%
Overall, the global asset management industry continues to evolve rapidly, marked by record- increase from the previous year.²²
breaking AuM, strong market-driven revenue growth, and a pronounced shift toward alternative
The traditional reinsurance capital is set to increase by 6% in 2025, supported by continued strong
and cost-efficient investment vehicles.
profitability.²³
Insurance Industry Reinsurance revenue grew by 8.1% in 2024, supported by higher rates in property and casualty
reinsurance. ²⁴
The global economy is currently facing a complex set of problems such as risk of a trade war
between US and China, increased market concentration (the “Magnificent 7” stocks now represent The insurance and reinsurance industries are expected to maintain resilience through robust
around 32% of the S&P500 total market capitalisation, up from just 9% in January 2015)¹⁶ and capitalization which provides a buffer against potential shocks, underwriting discipline and
contrasting monetary policies between developed economies. These events can have an indirect enhanced modelling and risk assessment necessary to address the increasing frequency and
impact on the insurers in the form of higher claim costs. The insurance industry is thus navigating a severity of natural catastrophes. Overall, while challenges persist, the industries are positioned to
landscape shaped by economic growth, evolving risk profiles, and strategic capital management. navigate FY 2025 with cautious optimism, leveraging strong capital bases and strategic risk
management.
Insured losses from natural catastrophes were at least USD 95 billion in 2024 and are expected to
exceed $135 billion in 2025, marking the fifth consecutive year of losses over $100 billion. This
trend underscores the increasing impact of climate change and urbanization on insurance
losses.¹⁷
¹² "From Recovery to Reinvention", 2025, BCG ¹⁸ Global economic and insurance market outlook ,2025-26, Swiss RE
¹³ Ibid ¹⁹ Ibid
¹⁴ Ibid ²⁰ Ibid
¹⁵ Ibid ²¹ Ibid
¹⁶ Global economic and insurance market outlook ,2025-26, Swiss RE ²² Reinsurance Market Report , 2024, Gallagher RE
¹⁷ Ibid ²³ Ibid
²⁴ Ibid
04 052024-25
Funds Industry
Both developed and emerging markets are set to record improved profitability in FY 2025, in the
US it will be nudged by continued annuity inflow, in UK by pension de-risking supported by
The global asset management industry reached a record $128 trillion in assets under management
regulatory changes, In Japan it is supported by consistent underwriting results and in India it will
(AuM) in C.Y 2024, up 12% from the previous year.¹²
be driven by strong economic growth, with rising demand for auto insurance, health coverages
Robust market performance was the primary driver of this growth. Key indices, including the S&P
and government support for crop insurance.¹⁸
500 and NASDAQ, posted substantial annual gains of 23% and 29%, respectively. As a result, global
Global total insurance premiums are predicted to increase by 2.6% on average in real terms in
industry revenues increased by $58 billion, with over 70% of this growth ($42 billion) attributed
2025 and 2026, well above the last 5-year average of 1.6%.¹⁹
to market appreciation, while only 30% ($16 billion) stemmed from net inflows.¹³
Alternative assets, particularly those focused on private investments, now account for over half of
Life Insurance
global asset management revenues, despite representing less than 25% of total assets under
management (AuM). Between 2014 and 2024, the aggregate AuM of private equity, private debt, Life insurance premiums are anticipated to grow by 3% in real terms in 2025-26, supported by
real estate, and infrastructure funds grew at a compound annual growth rate (CAGR) of 11.1%. higher interest rates boosting demand for savings products. The growth trend is expected to
This significantly outpaced the broader asset management industry's CAGR of 6.5% over the same continue over the decade and the global life insurance premiums reaching the USD 4.8 trillion
period, when excluding these asset classes. The robust expansion of private assets is driven by mark by 2035.²⁰
consistent outperformance and sustained investor demand. Both institutional investors and asset
Non-Life Insurance
managers remain highly motivated to capitalize on this momentum.¹⁴
Popularization of ETFs is another trend that is observed globally, over the past decade, assets Global non-life premiums are projected to grow by 2.3% over the 2025-26 period, down from
under management (AuM) in active exchange-traded funds (ETFs) have grown with a compound 4.3% growth rate in 2024, as insurance prices moderate alongside easing claims inflation.21
annual growth rate (CAGR) of 39% globally. This strong growth reflects investor interest in active However, the sector's return on equity (ROE) is expected to improve to around 10% in both 2024
ETFs, which offer the potential for similar performance to active mutual funds since both aim to and 2025, surpassing the 10-year average of 6.8%.
outperform the market yet typically come with significantly lower fees. On average, active ETFs
charge 0.64% in fees, compared to 1.08% for mutual funds, making them a more cost-efficient Reinsurance
choice for investors.¹⁵
Global reinsurance dedicated capital reached USD 769 billion at the end of 2024, marking a 5.4%
Overall, the global asset management industry continues to evolve rapidly, marked by record- increase from the previous year.²²
breaking AuM, strong market-driven revenue growth, and a pronounced shift toward alternative
The traditional reinsurance capital is set to increase by 6% in 2025, supported by continued strong
and cost-efficient investment vehicles.
profitability.²³
Insurance Industry Reinsurance revenue grew by 8.1% in 2024, supported by higher rates in property and casualty
reinsurance. ²⁴
The global economy is currently facing a complex set of problems such as risk of a trade war
between US and China, increased market concentration (the “Magnificent 7” stocks now represent The insurance and reinsurance industries are expected to maintain resilience through robust
around 32% of the S&P500 total market capitalisation, up from just 9% in January 2015)¹⁶ and capitalization which provides a buffer against potential shocks, underwriting discipline and
contrasting monetary policies between developed economies. These events can have an indirect enhanced modelling and risk assessment necessary to address the increasing frequency and
impact on the insurers in the form of higher claim costs. The insurance industry is thus navigating a severity of natural catastrophes. Overall, while challenges persist, the industries are positioned to
landscape shaped by economic growth, evolving risk profiles, and strategic capital management. navigate FY 2025 with cautious optimism, leveraging strong capital bases and strategic risk
management.
Insured losses from natural catastrophes were at least USD 95 billion in 2024 and are expected to
exceed $135 billion in 2025, marking the fifth consecutive year of losses over $100 billion. This
trend underscores the increasing impact of climate change and urbanization on insurance
losses.¹⁷
¹² "From Recovery to Reinvention", 2025, BCG ¹⁸ Global economic and insurance market outlook ,2025-26, Swiss RE
¹³ Ibid ¹⁹ Ibid
¹⁴ Ibid ²⁰ Ibid
¹⁵ Ibid ²¹ Ibid
¹⁶ Global economic and insurance market outlook ,2025-26, Swiss RE ²² Reinsurance Market Report , 2024, Gallagher RE
¹⁷ Ibid ²³ Ibid
²⁴ Ibid
04 052024-25
Bullion
of such goods. The overall status of the economy is positive as reflected in increasing private
investments and access to credit and lowering inflation.
The global precious metals market is projected to grow from USD 327.47 billion in 2025 to USD
533.12 billion by 2032, with a compound annual growth rate (CAGR) of 7.2% over the forecast The International Monetary Fund projects growth in India to grow at the rate of 6.5% in FY 2025
period. Gold is expected to remain the dominant segment by metal type, accounting for over 40% and 2026, driven by private consumption and private investment on the back of visionary
of total market share in 2025. ²⁵ government schemes to propel infrastructure development and economic growth.³²
Metals find applications in various industries such as in automotives, electronic industry etc.
Inflation
Within applications, the jewellery segment is forecast to generate approximately USD 117.56
billion in revenue by 2025. The Asia Pacific region is poised to lead the global market, capturing
The inflation rate based on All India Consumer Price Index for FY 2025 (March 2025 over March
more than half of the total share in 2025, driven by strong industrial activity and a thriving
2024) was 3.34%. The food inflation (All India Consumer Food Price Index) for the same review
jewellery industry.²⁶ North America, led by the United States, on the other hand is anticipated to
period was 2.69%. The corresponding rates for rural and urban were 2.82% and 2.48%,
be the fastest growing region during the forecast period.²⁷
respectively.³³
One of the key growth drivers is the surging demand for gold and silver jewellery, particularly in
India's Consumer Price Index (CPI) inflation eased to a 7-month low of 3.6% in February 2025,
markets such as India and China. Precious metals namely gold, silver, platinum, and palladium
primarily due to a significant drop in food and beverage prices, especially vegetables. This marks a
continue to play a critical role in the jewellery sector, where they are extensively used in crafting
notable moderation from previous months.³⁴
earrings, necklaces, and other adornments.²⁸
Despite the overall decline, core inflation (which excludes volatile food and fuel items) crossed the
Global Silver Jewellery fabrication by 2024 end staged a partial recovery from the previous year's
4% mark for the first time in 14 months, reaching 4.08%. This suggests that while headline
heavy losses, growing by 3% to 208.7Moz (6,491t), despite the jump in silver prices²⁹
inflation is moderating, underlying price pressures remain persistent.³⁵
In countries like India, gold jewellery consumption remains robust, fuelled by cultural and
The share of imported inflation, which is the rise in domestic prices caused by an increase in the
seasonal demand, such as weddings and festivals, as well as its appeal as a long-term investment.
cost of imported goods and services rose sharply from 1.3% in June 2024 to 31.1% in February
Despite rising prices, gold demand in India increased by 5% in 2024 end, reaching 802.8 tonnes³⁰
2025, driven by higher prices of precious metals, oils, and fats. This shift highlights growing
The combination of cultural significance, aesthetic value, and investment potential continues to external price pressures despite domestic moderation.³⁶
support strong consumer appetite for precious metal-based jewellery, thereby bolstering overall
Thus, despite easing trends, checks should remain as risks from imported inflation and potential
market growth.
rupee depreciation could add upward pressure on prices going forward.
In conclusion, increasing tariffs and ongoing trade disputes could drive up inflation and reduce
global trade activity. The need of the hour is to strive for better global co-ordination of economic
Financial Markets
policies.
Banking Sector
India: Economic Assessment and Prospects
The banking sector continued to be stable, asset impairments reduced, and capital buffers were
Gross Domestic Product
robust. The Gross non-performing assets (GNPAs) fell to its lowest in 12 years at 2.6% (of gross
India is projected to be the fastest growing large economy in both FY26 and FY27, it is expected to loans and advances).³⁷
vastly surpass the global growth rate (2.7% in FY 26) by growing at the rate of 6.7%.³¹ A
A Capital to Risk Weighted Assets Ratio (CRAR ratio) of 16.7% which is above the norm for
consistently performing services sector has a huge contribution to India's steady growth and
scheduled commercial banks (SCBs) is indicative of a strong capital position; it implies that the
resilience against shocks, although there are variations in performances within the services sector
SCBs have a robust capital buffer, indicating their ability to absorb potential losses and maintain
in the last year, it has provided momentum to the Indian economy in face of supply chain
stability.
disruptions that have impacted goods exports and thus the countries largely dependent on exports
²⁵ Precious Metals, May 2025, CMI - Globe Newswire ³² IMF, World Economic Outlook update, Jan 2025
²⁶ Ibid ³³ CPI numbers press release, March 2025, MoSPI
²⁷ Ibid ³⁴ Inflation and Economic Trends in India, March 2025, PIB
²⁸ Ibid ³⁵ Ibid
²⁹ World Silver Survey, 2025, The Silver Institute ³⁶ Ibid
³⁰ Goldhub Data, 2025, World Gold Council ³⁷ FSR, Dec 2024, RBI
³¹ World Bank Group, Global Economic Prospects, 2025
06 072024-25
Bullion
of such goods. The overall status of the economy is positive as reflected in increasing private
investments and access to credit and lowering inflation.
The global precious metals market is projected to grow from USD 327.47 billion in 2025 to USD
533.12 billion by 2032, with a compound annual growth rate (CAGR) of 7.2% over the forecast The International Monetary Fund projects growth in India to grow at the rate of 6.5% in FY 2025
period. Gold is expected to remain the dominant segment by metal type, accounting for over 40% and 2026, driven by private consumption and private investment on the back of visionary
of total market share in 2025. ²⁵ government schemes to propel infrastructure development and economic growth.³²
Metals find applications in various industries such as in automotives, electronic industry etc.
Inflation
Within applications, the jewellery segment is forecast to generate approximately USD 117.56
billion in revenue by 2025. The Asia Pacific region is poised to lead the global market, capturing
The inflation rate based on All India Consumer Price Index for FY 2025 (March 2025 over March
more than half of the total share in 2025, driven by strong industrial activity and a thriving
2024) was 3.34%. The food inflation (All India Consumer Food Price Index) for the same review
jewellery industry.²⁶ North America, led by the United States, on the other hand is anticipated to
period was 2.69%. The corresponding rates for rural and urban were 2.82% and 2.48%,
be the fastest growing region during the forecast period.²⁷
respectively.³³
One of the key growth drivers is the surging demand for gold and silver jewellery, particularly in
India's Consumer Price Index (CPI) inflation eased to a 7-month low of 3.6% in February 2025,
markets such as India and China. Precious metals namely gold, silver, platinum, and palladium
primarily due to a significant drop in food and beverage prices, especially vegetables. This marks a
continue to play a critical role in the jewellery sector, where they are extensively used in crafting
notable moderation from previous months.³⁴
earrings, necklaces, and other adornments.²⁸
Despite the overall decline, core inflation (which excludes volatile food and fuel items) crossed the
Global Silver Jewellery fabrication by 2024 end staged a partial recovery from the previous year's
4% mark for the first time in 14 months, reaching 4.08%. This suggests that while headline
heavy losses, growing by 3% to 208.7Moz (6,491t), despite the jump in silver prices²⁹
inflation is moderating, underlying price pressures remain persistent.³⁵
In countries like India, gold jewellery consumption remains robust, fuelled by cultural and
The share of imported inflation, which is the rise in domestic prices caused by an increase in the
seasonal demand, such as weddings and festivals, as well as its appeal as a long-term investment.
cost of imported goods and services rose sharply from 1.3% in June 2024 to 31.1% in February
Despite rising prices, gold demand in India increased by 5% in 2024 end, reaching 802.8 tonnes³⁰
2025, driven by higher prices of precious metals, oils, and fats. This shift highlights growing
The combination of cultural significance, aesthetic value, and investment potential continues to external price pressures despite domestic moderation.³⁶
support strong consumer appetite for precious metal-based jewellery, thereby bolstering overall
Thus, despite easing trends, checks should remain as risks from imported inflation and potential
market growth.
rupee depreciation could add upward pressure on prices going forward.
In conclusion, increasing tariffs and ongoing trade disputes could drive up inflation and reduce
global trade activity. The need of the hour is to strive for better global co-ordination of economic
Financial Markets
policies.
Banking Sector
India: Economic Assessment and Prospects
The banking sector continued to be stable, asset impairments reduced, and capital buffers were
Gross Domestic Product
robust. The Gross non-performing assets (GNPAs) fell to its lowest in 12 years at 2.6% (of gross
India is projected to be the fastest growing large economy in both FY26 and FY27, it is expected to loans and advances).³⁷
vastly surpass the global growth rate (2.7% in FY 26) by growing at the rate of 6.7%.³¹ A
A Capital to Risk Weighted Assets Ratio (CRAR ratio) of 16.7% which is above the norm for
consistently performing services sector has a huge contribution to India's steady growth and
scheduled commercial banks (SCBs) is indicative of a strong capital position; it implies that the
resilience against shocks, although there are variations in performances within the services sector
SCBs have a robust capital buffer, indicating their ability to absorb potential losses and maintain
in the last year, it has provided momentum to the Indian economy in face of supply chain
stability.
disruptions that have impacted goods exports and thus the countries largely dependent on exports
²⁵ Precious Metals, May 2025, CMI - Globe Newswire ³² IMF, World Economic Outlook update, Jan 2025
²⁶ Ibid ³³ CPI numbers press release, March 2025, MoSPI
²⁷ Ibid ³⁴ Inflation and Economic Trends in India, March 2025, PIB
²⁸ Ibid ³⁵ Ibid
²⁹ World Silver Survey, 2025, The Silver Institute ³⁶ Ibid
³⁰ Goldhub Data, 2025, World Gold Council ³⁷ FSR, Dec 2024, RBI
³¹ World Bank Group, Global Economic Prospects, 2025
06 072024-25
Capital Markets
Increased profitability is evident by significant increases in PAT (22.2 % YoY), RoE, and RoA,
suggesting that SCBs are efficiently managing their operations, improving their financial health,
There were 320 IPOs amounting to Rs 1.72 lakh crores.³⁹ Total preferential allotments listed at
and enhancing shareholder value.
BSE and NSE amounted to Rs 84,084 crore. The market capitalisation in cash segment of NSE (in
With strong capital positions and improved profitability, SCBs are well-positioned to support crores) increased from Rs.3,86,97,100 in 2023-24 to Rs. 41,287,647 in 2024-25.
economic growth by increasing lending and providing credit to viable borrowers.³⁸
Indian capital markets are posed for steady growth in the coming fiscal year, experts predict a
NIFTY Fifty returns of 12-15% in FY 26 and investors resonate the sentiment as reflected in FPI
investments in Indian equities which crossed USD 4 billion recently and although global
Insurance and Re-Insurance Sector
uncertainty and instability may persist, but equities are projected to emerge as the best
The Indian insurance industry has demonstrated robust growth and transformation over the past performing asset class. ⁴⁰
decade, marked by rising penetration, expanding product offerings, and increasing competition.
The sector comprises both life and general (non-life) insurance providers, including a growing Funds Industry
number of foreign reinsurers and specialized health insurers. As of March 31, 2024, the total
number of insurance companies stood at 73, reflecting a steady entry of new players and The Indian funds industry witnessed robust growth in 2024, underpinned by strong retail
diversification within the industry. participation and technological advancements.
The number of insurer offices increased up from 21,173 last year to 21,338. Insurance Penetration Monthly SIP (Systematic Investment Plan) inflows reached Rs.15,000 crore, marking a 20% year-
in India fell slightly from 4.0% in 2022-23 to 3.7% in 2023-24. However, Insurance Density rose on-year increase. The number of active SIP accounts crossed 68 million, underscoring the growing
from $92 to $95 per capita, showing continued growth in average insurance spend per person. reliance on mutual funds for long-term wealth accumulation. The alternative investment market,
Total industry premium grew from Rs.10,39,398 crore to Rs.11,19,613 crore (+7.7%), underlining including REITs and AIFs, saw assets under management (AUM) rise to Rs.6.4 lakh crore,
robust business expansion. expanding at an 18% CAGR. These instruments gained popularity among high-net-worth
individuals (HNIs) and family offices as effective hedges against market volatility. ⁴¹
In total, the insurance industry paid out Rs.7,49,311.8 crore in claims in 2023-24, up from
Rs.6,46,178.1 crore in 2022-23 (+15.9%), reflecting both higher business volumes and increased ESG (Environmental, Social, and Governance) investments experienced a 30% annual rise in
claims activity, especially in health and life segments. Profitability rebounded sharply, with profit inflows since 2020, with ESG-focused AUM estimated to reach ₹5 lakh crore by 2025. Regulatory
after tax rising from Rs.40,222.3 crore to Rs.57,526 crore (+43.1%). Assets Under Management mandates for ESG disclosures further boosted interest in sustainable investment. ⁴²
(including Reinsurers & FRBs) in 2023-24, increased from Rs.60,04,209.7 crore to Rs.67,57,960.5
The Wealth Tech market is projected to exceed $60 billion by 2025, growing at a 12–15% CAGR. AI-
crore (+12.5%), highlighting strong investment growth.
driven platforms will further democratize access to sophisticated investment tools and hyper-
In comparison to 2022-23. the life insurance segment, the total premium increased from personalized portfolio management. ⁴³
Rs.7,82,504 crore to Rs.8,29,929.5 crore (+6.1%). Total benefits paid rose from Rs.4,96,865.1 crore
Retail participation through SIPs is expected to remain strong, supported by rising financial
to Rs.5,77,021.4 crore (+16.2%) and the profit after tax improved from Rs.42,788 crore to
literacy and digital onboarding. The mass affluent segment (assets between ₹25 lakh and ₹5 crore)
Rs.47,407.3 crore (+10.8%).
is projected to grow by 35% by 2025, driving demand for bespoke and flexible investment
In the General Insurance Segment on the other hand, insurance penetration increased to 1% in solutions. ⁴⁴
2023-24, up from 0.8% in 2013-14, showing gradual but steady growth. Within the segment,
The Indian funds industry is thus entering a phase of accelerated transformation, driven by
Health Premium Saw the fastest growth, from Rs.97,663.5 crore to Rs.1,16,693.9 crore (+19.5%).
technology, sustainability, and diversification.
The outlook for the Indian insurance industry thus remains positive, underpinned by favourable
demographics and a growing middle class and a supportive regulatory environment.
³⁹ Monthly Bulletin, April 2025, SEBI
⁴⁰ Capital Market outlook, May 2025, Mint Markets
⁴¹ Investing in 2025, ET Markets
³⁸ FSR, Dec 2024, RBI ⁴² Ibid
⁴³ Ibid
⁴⁴ Ibid
08 092024-25
Capital Markets
Increased profitability is evident by significant increases in PAT (22.2 % YoY), RoE, and RoA,
suggesting that SCBs are efficiently managing their operations, improving their financial health,
There were 320 IPOs amounting to Rs 1.72 lakh crores.³⁹ Total preferential allotments listed at
and enhancing shareholder value.
BSE and NSE amounted to Rs 84,084 crore. The market capitalisation in cash segment of NSE (in
With strong capital positions and improved profitability, SCBs are well-positioned to support crores) increased from Rs.3,86,97,100 in 2023-24 to Rs. 41,287,647 in 2024-25.
economic growth by increasing lending and providing credit to viable borrowers.³⁸
Indian capital markets are posed for steady growth in the coming fiscal year, experts predict a
NIFTY Fifty returns of 12-15% in FY 26 and investors resonate the sentiment as reflected in FPI
investments in Indian equities which crossed USD 4 billion recently and although global
Insurance and Re-Insurance Sector
uncertainty and instability may persist, but equities are projected to emerge as the best
The Indian insurance industry has demonstrated robust growth and transformation over the past performing asset class. ⁴⁰
decade, marked by rising penetration, expanding product offerings, and increasing competition.
The sector comprises both life and general (non-life) insurance providers, including a growing Funds Industry
number of foreign reinsurers and specialized health insurers. As of March 31, 2024, the total
number of insurance companies stood at 73, reflecting a steady entry of new players and The Indian funds industry witnessed robust growth in 2024, underpinned by strong retail
diversification within the industry. participation and technological advancements.
The number of insurer offices increased up from 21,173 last year to 21,338. Insurance Penetration Monthly SIP (Systematic Investment Plan) inflows reached Rs.15,000 crore, marking a 20% year-
in India fell slightly from 4.0% in 2022-23 to 3.7% in 2023-24. However, Insurance Density rose on-year increase. The number of active SIP accounts crossed 68 million, underscoring the growing
from $92 to $95 per capita, showing continued growth in average insurance spend per person. reliance on mutual funds for long-term wealth accumulation. The alternative investment market,
Total industry premium grew from Rs.10,39,398 crore to Rs.11,19,613 crore (+7.7%), underlining including REITs and AIFs, saw assets under management (AUM) rise to Rs.6.4 lakh crore,
robust business expansion. expanding at an 18% CAGR. These instruments gained popularity among high-net-worth
individuals (HNIs) and family offices as effective hedges against market volatility. ⁴¹
In total, the insurance industry paid out Rs.7,49,311.8 crore in claims in 2023-24, up from
Rs.6,46,178.1 crore in 2022-23 (+15.9%), reflecting both higher business volumes and increased ESG (Environmental, Social, and Governance) investments experienced a 30% annual rise in
claims activity, especially in health and life segments. Profitability rebounded sharply, with profit inflows since 2020, with ESG-focused AUM estimated to reach ₹5 lakh crore by 2025. Regulatory
after tax rising from Rs.40,222.3 crore to Rs.57,526 crore (+43.1%). Assets Under Management mandates for ESG disclosures further boosted interest in sustainable investment. ⁴²
(including Reinsurers & FRBs) in 2023-24, increased from Rs.60,04,209.7 crore to Rs.67,57,960.5
The Wealth Tech market is projected to exceed $60 billion by 2025, growing at a 12–15% CAGR. AI-
crore (+12.5%), highlighting strong investment growth.
driven platforms will further democratize access to sophisticated investment tools and hyper-
In comparison to 2022-23. the life insurance segment, the total premium increased from personalized portfolio management. ⁴³
Rs.7,82,504 crore to Rs.8,29,929.5 crore (+6.1%). Total benefits paid rose from Rs.4,96,865.1 crore
Retail participation through SIPs is expected to remain strong, supported by rising financial
to Rs.5,77,021.4 crore (+16.2%) and the profit after tax improved from Rs.42,788 crore to
literacy and digital onboarding. The mass affluent segment (assets between ₹25 lakh and ₹5 crore)
Rs.47,407.3 crore (+10.8%).
is projected to grow by 35% by 2025, driving demand for bespoke and flexible investment
In the General Insurance Segment on the other hand, insurance penetration increased to 1% in solutions. ⁴⁴
2023-24, up from 0.8% in 2013-14, showing gradual but steady growth. Within the segment,
The Indian funds industry is thus entering a phase of accelerated transformation, driven by
Health Premium Saw the fastest growth, from Rs.97,663.5 crore to Rs.1,16,693.9 crore (+19.5%).
technology, sustainability, and diversification.
The outlook for the Indian insurance industry thus remains positive, underpinned by favourable
demographics and a growing middle class and a supportive regulatory environment.
³⁹ Monthly Bulletin, April 2025, SEBI
⁴⁰ Capital Market outlook, May 2025, Mint Markets
⁴¹ Investing in 2025, ET Markets
³⁸ FSR, Dec 2024, RBI ⁴² Ibid
⁴³ Ibid
⁴⁴ Ibid
08 092024-25
Bullion Fiscal Developments
Gold External Sector
Asia comprises one of the biggest gold markets around the world owing to large demand from Even though there were uncertainties in the business environment, India's services exports
India and China. In India, gold demand is driven by the function that the metal is serving in various remained resilient. The investment inflows and the balance of Payments position also remained
capacities such as investment, jewellery, auspicious purchase etc., Thus, along with its intrinsic stable. Total exports, both merchandise and services have been growing steadily, reaching USD
and investment value, also has festive value. ⁴⁵ 602.6 billion. In the first nine months of F.Y. 2025, there was a growth of 10.4% (excluding
petroleum and gems and jewellery). Imports on the other hand reached USD 682.2 billion. ⁵³
The demand for the metal is thus driven by consumer sentiment around each of this function. For
the investment function, in bar and coin segment, demand in India is expected to weaken slightly. A rise in repatriation/ disinvestment was observed during the first 8 months, causing a decline in
net FDI inflows. Gross FDI inflows however displayed signs of revival. Services sector (including
Gold prices witnessed volatility and reached record high; as a result, jewellery demand in India
Financial, Banking, Insurance, Non-Financial / Business, Outsourcing, R&D, Courier, and Tech.
shrank. However, due to resilient demand in India, the decline was limited to 2%. For the second
Testing and Analysis, Other.) continued to be the largest recipient of FDI. ⁵⁴
time in last three years, India overtook China to be the largest jewellery market. It is expected that
the demand from weddings will stabilise demand. India's Foreign Exchange reserves reached USD 640.3 billion (as of Dec 2024), a strong buffer
against India's external debt of USD 711.8 billion. ⁵⁵ The Current Account Deficit reduced slightly
The government discontinued the medium- and long-term options under the Gold Monetisation
to 1.2% of the GDP in Q2. Remittances by Indians employed overseas reached USD 31.9 billion up
Scheme in March 2025⁴⁶, citing poor participation and evolving market conditions.
from USD 28.1 billion last year and were the biggest contributor to net transfers. ⁵⁶ External debt
Total import of gold bullion in 2024-25 was 812.22 tonnes and USD 48.5 billion in value. ⁴⁷ to GDP ratio landed on 19.4% at the end of September 2024. ⁵⁷
Net capital inflows were recorded at USD 30.5 billion in the second quarter of F.Y. 25, a significant
Silver
increase from the USD 12.8 billion recorded during the same time frame in the previous year.
This rise was mainly due to increased FPI inflows, external commercial borrowings, and NRI
Silver prices hit a record high of ₹102,040/kg in March 2025 before correcting. Indian silver ETP
deposits. ⁵⁸
holdings saw their lowest monthly inflow since December 2023, suggesting some cooling in silver
investment demand. ⁴⁸ The net inflows from External Commercial Borrowings (ECBs) increased to USD 9.2 billion
between April to October 2025, increasing substantially from the last year's level of USD 2.8 billion.
One of the components of silver demand is caused by its applications linked to artificial
Similarly, Non- Resident Indian deposits increased from USD 5.4 billion in H1 2024 to USD 10.2
intelligence, photovoltaic sector, automobiles etc. With an increase of 4% in the industrial uptake,
billion during H1 2025. ⁵⁹
India was the second largest contributor to silver demand in 2024. ⁴⁹
Overall, despite facing several headwinds throughout the year, the Indian economy demonstrated
In the coin and net bar component of the silver demand, India was again a big contributor as
resilience, driven by strong capital formation and vibrant manufacturing activity. This growth was
opposed to other countries, its 21% rise took coin and bar demand to its highest level since 2015. ⁵⁰
further supported by a robust banking sector and a steady, well-managed monetary policy. While
Silver futures turnover on the Multi Commodity Exchange of India (MCX), increased by 5%, while
policymakers must remain vigilant in light of ongoing global uncertainties, the outlook for the
options trading grew more than double (YoY) as high price volatility drove interest in flexible
Indian economy remains optimistic, with expectations of sustained rapid growth in the coming
options contracts. Turnover on the International Bullion Exchange (IIBX) also improved
years.
significantly to 36.2Moz (1,127t) in 2024, representing 16% of total imports into the country. ⁵¹
Imports into India of silver in 2024-25 amounted to 7,669.40 tonnes, valued at USD 3.39 billion. ⁵²
⁴⁵ Gold Demand Trends, 2024, World Gold Council ⁵³ Economic survey, 2024-25, MoF, GoI
⁴⁶ India Focus Monthly, March 2025, Metals Focus ⁵⁴ Ibid
⁴⁷ DICGS data ⁵⁵ Ibid
⁴⁸ Ibid ⁵⁶ Ibid
⁴⁹ World Silver Survey, 2025, The Silver Institute ⁵⁷ Ibid
⁵⁰ Ibid ⁵⁸ Ibid
⁵¹ World Silver Survey, 2025, The Silver Institute ⁵⁹ Ibid
⁵² DICGS data
10 112024-25
Bullion Fiscal Developments
Gold External Sector
Asia comprises one of the biggest gold markets around the world owing to large demand from Even though there were uncertainties in the business environment, India's services exports
India and China. In India, gold demand is driven by the function that the metal is serving in various remained resilient. The investment inflows and the balance of Payments position also remained
capacities such as investment, jewellery, auspicious purchase etc., Thus, along with its intrinsic stable. Total exports, both merchandise and services have been growing steadily, reaching USD
and investment value, also has festive value. ⁴⁵ 602.6 billion. In the first nine months of F.Y. 2025, there was a growth of 10.4% (excluding
petroleum and gems and jewellery). Imports on the other hand reached USD 682.2 billion. ⁵³
The demand for the metal is thus driven by consumer sentiment around each of this function. For
the investment function, in bar and coin segment, demand in India is expected to weaken slightly. A rise in repatriation/ disinvestment was observed during the first 8 months, causing a decline in
net FDI inflows. Gross FDI inflows however displayed signs of revival. Services sector (including
Gold prices witnessed volatility and reached record high; as a result, jewellery demand in India
Financial, Banking, Insurance, Non-Financial / Business, Outsourcing, R&D, Courier, and Tech.
shrank. However, due to resilient demand in India, the decline was limited to 2%. For the second
Testing and Analysis, Other.) continued to be the largest recipient of FDI. ⁵⁴
time in last three years, India overtook China to be the largest jewellery market. It is expected that
the demand from weddings will stabilise demand. India's Foreign Exchange reserves reached USD 640.3 billion (as of Dec 2024), a strong buffer
against India's external debt of USD 711.8 billion. ⁵⁵ The Current Account Deficit reduced slightly
The government discontinued the medium- and long-term options under the Gold Monetisation
to 1.2% of the GDP in Q2. Remittances by Indians employed overseas reached USD 31.9 billion up
Scheme in March 2025⁴⁶, citing poor participation and evolving market conditions.
from USD 28.1 billion last year and were the biggest contributor to net transfers. ⁵⁶ External debt
Total import of gold bullion in 2024-25 was 812.22 tonnes and USD 48.5 billion in value. ⁴⁷ to GDP ratio landed on 19.4% at the end of September 2024. ⁵⁷
Net capital inflows were recorded at USD 30.5 billion in the second quarter of F.Y. 25, a significant
Silver
increase from the USD 12.8 billion recorded during the same time frame in the previous year.
This rise was mainly due to increased FPI inflows, external commercial borrowings, and NRI
Silver prices hit a record high of ₹102,040/kg in March 2025 before correcting. Indian silver ETP
deposits. ⁵⁸
holdings saw their lowest monthly inflow since December 2023, suggesting some cooling in silver
investment demand. ⁴⁸ The net inflows from External Commercial Borrowings (ECBs) increased to USD 9.2 billion
between April to October 2025, increasing substantially from the last year's level of USD 2.8 billion.
One of the components of silver demand is caused by its applications linked to artificial
Similarly, Non- Resident Indian deposits increased from USD 5.4 billion in H1 2024 to USD 10.2
intelligence, photovoltaic sector, automobiles etc. With an increase of 4% in the industrial uptake,
billion during H1 2025. ⁵⁹
India was the second largest contributor to silver demand in 2024. ⁴⁹
Overall, despite facing several headwinds throughout the year, the Indian economy demonstrated
In the coin and net bar component of the silver demand, India was again a big contributor as
resilience, driven by strong capital formation and vibrant manufacturing activity. This growth was
opposed to other countries, its 21% rise took coin and bar demand to its highest level since 2015. ⁵⁰
further supported by a robust banking sector and a steady, well-managed monetary policy. While
Silver futures turnover on the Multi Commodity Exchange of India (MCX), increased by 5%, while
policymakers must remain vigilant in light of ongoing global uncertainties, the outlook for the
options trading grew more than double (YoY) as high price volatility drove interest in flexible
Indian economy remains optimistic, with expectations of sustained rapid growth in the coming
options contracts. Turnover on the International Bullion Exchange (IIBX) also improved
years.
significantly to 36.2Moz (1,127t) in 2024, representing 16% of total imports into the country. ⁵¹
Imports into India of silver in 2024-25 amounted to 7,669.40 tonnes, valued at USD 3.39 billion. ⁵²
⁴⁵ Gold Demand Trends, 2024, World Gold Council ⁵³ Economic survey, 2024-25, MoF, GoI
⁴⁶ India Focus Monthly, March 2025, Metals Focus ⁵⁴ Ibid
⁴⁷ DICGS data ⁵⁵ Ibid
⁴⁸ Ibid ⁵⁶ Ibid
⁴⁹ World Silver Survey, 2025, The Silver Institute ⁵⁷ Ibid
⁵⁰ Ibid ⁵⁸ Ibid
⁵¹ World Silver Survey, 2025, The Silver Institute ⁵⁹ Ibid
⁵² DICGS data
10 112024-25
GIFT – International Financial Services Centre
The capital market ecosystem in GIFT IFSC comprises of two International Stock Exchanges (India
INX and NSE IFSC) offering trading in various product categories including Index Derivatives,
The GIFT IFSC covers following verticals
Equity Derivatives, Currency Derivatives, and Commodity Derivatives.
Banking
GIFT IFSC has also become the preferred destination for Indian issuers looking for raising global
debt, including for green, social, sustainable and sustainability linked debt securities.
Banking sector is one of the most important pillars of an international financial centre both as a
financial intermediary and as a provider of key services to other financial institutions. The vibrant
Fund Management
banking ecosystem in GIFT IFSC today comprises both foreign and domestic banks set up as
branches of the parent bank called IFSC Banking Units (IBUs). A robust Fund Management industry along with a well-developed supporting ecosystem is pivotal
to the growth of capital markets. With a view to develop GIFT IFSC as a preferred jurisdiction for
The IFSCA Banking regulations notified in November 2020 and directions / guidelines issued
global fund management industry, IFSCA notified the Fund Management Regulations in April
thereunder were aimed at enabling and facilitating various banking activities generally carried out
2022, which came into effect in May 2022. The regulations were thoroughly revised in 2025. The
by internationally active banks in international financial centres across the globe while ensuring a
Regulations have adopted global best practices and facilitate innovation and promote ease of doing
smooth transition from the RBI guidelines that were applicable prior to the IFSCA Banking
business in IFSC.
Regulations.
Earlier, pooling of global capital for investments into India was predominantly undertaken
With a view to further enhancing 'ease of doing banking business' in GIFT IFSC, the Authority
through funds set up in overseas financial jurisdictions. In the short span of time since these
issued the IFSCA Banking Handbook which acts as a compendium of all the detailed directions of
regulations have come into effect, GIFT IFSC is emerging as a preferred jurisdiction for pooling
the Authority to the IBUs operating in GIFT IFSC. IFSCA Banking Regulations were amended in June
global funds for investments into India as well as overseas, on account of best-in-class regulatory
2022, to allow Global Administrative Office (GAO) to be setup in IFSC.
architecture and competitive tax regime.
Metals and Commodities
Finance Companies
India, being one of the largest gold importers and consumers, is poised to enhance its role in the
Finance Companies/Units (FCs/FUs) play a crucial role in providing non-banking financial
global precious metals market through the establishment of the International Bullion Exchange at
intermediation services in the IFSC. FCs/FUs are allowed to undertake activities similar to those
GIFT IFSC. This initiative originated from the NITI Aayog's 2018 report on transforming India's
enabled for the IBUs in IFSC except raising public deposits, thus complementing the role of the
gold market and was announced in the 2020 Union Budget.
IBUs in terms of providing financial services.
The IFSCA formalized regulations for the Bullion Exchange in December 2020, leading to the
The FCs/FUs are governed under the IFSCA (Finance Company) Regulations, 2021 with an
creation of the India International Bullion Exchange (IIBX) by a consortium of five major Market
objective to provide a risk-focused competitive environment for financial institutions, ensuring
Infrastructure Institutions (MIIs) in India and the GIFT IFSC. IIBX was formally launched by the
fairness, transparency and efficiency while being aligned to international standards. The core
Hon'ble Prime Minister on July 29, 2022. The idea behind IIBX is to create a vibrant marketplace
activities include lending, investments, trading in Derivatives, acting as a Global/ Regional
and to develop a transparent Exchange model to determine the price of various metals and
Corporate Treasury Centre (GRCTC) and undertaking Factoring/ Forfaiting activities. Regulations
commodities within the country, including precious metal such as gold, silver etc, thus making
have also enabled specific activities in the IFSC which includes undertaking leasing of aircrafts,
India a price setter rather than a price taker in the global market.
ships, and other equipment notified by IFSCA, setting up of Global and Regional Treasury Centres
and International Trade Finance Platforms (ITFS Platforms).
FinTech Hub
In the last few years, India has shown its mettle in the FinTech space, the bright young Indian talent
Capital Markets
with expertise in IT and Finance have created cutting edge innovations in the field of Financial
The capital markets ecosystem in GIFT IFSC aims to position India as a global financial hub by Technology and positioned India as a global front runner in the FinTech ecosystem. GIFT IFSC is
providing a robust and efficient infrastructure which includes advanced international stock strategically positioned to propel the Indian fintech ecosystem onto the global FinTech stage.
exchanges, robust clearing and settlement systems and a diverse range of financial products such
as equities, debt instruments, and derivatives. Regulated by the International Financial Services Insurance
Centres Authority (IFSCA), GIFT IFSC offers best-in-class regulatory framework, streamlined
Insurance business is one of the most important segments IFSC for developing the essential
processes, and attractive tax incentives to create a conducive environment for global investors and
ecosystem of a financial market and providing insurance solutions to a global clientele.
financial entities across the globe.
12 132024-25
GIFT – International Financial Services Centre
The capital market ecosystem in GIFT IFSC comprises of two International Stock Exchanges (India
INX and NSE IFSC) offering trading in various product categories including Index Derivatives,
The GIFT IFSC covers following verticals
Equity Derivatives, Currency Derivatives, and Commodity Derivatives.
Banking
GIFT IFSC has also become the preferred destination for Indian issuers looking for raising global
debt, including for green, social, sustainable and sustainability linked debt securities.
Banking sector is one of the most important pillars of an international financial centre both as a
financial intermediary and as a provider of key services to other financial institutions. The vibrant
Fund Management
banking ecosystem in GIFT IFSC today comprises both foreign and domestic banks set up as
branches of the parent bank called IFSC Banking Units (IBUs). A robust Fund Management industry along with a well-developed supporting ecosystem is pivotal
to the growth of capital markets. With a view to develop GIFT IFSC as a preferred jurisdiction for
The IFSCA Banking regulations notified in November 2020 and directions / guidelines issued
global fund management industry, IFSCA notified the Fund Management Regulations in April
thereunder were aimed at enabling and facilitating various banking activities generally carried out
2022, which came into effect in May 2022. The regulations were thoroughly revised in 2025. The
by internationally active banks in international financial centres across the globe while ensuring a
Regulations have adopted global best practices and facilitate innovation and promote ease of doing
smooth transition from the RBI guidelines that were applicable prior to the IFSCA Banking
business in IFSC.
Regulations.
Earlier, pooling of global capital for investments into India was predominantly undertaken
With a view to further enhancing 'ease of doing banking business' in GIFT IFSC, the Authority
through funds set up in overseas financial jurisdictions. In the short span of time since these
issued the IFSCA Banking Handbook which acts as a compendium of all the detailed directions of
regulations have come into effect, GIFT IFSC is emerging as a preferred jurisdiction for pooling
the Authority to the IBUs operating in GIFT IFSC. IFSCA Banking Regulations were amended in June
global funds for investments into India as well as overseas, on account of best-in-class regulatory
2022, to allow Global Administrative Office (GAO) to be setup in IFSC.
architecture and competitive tax regime.
Metals and Commodities
Finance Companies
India, being one of the largest gold importers and consumers, is poised to enhance its role in the
Finance Companies/Units (FCs/FUs) play a crucial role in providing non-banking financial
global precious metals market through the establishment of the International Bullion Exchange at
intermediation services in the IFSC. FCs/FUs are allowed to undertake activities similar to those
GIFT IFSC. This initiative originated from the NITI Aayog's 2018 report on transforming India's
enabled for the IBUs in IFSC except raising public deposits, thus complementing the role of the
gold market and was announced in the 2020 Union Budget.
IBUs in terms of providing financial services.
The IFSCA formalized regulations for the Bullion Exchange in December 2020, leading to the
The FCs/FUs are governed under the IFSCA (Finance Company) Regulations, 2021 with an
creation of the India International Bullion Exchange (IIBX) by a consortium of five major Market
objective to provide a risk-focused competitive environment for financial institutions, ensuring
Infrastructure Institutions (MIIs) in India and the GIFT IFSC. IIBX was formally launched by the
fairness, transparency and efficiency while being aligned to international standards. The core
Hon'ble Prime Minister on July 29, 2022. The idea behind IIBX is to create a vibrant marketplace
activities include lending, investments, trading in Derivatives, acting as a Global/ Regional
and to develop a transparent Exchange model to determine the price of various metals and
Corporate Treasury Centre (GRCTC) and undertaking Factoring/ Forfaiting activities. Regulations
commodities within the country, including precious metal such as gold, silver etc, thus making
have also enabled specific activities in the IFSC which includes undertaking leasing of aircrafts,
India a price setter rather than a price taker in the global market.
ships, and other equipment notified by IFSCA, setting up of Global and Regional Treasury Centres
and International Trade Finance Platforms (ITFS Platforms).
FinTech Hub
In the last few years, India has shown its mettle in the FinTech space, the bright young Indian talent
Capital Markets
with expertise in IT and Finance have created cutting edge innovations in the field of Financial
The capital markets ecosystem in GIFT IFSC aims to position India as a global financial hub by Technology and positioned India as a global front runner in the FinTech ecosystem. GIFT IFSC is
providing a robust and efficient infrastructure which includes advanced international stock strategically positioned to propel the Indian fintech ecosystem onto the global FinTech stage.
exchanges, robust clearing and settlement systems and a diverse range of financial products such
as equities, debt instruments, and derivatives. Regulated by the International Financial Services Insurance
Centres Authority (IFSCA), GIFT IFSC offers best-in-class regulatory framework, streamlined
Insurance business is one of the most important segments IFSC for developing the essential
processes, and attractive tax incentives to create a conducive environment for global investors and
ecosystem of a financial market and providing insurance solutions to a global clientele.
financial entities across the globe.
12 132024-25
Ancillary services
IFSCA has enacted a world class and comprehensive regulatory framework for the insurers,
reinsurers, and insurance intermediaries in IFSC focusing on ease of doing business. These
Professional services firms are quintessential for the development of an international financial
regulations cover the aspects relating to registration of insurance business, manner of receipt of
centre as they aid and assist the delivery of financial services such as Audit and Accountancy,
premium, designing of insurance products, investment of assets, preparation and presentation of
Taxation, Legal, Consulting and Advisory services etc. Globally, the growth of financial firms and
financial statements, appointment and duties of appointed actuary, maintenance of information
financial markets are predicated on the growth and concentration of high-quality professional
and records for inspection and investigation, inward and outward reinsurance operations,
services firms.
solvency margin etc.
Considering the inherent importance of professional services firms in developing a robust
While the growth in the domestic insurance market will enhance insurance inclusion and enable
financial services market in GIFT IFSC, IFSCA in February 2021 issued the framework for enabling
building large pools for Indian insurers, it also necessitates developing reinsurance capacities.
Ancillary Services at IFSC.
GIFT IFSC, with its incentives and regulatory support, is well-positioned to develop these
capacities for both Indian and global markets. Additionally, the global Indian diaspora offers Foreign Universities and Institutions
significant opportunities for insurance entities to provide tailored health, life, and travel insurance
The Hon'ble Union Minister of Finance in the Union Budget 2022-23 announced, “World Class
products by establishing operations in GIFT IFSC.
Foreign Universities and Institutions will be allowed in the GIFT City to offer courses in Financial
Management, FinTech, Science, Technology, Engineering and Mathematics, free from domestic
Global In-house Centres
regulations, except those by the IFSCA to facilitate availability of high-end human resources for
In the last two decades, India has emerged as a leading hub for Global In-house Centres (GICs) financial services and technology”.
owing to its inherent strengths such as availability of highly skilled talent pool and competitive cost
Pursuant to the Announcement, the Ministry of Finance notified courses offered in Financial
of operations. Essentially, GICs are offshore centres that perform designated in-house functions for
Management, FinTech, Science, Technology, Engineering and Mathematics by foreign universities
large corporates and organizations. Over the years, GICs have started playing a strategic role at
or foreign institutions in the IFSC as 'Financial Services'. This policy enabled foreign universities
global level and have evolved as innovation centres offering advanced services in areas such as
and foreign educational institutions setting up campuses in IFSCs under the purview of IFSCA Act,
analytics, risk management, fraud prevention, etc.
2019. Subsequently, IFSCA notified enabling regulations i.e. IFSCA (Setting up and operation of
To enable the GIC business in GIFT IFSC, the Central Government notified GICs as a financial service International Branch Campus and Offshore Education Centre) Regulation, 2022.
under the IFSCA Act, 2019 to provide services relating to financial products and financial services.
Deakin University and University of Wollongong from Australia became one of the first foreign
Subsequently, IFSCA notified the Global In-House Centres Regulations, 2020 which permitted
universities to be granted a Certificate of Registration (CoR) for their International Branch Campus
entities belonging to any financial services group to set up a GIC in the IFSC. There are multiple
in GIFT IFSC. Further, IFSCA has also granted in-principle approvals to Coventry university and
institutions that have established GICs in the GIFT-IFSC.
Queen's University from U.K.
Sustainable Finance
Annual Business Highlights
Since its inception, IFSCA is catalysing global sustainable capital flows by creating a conducive
As on March 31, 2025, IFSCA has registered 864 entities across sectors, such as 29 IBUs, 162 FMEs
regulatory environment especially in the areas of Debt Securities, Loans, and Funds. India has
etc. The annual business expansion and growth in the IFSC is evident in the latest key statistics
committed to achieving net-zero emissions by 2070, as announced at COP26. Meeting this goal will
presented below:
require substantial funding, estimated at USD 10 trillion, and GIFT IFSC is positioned to play a
significant role in facilitating sustainable finance initiatives.
14 152024-25
Ancillary services
IFSCA has enacted a world class and comprehensive regulatory framework for the insurers,
reinsurers, and insurance intermediaries in IFSC focusing on ease of doing business. These
Professional services firms are quintessential for the development of an international financial
regulations cover the aspects relating to registration of insurance business, manner of receipt of
centre as they aid and assist the delivery of financial services such as Audit and Accountancy,
premium, designing of insurance products, investment of assets, preparation and presentation of
Taxation, Legal, Consulting and Advisory services etc. Globally, the growth of financial firms and
financial statements, appointment and duties of appointed actuary, maintenance of information
financial markets are predicated on the growth and concentration of high-quality professional
and records for inspection and investigation, inward and outward reinsurance operations,
services firms.
solvency margin etc.
Considering the inherent importance of professional services firms in developing a robust
While the growth in the domestic insurance market will enhance insurance inclusion and enable
financial services market in GIFT IFSC, IFSCA in February 2021 issued the framework for enabling
building large pools for Indian insurers, it also necessitates developing reinsurance capacities.
Ancillary Services at IFSC.
GIFT IFSC, with its incentives and regulatory support, is well-positioned to develop these
capacities for both Indian and global markets. Additionally, the global Indian diaspora offers Foreign Universities and Institutions
significant opportunities for insurance entities to provide tailored health, life, and travel insurance
The Hon'ble Union Minister of Finance in the Union Budget 2022-23 announced, “World Class
products by establishing operations in GIFT IFSC.
Foreign Universities and Institutions will be allowed in the GIFT City to offer courses in Financial
Management, FinTech, Science, Technology, Engineering and Mathematics, free from domestic
Global In-house Centres
regulations, except those by the IFSCA to facilitate availability of high-end human resources for
In the last two decades, India has emerged as a leading hub for Global In-house Centres (GICs) financial services and technology”.
owing to its inherent strengths such as availability of highly skilled talent pool and competitive cost
Pursuant to the Announcement, the Ministry of Finance notified courses offered in Financial
of operations. Essentially, GICs are offshore centres that perform designated in-house functions for
Management, FinTech, Science, Technology, Engineering and Mathematics by foreign universities
large corporates and organizations. Over the years, GICs have started playing a strategic role at
or foreign institutions in the IFSC as 'Financial Services'. This policy enabled foreign universities
global level and have evolved as innovation centres offering advanced services in areas such as
and foreign educational institutions setting up campuses in IFSCs under the purview of IFSCA Act,
analytics, risk management, fraud prevention, etc.
2019. Subsequently, IFSCA notified enabling regulations i.e. IFSCA (Setting up and operation of
To enable the GIC business in GIFT IFSC, the Central Government notified GICs as a financial service International Branch Campus and Offshore Education Centre) Regulation, 2022.
under the IFSCA Act, 2019 to provide services relating to financial products and financial services.
Deakin University and University of Wollongong from Australia became one of the first foreign
Subsequently, IFSCA notified the Global In-House Centres Regulations, 2020 which permitted
universities to be granted a Certificate of Registration (CoR) for their International Branch Campus
entities belonging to any financial services group to set up a GIC in the IFSC. There are multiple
in GIFT IFSC. Further, IFSCA has also granted in-principle approvals to Coventry university and
institutions that have established GICs in the GIFT-IFSC.
Queen's University from U.K.
Sustainable Finance
Annual Business Highlights
Since its inception, IFSCA is catalysing global sustainable capital flows by creating a conducive
As on March 31, 2025, IFSCA has registered 864 entities across sectors, such as 29 IBUs, 162 FMEs
regulatory environment especially in the areas of Debt Securities, Loans, and Funds. India has
etc. The annual business expansion and growth in the IFSC is evident in the latest key statistics
committed to achieving net-zero emissions by 2070, as announced at COP26. Meeting this goal will
presented below:
require substantial funding, estimated at USD 10 trillion, and GIFT IFSC is positioned to play a
significant role in facilitating sustainable finance initiatives.
14 15SECTION-C
REVIEW OF POLICIES, PROGRAMMES
AND ACTIVITIES OF THE AUTHORITY2024-25
Policy/ Regulatory Developments
Banking and Payment Services
IFSCA (Banking) (Amendment) Regulations 2024
Banks play a crucial role both as a financial intermediary and as a provider of key services to other
financial institutions in IFSC. The vibrant banking ecosystem in GIFT IFSC today comprises 13
The IFSCA (Banking) (Amendment) Regulations 2024 amended the existing IFSCA (Banking)
foreign and 16 domestic banks set up as branches of the parent bank called IFSC Banking Units
Regulations, 2020, and inserted the following mentioned currencies under the First Schedule:
(IBUs). One multilateral bank viz. New Development Bank has set up its Regional Office of India in
GIFT IFSC. Further, one foreign bank and one domestic bank have set up their Global i. Swedish Krone (SEK)
Administrative Offices (GAOs) in GIFT IFSC.
ii. Norwegian Krone (NOK)
The regulatory framework of banks in IFSC consists of IFSCA (Banking) Regulations, 2020 (as
iii. New Zealand Dollar (NZD)
amended) and IFSCA Banking Handbooks. The framework is reviewed on a regular basis with the
demand from market participants and based on emerging banking trends across the world. iv. Danish Krone (DKK)
Payment Service Provider (PSP) and Payment System Operator (PSO) also play an important role With the addition of these four currencies, now IBUs are permitted to conduct business in total of
in providing non-banking financial intermediation services to various participants including 15 specified foreign currencies.
banks. Since payment services are a natural extension of the banking services, the PSP and PSO
complement the role of banks in furtherance of payment and settlement services to various
IFSCA Banking Handbook
stakeholders.
IFSCA Banking Handbook: General Directions – Version 5.0
PSPs are the front-end service channel used to initiate payment that connects the payer and the
payee. PSPs in IFSC are governed under the IFSCA (Payment Services) Regulations 2024, which One of the provisions in the undertaking submitted by a banking company for setting up an IBU,
provides a principle-based framework for such institutions, ensuring fairness, transparency and required notifying the Authority in case of any 'anticipated or actual' breach of prudential
efficiency while being aligned to international standards. Currently, the activities which have been requirements set by the home regulator. This has been revised to remove the phrase 'anticipated
permitted as payment services activities include – account issuance service (including e-money and actual'. Further, prudential requirements viz. LCR, CRAR, and NSFR have been specified, in the
account issuance service); e-money issuance service; escrow service; cross border money transfer said provision, to enhance clarity and facilitate ease of compliance and doing business.
service; merchant acquisition service. A single authorisation enables a PSP to provide any
combination of the permitted payment services.
IFSCA Banking Handbook: Conduct of Business Directions – Version 6.0
Payment Systems form the backbone for effecting large value transactions and/or settlement of
• A Circular enabling IBUs to undertake OTC Derivatives (OTDE) on Gold and Silver and offer such
funds underlying such payment transactions. Essentially, PSOs form the infrastructure for
derivatives to their clients, including Persons Residents in India to hedge the price risk was
payments and/or settlement. PSOs in IFSC are governed under the IFSCA (Payment and
issued.
Settlement System) Regulations, 2024, which have been framed using the powers under the
Payment and Settlement System Act (“PSS Act”), 2007. The regulations specify the procedure and • A para has been included in OTDE module classifying Offshore Derivative Instruments (ODIs)
factors for consideration for grant of authorisation by the Authority and include best practices like as 'Qualified Financial Contracts' under Bilateral Netting of Qualified Financial Contracts Act,
Principles for Financial Market Infrastructure (PFMI) and Core principles for systemically 2020.
important payment systems (CP-SIPS), that may be complied with by the PSO.
IFSCA (Payment Services) (Amendment) Regulations, 2024
The definition of the term “escrow service” which is one of the payment services that may be
provided by PSPs authorised by the Authority under the IFSCA (Payment Services) Regulations,
2024, has been modified to cover situations in which more than two parties may be involved in a
transaction.
18 192024-25
Policy/ Regulatory Developments
Banking and Payment Services
IFSCA (Banking) (Amendment) Regulations 2024
Banks play a crucial role both as a financial intermediary and as a provider of key services to other
financial institutions in IFSC. The vibrant banking ecosystem in GIFT IFSC today comprises 13
The IFSCA (Banking) (Amendment) Regulations 2024 amended the existing IFSCA (Banking)
foreign and 16 domestic banks set up as branches of the parent bank called IFSC Banking Units
Regulations, 2020, and inserted the following mentioned currencies under the First Schedule:
(IBUs). One multilateral bank viz. New Development Bank has set up its Regional Office of India in
GIFT IFSC. Further, one foreign bank and one domestic bank have set up their Global i. Swedish Krone (SEK)
Administrative Offices (GAOs) in GIFT IFSC.
ii. Norwegian Krone (NOK)
The regulatory framework of banks in IFSC consists of IFSCA (Banking) Regulations, 2020 (as
iii. New Zealand Dollar (NZD)
amended) and IFSCA Banking Handbooks. The framework is reviewed on a regular basis with the
demand from market participants and based on emerging banking trends across the world. iv. Danish Krone (DKK)
Payment Service Provider (PSP) and Payment System Operator (PSO) also play an important role With the addition of these four currencies, now IBUs are permitted to conduct business in total of
in providing non-banking financial intermediation services to various participants including 15 specified foreign currencies.
banks. Since payment services are a natural extension of the banking services, the PSP and PSO
complement the role of banks in furtherance of payment and settlement services to various
IFSCA Banking Handbook
stakeholders.
IFSCA Banking Handbook: General Directions – Version 5.0
PSPs are the front-end service channel used to initiate payment that connects the payer and the
payee. PSPs in IFSC are governed under the IFSCA (Payment Services) Regulations 2024, which One of the provisions in the undertaking submitted by a banking company for setting up an IBU,
provides a principle-based framework for such institutions, ensuring fairness, transparency and required notifying the Authority in case of any 'anticipated or actual' breach of prudential
efficiency while being aligned to international standards. Currently, the activities which have been requirements set by the home regulator. This has been revised to remove the phrase 'anticipated
permitted as payment services activities include – account issuance service (including e-money and actual'. Further, prudential requirements viz. LCR, CRAR, and NSFR have been specified, in the
account issuance service); e-money issuance service; escrow service; cross border money transfer said provision, to enhance clarity and facilitate ease of compliance and doing business.
service; merchant acquisition service. A single authorisation enables a PSP to provide any
combination of the permitted payment services.
IFSCA Banking Handbook: Conduct of Business Directions – Version 6.0
Payment Systems form the backbone for effecting large value transactions and/or settlement of
• A Circular enabling IBUs to undertake OTC Derivatives (OTDE) on Gold and Silver and offer such
funds underlying such payment transactions. Essentially, PSOs form the infrastructure for
derivatives to their clients, including Persons Residents in India to hedge the price risk was
payments and/or settlement. PSOs in IFSC are governed under the IFSCA (Payment and
issued.
Settlement System) Regulations, 2024, which have been framed using the powers under the
Payment and Settlement System Act (“PSS Act”), 2007. The regulations specify the procedure and • A para has been included in OTDE module classifying Offshore Derivative Instruments (ODIs)
factors for consideration for grant of authorisation by the Authority and include best practices like as 'Qualified Financial Contracts' under Bilateral Netting of Qualified Financial Contracts Act,
Principles for Financial Market Infrastructure (PFMI) and Core principles for systemically 2020.
important payment systems (CP-SIPS), that may be complied with by the PSO.
IFSCA (Payment Services) (Amendment) Regulations, 2024
The definition of the term “escrow service” which is one of the payment services that may be
provided by PSPs authorised by the Authority under the IFSCA (Payment Services) Regulations,
2024, has been modified to cover situations in which more than two parties may be involved in a
transaction.
18 192024-25
IFSCA (Board for Regulation and Supervision of Payment and Expansion of Asset Base
Settlement Systems) Regulations, 2024
Table 2: Total Assets (Outstanding) in IBUs
As per sub-section (1) of Section 3 read with Section 34B of the Payment and Settlement Systems
Particulars As on Mar 31, 2024 As on Mar 31, 2025
Act, 2007 (PSS Act), the IFSCA shall be the designated authority for regulation and supervision of
Payment Systems in IFSC. Total Assets at IFSC (in USD Mn) 60,248.15 88,510.39
As per sub-section (2) of Section 3 of the PSS Act, IFSCA, for the purposes of exercising the powers
and performing the functions and discharging the duties conferred on it under the PSS Act, has Figure 1: Growth of total assets (USD Mn) of IBUs
notified the IFSCA (Board for Regulation and Supervision of Payment and Settlement Systems)
Regulations, 2024, which inter-alia provides – Growth of Total Assets
• The composition of the Board for Regulation and Supervision of Payment and Settlement
Systems (BPSS)
• The duties, powers and functions of the BPSS
• The procedure to be followed at the meetings of the BPSS
• The powers of the BPSS to be exercised under specific circumstances
• The power of the BPSS to set up sub-committees and advisory committees
IFSCA (Payment and Settlement Systems) Regulations, 2024
Using the powers, conferred upon it under the sub-section (1) of Section 38 of the PSS Act, the
Authority has notified the IFSCA (Payment and Settlement Systems) Regulations, 2024.
The regulations lay down the process of authorisation and operations of Payment Systems in IFSC
and inter alia specifies the authorisation requirements that must be fulfilled by the system
provider for the grant of authorisation by the Authority for commencing or carrying on a Payment
System in an IFSC. Additionally, the regulations mandate the system provider to comply with the
Principles for Financial Market Infrastructures (PFMI) issued by Committee on Payments and
Market Infrastructures (CPMI) and International Organization of Securities Commissions
(IOSCO).
Transaction/Processes/Operations/Trends
Growth in number of IBUs
As on March 31, 2025, the Banking ecosystem at IFSC has 28 IBUs and 2 GAOs operating. One more
IBU has been given license and is commencing operations in April 2025.
Table 1: No. of IBUs & GAOs at IFSC
Particulars FY 2023-24 FY 2024-25
No. of operational IBUs 23 28
No. of operational GAOs 1 2
20
nM
DSU
ni
tnuoma
S/O
1,00,000.00
88510.39
90,000.00
80,000.00
70,000.00
60248.15
60,000.00
50,000.00
38242.75
40,000.00
29380.84
30,000.00
14936.76
20,000.00
10,000.00
0.00
Mar’21 Mar’22 Mar’23 Mar’24 Mar’25
Contribution to Employment Generation
Table 3: No. of employees in all IBUs
Particulars FY 2023-24 FY 2024-25
No. of employees at all IBUs located in IFSC 343 447
Sources and Deployment of Funds
IBUs raise funds through interbank and interbranch borrowings, bilateral borrowing, medium
term notes, borrowings from multilateral institutions, customer deposits, etc. Activities on asset
deployment have been largely concentrated towards trade finance and commercial loans.
Customer Credit (Net) of the IFSC Banking ecosystem as on March 31, 2025, stands at USD 59.46
Bn and total asset size of IFSC banking units is USD 88.51 Bn.
212024-25
IFSCA (Board for Regulation and Supervision of Payment and Expansion of Asset Base
Settlement Systems) Regulations, 2024
Table 2: Total Assets (Outstanding) in IBUs
As per sub-section (1) of Section 3 read with Section 34B of the Payment and Settlement Systems
Particulars As on Mar 31, 2024 As on Mar 31, 2025
Act, 2007 (PSS Act), the IFSCA shall be the designated authority for regulation and supervision of
Payment Systems in IFSC. Total Assets at IFSC (in USD Mn) 60,248.15 88,510.39
As per sub-section (2) of Section 3 of the PSS Act, IFSCA, for the purposes of exercising the powers
and performing the functions and discharging the duties conferred on it under the PSS Act, has Figure 1: Growth of total assets (USD Mn) of IBUs
notified the IFSCA (Board for Regulation and Supervision of Payment and Settlement Systems)
Regulations, 2024, which inter-alia provides – Growth of Total Assets
• The composition of the Board for Regulation and Supervision of Payment and Settlement
Systems (BPSS)
• The duties, powers and functions of the BPSS
• The procedure to be followed at the meetings of the BPSS
• The powers of the BPSS to be exercised under specific circumstances
• The power of the BPSS to set up sub-committees and advisory committees
IFSCA (Payment and Settlement Systems) Regulations, 2024
Using the powers, conferred upon it under the sub-section (1) of Section 38 of the PSS Act, the
Authority has notified the IFSCA (Payment and Settlement Systems) Regulations, 2024.
The regulations lay down the process of authorisation and operations of Payment Systems in IFSC
and inter alia specifies the authorisation requirements that must be fulfilled by the system
provider for the grant of authorisation by the Authority for commencing or carrying on a Payment
System in an IFSC. Additionally, the regulations mandate the system provider to comply with the
Principles for Financial Market Infrastructures (PFMI) issued by Committee on Payments and
Market Infrastructures (CPMI) and International Organization of Securities Commissions
(IOSCO).
Transaction/Processes/Operations/Trends
Growth in number of IBUs
As on March 31, 2025, the Banking ecosystem at IFSC has 28 IBUs and 2 GAOs operating. One more
IBU has been given license and is commencing operations in April 2025.
Table 1: No. of IBUs & GAOs at IFSC
Particulars FY 2023-24 FY 2024-25
No. of operational IBUs 23 28
No. of operational GAOs 1 2
20
nM
DSU
ni
tnuoma
S/O
1,00,000.00
88510.39
90,000.00
80,000.00
70,000.00
60248.15
60,000.00
50,000.00
38242.75
40,000.00
29380.84
30,000.00
14936.76
20,000.00
10,000.00
0.00
Mar’21 Mar’22 Mar’23 Mar’24 Mar’25
Contribution to Employment Generation
Table 3: No. of employees in all IBUs
Particulars FY 2023-24 FY 2024-25
No. of employees at all IBUs located in IFSC 343 447
Sources and Deployment of Funds
IBUs raise funds through interbank and interbranch borrowings, bilateral borrowing, medium
term notes, borrowings from multilateral institutions, customer deposits, etc. Activities on asset
deployment have been largely concentrated towards trade finance and commercial loans.
Customer Credit (Net) of the IFSC Banking ecosystem as on March 31, 2025, stands at USD 59.46
Bn and total asset size of IFSC banking units is USD 88.51 Bn.
212024-25
Figure 2: Outstanding of Major Credit Products (USD Mn) of IBUs Figure 4: Growth of deposits (In USD Mn)
Outstanding under various credit products (USD Mn) Growth of Deposits
50000
44438.17
40000
30000 24656.8
20000
12715.54 13203.2
10000
0
Trade Finance Commercial loans
Mar-24 Mar-25
Customer Credit Trends
Total customer credit outstanding has increased by 52.03% from USD 39.11 Bn (as on March 31,
2024) to USD 59.46 Bn (as on March 31, 2025). Growth in Commercial loans which includes
External Commercial Borrowings and trade finance has been the biggest contributor for this
increase in the customer credit outstanding for the IFSC.
Investment Profile
Figure 3: Investment profile in USD Mn
Investment portfolio in USD Mn
2,823.16
3,000.00
2,500.00
1,981.11
2,000.00
1,597.81
1,500.00
1,200.26
1,000.00
561.20
500.00 39.30
24.64
10.25
-
Treasury Bill Corporate Equity Others
31st Mar-24 31st Mar-25
IBUs are maintaining investment in Treasury bills for compliance with the prudential requirement
of LCR maintenance. Overall, there is a notable shift in investment preferences from Corporate
Bonds to Treasury Bills by the IBUs over the one-year period as more IBUs have received FPI
license.
22
nM
DSU
ni
tnuoma
S/O
8000.00 7307.10
7000.00
6026.68
6000.00
5000.00 4350.93
4000.00
2309.03 3683.47
3000.00
1668.48
2000.00 852.38 1280.42
773.30 640.55 667.46 1000.00 288.30288.30
79.08
0.00
0.00
Mar’21 Mar’22 Mar’23 Mar’24 Mar’25
Financial year
Retail Corporate Customer (Retail + Corporate)
IBUs are offering savings, current and time deposits for retail and corporate customers. The retail
deposits show a modest growth whereas the corporate deposits exhibit significant growth
resulting in strong upward trend in deposit mobilization.
Derivative Market Activity
Table 4: Outstanding Over the Counter (OTC) Derivative Contracts
As on Mar 31, As on Mar 31,
Derivative Outstanding (in USD Mn)
2024 2025
Non-Deliverable Derivative Contracts (FCY-INR)
26159.99 35919.50
(including NDF, Fx-Swaps and options)
FCY-FCY forwards 4145.16 7238.24
FCY-FCY currency swap 966.35 2639.61
FCY-FCY currency option 2515.61 12187.70
INR Interest rate swap (IRS) (including overnight
28045.45 74227.39
indexed swaps (OIS)
FCY Interest rate swap (IRS) (including overnight
101681.32 102692.86
indexed swaps (OIS))
Others 663.34 1354.74
Total 164177.22 236260.04
The outstanding derivative contracts have increased by 43.90%. A few IBUs have commenced their
market operations during the financial year whereas a few have increased their derivative trading
portfolio based on their business strategies and new products like Total returns swaps, Swaptions
resulting in the overall increase in the derivative contracts outstanding at IBUs.
232024-25
Figure 2: Outstanding of Major Credit Products (USD Mn) of IBUs Figure 4: Growth of deposits (In USD Mn)
Outstanding under various credit products (USD Mn) Growth of Deposits
50000
44438.17
40000
30000 24656.8
20000
12715.54 13203.2
10000
0
Trade Finance Commercial loans
Mar-24 Mar-25
Customer Credit Trends
Total customer credit outstanding has increased by 52.03% from USD 39.11 Bn (as on March 31,
2024) to USD 59.46 Bn (as on March 31, 2025). Growth in Commercial loans which includes
External Commercial Borrowings and trade finance has been the biggest contributor for this
increase in the customer credit outstanding for the IFSC.
Investment Profile
Figure 3: Investment profile in USD Mn
Investment portfolio in USD Mn
2,823.16
3,000.00
2,500.00
1,981.11
2,000.00
1,597.81
1,500.00
1,200.26
1,000.00
561.20
500.00 39.30
24.64
10.25
-
Treasury Bill Corporate Equity Others
31st Mar-24 31st Mar-25
IBUs are maintaining investment in Treasury bills for compliance with the prudential requirement
of LCR maintenance. Overall, there is a notable shift in investment preferences from Corporate
Bonds to Treasury Bills by the IBUs over the one-year period as more IBUs have received FPI
license.
22
nM
DSU
ni
tnuoma
S/O
8000.00 7307.10
7000.00
6026.68
6000.00
5000.00 4350.93
4000.00
2309.03 3683.47
3000.00
1668.48
2000.00 852.38 1280.42
773.30 640.55 667.46 1000.00 288.30288.30
79.08
0.00
0.00
Mar’21 Mar’22 Mar’23 Mar’24 Mar’25
Financial year
Retail Corporate Customer (Retail + Corporate)
IBUs are offering savings, current and time deposits for retail and corporate customers. The retail
deposits show a modest growth whereas the corporate deposits exhibit significant growth
resulting in strong upward trend in deposit mobilization.
Derivative Market Activity
Table 4: Outstanding Over the Counter (OTC) Derivative Contracts
As on Mar 31, As on Mar 31,
Derivative Outstanding (in USD Mn)
2024 2025
Non-Deliverable Derivative Contracts (FCY-INR)
26159.99 35919.50
(including NDF, Fx-Swaps and options)
FCY-FCY forwards 4145.16 7238.24
FCY-FCY currency swap 966.35 2639.61
FCY-FCY currency option 2515.61 12187.70
INR Interest rate swap (IRS) (including overnight
28045.45 74227.39
indexed swaps (OIS)
FCY Interest rate swap (IRS) (including overnight
101681.32 102692.86
indexed swaps (OIS))
Others 663.34 1354.74
Total 164177.22 236260.04
The outstanding derivative contracts have increased by 43.90%. A few IBUs have commenced their
market operations during the financial year whereas a few have increased their derivative trading
portfolio based on their business strategies and new products like Total returns swaps, Swaptions
resulting in the overall increase in the derivative contracts outstanding at IBUs.
232024-25
Country-wise Exposure On-site Assessment
Figure 5: Major Country exposure of IBUs Onsite assessments are carried out at periodic intervals based on risk scoring of supervised
entities. The primary objective of this exercise is to assess internal controls, compliance with
Country exposure
regulations, review of products being offered by the IBUs, processes involved, AML procedures,
9.07% and assessment of risk profile of the IBU.
2.94%
3.36% Thematic Study and Targeted Assessments
4.22%
In addition to regular onsite assessments, the DoBS undertakes thematic studies on specific areas
5.94% of concern such as derivatives exposures, Operating model, Deposits, internet banking etc.
Compliance Monitoring and Enforcement
74.47%
The DoBS monitors compliance with prudential norms, licensing terms & conditions, and
regulatory guidelines which also include Handbooks issued by IFSCA.
India USA United Arab Emirates United Kindom Mauritius Ohters Interaction with Stakeholders
IBUs have highest exposure to entities from India (74.47%) followed by USA (5.94%) and UAE Regular engagement is maintained with the management of IBUs and their Controlling offices.
(4.22%). Top five countries constitute 90.93% of the exposure of the IBUs as on March 31, 2025. These interactions help in conveying supervisory concerns, expectations, discussing risk trends,
and ensuring alignment with regulatory objectives.
Payment Services and Payment Systems
Capacity Building and Regulatory Development
Table 5: Number of PSP and PSO as on March 31, 2025
The department contributes to the implementation of regulatory frameworks and guidelines
Particulars No. of Entities
based on supervisory insights and market developments. It also emphasizes capacity building
Payment Service Provider (In-principle approval) 5
within the supervision team through training and workshops.
Payment Service Provider (Authorisation) 2
During FY 2024-25
Payment System Operator (In-principle approval) 1
i. Department conducted onsite assessments of the IBUs along with thematic assessments.
Supervision ii. Discussions and meetings with other supervisors to have an overall view over the IBU.
The Department of Banking Supervision (DoBS) is responsible for supervising the IBUs, PSPs, Advocacy and Outreach
GAOs and Finance Companies (FCs/ FUs) in IFSC. The department adopts a risk-based supervisory
approach to achieve its objective with offsite and onsite monitoring of regulated entities. IFSCA Delegation visit to Hong Kong and Seoul, South Korea
Key Supervision Activities In April 2024, a delegation from IFSCA, led by Chairperson, IFSCA visited Hong Kong and Seoul,
South Korea. During the visit, the delegation participated in the 'HSBC Global Investment Summit
Off-site Monitoring
2024' held in Honk Kong where Chairperson, IFSCA featured as a panelist.
DoBS conducts off-site assessments on an ongoing basis by analyzing regulatory returns
submitted by IBUs and regular interactions with Key managerial personnels of IBUs and the
controlling offices.
24 252024-25
Country-wise Exposure On-site Assessment
Figure 5: Major Country exposure of IBUs Onsite assessments are carried out at periodic intervals based on risk scoring of supervised
entities. The primary objective of this exercise is to assess internal controls, compliance with
Country exposure
regulations, review of products being offered by the IBUs, processes involved, AML procedures,
9.07% and assessment of risk profile of the IBU.
2.94%
3.36% Thematic Study and Targeted Assessments
4.22%
In addition to regular onsite assessments, the DoBS undertakes thematic studies on specific areas
5.94% of concern such as derivatives exposures, Operating model, Deposits, internet banking etc.
Compliance Monitoring and Enforcement
74.47%
The DoBS monitors compliance with prudential norms, licensing terms & conditions, and
regulatory guidelines which also include Handbooks issued by IFSCA.
India USA United Arab Emirates United Kindom Mauritius Ohters Interaction with Stakeholders
IBUs have highest exposure to entities from India (74.47%) followed by USA (5.94%) and UAE Regular engagement is maintained with the management of IBUs and their Controlling offices.
(4.22%). Top five countries constitute 90.93% of the exposure of the IBUs as on March 31, 2025. These interactions help in conveying supervisory concerns, expectations, discussing risk trends,
and ensuring alignment with regulatory objectives.
Payment Services and Payment Systems
Capacity Building and Regulatory Development
Table 5: Number of PSP and PSO as on March 31, 2025
The department contributes to the implementation of regulatory frameworks and guidelines
Particulars No. of Entities
based on supervisory insights and market developments. It also emphasizes capacity building
Payment Service Provider (In-principle approval) 5
within the supervision team through training and workshops.
Payment Service Provider (Authorisation) 2
During FY 2024-25
Payment System Operator (In-principle approval) 1
i. Department conducted onsite assessments of the IBUs along with thematic assessments.
Supervision ii. Discussions and meetings with other supervisors to have an overall view over the IBU.
The Department of Banking Supervision (DoBS) is responsible for supervising the IBUs, PSPs, Advocacy and Outreach
GAOs and Finance Companies (FCs/ FUs) in IFSC. The department adopts a risk-based supervisory
approach to achieve its objective with offsite and onsite monitoring of regulated entities. IFSCA Delegation visit to Hong Kong and Seoul, South Korea
Key Supervision Activities In April 2024, a delegation from IFSCA, led by Chairperson, IFSCA visited Hong Kong and Seoul,
South Korea. During the visit, the delegation participated in the 'HSBC Global Investment Summit
Off-site Monitoring
2024' held in Honk Kong where Chairperson, IFSCA featured as a panelist.
DoBS conducts off-site assessments on an ongoing basis by analyzing regulatory returns
submitted by IBUs and regular interactions with Key managerial personnels of IBUs and the
controlling offices.
24 252024-25
Policies and Programmes for the Following Year
Enablement of Deposit insurance for IBUs in IFSC
IFSCA has been coordinating with Deposit Insurance and Credit Guarantee Corporation (DICGC)
to enable the provision of deposit insurance to the depositors of IBUs. It is expected that
availability of deposit insurance for IBU depositors will be operationalised in upcoming financial
year.
Enablement of registration of assignment of receivables
IFSCA has been coordinating with Central Registry of Securitisation Asset Reconstruction and
Security Interest of India (CERSAI) for enabling registration of assignment of receivables of
factoring transactions in IFSC with Security Interest registry of CERSAI. This process is expected to
be operationalised in upcoming financial year.
Framework under the Payment and Settlement Regulations
Pursuant to the notification of IFSCA (Payment and Settlement Systems) Regulations, 2024 on
Image 1: Shri K. Rajaraman, Chairperson, IFSCA at HSBC Global Investment Summit, Hong Kong, 2024
October 14, 2024, in the Official Gazette, the Authority shall create the necessary framework
Engagement with HKMA
thereunder for authorisation of various types of payment and settlement systems in IFSC.
The Chairperson of IFSCA met Mr. Darryl Chan, Deputy Chief Executive, HKMA. The discussion Foreign Currency Settlement System
focused on the developments in the banking and financial services sector as well as potential
collaboration opportunities. A Foreign Currency Settlement System (FCSS) is being setup in GIFT IFSC which would settle
foreign currency transactions (starting with USD) undertaken among IBUs located in GIFT IFSC.
Engagement with Financial Services Commission (FSC), Korea
The Chairperson of IFSCA met Mr. Soyoung Kim, Vice Chairman of FSC. The discussion focused on
the developments in the banking and financial services sector as well as potential collaboration
opportunities.
Image 2: Chairperson, IFSCA with Vice Chairman, FSC Korea
26 272024-25
Policies and Programmes for the Following Year
Enablement of Deposit insurance for IBUs in IFSC
IFSCA has been coordinating with Deposit Insurance and Credit Guarantee Corporation (DICGC)
to enable the provision of deposit insurance to the depositors of IBUs. It is expected that
availability of deposit insurance for IBU depositors will be operationalised in upcoming financial
year.
Enablement of registration of assignment of receivables
IFSCA has been coordinating with Central Registry of Securitisation Asset Reconstruction and
Security Interest of India (CERSAI) for enabling registration of assignment of receivables of
factoring transactions in IFSC with Security Interest registry of CERSAI. This process is expected to
be operationalised in upcoming financial year.
Framework under the Payment and Settlement Regulations
Pursuant to the notification of IFSCA (Payment and Settlement Systems) Regulations, 2024 on
Image 1: Shri K. Rajaraman, Chairperson, IFSCA at HSBC Global Investment Summit, Hong Kong, 2024
October 14, 2024, in the Official Gazette, the Authority shall create the necessary framework
Engagement with HKMA
thereunder for authorisation of various types of payment and settlement systems in IFSC.
The Chairperson of IFSCA met Mr. Darryl Chan, Deputy Chief Executive, HKMA. The discussion Foreign Currency Settlement System
focused on the developments in the banking and financial services sector as well as potential
collaboration opportunities. A Foreign Currency Settlement System (FCSS) is being setup in GIFT IFSC which would settle
foreign currency transactions (starting with USD) undertaken among IBUs located in GIFT IFSC.
Engagement with Financial Services Commission (FSC), Korea
The Chairperson of IFSCA met Mr. Soyoung Kim, Vice Chairman of FSC. The discussion focused on
the developments in the banking and financial services sector as well as potential collaboration
opportunities.
Image 2: Chairperson, IFSCA with Vice Chairman, FSC Korea
26 272024-25
Aircraft Leasing
Finance Companies
Aircraft leasing continues to be a focus area in the efforts to establish IFSC as a global hub for
aircraft financing and leasing. To support this vertical, certain modifications were made to the
Finance Companies/ Units (FCs/ FUs) play a vital role in facilitating non-banking financial erstwhile Aircraft Leasing framework, including introduction of certain restrictions on transfer of
intermediation within the IFSC. They complement the functions of IBUs by providing a wide aircraft assets from person resident in India to IFSC based lessors - solely for purpose of leasing
variety of financial services, although they do not accept public deposits. within the country. However, IFSC lessors have been permitted to acquire aircraft assets from
Indian manufacturers.
Regulated by the IFSCA (Finance Company) Regulations, 2021, FCs/ FUs operate in a competitive,
risk-focused, and transparent environment that aligns with global standards. The activities Additionally, to provide clarity and ease of reference for stakeholders, a consolidated circular was
issued, titled 'Framework for Aircraft Lease', which compiles all relevant guidelines and
undertaken by FC/ FUs include core activities such as lending, investing, factoring, forfaiting, and
amendments into a single, comprehensive document.
activities as Global/Regional Corporate Treasury Centre (GRCTC). The regulatory framework also
enables FC/ FUs to undertake non-core activities such as International Trade Finance Services
Ship Leasing
(ITFS) platforms and operating lease of any products, including aircraft lease, ship lease, or any
other equipment specified by the Authority. Ship Leasing also remains a key focus area for IFSCA. The regulatory framework for ship lease was
issued in 2021 and during the extant period, the framework was modified by mandating that only
As of March 31, 2025, the IFSCA has granted registration to 73⁶⁰ entities to set up as Finance
lessors holding ownership or leasehold rights over a ship or ocean vessel may engage in activities
Companies under the FC Regulations. Among these 12 entities have been registered to engage in
such as voyage charters and contracts of affreightment. Further, restrictions were also introduced
core activities like lending and factoring and 3 have been registered for undertaking activities as
on the transfer of vessels from person resident in India to IFSC entities solely for servicing Indian
GRCTC. With regards to FC undertaking non-core activities, 32 Aircraft Lessors have leased out a clients. However, lessors were permitted to acquire new ships or vessels from Indian shipyards.
total of 242 aircraft assets from GIFT IFSC, 24 ship lessors and 4 ITFS entities have started
Additionally, following an amendment to Rule 21B of the SEZ Rules, 2006 by the Ministry of
commercial operations.
Commerce and Industry (notified on March 14, 2024), IFSC-based ship lessors are now permitted
to share office space and personnel with other ship lessors operating within the IFSC.
Policy/ Regulatory developments
Leasing of Oilfield Equipment
Finance Company (Core Activities) - Global/ Regional Corporate The FC Regulations permit activity of 'operating lease' of any products or equipment as may be
Treasury Centres (GRCTCs) specified by the Authority from time to time as a permissible non-core activity. In furtherance to
this enablement, stakeholder enquiries were received on whether lease of oilfield equipment may
GRCTC functions as in-house bank for multinational corporations, facilitating the management of be considered within the purview of the FC Regulations.
global treasury operations such as foreign exchange and risk management, asset and liability
Based on internal studies it was identified that leasing of oilfield equipment is a well-established
management, and advisory services. The IFSC offers a globally competitive ecosystem for such
practice in jurisdictions such as the USA, China, Malaysia, Singapore, and Dubai. Recognising this
activities, combining robust infrastructure with cost efficiency, favorable tax regimes, and a
international trend and following stakeholder consultations, IFSCA observed that leasing such
streamlined regulatory environment.
equipment could offer Indian companies a more capital-efficient alternative to outright purchase,
especially considering India's significant reliance on imported oilfield equipment for domestic oil
To support the growth of this segment, IFSCA issued the GRCTC Framework in June 2021. Later, as
and gas production.
part of its mandate to periodically review and update its regulatory architecture, IFSCA issued a
public consultation paper proposing a revised framework for GRCTC. The objective is to align the In view of the above, IFSCA issued a public consultation paper proposing "operating lease,
GRCTC structure with international standards followed in jurisdictions like Singapore and Hong including any hybrid of operating and financial lease of oilfield equipment" as a financial product
Kong among others, thereby increasing the IFSC's appeal as a preferred location for global treasury under the IFSCA Act, 2019. The consultation paper defines 'oilfield equipment' as set of goods
centres while maintaining robust regulatory oversight. mentioned in GST notification no. 3/2017-Central Tax (Rate) dt. June 28, 2017 [Concessional CGST
rate for supplies to Exploration and Production], that will be used in oilfield wherein the expression
'Oilfield' shall be as defined in the Oilfields (Regulation and Development) Act, 1948.
This proposal is aimed at exploring the feasibility of enabling lessors to set-up in IFSC undertake
operating lease of oilfield equipment, thereby broadening the scope of permissible equipment
leasing activities and further strengthening IFSC's position as a centre for innovative financial
products.
⁶⁰ Including provisional registrations
28 292024-25
Aircraft Leasing
Finance Companies
Aircraft leasing continues to be a focus area in the efforts to establish IFSC as a global hub for
aircraft financing and leasing. To support this vertical, certain modifications were made to the
Finance Companies/ Units (FCs/ FUs) play a vital role in facilitating non-banking financial erstwhile Aircraft Leasing framework, including introduction of certain restrictions on transfer of
intermediation within the IFSC. They complement the functions of IBUs by providing a wide aircraft assets from person resident in India to IFSC based lessors - solely for purpose of leasing
variety of financial services, although they do not accept public deposits. within the country. However, IFSC lessors have been permitted to acquire aircraft assets from
Indian manufacturers.
Regulated by the IFSCA (Finance Company) Regulations, 2021, FCs/ FUs operate in a competitive,
risk-focused, and transparent environment that aligns with global standards. The activities Additionally, to provide clarity and ease of reference for stakeholders, a consolidated circular was
issued, titled 'Framework for Aircraft Lease', which compiles all relevant guidelines and
undertaken by FC/ FUs include core activities such as lending, investing, factoring, forfaiting, and
amendments into a single, comprehensive document.
activities as Global/Regional Corporate Treasury Centre (GRCTC). The regulatory framework also
enables FC/ FUs to undertake non-core activities such as International Trade Finance Services
Ship Leasing
(ITFS) platforms and operating lease of any products, including aircraft lease, ship lease, or any
other equipment specified by the Authority. Ship Leasing also remains a key focus area for IFSCA. The regulatory framework for ship lease was
issued in 2021 and during the extant period, the framework was modified by mandating that only
As of March 31, 2025, the IFSCA has granted registration to 73⁶⁰ entities to set up as Finance
lessors holding ownership or leasehold rights over a ship or ocean vessel may engage in activities
Companies under the FC Regulations. Among these 12 entities have been registered to engage in
such as voyage charters and contracts of affreightment. Further, restrictions were also introduced
core activities like lending and factoring and 3 have been registered for undertaking activities as
on the transfer of vessels from person resident in India to IFSC entities solely for servicing Indian
GRCTC. With regards to FC undertaking non-core activities, 32 Aircraft Lessors have leased out a clients. However, lessors were permitted to acquire new ships or vessels from Indian shipyards.
total of 242 aircraft assets from GIFT IFSC, 24 ship lessors and 4 ITFS entities have started
Additionally, following an amendment to Rule 21B of the SEZ Rules, 2006 by the Ministry of
commercial operations.
Commerce and Industry (notified on March 14, 2024), IFSC-based ship lessors are now permitted
to share office space and personnel with other ship lessors operating within the IFSC.
Policy/ Regulatory developments
Leasing of Oilfield Equipment
Finance Company (Core Activities) - Global/ Regional Corporate The FC Regulations permit activity of 'operating lease' of any products or equipment as may be
Treasury Centres (GRCTCs) specified by the Authority from time to time as a permissible non-core activity. In furtherance to
this enablement, stakeholder enquiries were received on whether lease of oilfield equipment may
GRCTC functions as in-house bank for multinational corporations, facilitating the management of be considered within the purview of the FC Regulations.
global treasury operations such as foreign exchange and risk management, asset and liability
Based on internal studies it was identified that leasing of oilfield equipment is a well-established
management, and advisory services. The IFSC offers a globally competitive ecosystem for such
practice in jurisdictions such as the USA, China, Malaysia, Singapore, and Dubai. Recognising this
activities, combining robust infrastructure with cost efficiency, favorable tax regimes, and a
international trend and following stakeholder consultations, IFSCA observed that leasing such
streamlined regulatory environment.
equipment could offer Indian companies a more capital-efficient alternative to outright purchase,
especially considering India's significant reliance on imported oilfield equipment for domestic oil
To support the growth of this segment, IFSCA issued the GRCTC Framework in June 2021. Later, as
and gas production.
part of its mandate to periodically review and update its regulatory architecture, IFSCA issued a
public consultation paper proposing a revised framework for GRCTC. The objective is to align the In view of the above, IFSCA issued a public consultation paper proposing "operating lease,
GRCTC structure with international standards followed in jurisdictions like Singapore and Hong including any hybrid of operating and financial lease of oilfield equipment" as a financial product
Kong among others, thereby increasing the IFSC's appeal as a preferred location for global treasury under the IFSCA Act, 2019. The consultation paper defines 'oilfield equipment' as set of goods
centres while maintaining robust regulatory oversight. mentioned in GST notification no. 3/2017-Central Tax (Rate) dt. June 28, 2017 [Concessional CGST
rate for supplies to Exploration and Production], that will be used in oilfield wherein the expression
'Oilfield' shall be as defined in the Oilfields (Regulation and Development) Act, 1948.
This proposal is aimed at exploring the feasibility of enabling lessors to set-up in IFSC undertake
operating lease of oilfield equipment, thereby broadening the scope of permissible equipment
leasing activities and further strengthening IFSC's position as a centre for innovative financial
products.
⁶⁰ Including provisional registrations
28 292024-25
International Trade Financing Services Platform (ITFS) Table 6: Registered Finance Companies during FY 2024-25
FC (non-core)
IFSCA issued revised guidelines for the operations of ITFS platforms, ushering in a more flexible Type of activity undertaken FC Aircraft Ship – holding
Total
and inclusive regulatory environment for trade finance in IFSCs. These guidelines replace the by the Finance Company (Core) Leasing Leasing cos and
ITFS entities⁶²
earlier ITFS framework and incorporate several key enhancements aimed at broadening
Provisional Registration Granted 2 2 7 0 11
participation and improving operational efficiency.
Key highlights of the revised ITFS guidelines include: CoR Granted 6 12 9 0 27
i. Simplified Eligibility and On-Tap Registration: The eligibility criteria for setting up ITFS Total Registrations till March’ 25⁶¹ 12 32 24 5 73
platforms have been streamlined. In place of the earlier fixed application windows, IFSCA has
adopted an on-tap registration mechanism, allowing applicants to apply at any time during the
year. Table 7: Assets leased by Aircraft Leasing Entities as on March 31, 2025
ii. Expansion of Permissible Activities: The scope of ITFS operations has been expanded to
Type of Aviation Assets No. of assets leased
include:
1 Aircrafts 90
a. Secondary market transactions in Trade Financing Units (TFUs), and
2 Engines 67
b. Facilitation of clearing and settlement of funds
3 Ground Support Equipment 85
iii. Wider Participant Base: The list of eligible participants has been broadened to include payment
service providers, enabling greater integration and access within the trade financing Total 242
ecosystem.
Further, based on industry representations and considering that ITFS platforms operate as
marketplaces, the fee structure applicable to ITFS operators was revised. Under the new Table 8: Assets leased by Ship Leasing Entities as on March 31, 2025
guidelines, the annual fee has been linked to the total value of transactions handled by the
Type of Assets No. of assets leased
platform, promoting a more proportionate and usage-based approach to regulatory charges.
1 Ships 18
Transaction/Processes/Operations/Trends
The IFSC continues to gain substantial traction as a preferred destination for establishing FCs/ Table 9: Business details of Global/Regional Corporate Treasury Centres (GRCTC) as
FUs, with a diverse set of entities, from domestic institutions to global players and public sector on March 31, 2025
undertakings, expressing keen interest. These FCs are being set up to undertake a wide spectrum
Particulars As on March 31, 2025
of permitted activities, including lending, factoring and forfaiting, treasury operations, and leasing
aircraft and ships. This growing momentum underscores the IFSC's evolving stature as a dynamic Loans &Advances (USD Mn) 2332.05
and globally competitive financial hub.
Total Investments (USD Mn) 141.38
A diverse set of prominent entities registered as Finance Companies in the IFSC during the
financial year, reflecting the Centre's growing appeal across sectors such as aircraft and ship
leasing, lending, and treasury operations. Table 10: Business details of Core Finance Companies (e.g. Lending, Export financing)
Particulars As on March 31, 2025
Loans &Advances (USD Mn) 7.73
Total Investments (USD Mn) 6.65
⁶¹ Including provisional registrations
⁶² Other than Aircraft and Ship Operating lease
30 312024-25
International Trade Financing Services Platform (ITFS) Table 6: Registered Finance Companies during FY 2024-25
FC (non-core)
IFSCA issued revised guidelines for the operations of ITFS platforms, ushering in a more flexible Type of activity undertaken FC Aircraft Ship – holding
Total
and inclusive regulatory environment for trade finance in IFSCs. These guidelines replace the by the Finance Company (Core) Leasing Leasing cos and
ITFS entities⁶²
earlier ITFS framework and incorporate several key enhancements aimed at broadening
Provisional Registration Granted 2 2 7 0 11
participation and improving operational efficiency.
Key highlights of the revised ITFS guidelines include: CoR Granted 6 12 9 0 27
i. Simplified Eligibility and On-Tap Registration: The eligibility criteria for setting up ITFS Total Registrations till March’ 25⁶¹ 12 32 24 5 73
platforms have been streamlined. In place of the earlier fixed application windows, IFSCA has
adopted an on-tap registration mechanism, allowing applicants to apply at any time during the
year. Table 7: Assets leased by Aircraft Leasing Entities as on March 31, 2025
ii. Expansion of Permissible Activities: The scope of ITFS operations has been expanded to
Type of Aviation Assets No. of assets leased
include:
1 Aircrafts 90
a. Secondary market transactions in Trade Financing Units (TFUs), and
2 Engines 67
b. Facilitation of clearing and settlement of funds
3 Ground Support Equipment 85
iii. Wider Participant Base: The list of eligible participants has been broadened to include payment
service providers, enabling greater integration and access within the trade financing Total 242
ecosystem.
Further, based on industry representations and considering that ITFS platforms operate as
marketplaces, the fee structure applicable to ITFS operators was revised. Under the new Table 8: Assets leased by Ship Leasing Entities as on March 31, 2025
guidelines, the annual fee has been linked to the total value of transactions handled by the
Type of Assets No. of assets leased
platform, promoting a more proportionate and usage-based approach to regulatory charges.
1 Ships 18
Transaction/Processes/Operations/Trends
The IFSC continues to gain substantial traction as a preferred destination for establishing FCs/ Table 9: Business details of Global/Regional Corporate Treasury Centres (GRCTC) as
FUs, with a diverse set of entities, from domestic institutions to global players and public sector on March 31, 2025
undertakings, expressing keen interest. These FCs are being set up to undertake a wide spectrum
Particulars As on March 31, 2025
of permitted activities, including lending, factoring and forfaiting, treasury operations, and leasing
aircraft and ships. This growing momentum underscores the IFSC's evolving stature as a dynamic Loans &Advances (USD Mn) 2332.05
and globally competitive financial hub.
Total Investments (USD Mn) 141.38
A diverse set of prominent entities registered as Finance Companies in the IFSC during the
financial year, reflecting the Centre's growing appeal across sectors such as aircraft and ship
leasing, lending, and treasury operations. Table 10: Business details of Core Finance Companies (e.g. Lending, Export financing)
Particulars As on March 31, 2025
Loans &Advances (USD Mn) 7.73
Total Investments (USD Mn) 6.65
⁶¹ Including provisional registrations
⁶² Other than Aircraft and Ship Operating lease
30 312024-25
Table 11: Transactions facilitated by ITFS Platforms Policies and Programmes for the Following Year
Particulars As on March 31, 2025
Number of Transactions Financed 779 Issuance of revised Framework on 'Global/ Regional Corporate
Treasury Centres’
Value of Transactions Financed (USD Mn) 44.358
The Authority has issued a consultation paper to seek public feedback on this proposal. Based on
the responses received and further engagement with industry stakeholders, IFSCA will evaluate
Figure 6: Growth in Finance Companies in IFSC ⁶³
and incorporate necessary changes before finalising and issuing the updated framework.
70
63
Explore the enablement operating lease of 'Oilfield equipment' as a
60
financial product
50
40 37
The Authority has issued a consultation paper to seek public feedback on this proposal. Based on
30
22 the responses received and further engagement with industry stakeholders, IFSCA will explore on
13
20
aspect of enabling operating lease, including hybrid of operating and financial lease, of 'oilfield
10
equipment' as a financial product in IFSC.
0
FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25
Issuance of revised Regulations and handbook for FC/FU
Advocacy and Outreach
The Authority has issued a consultation paper to seek public feedback on this proposal in
accordance with the IFSCA (Procedure for Making Regulations) Regulation. Based on the
Engagements during the IFSCA delegation visit to Hong Kong and Korea
responses received and further engagement with industry stakeholders, IFSCA will explore
necessary modifications/ amendments to the existing FC Regulations, with a focus on ease of
During the Delegation visit, led by Chairperson, IFSCA, discussions were held with leading banking
doing business and alignment with international best practices. Additionally, the Authority is also
institutions in Hong Kong and Korea, stakeholder from the financial services sector, aircraft and
considering the development of a handbook for FC/ FU. This would serve as a user-friendly
ship lessors to discuss the evolving banking landscape within the IFSC.
reference, consolidating relevant circulars and guidelines issued for FCs/ Fus.
IFSCA CPSE Summit – 2.0
Exploring necessary enablement for FC/ FU to become member of
Credit Information Companies in India
IFSCA had earlier issued a circular bringing FC/ FUs engaged in lending activities within the scope
of “credit institution” as defined under the Credit Information Companies (Regulation) Act, 2005.
Building on this, IFSCA is currently examining the necessary enablement to facilitate the
onboarding of such entities onto Credit Information Companies (CICs) in India. This will enable
such entities to access, report, and share credit data with CICs, thereby enhancing credit
transparency and risk management.
Review of the Aircraft and Ship Leasing Framework
According to the IFSCA (Procedure for Making Regulations) Regulations, all regulations/
Image 3: Ms. Riddhi Bhandari, General Manager, IFSCA, during IFSCA CPSE Summit 2.0 frameworks/ circulars issued by the Authority must undergo a review every three years.
IFSCA held the second edition of the summit in New Delhi and discussions and roundtable were Consequently, the aircraft and ship leasing circulars will be evaluated and appropriately modified/
held on opportunities for PSE's in IFSC including debt listing, treasury centres, EXIM trade among amended to facilitate the ease of doing business for entities. This review process will also entail
others. making necessary amendments to circulars and frameworks in consultation with the industry.
⁶³ Excluding entities granted provisional registrations
32 332024-25
Table 11: Transactions facilitated by ITFS Platforms Policies and Programmes for the Following Year
Particulars As on March 31, 2025
Number of Transactions Financed 779 Issuance of revised Framework on 'Global/ Regional Corporate
Treasury Centres’
Value of Transactions Financed (USD Mn) 44.358
The Authority has issued a consultation paper to seek public feedback on this proposal. Based on
the responses received and further engagement with industry stakeholders, IFSCA will evaluate
Figure 6: Growth in Finance Companies in IFSC ⁶³
and incorporate necessary changes before finalising and issuing the updated framework.
70
63
Explore the enablement operating lease of 'Oilfield equipment' as a
60
financial product
50
40 37
The Authority has issued a consultation paper to seek public feedback on this proposal. Based on
30
22 the responses received and further engagement with industry stakeholders, IFSCA will explore on
13
20
aspect of enabling operating lease, including hybrid of operating and financial lease, of 'oilfield
10
equipment' as a financial product in IFSC.
0
FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25
Issuance of revised Regulations and handbook for FC/FU
Advocacy and Outreach
The Authority has issued a consultation paper to seek public feedback on this proposal in
accordance with the IFSCA (Procedure for Making Regulations) Regulation. Based on the
Engagements during the IFSCA delegation visit to Hong Kong and Korea
responses received and further engagement with industry stakeholders, IFSCA will explore
necessary modifications/ amendments to the existing FC Regulations, with a focus on ease of
During the Delegation visit, led by Chairperson, IFSCA, discussions were held with leading banking
doing business and alignment with international best practices. Additionally, the Authority is also
institutions in Hong Kong and Korea, stakeholder from the financial services sector, aircraft and
considering the development of a handbook for FC/ FU. This would serve as a user-friendly
ship lessors to discuss the evolving banking landscape within the IFSC.
reference, consolidating relevant circulars and guidelines issued for FCs/ Fus.
IFSCA CPSE Summit – 2.0
Exploring necessary enablement for FC/ FU to become member of
Credit Information Companies in India
IFSCA had earlier issued a circular bringing FC/ FUs engaged in lending activities within the scope
of “credit institution” as defined under the Credit Information Companies (Regulation) Act, 2005.
Building on this, IFSCA is currently examining the necessary enablement to facilitate the
onboarding of such entities onto Credit Information Companies (CICs) in India. This will enable
such entities to access, report, and share credit data with CICs, thereby enhancing credit
transparency and risk management.
Review of the Aircraft and Ship Leasing Framework
According to the IFSCA (Procedure for Making Regulations) Regulations, all regulations/
Image 3: Ms. Riddhi Bhandari, General Manager, IFSCA, during IFSCA CPSE Summit 2.0 frameworks/ circulars issued by the Authority must undergo a review every three years.
IFSCA held the second edition of the summit in New Delhi and discussions and roundtable were Consequently, the aircraft and ship leasing circulars will be evaluated and appropriately modified/
held on opportunities for PSE's in IFSC including debt listing, treasury centres, EXIM trade among amended to facilitate the ease of doing business for entities. This review process will also entail
others. making necessary amendments to circulars and frameworks in consultation with the industry.
⁶³ Excluding entities granted provisional registrations
32 332024-25
Listing of Commercial Paper and Certificates of Deposit
Capital Markets
The New Listing Regulations enable listing of Commercial Paper (CPs) and Certificates of Deposit
Policy and Regulatory Developments (CDs) on the recognised stock exchanges in the IFSC. IFSCA issued a consultation paper on
September 02, 2024, seeking suggestions on the proposed detailed regulatory framework for
IFSCA (Listing) Regulations, 2024 listing of CPs and CDs on the Stock Exchanges in IFSC.
Based on comments received from the stakeholders and after the approval of the Authority, IFSCA
The Government of India notified the Direct Listing Scheme on January 24, 2024, by notifying the
issued the circular on “Listing of Commercial Paper and Certificates of Deposit on the recognised
Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2024 and the
stock exchanges in the IFSC” on October 17, 2024. The framework will enable raising of short-term
Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024 (“LEAP Rules”).
finance by issuers out of the IFSC.
These rules provide the legal framework for direct listing of equity shares of public Indian
companies on the international exchanges in the IFSC. One of the objectives of the said circular on CPs and CDs is to enable listing of new products on the
stock exchanges in the IFSC for providing an opportunity to the investors to invest in short term
IFSCA constituted a Standing Committee on Primary Markets (“SCOP”) for advising IFSCA on the
instruments in the IFSC. This will contribute towards development of the capital market
various policy and regulatory matters to facilitate the development of a vibrant and robust
ecosystem in the IFSC.
ecosystem for primary markets in the IFSC.
The said circular provides the regulatory requirements for facilitating issuers to list CPs and CDs in
Pursuant to recommendations of the SCOP and public consultation, IFSCA decided to replace the
an efficient and transparent manner ensuring that adequate material information is made
IFSCA (Issuance and Listing of Securities) Regulations, 2021 with new regulations for listing of
available to the investors for making informed decision. The circular, inter-alia, specifies the
securities and other permitted financial products on the stock exchanges in the IFSC. The
conditions for issuance of CPs and CDs, eligible issuers, eligible investors, disclosures in the offer
Authority in its meeting held on June 27, 2024, approved the IFSCA (Listing) Regulations, 2024
document, continuous disclosures etc.
(“New Listing Regulations”).
IFSCA (Capital Market Intermediaries) Regulations, 2025
The New Listing Regulations have been prepared considering the regulatory framework for listing
in various international financial centres. For instance, the eligibility criteria for IPOs have been
The IFSCA (Capital Market Intermediaries) Regulations, 2021 were notified and published in the
broadened. The issuers who may not be able to fulfil the criteria of pre-tax profit or revenue are
Official Gazette of India on October 20, 2021, providing the framework for regulating the capital
eligible for IPO based on post issue market capitalization of USD 25 million.
market intermediaries in the IFSC.
Similarly, several other requirements relating to listing such as filing of offer documents,
In terms of regulation 7 of the IFSCA (Procedure for making Regulations) Regulations, 2021, the
disclosures, timing of offer, pricing, minimum public offer requirements, underwriting, anchor
Authority is required to review each regulation every three years unless a review is warranted
investors, and lockup periods have also been benchmarked with international best practices.
earlier.
With respect to debt securities, issuers are required to file a listing application along with the offer
Accordingly, IFSCA issued a Press Release on July 18, 2024, inviting suggestions from public and
document or information memorandum with a recognized stock exchange. Credit rating has been
regulated entities for review of IFSCA (Capital Market Intermediaries) Regulations, 2021. Over the
made mandatory, and from April 1, 2025, issuers have been mandated to obtain a credit rating
past four years, the capital markets ecosystem in IFSC has witnessed significant growth, leading to
from at least one CRA registered with IFSCA. ESG-labelled debt securities, such as “Green,” “Social,”
a notable increase in the number of registered capital market intermediaries in the IFSC. One of the
“Sustainability,” and “Sustainability-Linked” debt securities are required to adhere to additional
main objectives of the review process was to update the regulations for meeting the evolving needs
requirements based on global best practices, including ICMA and Climate Bonds Standards.
of the market participants and other stakeholders.
The New Listing Regulations facilitate Indian issuers (start-ups, in particular) and foreign issuers
Based on the comments received from stakeholders, IFSCA issued a consultation paper on
to access capital through issue and listing of securities on the stock exchanges in the IFSC. The
November 21, 2024, on the draft new regulations for capital market intermediaries, in accordance
regulations are expected to promote ease of doing business for the issuers to access capital market
with the process laid down in regulation 4 of the IFSCA (Procedure for making Regulations)
through listing of securities on the stock exchanges in the IFSC with greater flexibility and
Regulations, 2021.
efficiency.
The Authority in its meeting held on March 26, 2025, approved the IFSCA (Capital Market
Intermediaries) Regulations, 2025 (“New CMI Regulations”).
34 352024-25
Listing of Commercial Paper and Certificates of Deposit
Capital Markets
The New Listing Regulations enable listing of Commercial Paper (CPs) and Certificates of Deposit
Policy and Regulatory Developments (CDs) on the recognised stock exchanges in the IFSC. IFSCA issued a consultation paper on
September 02, 2024, seeking suggestions on the proposed detailed regulatory framework for
IFSCA (Listing) Regulations, 2024 listing of CPs and CDs on the Stock Exchanges in IFSC.
Based on comments received from the stakeholders and after the approval of the Authority, IFSCA
The Government of India notified the Direct Listing Scheme on January 24, 2024, by notifying the
issued the circular on “Listing of Commercial Paper and Certificates of Deposit on the recognised
Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2024 and the
stock exchanges in the IFSC” on October 17, 2024. The framework will enable raising of short-term
Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024 (“LEAP Rules”).
finance by issuers out of the IFSC.
These rules provide the legal framework for direct listing of equity shares of public Indian
companies on the international exchanges in the IFSC. One of the objectives of the said circular on CPs and CDs is to enable listing of new products on the
stock exchanges in the IFSC for providing an opportunity to the investors to invest in short term
IFSCA constituted a Standing Committee on Primary Markets (“SCOP”) for advising IFSCA on the
instruments in the IFSC. This will contribute towards development of the capital market
various policy and regulatory matters to facilitate the development of a vibrant and robust
ecosystem in the IFSC.
ecosystem for primary markets in the IFSC.
The said circular provides the regulatory requirements for facilitating issuers to list CPs and CDs in
Pursuant to recommendations of the SCOP and public consultation, IFSCA decided to replace the
an efficient and transparent manner ensuring that adequate material information is made
IFSCA (Issuance and Listing of Securities) Regulations, 2021 with new regulations for listing of
available to the investors for making informed decision. The circular, inter-alia, specifies the
securities and other permitted financial products on the stock exchanges in the IFSC. The
conditions for issuance of CPs and CDs, eligible issuers, eligible investors, disclosures in the offer
Authority in its meeting held on June 27, 2024, approved the IFSCA (Listing) Regulations, 2024
document, continuous disclosures etc.
(“New Listing Regulations”).
IFSCA (Capital Market Intermediaries) Regulations, 2025
The New Listing Regulations have been prepared considering the regulatory framework for listing
in various international financial centres. For instance, the eligibility criteria for IPOs have been
The IFSCA (Capital Market Intermediaries) Regulations, 2021 were notified and published in the
broadened. The issuers who may not be able to fulfil the criteria of pre-tax profit or revenue are
Official Gazette of India on October 20, 2021, providing the framework for regulating the capital
eligible for IPO based on post issue market capitalization of USD 25 million.
market intermediaries in the IFSC.
Similarly, several other requirements relating to listing such as filing of offer documents,
In terms of regulation 7 of the IFSCA (Procedure for making Regulations) Regulations, 2021, the
disclosures, timing of offer, pricing, minimum public offer requirements, underwriting, anchor
Authority is required to review each regulation every three years unless a review is warranted
investors, and lockup periods have also been benchmarked with international best practices.
earlier.
With respect to debt securities, issuers are required to file a listing application along with the offer
Accordingly, IFSCA issued a Press Release on July 18, 2024, inviting suggestions from public and
document or information memorandum with a recognized stock exchange. Credit rating has been
regulated entities for review of IFSCA (Capital Market Intermediaries) Regulations, 2021. Over the
made mandatory, and from April 1, 2025, issuers have been mandated to obtain a credit rating
past four years, the capital markets ecosystem in IFSC has witnessed significant growth, leading to
from at least one CRA registered with IFSCA. ESG-labelled debt securities, such as “Green,” “Social,”
a notable increase in the number of registered capital market intermediaries in the IFSC. One of the
“Sustainability,” and “Sustainability-Linked” debt securities are required to adhere to additional
main objectives of the review process was to update the regulations for meeting the evolving needs
requirements based on global best practices, including ICMA and Climate Bonds Standards.
of the market participants and other stakeholders.
The New Listing Regulations facilitate Indian issuers (start-ups, in particular) and foreign issuers
Based on the comments received from stakeholders, IFSCA issued a consultation paper on
to access capital through issue and listing of securities on the stock exchanges in the IFSC. The
November 21, 2024, on the draft new regulations for capital market intermediaries, in accordance
regulations are expected to promote ease of doing business for the issuers to access capital market
with the process laid down in regulation 4 of the IFSCA (Procedure for making Regulations)
through listing of securities on the stock exchanges in the IFSC with greater flexibility and
Regulations, 2021.
efficiency.
The Authority in its meeting held on March 26, 2025, approved the IFSCA (Capital Market
Intermediaries) Regulations, 2025 (“New CMI Regulations”).
34 352024-25
The salient features of the New CMI Regulations approved by the Authority are as follows: facilitate the onboarding of top High Frequence Trading (HFT)/ Algorithmic trading firms on the
stock exchanges leading to enhanced liquidity across exchange-traded derivatives products.
1. Category of intermediaries
The stock exchanges have been provided the operational flexibility to specify the eligibility criteria
The New CMI Regulations provide the regulatory framework for 'Research Entity' as a new
for onboarding RTPs while ensuring compliance with IFSCA (Anit Money Laundering, Counter
category of intermediary, while the 'Account Aggregator' category has been removed. The
Terrorist-Financing and Know Your Customer) Guidelines, 2022.
regulatory frameworks for 'Distributors' and 'ESG Ratings and Data Products Providers'
(ERDPP) have been incorporated in the New CMI Regulations.
IFSCA (Market Infrastructure Institutions) (Amendment)
2. Principal Officer and Compliance Officer
Regulations, 2024
The New CMI Regulations specify the minimum qualification and experience requirements
IFSCA has notified the IFSCA (Market Infrastructure Institutions) Regulations, 2021 (MII
for Principal Officer and Compliance Officer applicable for all categories of capital market
Regulations) providing a unified regulatory framework for stock exchanges, clearing corporations
intermediaries.
and depositories. IFSCA had made the amendments in MII Regulations in November 2024,
3. Net Worth
primarily to strengthen governance norms of the MIIs.
The net worth requirements have been revised in the New CMI Regulations, including the
MIIs are vested with regulatory responsibilities, while pursuing commercial interests like other
following:
profit-oriented entities. It is important that the MIIs, in pursuance of their business objectives,
should not lose sight of their regulatory roles. The MIIs are also the first line regulators for the CMIs
i. In case of entities operating in branch, the minimum net worth requirements maintained
such as Broker-Dealers, Clearing Members and Depository Participants. Because of the conflicting
at the parent level in the home jurisdiction shall be earmarked for its branch in IFSC.
nature of the MII's role, it is very pertinent that governance standards of MIIs need to be robust to
ii. In respect of broker dealers, clearing members and investment bankers, net worth
enhance and maintain market confidence and deter malpractices. Corporate Governance becomes
maintained in the form of “liquid assets” shall only be considered.
even more significant in an IFSC context, where MIIs engage in global connect arrangement.
iii. The minimum net worth requirements have been rationalized for the following Therefore, to ensure accountability and mitigate potential conflict between regulatory and
categories: business-development roles of employees of the MIIs, the amended regulations have incorporated
provisions for MIIs to ring-fence the functions and personnel pertaining to regulatory, compliance,
a. Credit Rating Agency - USD 200,000/-
risk management, and investor grievances from the rest of the functions.
b. Investment Adviser - USD 25,000/-
c. Investment Banker - USD 100,000/-
Also, a more comprehensive code of conduct for the MIIs and their governing board, directors,
iv. The minimum net worth requirements under these regulations shall be separate and in committee members, and key management personnel has been specified. Other key amendments
addition to the minimum net worth requirements applicable for other activities outside include the provisions for the appointment of a Chief Risk Officer, Chief Legal Officer, and Chief
IFSC or within IFSC under any other regulations or framework. Information Security Officer, and a requirement for a recognised clearing corporation to develop a
framework for the orderly winding down of its operations.
4. Submission of Annual Compliance Audit
The New CMI regulations specify that all the intermediaries shall file a copy of their annual
compliance audit with IFSCA by the 30th of September every year.
IFSCA (KYC Registration Agencies) Regulations, 2024
The new CMI Regulations are expected to further increase the vibrance in the capital market.
Public consultation was conducted for the proposed IFSCA (KYC Registration Agency)
Remote Trading Participants on Stock Exchanges Regulations, 2024 (“KRA Regulations”) to provide the regulatory framework for the registration,
regulation, and supervision of KRAs set up in the IFSC. The objective is to enable the KRAs to set up
A significant policy decision has been taken by permitting members of stock exchanges based in 28
in the IFSC and to have a centralized repository for KYC records of the clients/ customers
permitted foreign jurisdictions to trade directly on IFSC stock exchanges without the need for
onboarded by various types of regulated entities. This shall facilitate smooth onboarding of the
physical presence in IFSC. Such members of foreign stock exchanges are on-boarded by stock
clients/ customers by Regulated Entities and enhance their efficiency with respect to Customer
exchanges in IFSC as Remote Trading Participants (RTPs). The RTPs can trade only on a
Due-Diligence (CDD).
proprietary basis in cash settled derivatives on IFSC stock exchanges. This initiative is expected to
36 372024-25
The salient features of the New CMI Regulations approved by the Authority are as follows: facilitate the onboarding of top High Frequence Trading (HFT)/ Algorithmic trading firms on the
stock exchanges leading to enhanced liquidity across exchange-traded derivatives products.
1. Category of intermediaries
The stock exchanges have been provided the operational flexibility to specify the eligibility criteria
The New CMI Regulations provide the regulatory framework for 'Research Entity' as a new
for onboarding RTPs while ensuring compliance with IFSCA (Anit Money Laundering, Counter
category of intermediary, while the 'Account Aggregator' category has been removed. The
Terrorist-Financing and Know Your Customer) Guidelines, 2022.
regulatory frameworks for 'Distributors' and 'ESG Ratings and Data Products Providers'
(ERDPP) have been incorporated in the New CMI Regulations.
IFSCA (Market Infrastructure Institutions) (Amendment)
2. Principal Officer and Compliance Officer
Regulations, 2024
The New CMI Regulations specify the minimum qualification and experience requirements
IFSCA has notified the IFSCA (Market Infrastructure Institutions) Regulations, 2021 (MII
for Principal Officer and Compliance Officer applicable for all categories of capital market
Regulations) providing a unified regulatory framework for stock exchanges, clearing corporations
intermediaries.
and depositories. IFSCA had made the amendments in MII Regulations in November 2024,
3. Net Worth
primarily to strengthen governance norms of the MIIs.
The net worth requirements have been revised in the New CMI Regulations, including the
MIIs are vested with regulatory responsibilities, while pursuing commercial interests like other
following:
profit-oriented entities. It is important that the MIIs, in pursuance of their business objectives,
should not lose sight of their regulatory roles. The MIIs are also the first line regulators for the CMIs
i. In case of entities operating in branch, the minimum net worth requirements maintained
such as Broker-Dealers, Clearing Members and Depository Participants. Because of the conflicting
at the parent level in the home jurisdiction shall be earmarked for its branch in IFSC.
nature of the MII's role, it is very pertinent that governance standards of MIIs need to be robust to
ii. In respect of broker dealers, clearing members and investment bankers, net worth
enhance and maintain market confidence and deter malpractices. Corporate Governance becomes
maintained in the form of “liquid assets” shall only be considered.
even more significant in an IFSC context, where MIIs engage in global connect arrangement.
iii. The minimum net worth requirements have been rationalized for the following Therefore, to ensure accountability and mitigate potential conflict between regulatory and
categories: business-development roles of employees of the MIIs, the amended regulations have incorporated
provisions for MIIs to ring-fence the functions and personnel pertaining to regulatory, compliance,
a. Credit Rating Agency - USD 200,000/-
risk management, and investor grievances from the rest of the functions.
b. Investment Adviser - USD 25,000/-
c. Investment Banker - USD 100,000/-
Also, a more comprehensive code of conduct for the MIIs and their governing board, directors,
iv. The minimum net worth requirements under these regulations shall be separate and in committee members, and key management personnel has been specified. Other key amendments
addition to the minimum net worth requirements applicable for other activities outside include the provisions for the appointment of a Chief Risk Officer, Chief Legal Officer, and Chief
IFSC or within IFSC under any other regulations or framework. Information Security Officer, and a requirement for a recognised clearing corporation to develop a
framework for the orderly winding down of its operations.
4. Submission of Annual Compliance Audit
The New CMI regulations specify that all the intermediaries shall file a copy of their annual
compliance audit with IFSCA by the 30th of September every year.
IFSCA (KYC Registration Agencies) Regulations, 2024
The new CMI Regulations are expected to further increase the vibrance in the capital market.
Public consultation was conducted for the proposed IFSCA (KYC Registration Agency)
Remote Trading Participants on Stock Exchanges Regulations, 2024 (“KRA Regulations”) to provide the regulatory framework for the registration,
regulation, and supervision of KRAs set up in the IFSC. The objective is to enable the KRAs to set up
A significant policy decision has been taken by permitting members of stock exchanges based in 28
in the IFSC and to have a centralized repository for KYC records of the clients/ customers
permitted foreign jurisdictions to trade directly on IFSC stock exchanges without the need for
onboarded by various types of regulated entities. This shall facilitate smooth onboarding of the
physical presence in IFSC. Such members of foreign stock exchanges are on-boarded by stock
clients/ customers by Regulated Entities and enhance their efficiency with respect to Customer
exchanges in IFSC as Remote Trading Participants (RTPs). The RTPs can trade only on a
Due-Diligence (CDD).
proprietary basis in cash settled derivatives on IFSC stock exchanges. This initiative is expected to
36 372024-25
Regulatory Approach Towards Tokenization of Real-World Assets Market Infrastructure Institutions
Acknowledging the potential of tokenization of real-world assets to transform international The stock exchanges, clearing corporations and depositories are classified as Market
financial systems, a consultation paper was issued to invite public comments on regulatory Infrastructure Institutions (MIIs). These institutions provide the necessary infrastructure for
approach towards tokenization of real-world assets in GIFT IFSC. IFSCA wishes to leverage the facilitating trading, clearing and settlement of securities. As the nature of the functions performed
unique position of GIFT IFSC and its accompanying advantages for the creation of a thriving digital by the MIIs forms the backbone of the capital market in GIFT-IFSC and hence are very critical, they
token ecosystem for real-world assets in GIFT IFSC. are subject to greater degrees of regulatory oversight.
The objective of this consultation paper is to elucidate the viewpoint of IFSCA on the need,
Stock Exchange
approach and suitable measures to be adopted for the regulation of tokenization of certain real-
world assets, including financial securities such as funds, bonds, stocks, etc. and other financial
A stock exchange plays the central role in facilitating trading in securities in close coordination
products such as payments, deposits, bills receivables, precious metal bullion, commodities,
with clearing corporation and depository. It provides a trading platform for facilitating price
intellectual property, and commercial real estate.
discovery of the securities available for trading. Additionally, stock exchanges are also entrusted
Simultaneously, IFSCA has put forth the regulatory hurdles and challenges identified by it and by with various regulatory responsibilities for ensuring market integrity and for protecting investor
the Expert Committee on Asset Tokenization, to the wider audience of relevant stakeholders and interests.
domain experts, in order to identify proportional, reasoned, and acceptable means of tackling
IFSCA grants recognition to stock exchanges under Regulation 9 of the IFSCA (Market
these challenges.
Infrastructure Institutions) Regulations, 2021 (hereinafter referred to as MII Regulations).
Currently there are two stock exchanges operating in GIFT-IFSC, namely India International
Issuance of Derivative Instruments against Indian securities by Exchange (IFSC) Limited (India INX) and NSE IFSC Limited (NSE IX). India INX is subsidiary of BSE
non-bank entities in GIFT IFSC Limited and NSE IX is wholly owned subsidiary of National Stock Exchange of India Limited. Both
the stock exchanges are operational since 2017 and are being granted annual renewal of
Consequent to the amendment in Section 18A of the Securities Contracts (Regulation) Act, 1956,
recognition under MII Regulations.
derivative instruments regulated by IFSCA and issued in IFSC by SEBI-registered Foreign Portfolio
Investors (FPIs) are recognised as legal and valid. IFSCA had initially permitted IBUs, registered
Clearing Corporation
with SEBI as FPIs, to issue Offshore Derivative Instruments (ODIs, also known as Participatory
Notes or P-Notes) with Indian equity/ bonds as underlying.
A clearing corporation is an MII that handles the clearing and settlement of transactions that are
Subsequently, non-bank entities registered with IFSCA and having FPI license from SEBI, have also executed on the stock exchange. The clearing corporations fulfil the main obligation of ensuring
been permitted to issue such derivative instruments. These non-bank entities are required to that transactions are settled between counterparties in a prompt and efficient manner.
furnish information to the clearing corporations in GIFT IFSC on monthly basis.
There are two clearing corporations operational in GIFT IFSC namely, India International Clearing
Corporation (IFSC) Limited (“India ICC”) and NSE IFSC Clearing Corporation Limited (“NICCL”).
Contribution to Settlement Guarantee Fund (SGF)
India ICC is subsidiary of BSE Limited, a SEBI registered stock exchange and NICCL is wholly owned
subsidiary of NSE Clearing Limited, a SEBI registered clearing corporation. Both the clearing
The IFSCA (Market Infrastructure Institutions) Regulations, 2021, requires a recognised clearing
corporations are being granted annual renewal of recognition under MII Regulations.
corporation to establish and maintain an SGF to guarantee the settlement of trades executed on a
stock exchange. The SGF may comprise of contributions from clearing members, recognised
Depository
clearing corporation and recognised stock exchange. A circular was issued to clarify that the
contribution of clearing corporation to its SGF shall be considered as part of its net worth. A depository is an organisation which holds securities (like shares, debentures, bonds etc.) of
Additionally, the interest on cash contribution to the SGF would also accrue to the SGF and pro-rata investors in electronic form at the request of the investors through a registered depository
be attributed to the contributors in proportion to their contribution. participant. India International Depository IFSC Limited (IIDI) is the sole depository functional in
GIFT IFSC which acts as the record keeper of securities.
38 392024-25
Regulatory Approach Towards Tokenization of Real-World Assets Market Infrastructure Institutions
Acknowledging the potential of tokenization of real-world assets to transform international The stock exchanges, clearing corporations and depositories are classified as Market
financial systems, a consultation paper was issued to invite public comments on regulatory Infrastructure Institutions (MIIs). These institutions provide the necessary infrastructure for
approach towards tokenization of real-world assets in GIFT IFSC. IFSCA wishes to leverage the facilitating trading, clearing and settlement of securities. As the nature of the functions performed
unique position of GIFT IFSC and its accompanying advantages for the creation of a thriving digital by the MIIs forms the backbone of the capital market in GIFT-IFSC and hence are very critical, they
token ecosystem for real-world assets in GIFT IFSC. are subject to greater degrees of regulatory oversight.
The objective of this consultation paper is to elucidate the viewpoint of IFSCA on the need,
Stock Exchange
approach and suitable measures to be adopted for the regulation of tokenization of certain real-
world assets, including financial securities such as funds, bonds, stocks, etc. and other financial
A stock exchange plays the central role in facilitating trading in securities in close coordination
products such as payments, deposits, bills receivables, precious metal bullion, commodities,
with clearing corporation and depository. It provides a trading platform for facilitating price
intellectual property, and commercial real estate.
discovery of the securities available for trading. Additionally, stock exchanges are also entrusted
Simultaneously, IFSCA has put forth the regulatory hurdles and challenges identified by it and by with various regulatory responsibilities for ensuring market integrity and for protecting investor
the Expert Committee on Asset Tokenization, to the wider audience of relevant stakeholders and interests.
domain experts, in order to identify proportional, reasoned, and acceptable means of tackling
IFSCA grants recognition to stock exchanges under Regulation 9 of the IFSCA (Market
these challenges.
Infrastructure Institutions) Regulations, 2021 (hereinafter referred to as MII Regulations).
Currently there are two stock exchanges operating in GIFT-IFSC, namely India International
Issuance of Derivative Instruments against Indian securities by Exchange (IFSC) Limited (India INX) and NSE IFSC Limited (NSE IX). India INX is subsidiary of BSE
non-bank entities in GIFT IFSC Limited and NSE IX is wholly owned subsidiary of National Stock Exchange of India Limited. Both
the stock exchanges are operational since 2017 and are being granted annual renewal of
Consequent to the amendment in Section 18A of the Securities Contracts (Regulation) Act, 1956,
recognition under MII Regulations.
derivative instruments regulated by IFSCA and issued in IFSC by SEBI-registered Foreign Portfolio
Investors (FPIs) are recognised as legal and valid. IFSCA had initially permitted IBUs, registered
Clearing Corporation
with SEBI as FPIs, to issue Offshore Derivative Instruments (ODIs, also known as Participatory
Notes or P-Notes) with Indian equity/ bonds as underlying.
A clearing corporation is an MII that handles the clearing and settlement of transactions that are
Subsequently, non-bank entities registered with IFSCA and having FPI license from SEBI, have also executed on the stock exchange. The clearing corporations fulfil the main obligation of ensuring
been permitted to issue such derivative instruments. These non-bank entities are required to that transactions are settled between counterparties in a prompt and efficient manner.
furnish information to the clearing corporations in GIFT IFSC on monthly basis.
There are two clearing corporations operational in GIFT IFSC namely, India International Clearing
Corporation (IFSC) Limited (“India ICC”) and NSE IFSC Clearing Corporation Limited (“NICCL”).
Contribution to Settlement Guarantee Fund (SGF)
India ICC is subsidiary of BSE Limited, a SEBI registered stock exchange and NICCL is wholly owned
subsidiary of NSE Clearing Limited, a SEBI registered clearing corporation. Both the clearing
The IFSCA (Market Infrastructure Institutions) Regulations, 2021, requires a recognised clearing
corporations are being granted annual renewal of recognition under MII Regulations.
corporation to establish and maintain an SGF to guarantee the settlement of trades executed on a
stock exchange. The SGF may comprise of contributions from clearing members, recognised
Depository
clearing corporation and recognised stock exchange. A circular was issued to clarify that the
contribution of clearing corporation to its SGF shall be considered as part of its net worth. A depository is an organisation which holds securities (like shares, debentures, bonds etc.) of
Additionally, the interest on cash contribution to the SGF would also accrue to the SGF and pro-rata investors in electronic form at the request of the investors through a registered depository
be attributed to the contributors in proportion to their contribution. participant. India International Depository IFSC Limited (IIDI) is the sole depository functional in
GIFT IFSC which acts as the record keeper of securities.
38 392024-25
Capital Market Intermediaries Depository Participants
A depository participant (DP) is a participant of a recognized depository and acts as an
The Capital Market Intermediaries (CMIs) are generally client-facing entities which assist issuing
intermediary between the depository and the investor. As on March 31, 2025, there are ten DPs
company and investors to perform various transactions in the capital market. Activities of CMIs in
registered with the Authority.
IFSC are governed under IFSCA (Capital Market Intermediaries) Regulations, 2021. These
regulations have specified the regulatory framework for various types of intermediaries such as Custodians
broker dealers, clearing members, depository participants, investment bankers, investment
A custodian is a specialized financial institution that carries on the business of providing custodial
advisers, custodians, distributors etc
services in relation to financial products which include safekeeping of such financial products and
providing services incidental thereto. As on March 31, 2025, there are five custodians registered
Broker Dealers
with the Authority.
Broker dealers are entities which execute trades on their own account as well as on behalf of their
clients on the recognised stock exchanges in IFSC. Credit Rating Agencies
Credit Ratings Agencies (CRAs) play a crucial role in the global financial markets by providing
Table 12: Broker dealers in IFSC
independent assessments of the creditworthiness of various entities, including sovereigns,
Stock Exchange No. of Broker Dealers as on March 31, 2025 corporations, and financial instruments. These assessments help investors make informed
decisions, facilitate the efficient allocation of capital, and promote financial stability.
NSE IX 74
The IFSC ecosystem offers various opportunities for CRAs including credit rating of bonds, credit
India INX 60
rating of banking relating products and services, sovereign ratings, research, and other permitted
Source: India INX and NSE IX activities. As on March 31, 2025, there is one CRA registered with the Authority.
Debenture Trustees
Table 13: Remote Trading Participants (RTPs) onboarded by IFSC Stock Exchanges
Debenture Trustee is an independent third party appointed as a trustee in respect of an issue of a
Stock Exchange No. of RTPs as on March 31, 2025 debenture. The role of debenture trustee is to protect the interests of the debenture holders. A
Debenture Trustee registered with the Authority is permitted to undertake the activities as a
NSE IX 6
trustee appointed in respect of any issue of debentures issued or listed in the IFSC or a Foreign
Source: NSE IX
Jurisdiction. As on March 31, 2025, there are four debenture trustees registered with IFSCA.
Clearing Members Distributors
A clearing member is an intermediary that is responsible for clearing and settlement of all trades Distributors are intermediaries who distributes capital market products and services to its clients
executed by a broker dealer. for a commission. Distributors registered with IFSCA are allowed to undertake distribution of
capital market products and services as permitted under the regulations and circulars notified by
Table 14: Clearing members in IFSC as on March 31, 2025 IFSCA. As on March 31, 2025, there are fourteen distributors registered with IFSCA.
Clearing Self-Clearing Trading cum Clearing Professional Clearing ESG Ratings and Data Products Providers (ERDPP)
Corporation Members Members Members
Globally, the role of ESG Ratings and Data Products Providers has grown substantially, driven by
increased investor focus on sustainability, widespread adoption of net-zero commitments, and
NICCL 6 12 2
regulatory demands for transparent ESG disclosures. ERDPPs are engaged in the activities of
India ICC 5 9 2 providing services relating to ESG Rating or ESG Data Products under the regulatory framework
notified by IFSCA.
Source: India ICC and NICCL
IFSCA has issued a circular titled “Framework for ESG Ratings and Data Products Providers in the
IFSC” on October 30, 2024, providing the regulatory framework for registration, regulation and
supervision of ERDPPs in the IFSC.
40 412024-25
Capital Market Intermediaries Depository Participants
A depository participant (DP) is a participant of a recognized depository and acts as an
The Capital Market Intermediaries (CMIs) are generally client-facing entities which assist issuing
intermediary between the depository and the investor. As on March 31, 2025, there are ten DPs
company and investors to perform various transactions in the capital market. Activities of CMIs in
registered with the Authority.
IFSC are governed under IFSCA (Capital Market Intermediaries) Regulations, 2021. These
regulations have specified the regulatory framework for various types of intermediaries such as Custodians
broker dealers, clearing members, depository participants, investment bankers, investment
A custodian is a specialized financial institution that carries on the business of providing custodial
advisers, custodians, distributors etc
services in relation to financial products which include safekeeping of such financial products and
providing services incidental thereto. As on March 31, 2025, there are five custodians registered
Broker Dealers
with the Authority.
Broker dealers are entities which execute trades on their own account as well as on behalf of their
clients on the recognised stock exchanges in IFSC. Credit Rating Agencies
Credit Ratings Agencies (CRAs) play a crucial role in the global financial markets by providing
Table 12: Broker dealers in IFSC
independent assessments of the creditworthiness of various entities, including sovereigns,
Stock Exchange No. of Broker Dealers as on March 31, 2025 corporations, and financial instruments. These assessments help investors make informed
decisions, facilitate the efficient allocation of capital, and promote financial stability.
NSE IX 74
The IFSC ecosystem offers various opportunities for CRAs including credit rating of bonds, credit
India INX 60
rating of banking relating products and services, sovereign ratings, research, and other permitted
Source: India INX and NSE IX activities. As on March 31, 2025, there is one CRA registered with the Authority.
Debenture Trustees
Table 13: Remote Trading Participants (RTPs) onboarded by IFSC Stock Exchanges
Debenture Trustee is an independent third party appointed as a trustee in respect of an issue of a
Stock Exchange No. of RTPs as on March 31, 2025 debenture. The role of debenture trustee is to protect the interests of the debenture holders. A
Debenture Trustee registered with the Authority is permitted to undertake the activities as a
NSE IX 6
trustee appointed in respect of any issue of debentures issued or listed in the IFSC or a Foreign
Source: NSE IX
Jurisdiction. As on March 31, 2025, there are four debenture trustees registered with IFSCA.
Clearing Members Distributors
A clearing member is an intermediary that is responsible for clearing and settlement of all trades Distributors are intermediaries who distributes capital market products and services to its clients
executed by a broker dealer. for a commission. Distributors registered with IFSCA are allowed to undertake distribution of
capital market products and services as permitted under the regulations and circulars notified by
Table 14: Clearing members in IFSC as on March 31, 2025 IFSCA. As on March 31, 2025, there are fourteen distributors registered with IFSCA.
Clearing Self-Clearing Trading cum Clearing Professional Clearing ESG Ratings and Data Products Providers (ERDPP)
Corporation Members Members Members
Globally, the role of ESG Ratings and Data Products Providers has grown substantially, driven by
increased investor focus on sustainability, widespread adoption of net-zero commitments, and
NICCL 6 12 2
regulatory demands for transparent ESG disclosures. ERDPPs are engaged in the activities of
India ICC 5 9 2 providing services relating to ESG Rating or ESG Data Products under the regulatory framework
notified by IFSCA.
Source: India ICC and NICCL
IFSCA has issued a circular titled “Framework for ESG Ratings and Data Products Providers in the
IFSC” on October 30, 2024, providing the regulatory framework for registration, regulation and
supervision of ERDPPs in the IFSC.
40 412024-25
Investment advisers Derivatives available for trading on Stock Exchanges
Investment advisers play a pivotal role in IFSCs by providing valuable guidance, managing risks
Index Derivatives
and helping investors achieve their financial objectives in a complex and dynamic financial
The most traded index derivative contract has been GIFT NIFTY 50 Futures on NSE IX, which had
landscape. As on March 31, 2025, there are three investment advisers registered with the
largest share in the total turnover for the FY 2024-25. Other index derivatives contracts available
Authority.
on NSE IX are Futures and Options on Bank NIFTY, NIFTY Financial Services, NIFTY IT, NIFTY Next
Investment Bankers 50 and NIFTY MidCap Select.
India INX offers derivatives contracts on two equity indices, namely BSE SENSEX 50 and BSE
Investment bankers play a vital role in facilitating capital formation, advising on strategic
SENSEX.
transactions, managing risk exposure, and facilitating cross-border transactions, and their
expertise and services are essential for the efficient functioning of global financial markets. With Table 15 : Number of contracts and turnover in index futures
the issuance of New Listing Regulations, their role is critical in providing IPO, FPO and listing
NSE IX India INX
related services in IFSC. Further, IBUs in IFSC have been permitted (authorized) by IFSCA vide Financial
Year No. of Value of contracts No. of Value of contracts
circular dated December 3, 2021, to undertake investment banking activities in IFSC, subject to
contracts (USD Mn) contracts (USD Mn)
certain conditions.
2023-24 16,678,005 680,920 1,242,244 24,905
As on March 31, 2025, there are two investment bankers (registered) and two IBUs (authorized) to
2024-25 23,307,956 1,112,134 439,366 11,459
undertake investment banking activities in the IFSC. More entities are expected to take
registrations in FY 2025-26. Source: NSE IX and India INX
Transaction/Processes/Operations/Trends Table 16 : Number of contracts and premium turnover in index options
NSE IX India INX
Financial
Turnover on Stock Exchanges Year No. of Value of contracts No. of Value of contracts
contracts (USD Mn) contracts (USD Mn)
The turnover (including value of premium in case of options) on the stock exchanges in IFSC
2023-24 1,433,164 363 14,302,868 773
increased to USD 1125 Billion during FY 2024-25 compared to USD 711 Billion of FY 2023-24
registering an increase of 58.23%. 2024-25 709,760 343 1,234,069 30
Source: NSE IX and India INX
Figure 7 : Turnover on stock exchanges (in USD Mn)
Commodity Derivatives
Turnover on IFSC Stock Exchanges (USD Mn)
There are various commodities derivatives available for trading on the stock exchanges as
1200000 mentioned in the table below.
1000000 Precious Metals Gold, Silver
800000 Base Metals Copper
600000 Energy Brent Crude Oil
400000
The turnover in commodity derivatives for the Financial Year 2023-24 and Financial Year 2024-25
200000
has been as under:
0
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 Table 17 : Turnover in commodity derivatives on India INX
Financial Year No of Contracts Value of Contracts (USD Mn)
India INX NSE IX Total
2023-24 45,343 2,901
2024-25 13,456 1,069
Source: India INX
42 432024-25
Investment advisers Derivatives available for trading on Stock Exchanges
Investment advisers play a pivotal role in IFSCs by providing valuable guidance, managing risks
Index Derivatives
and helping investors achieve their financial objectives in a complex and dynamic financial
The most traded index derivative contract has been GIFT NIFTY 50 Futures on NSE IX, which had
landscape. As on March 31, 2025, there are three investment advisers registered with the
largest share in the total turnover for the FY 2024-25. Other index derivatives contracts available
Authority.
on NSE IX are Futures and Options on Bank NIFTY, NIFTY Financial Services, NIFTY IT, NIFTY Next
Investment Bankers 50 and NIFTY MidCap Select.
India INX offers derivatives contracts on two equity indices, namely BSE SENSEX 50 and BSE
Investment bankers play a vital role in facilitating capital formation, advising on strategic
SENSEX.
transactions, managing risk exposure, and facilitating cross-border transactions, and their
expertise and services are essential for the efficient functioning of global financial markets. With Table 15 : Number of contracts and turnover in index futures
the issuance of New Listing Regulations, their role is critical in providing IPO, FPO and listing
NSE IX India INX
related services in IFSC. Further, IBUs in IFSC have been permitted (authorized) by IFSCA vide Financial
Year No. of Value of contracts No. of Value of contracts
circular dated December 3, 2021, to undertake investment banking activities in IFSC, subject to
contracts (USD Mn) contracts (USD Mn)
certain conditions.
2023-24 16,678,005 680,920 1,242,244 24,905
As on March 31, 2025, there are two investment bankers (registered) and two IBUs (authorized) to
2024-25 23,307,956 1,112,134 439,366 11,459
undertake investment banking activities in the IFSC. More entities are expected to take
registrations in FY 2025-26. Source: NSE IX and India INX
Transaction/Processes/Operations/Trends Table 16 : Number of contracts and premium turnover in index options
NSE IX India INX
Financial
Turnover on Stock Exchanges Year No. of Value of contracts No. of Value of contracts
contracts (USD Mn) contracts (USD Mn)
The turnover (including value of premium in case of options) on the stock exchanges in IFSC
2023-24 1,433,164 363 14,302,868 773
increased to USD 1125 Billion during FY 2024-25 compared to USD 711 Billion of FY 2023-24
registering an increase of 58.23%. 2024-25 709,760 343 1,234,069 30
Source: NSE IX and India INX
Figure 7 : Turnover on stock exchanges (in USD Mn)
Commodity Derivatives
Turnover on IFSC Stock Exchanges (USD Mn)
There are various commodities derivatives available for trading on the stock exchanges as
1200000 mentioned in the table below.
1000000 Precious Metals Gold, Silver
800000 Base Metals Copper
600000 Energy Brent Crude Oil
400000
The turnover in commodity derivatives for the Financial Year 2023-24 and Financial Year 2024-25
200000
has been as under:
0
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 Table 17 : Turnover in commodity derivatives on India INX
Financial Year No of Contracts Value of Contracts (USD Mn)
India INX NSE IX Total
2023-24 45,343 2,901
2024-25 13,456 1,069
Source: India INX
42 432024-25
Currency Derivatives As on March 31, 2025, the cumulative total of all debt securities listed on the stock exchanges in the
IFSC amounts to USD 65.1 billion, compared to USD 56.5 billion as on March 31, 2024.
There are various currency derivatives available for trading on the stock exchanges as mentioned
below: During the FY 2024-25, debt securities amounting to USD 8.6 billion were listed on the stock
exchanges in the IFSC, out of which:
Global Currency Derivatives EUR - USD, GBP-USD, JPY – USD, CHF-USD, AUD-USD
i. Bonds worth USD 6.99 billion were issued as well as listed in FY 2024-25
Rupee Derivatives INR - USD, USD – INR
Source: NSE IX and India INX ii. Bonds amounting to 1.61 billion were issued in previous financial years but were listed on
the stock exchanges in the IFSC, as secondary listings, in the financial year 2024-25.
Table 18 : Turnover in currency derivatives on NSE IX
During the FY 2024-25, a total of 57 issuances amounting to USD 6.99 billion were issued and
Financial Year No of Contracts Value of Contracts (USD Mn)
listed on the stock exchanges in the IFSC, with a dominant presence from financial institutions –
2023-24 19,731 480 mainly Banks and NBFCs.
2024-25 1,474 35
Key trends and insights of debt issuances in IFSC
Source: NSE IX
The financial sector (mainly NBFCs) clearly dominates both in terms of number of issuances and
Contract wise bifurcation of the turnover
total value, highlighting IFSC's role in connecting Indian financial institutions to global markets.
Contract wise turnover on stock exchanges in FY 2023-24 and FY 2024-25 has been as under:
Out of total 57 issuances, 50 issuances were by NBFC with cumulative listing of USD 5.23 Bn (out of
total USD 6.99 Bn) during the FY 2024-25⁶⁴.
Table 19 : Contract wise turnover on stock exchanges (in USD Mn)
Financial Commodity Currency Index Index
Total Figure 9 : Trends of Debt Issuance in IFSC
Year Futures Futures Futures Option
2023-24 2,901.11 923.47 7,05,824.42 1,132.99 7,10,781.98
2024-25 1,068.70 35.17 11,23,593.00 374.00 11,25,070.87
Source: NSE IX
Debt Market at IFSC
The IFSC has emerged as a preferred destination for Indian issuers to list their foreign currency/
masala bonds, acting as a gateway for connecting India with global markets. The IFSCA (Lising)
Regulations, 2024 provide globally benchmarked regulations for listing of debt securities on the
recognised stock exchanges in the IFSC.
Figure 8 : Listing of Debt Securities (in USD Bn)
The top five issuances accounted for approximately 40% of the total issuances listed on the stock
20.00 18.19 exchanges in the IFSC.
15.00
11.37 Issue Size Distribution
8.60
10.00 7.42 5.84
5.54 5.36 There were 21 bonds with issue size upto USD 10 million, indicating that the issuers with small
5.00 2.80
issuances have also issued foreign currency bonds and listed these bonds on the stock exchanges
0.00 in the IFSC. Further, there were9 bonds with issue size between USD 11 million to USD 100 million.
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
Source: India INX and NSE IX
(The amount may slightly vary due to rounding off and conversion from other currencies to USD)
⁶⁴ Excluding bonds that were issued in previous financial years and secondary listing on the stock exchanges in the IFSC in FY 2024-25
44 452024-25
Currency Derivatives As on March 31, 2025, the cumulative total of all debt securities listed on the stock exchanges in the
IFSC amounts to USD 65.1 billion, compared to USD 56.5 billion as on March 31, 2024.
There are various currency derivatives available for trading on the stock exchanges as mentioned
below: During the FY 2024-25, debt securities amounting to USD 8.6 billion were listed on the stock
exchanges in the IFSC, out of which:
Global Currency Derivatives EUR - USD, GBP-USD, JPY – USD, CHF-USD, AUD-USD
i. Bonds worth USD 6.99 billion were issued as well as listed in FY 2024-25
Rupee Derivatives INR - USD, USD – INR
Source: NSE IX and India INX ii. Bonds amounting to 1.61 billion were issued in previous financial years but were listed on
the stock exchanges in the IFSC, as secondary listings, in the financial year 2024-25.
Table 18 : Turnover in currency derivatives on NSE IX
During the FY 2024-25, a total of 57 issuances amounting to USD 6.99 billion were issued and
Financial Year No of Contracts Value of Contracts (USD Mn)
listed on the stock exchanges in the IFSC, with a dominant presence from financial institutions –
2023-24 19,731 480 mainly Banks and NBFCs.
2024-25 1,474 35
Key trends and insights of debt issuances in IFSC
Source: NSE IX
The financial sector (mainly NBFCs) clearly dominates both in terms of number of issuances and
Contract wise bifurcation of the turnover
total value, highlighting IFSC's role in connecting Indian financial institutions to global markets.
Contract wise turnover on stock exchanges in FY 2023-24 and FY 2024-25 has been as under:
Out of total 57 issuances, 50 issuances were by NBFC with cumulative listing of USD 5.23 Bn (out of
total USD 6.99 Bn) during the FY 2024-25⁶⁴.
Table 19 : Contract wise turnover on stock exchanges (in USD Mn)
Financial Commodity Currency Index Index
Total Figure 9 : Trends of Debt Issuance in IFSC
Year Futures Futures Futures Option
2023-24 2,901.11 923.47 7,05,824.42 1,132.99 7,10,781.98
2024-25 1,068.70 35.17 11,23,593.00 374.00 11,25,070.87
Source: NSE IX
Debt Market at IFSC
The IFSC has emerged as a preferred destination for Indian issuers to list their foreign currency/
masala bonds, acting as a gateway for connecting India with global markets. The IFSCA (Lising)
Regulations, 2024 provide globally benchmarked regulations for listing of debt securities on the
recognised stock exchanges in the IFSC.
Figure 8 : Listing of Debt Securities (in USD Bn)
The top five issuances accounted for approximately 40% of the total issuances listed on the stock
20.00 18.19 exchanges in the IFSC.
15.00
11.37 Issue Size Distribution
8.60
10.00 7.42 5.84
5.54 5.36 There were 21 bonds with issue size upto USD 10 million, indicating that the issuers with small
5.00 2.80
issuances have also issued foreign currency bonds and listed these bonds on the stock exchanges
0.00 in the IFSC. Further, there were9 bonds with issue size between USD 11 million to USD 100 million.
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
Source: India INX and NSE IX
(The amount may slightly vary due to rounding off and conversion from other currencies to USD)
⁶⁴ Excluding bonds that were issued in previous financial years and secondary listing on the stock exchanges in the IFSC in FY 2024-25
44 452024-25
Figure 10 : Distribution by Issue Size of Debt It is observed that small size issuances are being placed at IIDI, while large size issuances are
placed at other ICSDs (DTC, Euroclear and Clearstream). In terms of number of issuances, the
Issue Size Distribution
highest number of issuances (36) were held by IIDI (the depository in IFSC).
2 The IFSC has also done a deep dive study into both the Bond ecosystem and the ESG bond
ecosystem at the IFSC and placed the studies on the website for public consumption.
Additionally, during the year, it was observed in once instance a bond issuer and its compliance
15
21 officer had committed violations of certain disclosure requirements under the applicable
regulatory framework. Accordingly, IFSCA issued advisory letters to the concerned issuer and its
compliance officer.
9
Supervision
Supervision of MIIs
Up to $ 10 Mn $ 11 Mn - $100 Mn $101Mn-$500Mn Above $500 Mn
The Authority conducts supervision of MIIs with the objective of having oversight on their overall
activities across different functional areas and making recommendations for improvement in the
This pattern indicates that IFSC serves two distinct market segments:
deficiencies identified with respect to compliance, and resilience of their systems & procedures.
a. Large corporations accessing international bond markets; and The supervision is conducted through off-site reviews and on-site visits with specific inspection
goals. During FY 2024-25, the Authority conducted an on-site inspection of NSE IX.
b. Smaller financial institutions seeking specialized funding.
In addition, the Authority continuously monitors the activities and compliances with various
Depositories
regulatory requirements through periodic reports being submitted by the MIIs. These reports
The bonds listed on the stock exchanges in the IFSC are held in the following depositories: inter-alia provide information on exchange transactions and various related statistics, functioning
of the governing board, disciplinary actions taken by MIIs, incidents of default and non-
i. India International Depository Limited (IIDI) – 36 issuances with a total size of USD
compliance with operating rules which may have risk implications for MIIs. Furthermore, MIIs are
253.7 Mn.
also required to provide supplementary information for off-site supervision.
ii. The Depository Trust Company (DTC) – 5 issuances with a total size of USD 1,900 Mn.
Supervision of CMIs
iii. Other ICSDs (like Euroclear, Clearstream etc.) – 16 issuances with a total size of USD
Offsite Supervision
4836.30 Mn.
As part of continuous off-site supervision of Capital Market Intermediaries (CMIs), IFSCA has laid
Figure 11: International Depositories wise Issuance Distribution
down the framework for offsite supervision of CMIs by specifying reporting norms for CMIs
International Depositories - Issuance Distribution required to be submitted on a quarterly basis. The report format includes submission of
quantitative and qualitative information about CMI's operations and a duly signed undertaking of
compliance from the principal and compliance officers of the CMIs.
$ 4836.30 Mn.
28%
The analysis of Quarterly Reports and the action taken based on the observations in Quarterly
Reports are conducted by the Division of Supervision of Intermediaries on an on-going basis.
Administrative actions in the form of advisory, deficiency and warning letter were taken against
63%
$ 253.7 Mn. CMIs for noncompliance related to
9%
I. non-submission of the reports,
$ 1900 Mn.
ii. late submission of the reports,
iii. Non reporting or incorrect reporting of net worth,
IIDI DTC Other Intl. iv. Non submission of the undertaking of compliance,
v. Non submission of FIU registration details etc.
46 472024-25
Figure 10 : Distribution by Issue Size of Debt It is observed that small size issuances are being placed at IIDI, while large size issuances are
placed at other ICSDs (DTC, Euroclear and Clearstream). In terms of number of issuances, the
Issue Size Distribution
highest number of issuances (36) were held by IIDI (the depository in IFSC).
2 The IFSC has also done a deep dive study into both the Bond ecosystem and the ESG bond
ecosystem at the IFSC and placed the studies on the website for public consumption.
Additionally, during the year, it was observed in once instance a bond issuer and its compliance
15
21 officer had committed violations of certain disclosure requirements under the applicable
regulatory framework. Accordingly, IFSCA issued advisory letters to the concerned issuer and its
compliance officer.
9
Supervision
Supervision of MIIs
Up to $ 10 Mn $ 11 Mn - $100 Mn $101Mn-$500Mn Above $500 Mn
The Authority conducts supervision of MIIs with the objective of having oversight on their overall
activities across different functional areas and making recommendations for improvement in the
This pattern indicates that IFSC serves two distinct market segments:
deficiencies identified with respect to compliance, and resilience of their systems & procedures.
a. Large corporations accessing international bond markets; and The supervision is conducted through off-site reviews and on-site visits with specific inspection
goals. During FY 2024-25, the Authority conducted an on-site inspection of NSE IX.
b. Smaller financial institutions seeking specialized funding.
In addition, the Authority continuously monitors the activities and compliances with various
Depositories
regulatory requirements through periodic reports being submitted by the MIIs. These reports
The bonds listed on the stock exchanges in the IFSC are held in the following depositories: inter-alia provide information on exchange transactions and various related statistics, functioning
of the governing board, disciplinary actions taken by MIIs, incidents of default and non-
i. India International Depository Limited (IIDI) – 36 issuances with a total size of USD
compliance with operating rules which may have risk implications for MIIs. Furthermore, MIIs are
253.7 Mn.
also required to provide supplementary information for off-site supervision.
ii. The Depository Trust Company (DTC) – 5 issuances with a total size of USD 1,900 Mn.
Supervision of CMIs
iii. Other ICSDs (like Euroclear, Clearstream etc.) – 16 issuances with a total size of USD
Offsite Supervision
4836.30 Mn.
As part of continuous off-site supervision of Capital Market Intermediaries (CMIs), IFSCA has laid
Figure 11: International Depositories wise Issuance Distribution
down the framework for offsite supervision of CMIs by specifying reporting norms for CMIs
International Depositories - Issuance Distribution required to be submitted on a quarterly basis. The report format includes submission of
quantitative and qualitative information about CMI's operations and a duly signed undertaking of
compliance from the principal and compliance officers of the CMIs.
$ 4836.30 Mn.
28%
The analysis of Quarterly Reports and the action taken based on the observations in Quarterly
Reports are conducted by the Division of Supervision of Intermediaries on an on-going basis.
Administrative actions in the form of advisory, deficiency and warning letter were taken against
63%
$ 253.7 Mn. CMIs for noncompliance related to
9%
I. non-submission of the reports,
$ 1900 Mn.
ii. late submission of the reports,
iii. Non reporting or incorrect reporting of net worth,
IIDI DTC Other Intl. iv. Non submission of the undertaking of compliance,
v. Non submission of FIU registration details etc.
46 472024-25
Table 20 : Summary of administrative actions taken based on Offsite Supervision IOSCO Meetings, Conference and Workshops
during FY 2024-25
The delegation attended various IOSCO meetings such as the Asia Pacific Regional Committee
Sr. No. Type of Administrative action No. of CMIs
Meeting, Growth and Emerging Markets Committee Meeting, MMoU Monitoring Group Meeting,
1 Warning letter OECD-IOSCO Conference on Sustainable Bonds, Presidents Committee Meeting and Regulatory
1) For non-compliance of Net-worth Requirement 3 Workshops on various topics including sustainability-related bond markets and SupTech.
2) for non-submission of quarterly report for all 3 or 2 18
quarters Bilateral meetings with securities markets regulators of various countries
2 Advisory letter for
IFSCA held bilateral meetings with securities markets regulators of several jurisdictions including
non-submission of the report 11
Commodity Futures Trading Commission (USA), Financial Services Agency (Japan), Securities and
Non reporting or incorrect reporting of net worth 14
Non submission of the undertaking of compliance 17 Commodities Authority (UAE), Finansinspektionen (Sweden), Qatar Financial Markets Authority,
Non submission of FIU registration details 7 Financial Supervisory Commission (Taiwan) and Astana Financial Services Authority. The
Surrender of registration for inactive members 2 discussions were carried out on regulatory updates and collaboration on areas of mutual interest
between the authorities.
Onsite Supervision of CMIs
IOSCO World Investor Week, 2024
During the FY 2024-25, 22 CMIs were identified on the Risk Based Supervision criteria for onsite
IFSCA celebrated the IOSCO World Investor Week, 2024 (WIW) during the week starting October
supervision which was carried out by the MIIs of the CMIs and IFSCA. Further, based on the
14, 2024.
complaints and representations from MIIs, limited purpose supervision of three CMIs was carried
out. The IOSCO WIW is a global week-long campaign to raise awareness about the importance of
investor education and protection and highlight various initiatives of securities regulators. IFSCA,
Onsite Visit to CMIs
in coordination with the stock exchanges and other market participants celebrated the IOSCO
World Investor Week and participated in a series of events (webinars, physical events, interaction
To ensure presence of system, manpower and infrastructure at the premises of CMIs
with students, short videos, messages on social media etc.) with the objectives to create awareness
commensurate with the business carried out by the CMIs, onsite visit of 82 CMIs were carried out
about the various opportunities in the IFSC for investors and to highlight the regulatory initiatives
during financial year 2024-25. Based on the onsite visit, administrative actions in the form
taken by IFSCA in the areas of securities regulation. The key themes for the WIW revolved around
warning letter were taken for closed office premises or presence of temporary staff. Further, in one
sustainable finance and technology.
instance, the matter has been referred to enforcement for necessary action.
The activities included:
Net Worth of CMIs
Release of short video series by IFSCA
With a view to sensitizing CMIs about the importance of maintaining adequate capital and to
disincentivize behaviour which may lead to a fall in net worth, certain business restrictions IFSCA released a series of nine short videos on creating awareness about “GIFT IFSC - The Gateway
imposed regarding not undertaking any existing or new business activity in IFSC till the time the to India” covering the overall financial market ecosystem in the IFSC.
net worth is restored.
Social Media Campaign on - A smart investor
Advocacy and Outreach
A social media campaign on “A smart investor” was conducted wherein several messages were
posted on social media during the WIW on the themes related to sustainable finance, investor
IOSCO Annual Meeting
resilience, frauds, scams prevention etc.
A delegation led by Chairperson participated in the IOSCO Annual Meeting (AM) 2024, held in
Closing Bell Ceremony
Athens, Greece during May 26 - 28, 2024. During the visit, IFSCA participated in various IOSCO
meetings, workshops, bilateral meetings with regulators of other jurisdictions. Shri Arjun Prasad, GM, IFSCA rang the closing bell during the event organised by India INX and IIM
Ahmedabad Alumni Association. He shared insights on various opportunities in GIFT IFSC
through an interactive session with IIM Alumni and Angel/ VC investors.
48 492024-25
Table 20 : Summary of administrative actions taken based on Offsite Supervision IOSCO Meetings, Conference and Workshops
during FY 2024-25
The delegation attended various IOSCO meetings such as the Asia Pacific Regional Committee
Sr. No. Type of Administrative action No. of CMIs
Meeting, Growth and Emerging Markets Committee Meeting, MMoU Monitoring Group Meeting,
1 Warning letter OECD-IOSCO Conference on Sustainable Bonds, Presidents Committee Meeting and Regulatory
1) For non-compliance of Net-worth Requirement 3 Workshops on various topics including sustainability-related bond markets and SupTech.
2) for non-submission of quarterly report for all 3 or 2 18
quarters Bilateral meetings with securities markets regulators of various countries
2 Advisory letter for
IFSCA held bilateral meetings with securities markets regulators of several jurisdictions including
non-submission of the report 11
Commodity Futures Trading Commission (USA), Financial Services Agency (Japan), Securities and
Non reporting or incorrect reporting of net worth 14
Non submission of the undertaking of compliance 17 Commodities Authority (UAE), Finansinspektionen (Sweden), Qatar Financial Markets Authority,
Non submission of FIU registration details 7 Financial Supervisory Commission (Taiwan) and Astana Financial Services Authority. The
Surrender of registration for inactive members 2 discussions were carried out on regulatory updates and collaboration on areas of mutual interest
between the authorities.
Onsite Supervision of CMIs
IOSCO World Investor Week, 2024
During the FY 2024-25, 22 CMIs were identified on the Risk Based Supervision criteria for onsite
IFSCA celebrated the IOSCO World Investor Week, 2024 (WIW) during the week starting October
supervision which was carried out by the MIIs of the CMIs and IFSCA. Further, based on the
14, 2024.
complaints and representations from MIIs, limited purpose supervision of three CMIs was carried
out. The IOSCO WIW is a global week-long campaign to raise awareness about the importance of
investor education and protection and highlight various initiatives of securities regulators. IFSCA,
Onsite Visit to CMIs
in coordination with the stock exchanges and other market participants celebrated the IOSCO
World Investor Week and participated in a series of events (webinars, physical events, interaction
To ensure presence of system, manpower and infrastructure at the premises of CMIs
with students, short videos, messages on social media etc.) with the objectives to create awareness
commensurate with the business carried out by the CMIs, onsite visit of 82 CMIs were carried out
about the various opportunities in the IFSC for investors and to highlight the regulatory initiatives
during financial year 2024-25. Based on the onsite visit, administrative actions in the form
taken by IFSCA in the areas of securities regulation. The key themes for the WIW revolved around
warning letter were taken for closed office premises or presence of temporary staff. Further, in one
sustainable finance and technology.
instance, the matter has been referred to enforcement for necessary action.
The activities included:
Net Worth of CMIs
Release of short video series by IFSCA
With a view to sensitizing CMIs about the importance of maintaining adequate capital and to
disincentivize behaviour which may lead to a fall in net worth, certain business restrictions IFSCA released a series of nine short videos on creating awareness about “GIFT IFSC - The Gateway
imposed regarding not undertaking any existing or new business activity in IFSC till the time the to India” covering the overall financial market ecosystem in the IFSC.
net worth is restored.
Social Media Campaign on - A smart investor
Advocacy and Outreach
A social media campaign on “A smart investor” was conducted wherein several messages were
posted on social media during the WIW on the themes related to sustainable finance, investor
IOSCO Annual Meeting
resilience, frauds, scams prevention etc.
A delegation led by Chairperson participated in the IOSCO Annual Meeting (AM) 2024, held in
Closing Bell Ceremony
Athens, Greece during May 26 - 28, 2024. During the visit, IFSCA participated in various IOSCO
meetings, workshops, bilateral meetings with regulators of other jurisdictions. Shri Arjun Prasad, GM, IFSCA rang the closing bell during the event organised by India INX and IIM
Ahmedabad Alumni Association. He shared insights on various opportunities in GIFT IFSC
through an interactive session with IIM Alumni and Angel/ VC investors.
48 492024-25
The inaugural edition of the Conclave took place on January 16 - 17, 2025 at GIFT City Club,
Gujarat, India with the theme "Building an Innovative & Sustainable Securities Markets Ecosystem in
GIFT IFSC” dedicated to fostering innovation and sustainability in the securities market ecosystem
in GIFT City.
The Conclave hosted over 250 distinguished participants from the global financial markets,
allowing participants to connect with industry leaders, fund managers, corporates, economists,
and international institutions, fostering collaboration and exchange of knowledge in the securities
markets ecosystem. Also, over 2,000+ participants joined the conclave virtually through live video
streaming.
Highlights of the Conclave
Shri K. Rajaraman, Chairperson IFSCA, in his address, highlighted the transformation of IFSCA's
initial mandate from 'onshoring the offshore' to its renewed focus on supporting India's ambitious
vision for 'Viksit Bharat @2047'. Shri K. Rajaraman highlighted the reforms carried out by the
Government of India and financial sector regulators in the recent past, which lay the foundation of
India's growth journey, while outlining the key dimensions to achieve the vision of Viksit Bharat.
Image 4: Shri Arjun Prasad, GM, IFSCA participating in the Closing Bell Ceremony during WIW
The Chairperson reiterated IFSCA's commitment to the vision of Viksit Bharat and encouraged
Global Securities Markets Conclave
market participants to support this objective.
The Global Securities Markets Conclave has been conceptualized as a flagship securities market Shri V. Anantha Nageswaran, Chief Economic Advisor, Government of India during his special
event in GIFT IFSC, organized by the IFSCA with the support of and in coordination with the market address, shared his perspective on the evolution of financial markets in India and the integral role
infrastructure institutions in the IFSC, namely NSE IX, India INX, NSE ICC, India ICC, IIDI, and IIBX. of GIFT IFSC in this transformation. While complimenting the vision of the Government of India in
creating GIFT IFSC, he highlighted the crucial role that GIFT IFSC can play particularly in the wake
of the emergence of India as an economic powerhouse.
The two-day Conclave was packed with a comprehensive agenda and featured 20+ sessions,
focusing on emerging trends in capital markets, cross-border financial services, sustainable
finance, fund management and landscape of private investments, bullion & precious metal
ecosystem, and the evolving role of GIFT IFSC as a global financial hub. Several industry leaders
and subject matter experts shared their insights on a wide variety of subjects, such as new business
models and emerging areas of growth, enhancing investor confidence, leveraging the might of the
Indian diaspora, harnessing the power of emerging technologies for market growth, etc.
Panel Discussion on the topic “The Role of GIFT IFSC in Making India a Global Economic
Powerhouse”
A key highlight of GSMC was a panel discussion on “The Role of GIFT IFSC in Making India a Global
Economic Powerhouse,” moderated by Ms. Latha Venkatesh of CNBC, featuring Shri K. Rajaraman
(IFSCA), Mr. T. V. Mohandas Pai, and Mr. Ashishkumar Chauhan.
The panel noted that with a strong regulatory and tax framework now in place, GIFT IFSC is well-
positioned for global competitiveness. Opportunities like AI-BFSI hubs, global treasury centres,
and commodity trading were discussed. While acknowledging the centre's rapid progress, the
panel emphasized the need to attract talent and enhance quality of life to sustain growth. They
expressed confidence in GIFT IFSC's future as a key channel for global capital flows.
Image 5: Shri K. Rajaraman, Chairperson, IFSCA participating in the inaugural ceremony of the GSMC
50 512024-25
The inaugural edition of the Conclave took place on January 16 - 17, 2025 at GIFT City Club,
Gujarat, India with the theme "Building an Innovative & Sustainable Securities Markets Ecosystem in
GIFT IFSC” dedicated to fostering innovation and sustainability in the securities market ecosystem
in GIFT City.
The Conclave hosted over 250 distinguished participants from the global financial markets,
allowing participants to connect with industry leaders, fund managers, corporates, economists,
and international institutions, fostering collaboration and exchange of knowledge in the securities
markets ecosystem. Also, over 2,000+ participants joined the conclave virtually through live video
streaming.
Highlights of the Conclave
Shri K. Rajaraman, Chairperson IFSCA, in his address, highlighted the transformation of IFSCA's
initial mandate from 'onshoring the offshore' to its renewed focus on supporting India's ambitious
vision for 'Viksit Bharat @2047'. Shri K. Rajaraman highlighted the reforms carried out by the
Government of India and financial sector regulators in the recent past, which lay the foundation of
India's growth journey, while outlining the key dimensions to achieve the vision of Viksit Bharat.
Image 4: Shri Arjun Prasad, GM, IFSCA participating in the Closing Bell Ceremony during WIW
The Chairperson reiterated IFSCA's commitment to the vision of Viksit Bharat and encouraged
Global Securities Markets Conclave
market participants to support this objective.
The Global Securities Markets Conclave has been conceptualized as a flagship securities market Shri V. Anantha Nageswaran, Chief Economic Advisor, Government of India during his special
event in GIFT IFSC, organized by the IFSCA with the support of and in coordination with the market address, shared his perspective on the evolution of financial markets in India and the integral role
infrastructure institutions in the IFSC, namely NSE IX, India INX, NSE ICC, India ICC, IIDI, and IIBX. of GIFT IFSC in this transformation. While complimenting the vision of the Government of India in
creating GIFT IFSC, he highlighted the crucial role that GIFT IFSC can play particularly in the wake
of the emergence of India as an economic powerhouse.
The two-day Conclave was packed with a comprehensive agenda and featured 20+ sessions,
focusing on emerging trends in capital markets, cross-border financial services, sustainable
finance, fund management and landscape of private investments, bullion & precious metal
ecosystem, and the evolving role of GIFT IFSC as a global financial hub. Several industry leaders
and subject matter experts shared their insights on a wide variety of subjects, such as new business
models and emerging areas of growth, enhancing investor confidence, leveraging the might of the
Indian diaspora, harnessing the power of emerging technologies for market growth, etc.
Panel Discussion on the topic “The Role of GIFT IFSC in Making India a Global Economic
Powerhouse”
A key highlight of GSMC was a panel discussion on “The Role of GIFT IFSC in Making India a Global
Economic Powerhouse,” moderated by Ms. Latha Venkatesh of CNBC, featuring Shri K. Rajaraman
(IFSCA), Mr. T. V. Mohandas Pai, and Mr. Ashishkumar Chauhan.
The panel noted that with a strong regulatory and tax framework now in place, GIFT IFSC is well-
positioned for global competitiveness. Opportunities like AI-BFSI hubs, global treasury centres,
and commodity trading were discussed. While acknowledging the centre's rapid progress, the
panel emphasized the need to attract talent and enhance quality of life to sustain growth. They
expressed confidence in GIFT IFSC's future as a key channel for global capital flows.
Image 5: Shri K. Rajaraman, Chairperson, IFSCA participating in the inaugural ceremony of the GSMC
50 512024-25
8 ICMA & JSDA Annual Sustainable Bond conference, titled "Enabling and aligned with IOSCO's core principles, thereby enhancing market integrity, promoting investor
Sustainable Society/ Economy-Wide Transition through Sustainable confidence, and ensuring a level playing field for market participants to foster a globally
Bonds” competitive financial ecosystem.
New regulations on prohibition of market abuse
IFSCA will be reviewing the regulatory requirements pertaining to the prohibition of insider
trading and the prevention of fraudulent and unfair trade practices within the securities market in
the IFSC. The objective is to implement a robust system aimed at detecting and mitigating
fraudulent activities, including price manipulation, insider trading, unauthorized trading, and
other unfair practices, thereby ensuring market discipline, safety of investor's interest and
upholding the integrity of the financial markets. This review will be guided by the core principles
prescribed by the IOSCO to ensure market fairness, deterrence of misconduct, and adherence to
the highest standards of ethical conduct.
Global Securities Market Conclave 2.0
With the success of the Global Securities Market Conclave, the next edition of the same is expected
Image 6: Shri Pradeep Ramakrishnan, ED, IFSCA in a Panel Discussion on “Leadership Dialogue: Sustainable
Finance Regulation and Policy”, Tokyo to draw in more participants from various industry verticals.
Shri Pradeep Ramakrishnan, ED, IFSCA participated in a Panel Discussion on “Leadership Dialogue:
Sustainable Finance Regulation and Policy” during the 8 Annual ICMA & JSDA Conference held in
Tokyo on November 22, 2024. The Panel delved into best practices followed by regulators in Asian
jurisdictions on Sustainable Finance. Shri Pradeep Ramakrishnan shared insights on the various
initiatives taken by IFSCA to develop GIFT IFSC as a hub for sustainable finance.
Policy and Programmes for the Following Year
New Capital Market Intermediaries Regulations 2025
The Authority in its meeting held on March 26, 2025, approved the New CMI Regulations. The New
CMI Regulations will be notified in the FY 2025-26 providing the revised regulatory framework for
registration, regulation and supervision of capital market intermediaries set up in the IFSC.
Master Circular for Capital Market Intermediaries
Following the notification of the New CMI Regulations, IFSCA will issue Master Circular for various
categories of capital market intermediaries operating in the IFSC. This master circular will
consolidate the various regulatory requirements pertaining to CMIs and ensure easier compliance
by market intermediaries, fostering ease of doing business.
New regulations on Takeovers and Buybacks
IFSCA will be undertaking a comprehensive review of the regulatory framework governing
takeovers and buybacks of equity shares of companies listed on recognised stock exchanges
within the IFSC. These upcoming regulations will be benchmarked with the global best practices
52 532024-25
8 ICMA & JSDA Annual Sustainable Bond conference, titled "Enabling and aligned with IOSCO's core principles, thereby enhancing market integrity, promoting investor
Sustainable Society/ Economy-Wide Transition through Sustainable confidence, and ensuring a level playing field for market participants to foster a globally
Bonds” competitive financial ecosystem.
New regulations on prohibition of market abuse
IFSCA will be reviewing the regulatory requirements pertaining to the prohibition of insider
trading and the prevention of fraudulent and unfair trade practices within the securities market in
the IFSC. The objective is to implement a robust system aimed at detecting and mitigating
fraudulent activities, including price manipulation, insider trading, unauthorized trading, and
other unfair practices, thereby ensuring market discipline, safety of investor's interest and
upholding the integrity of the financial markets. This review will be guided by the core principles
prescribed by the IOSCO to ensure market fairness, deterrence of misconduct, and adherence to
the highest standards of ethical conduct.
Global Securities Market Conclave 2.0
With the success of the Global Securities Market Conclave, the next edition of the same is expected
Image 6: Shri Pradeep Ramakrishnan, ED, IFSCA in a Panel Discussion on “Leadership Dialogue: Sustainable
Finance Regulation and Policy”, Tokyo to draw in more participants from various industry verticals.
Shri Pradeep Ramakrishnan, ED, IFSCA participated in a Panel Discussion on “Leadership Dialogue:
Sustainable Finance Regulation and Policy” during the 8 Annual ICMA & JSDA Conference held in
Tokyo on November 22, 2024. The Panel delved into best practices followed by regulators in Asian
jurisdictions on Sustainable Finance. Shri Pradeep Ramakrishnan shared insights on the various
initiatives taken by IFSCA to develop GIFT IFSC as a hub for sustainable finance.
Policy and Programmes for the Following Year
New Capital Market Intermediaries Regulations 2025
The Authority in its meeting held on March 26, 2025, approved the New CMI Regulations. The New
CMI Regulations will be notified in the FY 2025-26 providing the revised regulatory framework for
registration, regulation and supervision of capital market intermediaries set up in the IFSC.
Master Circular for Capital Market Intermediaries
Following the notification of the New CMI Regulations, IFSCA will issue Master Circular for various
categories of capital market intermediaries operating in the IFSC. This master circular will
consolidate the various regulatory requirements pertaining to CMIs and ensure easier compliance
by market intermediaries, fostering ease of doing business.
New regulations on Takeovers and Buybacks
IFSCA will be undertaking a comprehensive review of the regulatory framework governing
takeovers and buybacks of equity shares of companies listed on recognised stock exchanges
within the IFSC. These upcoming regulations will be benchmarked with the global best practices
52 532024-25
The salient features of the Complaint Handling Circular are as follows:
Consumer Education And Protection
Applicability
The regulatory framework on complaint handling issued by IFSCA is applicable on all entities
One of the key regulatory objectives of IFSCA is to protect the interests of financial consumers.
regulated by IFSCA, dealing with any consumer or client other than their group entities, except for
Ensuring robust framework for consumer protection is fundamental to fostering trust and
entities such as foreign Universities, ancillary service providers, Book-keeping, Accounting,
confidence in the financial markets in the IFSC.
Taxation and Financial Crime Compliance Services (BATF) service providers, global/regional
The regulatory approach by IFSCA for safeguarding the interests of financial consumers includes,
corporate treasury centres and entities engaged in aircraft leasing or ship leasing in the IFSC.
i. Ensuring that financial service providers (i.e., regulated entities) are subject to comprehensive
Policy
regulatory oversight including registration obligations, initial and ongoing capital
requirements, adherence to code of conduct etc. The regulations issued by IFSCA ensure that
The regulated entities shall have a policy on handling of complaints and grievance redressal, duly
regulated entities dealing with consumers are subject to such requirements.
approved by its governing body or its Board of Directors, as applicable. The policy on Complaint
ii. Ensuring that the regulatory framework mandates issuers to provide complete, accurate, and Handling and Grievance Redressal shall be prominently disclosed on the website of the regulated
timely disclosure of material information, thereby enabling investors to make informed entities or on a dedicated webpage of its Group Entity, as applicable, under the heading “Complaint
investment decisions. The IFSCA (Listing) Regulations, 2024 contain specific provisions in this Handling and Grievance Redressal”. The name and contact details of the Complaint Redressal
regard. Officer (“CRO”) and the Complaint Redressal Appellate Officer (“CRAO”) shall also be prominently
iii. Ensuring that consumers deal with entities that are licensed/ registered/ recognized/ displayed under this section.
authorised by IFSCA. The list of all the licensed, registered, recognised and authorised entities
Complaint Handling Procedure (Retail Consumers)
is made available on the website of IFSCA.
Complaint Redressal Officer:
Further, during FY 2024-25, IFSCA issued a Press Release on September 20, 2024, cautioning
the public against dealing with any unauthorized broker dealer claiming to be broker dealer in On receipt of a complaint, the Complaint Redressal Officer of the regulated entities shall make an
IFSC. The Press Release is available on the website of IFSCA. assessment on the merits of the complaint. The regulated entities shall acknowledge acceptance of
complaints, in writing, within 3 working days of receipt of the complaint. In case of non-
iv. Conducting effective supervision (offsite and onsite) to ensure that the regulated entities
comply with the regulatory norms and requirements specified by IFSCA. Several measures acceptance, the regulated entities shall inform the complainant within 5 working days along with
have been taken by IFSCA to strengthen supervision in the IFSC. Details regarding supervision reasons. The regulated entities shall dispose of complaint preferably within 15 days but ordinarily
are provided in the relevant sections. not later than 30 days of acceptance of complaint.
v. Strengthening enforcement measures to protect consumers from fraudulent, manipulative, Complaint Redressal Appellate Officer
and misleading practices.
If dissatisfied with the outcome, complainants can file an appeal to the Complaint Redressal
vi. Establishing an efficient mechanism for redressing grievances of consumers.
Appellate Officer within 21 days of receiving the decision. The CRAO must resolve the appeal
within 30 days.
Complaint Handling and Grievance Redressal
Complaint Before the Authority
While IFSCA had previously laid down requirements for complaint handling under various
If the complainant remains dissatisfied after exhausting the entity's internal appeal process, the
regulations and circulars notified by IFSCA, a need was felt to specify a comprehensive and
complainant may escalate the matter to IFSCA by sending an email to grievance-
harmonized approach for grievance redressal and complaint handling by regulated entities across
redressal@ifsca.gov.in within 21 days. Where a complaint is against a trading member or a
various financial services in the IFSC. A consultation paper on the proposed mechanism for
Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC was issued on August clearing member or a depository participant or a bullion trading member or a bullion clearing
30, 2024. The framework proposed by IFSCA were based on the standards laid down by IOSCO, member, the consumers shall first approach the relevant market infrastructure institution before
IAIS, BCBS, OECD, and best practices in leading international financial centres. approaching IFSCA.
Pursuant to public consultation, IFSCA issued a circular titled “Complaint Handling and Grievance Maintenance of records
Redressal by Regulated Entities in the IFSC” (“Complaint Handling Circular”) on December 02,
The regulated entities shall maintain records of all complaints, including correspondence,
2024, specifying the norms and processes for handling of complaints and redress of grievances of
resolutions, and reasons for rejection, for the period as specified in the circular.
financial consumers by regulated entities in the IFSC.
54 552024-25
The salient features of the Complaint Handling Circular are as follows:
Consumer Education And Protection
Applicability
The regulatory framework on complaint handling issued by IFSCA is applicable on all entities
One of the key regulatory objectives of IFSCA is to protect the interests of financial consumers.
regulated by IFSCA, dealing with any consumer or client other than their group entities, except for
Ensuring robust framework for consumer protection is fundamental to fostering trust and
entities such as foreign Universities, ancillary service providers, Book-keeping, Accounting,
confidence in the financial markets in the IFSC.
Taxation and Financial Crime Compliance Services (BATF) service providers, global/regional
The regulatory approach by IFSCA for safeguarding the interests of financial consumers includes,
corporate treasury centres and entities engaged in aircraft leasing or ship leasing in the IFSC.
i. Ensuring that financial service providers (i.e., regulated entities) are subject to comprehensive
Policy
regulatory oversight including registration obligations, initial and ongoing capital
requirements, adherence to code of conduct etc. The regulations issued by IFSCA ensure that
The regulated entities shall have a policy on handling of complaints and grievance redressal, duly
regulated entities dealing with consumers are subject to such requirements.
approved by its governing body or its Board of Directors, as applicable. The policy on Complaint
ii. Ensuring that the regulatory framework mandates issuers to provide complete, accurate, and Handling and Grievance Redressal shall be prominently disclosed on the website of the regulated
timely disclosure of material information, thereby enabling investors to make informed entities or on a dedicated webpage of its Group Entity, as applicable, under the heading “Complaint
investment decisions. The IFSCA (Listing) Regulations, 2024 contain specific provisions in this Handling and Grievance Redressal”. The name and contact details of the Complaint Redressal
regard. Officer (“CRO”) and the Complaint Redressal Appellate Officer (“CRAO”) shall also be prominently
iii. Ensuring that consumers deal with entities that are licensed/ registered/ recognized/ displayed under this section.
authorised by IFSCA. The list of all the licensed, registered, recognised and authorised entities
Complaint Handling Procedure (Retail Consumers)
is made available on the website of IFSCA.
Complaint Redressal Officer:
Further, during FY 2024-25, IFSCA issued a Press Release on September 20, 2024, cautioning
the public against dealing with any unauthorized broker dealer claiming to be broker dealer in On receipt of a complaint, the Complaint Redressal Officer of the regulated entities shall make an
IFSC. The Press Release is available on the website of IFSCA. assessment on the merits of the complaint. The regulated entities shall acknowledge acceptance of
complaints, in writing, within 3 working days of receipt of the complaint. In case of non-
iv. Conducting effective supervision (offsite and onsite) to ensure that the regulated entities
comply with the regulatory norms and requirements specified by IFSCA. Several measures acceptance, the regulated entities shall inform the complainant within 5 working days along with
have been taken by IFSCA to strengthen supervision in the IFSC. Details regarding supervision reasons. The regulated entities shall dispose of complaint preferably within 15 days but ordinarily
are provided in the relevant sections. not later than 30 days of acceptance of complaint.
v. Strengthening enforcement measures to protect consumers from fraudulent, manipulative, Complaint Redressal Appellate Officer
and misleading practices.
If dissatisfied with the outcome, complainants can file an appeal to the Complaint Redressal
vi. Establishing an efficient mechanism for redressing grievances of consumers.
Appellate Officer within 21 days of receiving the decision. The CRAO must resolve the appeal
within 30 days.
Complaint Handling and Grievance Redressal
Complaint Before the Authority
While IFSCA had previously laid down requirements for complaint handling under various
If the complainant remains dissatisfied after exhausting the entity's internal appeal process, the
regulations and circulars notified by IFSCA, a need was felt to specify a comprehensive and
complainant may escalate the matter to IFSCA by sending an email to grievance-
harmonized approach for grievance redressal and complaint handling by regulated entities across
redressal@ifsca.gov.in within 21 days. Where a complaint is against a trading member or a
various financial services in the IFSC. A consultation paper on the proposed mechanism for
Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC was issued on August clearing member or a depository participant or a bullion trading member or a bullion clearing
30, 2024. The framework proposed by IFSCA were based on the standards laid down by IOSCO, member, the consumers shall first approach the relevant market infrastructure institution before
IAIS, BCBS, OECD, and best practices in leading international financial centres. approaching IFSCA.
Pursuant to public consultation, IFSCA issued a circular titled “Complaint Handling and Grievance Maintenance of records
Redressal by Regulated Entities in the IFSC” (“Complaint Handling Circular”) on December 02,
The regulated entities shall maintain records of all complaints, including correspondence,
2024, specifying the norms and processes for handling of complaints and redress of grievances of
resolutions, and reasons for rejection, for the period as specified in the circular.
financial consumers by regulated entities in the IFSC.
54 552024-25
Reporting
Fund Management
The regulated entities shall file reports on handling of complaints in the form and manner
specified by the Authority. The regulated entities shall have a section with heading “Complaint
With the aim of fostering a robust and globally competitive fund management ecosystem, IFSCA
Handling and Grievance Redressal” in its Annual Report, if the entity is required to file an annual
undertook a comprehensive review of the IFSCA (Fund Management) Regulations, 2022. The
report for its business activities in the IFSC under the applicable laws. In case the entity is not
review, guided by the objective to simplify regulations and reduce compliance burden while
required to file an annual report, the entity shall display the same on its website / dedicated
ensuring investor protection, to strengthen the regulatory framework while preserving its
webpage of its Group Entity, as applicable.
foundational principles.
Stakeholder Interactions
Pursuant to an extensively consultative approach, the draft of the reviewed regulations was
IFSCA held several interactions with the stakeholders in the months of December 2024 and
submitted in the Authority meeting held in December 2024, and notified in the Official Gazette on
January 2025 to familiarize them with the norms and requirements mentioned in the circular.
February 19, 2025, as the IFSCA (Fund Management) Regulations, 2025. Aligned with global best
Based on the feedback received from stakeholders, the Complaint Handling Circular has been
practices, these regulations encourage innovation and enhance the ease of doing fund
made effective with effect from April 1, 2025.
management activities in IFSC.
Other Initiatives
The IFSCA (Fund Management) Regulations, 2025, offer a unified and streamlined registration
IFSCA has created dedicated webpage “Consumer” “Complaints” on the website of IFSCA framework for FMEs, allowing them to carry out a range of fund management activities, such as:
providing detailed information about the mechanism for complaint handling in the IFSC.
a. Managing retail schemes (including Exchange Traded Funds),
b. Operating non-retail schemes (Alternative Investment Funds),
IFSCA has created another webpage “Consumer” “Alerts against Possible Scams” providing
c. Managing investment trusts (REITs and InvITs),
information about –
d. Providing portfolio management services.
i. Link to Directory for consumers to check if an entity is registered/ authorised by IFSCA
The regulations provide for registration of FMEs under three categories:
ii. Press Releases issued by IFSCA relating to Consumer Protection
1) Registered FME (Retail)
iii. Link to IOSCO's International Securities & Commodities Alerts Network (I-SCAN) IOSCO
Under this category, FMEs can cater to retail investors as well as non-retail investors by offering a
receives alerts and warnings from its members regarding firms that are not authorized to
wide array of investment products and services, such as retail schemes (including Exchange
provide investment services in the jurisdiction that issued the alert or warning. This link will
Traded Funds), non-retail schemes (Alternative Investment Funds), Venture Capital Schemes,
help consumers to know about scams in other jurisdictions.
Portfolio Management Services, etc.
2) Registered FME (Non-Retail)
This category is meant for FMEs that intend to manage funds or provide Portfolio Management
Services to accredited investors or investors investing at least up to a certain threshold (USD
150,000 in case of Restricted Schemes and USD 75,000 in case of Portfolio Management Services).
3) Authorised FME
A special category with light-touch registration is accorded to such FMEs that intend to invest only
in unlisted securities of start-ups through a Venture Capital Scheme and cater exclusively to
accredited investors or investors investing at least USD 250,000.
The three registration categories for FMEs, based on the risk potential of the activities permitted to
them, also determine the initial and ongoing regulatory requirements applicable to them.
The detailed eligibility and regulatory requirements for FMEs, Retail Schemes, Non-Retail
Schemes, Venture Capital Schemes, Portfolio Management Services and Investment Trusts have
been prescribed under the regulations.
56 572024-25
Reporting
Fund Management
The regulated entities shall file reports on handling of complaints in the form and manner
specified by the Authority. The regulated entities shall have a section with heading “Complaint
With the aim of fostering a robust and globally competitive fund management ecosystem, IFSCA
Handling and Grievance Redressal” in its Annual Report, if the entity is required to file an annual
undertook a comprehensive review of the IFSCA (Fund Management) Regulations, 2022. The
report for its business activities in the IFSC under the applicable laws. In case the entity is not
review, guided by the objective to simplify regulations and reduce compliance burden while
required to file an annual report, the entity shall display the same on its website / dedicated
ensuring investor protection, to strengthen the regulatory framework while preserving its
webpage of its Group Entity, as applicable.
foundational principles.
Stakeholder Interactions
Pursuant to an extensively consultative approach, the draft of the reviewed regulations was
IFSCA held several interactions with the stakeholders in the months of December 2024 and
submitted in the Authority meeting held in December 2024, and notified in the Official Gazette on
January 2025 to familiarize them with the norms and requirements mentioned in the circular.
February 19, 2025, as the IFSCA (Fund Management) Regulations, 2025. Aligned with global best
Based on the feedback received from stakeholders, the Complaint Handling Circular has been
practices, these regulations encourage innovation and enhance the ease of doing fund
made effective with effect from April 1, 2025.
management activities in IFSC.
Other Initiatives
The IFSCA (Fund Management) Regulations, 2025, offer a unified and streamlined registration
IFSCA has created dedicated webpage “Consumer” “Complaints” on the website of IFSCA framework for FMEs, allowing them to carry out a range of fund management activities, such as:
providing detailed information about the mechanism for complaint handling in the IFSC.
a. Managing retail schemes (including Exchange Traded Funds),
b. Operating non-retail schemes (Alternative Investment Funds),
IFSCA has created another webpage “Consumer” “Alerts against Possible Scams” providing
c. Managing investment trusts (REITs and InvITs),
information about –
d. Providing portfolio management services.
i. Link to Directory for consumers to check if an entity is registered/ authorised by IFSCA
The regulations provide for registration of FMEs under three categories:
ii. Press Releases issued by IFSCA relating to Consumer Protection
1) Registered FME (Retail)
iii. Link to IOSCO's International Securities & Commodities Alerts Network (I-SCAN) IOSCO
Under this category, FMEs can cater to retail investors as well as non-retail investors by offering a
receives alerts and warnings from its members regarding firms that are not authorized to
wide array of investment products and services, such as retail schemes (including Exchange
provide investment services in the jurisdiction that issued the alert or warning. This link will
Traded Funds), non-retail schemes (Alternative Investment Funds), Venture Capital Schemes,
help consumers to know about scams in other jurisdictions.
Portfolio Management Services, etc.
2) Registered FME (Non-Retail)
This category is meant for FMEs that intend to manage funds or provide Portfolio Management
Services to accredited investors or investors investing at least up to a certain threshold (USD
150,000 in case of Restricted Schemes and USD 75,000 in case of Portfolio Management Services).
3) Authorised FME
A special category with light-touch registration is accorded to such FMEs that intend to invest only
in unlisted securities of start-ups through a Venture Capital Scheme and cater exclusively to
accredited investors or investors investing at least USD 250,000.
The three registration categories for FMEs, based on the risk potential of the activities permitted to
them, also determine the initial and ongoing regulatory requirements applicable to them.
The detailed eligibility and regulatory requirements for FMEs, Retail Schemes, Non-Retail
Schemes, Venture Capital Schemes, Portfolio Management Services and Investment Trusts have
been prescribed under the regulations.
56 572024-25
Policy/ Regulatory Developments
Box 1: Review of IFSCA (Fund Management) Regulations, 2022
Streamlining Scheme Launches for Enhanced Ease of Doing Business
In the Union Budget for FY 2023-24, the Hon'ble Union Finance Minister announced that:
Intending to enhance ease of doing business and enabling quicker market access for new schemes,
IFSCA issued a circular on April 05, 2024, simplifying the process for filing schemes or funds. The “To simplify, ease and reduce cost of compliance, financial sector regulators will be requested to
FMEs are now permitted to file the Private Placement Memorandum (PPM) of proposed schemes carry out a comprehensive review of existing regulations. For this, they will consider suggestions
along with the prescribed disclosures and supporting documents to the Authority under a green from public and regulated entities....”
channel, whereby the schemes filed may be opened for subscription by investors immediately
In view of the above and as part of its continued commitment to streamlining regulatory
upon communication from the IFSCA to the FME that the PPM has been taken on record. This
processes, enhancing ease of doing business, and reducing compliance burden, IFSCA
streamlined approach is expected to significantly accelerate the fund launch process and further
undertook a comprehensive review of the IFSCA (Fund Management) Regulations, 2022.
strengthen the competitiveness of the IFSC as a global financial hub.
The review process commenced with invitation of suggestions towards review of IFSCA (Fund
Strengthening Governance through KMP Appointment Guidelines Management) Regulations, 2022 vide a Press Release dated October 10, 2023.
Further, in its endeavour to raise awareness about the regulatory regime for fund management
To promote greater accountability within FMEs while furthering its commitment to ease of doing
opportunities in GIFT-IFSC and to provide guidance to market participants, IFSCA engaged with
business, IFSCA issued a circular on February 20, 2025, outlining a clear and standardised process
market participants in investment funds ecosystem in India and other major jurisdictions
for the appointment and change of Key Managerial Personnel (KMP) of the FMEs.
through one-to-one meetings, roadshows, industry roundtables, conferences, etc. In course of
these interactions, with a view to continuously refine the regulatory framework, IFSCA actively
Transition to Fund Management Regulations, 2025
seeks suggestions from these participants. Further, as one of its outreach initiatives, IFSCA has
To facilitate a smooth transition of schemes from the IFSCA (Fund Management) Regulations, organized Chintan Shivir with market participants across several sectors, which has also
2022 to the newly notified IFSCA (Fund Management) Regulations, 2025, pursuant to the approval provided IFSCA with the inputs for further improvement of its regulatory frameworks.
of the Authority in the meeting held in March 2025, IFSCA issued a circular on April 08, 2025,
With a view to implement the key suggestions received from the various avenues and to make
enabling the schemes taken on record under the IFSCA (Fund Management) Regulations, 2022 to
the IFSCA (Fund Management) Regulations, 2022 future-ready for the next phase of growth of
be launched under the new regulatory regime by availing of a one-time window extended by IFSCA
the fund management industry in IFSC, IFSCA issued another consultation paper on August 5,
allowing the FMEs to re-file the such scheme PPMs within three months from the date of the
2024, inviting public comments on specific proposals of amendments to the said regulations.
circular, subject to certain conditions. This measure is intended to ensure regulatory parity
The feedback received was thoroughly examined and also deliberated upon by the Fund
between schemes authorised under different regulatory regimes and prevent disparate treatment
Management Advisory Committee (FMAC) of IFSCA.
of similarly situated entities. Further, such measure is also expected to mitigate jeopardizing the
Subsequently, the revised regulatory framework was discussed and approved at the Authority
resources invested by the FMEs in securing various approvals, building investor awareness,
meeting held on December 19, 2024. While the overarching principle of registering an FME
appointing vendors and service providers, etc.
with it being permitted to undertake host of fund management activities and the overall
Valuation of Assets of Schemes by Credit Rating Agencies at IFSC regulatory framework remains the same, changes have been undertaken to usher in further
ease of doing business, clarify the intent of certain regulatory provisions and introduce
In an effort to provide FMEs with an additional option for independent valuation of assets, IFSCA
safeguards as are deemed necessary for the protection of investors' interest.
issued a circular dated July 25, 2024, through which, CRAs registered with the IFSCA, have been
Following a robust consultation process, the IFSCA (Fund Management) Regulations, 2025
permitted to undertake valuation of assets for schemes. With this measure, the schemes launched
were published in official gazette on February 19, 2025.
by FMEs in IFSC now have the option to avail of the valuation services for their schemes from the
CRAs, in addition to a fund administrator or a custodian, registered with IFSCA, or a valuer Continued efforts to enhance the regulatory environment for fund management in the IFSC and
registered with the Insolvency and Bankruptcy Board of India (IBBI). align with global best practices, IFSCA notified the Fund Management Regulations, 2025, which
supersede the 2022 regulations and came into effect on February 19, 2025. These regulations
were developed through a detailed consultative process and are aimed at fostering innovation,
reducing compliance burdens, and promoting ease of doing business in GIFT-IFSC.
58 592024-25
Policy/ Regulatory Developments
Box 1: Review of IFSCA (Fund Management) Regulations, 2022
Streamlining Scheme Launches for Enhanced Ease of Doing Business
In the Union Budget for FY 2023-24, the Hon'ble Union Finance Minister announced that:
Intending to enhance ease of doing business and enabling quicker market access for new schemes,
IFSCA issued a circular on April 05, 2024, simplifying the process for filing schemes or funds. The “To simplify, ease and reduce cost of compliance, financial sector regulators will be requested to
FMEs are now permitted to file the Private Placement Memorandum (PPM) of proposed schemes carry out a comprehensive review of existing regulations. For this, they will consider suggestions
along with the prescribed disclosures and supporting documents to the Authority under a green from public and regulated entities....”
channel, whereby the schemes filed may be opened for subscription by investors immediately
In view of the above and as part of its continued commitment to streamlining regulatory
upon communication from the IFSCA to the FME that the PPM has been taken on record. This
processes, enhancing ease of doing business, and reducing compliance burden, IFSCA
streamlined approach is expected to significantly accelerate the fund launch process and further
undertook a comprehensive review of the IFSCA (Fund Management) Regulations, 2022.
strengthen the competitiveness of the IFSC as a global financial hub.
The review process commenced with invitation of suggestions towards review of IFSCA (Fund
Strengthening Governance through KMP Appointment Guidelines Management) Regulations, 2022 vide a Press Release dated October 10, 2023.
Further, in its endeavour to raise awareness about the regulatory regime for fund management
To promote greater accountability within FMEs while furthering its commitment to ease of doing
opportunities in GIFT-IFSC and to provide guidance to market participants, IFSCA engaged with
business, IFSCA issued a circular on February 20, 2025, outlining a clear and standardised process
market participants in investment funds ecosystem in India and other major jurisdictions
for the appointment and change of Key Managerial Personnel (KMP) of the FMEs.
through one-to-one meetings, roadshows, industry roundtables, conferences, etc. In course of
these interactions, with a view to continuously refine the regulatory framework, IFSCA actively
Transition to Fund Management Regulations, 2025
seeks suggestions from these participants. Further, as one of its outreach initiatives, IFSCA has
To facilitate a smooth transition of schemes from the IFSCA (Fund Management) Regulations, organized Chintan Shivir with market participants across several sectors, which has also
2022 to the newly notified IFSCA (Fund Management) Regulations, 2025, pursuant to the approval provided IFSCA with the inputs for further improvement of its regulatory frameworks.
of the Authority in the meeting held in March 2025, IFSCA issued a circular on April 08, 2025,
With a view to implement the key suggestions received from the various avenues and to make
enabling the schemes taken on record under the IFSCA (Fund Management) Regulations, 2022 to
the IFSCA (Fund Management) Regulations, 2022 future-ready for the next phase of growth of
be launched under the new regulatory regime by availing of a one-time window extended by IFSCA
the fund management industry in IFSC, IFSCA issued another consultation paper on August 5,
allowing the FMEs to re-file the such scheme PPMs within three months from the date of the
2024, inviting public comments on specific proposals of amendments to the said regulations.
circular, subject to certain conditions. This measure is intended to ensure regulatory parity
The feedback received was thoroughly examined and also deliberated upon by the Fund
between schemes authorised under different regulatory regimes and prevent disparate treatment
Management Advisory Committee (FMAC) of IFSCA.
of similarly situated entities. Further, such measure is also expected to mitigate jeopardizing the
Subsequently, the revised regulatory framework was discussed and approved at the Authority
resources invested by the FMEs in securing various approvals, building investor awareness,
meeting held on December 19, 2024. While the overarching principle of registering an FME
appointing vendors and service providers, etc.
with it being permitted to undertake host of fund management activities and the overall
Valuation of Assets of Schemes by Credit Rating Agencies at IFSC regulatory framework remains the same, changes have been undertaken to usher in further
ease of doing business, clarify the intent of certain regulatory provisions and introduce
In an effort to provide FMEs with an additional option for independent valuation of assets, IFSCA
safeguards as are deemed necessary for the protection of investors' interest.
issued a circular dated July 25, 2024, through which, CRAs registered with the IFSCA, have been
Following a robust consultation process, the IFSCA (Fund Management) Regulations, 2025
permitted to undertake valuation of assets for schemes. With this measure, the schemes launched
were published in official gazette on February 19, 2025.
by FMEs in IFSC now have the option to avail of the valuation services for their schemes from the
CRAs, in addition to a fund administrator or a custodian, registered with IFSCA, or a valuer Continued efforts to enhance the regulatory environment for fund management in the IFSC and
registered with the Insolvency and Bankruptcy Board of India (IBBI). align with global best practices, IFSCA notified the Fund Management Regulations, 2025, which
supersede the 2022 regulations and came into effect on February 19, 2025. These regulations
were developed through a detailed consultative process and are aimed at fostering innovation,
reducing compliance burdens, and promoting ease of doing business in GIFT-IFSC.
58 592024-25
Key enhancements under the 2025 framework along with the transitions, include:
into India in a seamless manner, as opposed to funds in other foreign jurisdictions which are not
permitted to accept NRI/ OCI contribution in excess of 50% of their corpus.
Lower minimum corpus requirement: The threshold for launching Non-Retail Schemes has
been reduced from USD 5 million to USD 3 million. In case of open-ended Category III Restricted
In this regard, following two alternative routes for increasing participation by NRIs and OCIs in
Schemes, FMEs can commence investment upon raising USD 1 million, with the remaining
Indian securities through IFSC based FPIs have been prescribed under SEBI (Foreign Portfolio
corpus to be achieved within 12 months.
Investors) Regulations, 2019:
Extended validity of Private Placement Memorandums (PPMs): The validity period for
Alternative route 1:
PPMs has been doubled from 6 months to 12 months. Additionally, FMEs are now allowed a one-
NRI/ OCI/ RI investors may contribute up to 100% in the corpus of IFSC based FPI, where such
time extension of PPM validity by 6 months upon payment of 50% of the applicable filing fee.
FPIs will be inter alia required to submit copies of PAN (or other suitable documents in the
Streamlined transition mechanism: FMEs with schemes authorized under the 2022
absence of the same), of all their NRI/ OCI/ RI individual constituents, along with their
regulations that held a valid PPM as on February 19, 2025, are permitted to transition
economic interests in the FPI, to the DDP.
seamlessly to the 2025 framework. A one-time opportunity is also available for re-filing expired
Alternative route 2:
PPMs under defined conditions, with reduced fees and extended validity.
NRI/ OCI/ RI investors may contribute up to 100% in the corpus of IFSC based FPIs without the
Fee clarity for regulatory amendments: No processing fees are applicable for amendments
FPI required to submit the documents mentioned under Alternative Route 1, provided it
made solely to align existing PPMs with the updated regulatory requirements under the 2025
satisfies certain eligibility conditions, including the FME being a subsidiary or branch of an
regime.
Asset Management Company of a Mutual Fund that is registered with the SEBI and is sponsored
The revised framework not only provides greater flexibility and regulatory clarity to FMEs but
by a Bank regulated by the RBI.
also strengthens GIFT-IFSC's positioning as a globally competitive hub for fund management
This regulatory measure marks a significant milestone in positioning the GIFT IFSC as the
activities.
preferred global gateway for the Indian diaspora to participate in the country's growth journey.
Box 2: Ease of investing enabled for NRI/ OCI investors
Transaction/Processes/Operations/Trends
In the budget speech in July 2019, the Hon'ble Finance Minister made the following
The fund management industry in GIFT IFSC has demonstrated strong growth momentum,
announcement:
positioning itself as a preferred jurisdiction for international fund operations. As of March 31,
“Even though India is the world's top remittance recipient, NRI investment in Indian capital 2025, IFSCA had registered 162 FMEs, which have collectively launched 229 schemes. These
markets is comparatively less. With a view to provide NRIs with seamless access to Indian equities, schemes have raised cumulative investor commitments amounting to USD 15.74 billion and have
I propose to merge the NRI-Portfolio Investment Scheme Route with the Foreign Portfolio deployed cumulative investments worth USD 5.88 billion. This growth signifies the strong
Investment Route.” industry acceptance of the regulatory and tax ecosystem of GIFT-IFSC.
India is home to the world's largest diaspora, with over 35 million NRIs and OCIs⁶⁵ contributing Table 21: Fund Management Ecosystem in GIFT IFSC
more than USD 100 billion annually through inward remittances, making India the largest March March YoY
Particulars
recipient of remittances across the globe. Despite this strong financial link, their participation 2024 2025 Growth
in India's capital markets has been constrained due to regulatory limitations.
Number of FMEs 114 162 ~42%
Recognizing the immense potential of this global investor base and in order to provide a
Number of Schemes 120 229 ~90%
seamless route for the NRI/ OCI investors to invest into Indian securities through IFSC funds,
IFSCA and SEBI have jointly created a regulatory channel for the same. Cumulative Total Commitments Raised (USD Bn) 8.41 15.74 ~87%
The SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2024, SEBI Circular Cumulative Total Funds Raised (USD Bn) 3.94 7.95 ~101%
dated June 27, 2024 and IFSCA Circular dated May 02, 2024 have now dispensed with the ceiling
Cumulative Total Investments Made (USD Bn) 3.80 8.07 ~112%
on the aggregate contribution by NRI/ OCI investors to IFSC funds investing into listed Indian
securities and provided an avenue for IFSC funds to channel up to 100% NRI/ OCI investments
As on March 31, 2025, there are 162 FMEs registered with IFSCA, wherein the largest number of
registrations have been observed in the Registered FME (Non-Retail) category.
⁶⁵ Ministry of External Affairs data
60 612024-25
Key enhancements under the 2025 framework along with the transitions, include:
into India in a seamless manner, as opposed to funds in other foreign jurisdictions which are not
permitted to accept NRI/ OCI contribution in excess of 50% of their corpus.
Lower minimum corpus requirement: The threshold for launching Non-Retail Schemes has
been reduced from USD 5 million to USD 3 million. In case of open-ended Category III Restricted
In this regard, following two alternative routes for increasing participation by NRIs and OCIs in
Schemes, FMEs can commence investment upon raising USD 1 million, with the remaining
Indian securities through IFSC based FPIs have been prescribed under SEBI (Foreign Portfolio
corpus to be achieved within 12 months.
Investors) Regulations, 2019:
Extended validity of Private Placement Memorandums (PPMs): The validity period for
Alternative route 1:
PPMs has been doubled from 6 months to 12 months. Additionally, FMEs are now allowed a one-
NRI/ OCI/ RI investors may contribute up to 100% in the corpus of IFSC based FPI, where such
time extension of PPM validity by 6 months upon payment of 50% of the applicable filing fee.
FPIs will be inter alia required to submit copies of PAN (or other suitable documents in the
Streamlined transition mechanism: FMEs with schemes authorized under the 2022
absence of the same), of all their NRI/ OCI/ RI individual constituents, along with their
regulations that held a valid PPM as on February 19, 2025, are permitted to transition
economic interests in the FPI, to the DDP.
seamlessly to the 2025 framework. A one-time opportunity is also available for re-filing expired
Alternative route 2:
PPMs under defined conditions, with reduced fees and extended validity.
NRI/ OCI/ RI investors may contribute up to 100% in the corpus of IFSC based FPIs without the
Fee clarity for regulatory amendments: No processing fees are applicable for amendments
FPI required to submit the documents mentioned under Alternative Route 1, provided it
made solely to align existing PPMs with the updated regulatory requirements under the 2025
satisfies certain eligibility conditions, including the FME being a subsidiary or branch of an
regime.
Asset Management Company of a Mutual Fund that is registered with the SEBI and is sponsored
The revised framework not only provides greater flexibility and regulatory clarity to FMEs but
by a Bank regulated by the RBI.
also strengthens GIFT-IFSC's positioning as a globally competitive hub for fund management
This regulatory measure marks a significant milestone in positioning the GIFT IFSC as the
activities.
preferred global gateway for the Indian diaspora to participate in the country's growth journey.
Box 2: Ease of investing enabled for NRI/ OCI investors
Transaction/Processes/Operations/Trends
In the budget speech in July 2019, the Hon'ble Finance Minister made the following
The fund management industry in GIFT IFSC has demonstrated strong growth momentum,
announcement:
positioning itself as a preferred jurisdiction for international fund operations. As of March 31,
“Even though India is the world's top remittance recipient, NRI investment in Indian capital 2025, IFSCA had registered 162 FMEs, which have collectively launched 229 schemes. These
markets is comparatively less. With a view to provide NRIs with seamless access to Indian equities, schemes have raised cumulative investor commitments amounting to USD 15.74 billion and have
I propose to merge the NRI-Portfolio Investment Scheme Route with the Foreign Portfolio deployed cumulative investments worth USD 5.88 billion. This growth signifies the strong
Investment Route.” industry acceptance of the regulatory and tax ecosystem of GIFT-IFSC.
India is home to the world's largest diaspora, with over 35 million NRIs and OCIs⁶⁵ contributing Table 21: Fund Management Ecosystem in GIFT IFSC
more than USD 100 billion annually through inward remittances, making India the largest March March YoY
Particulars
recipient of remittances across the globe. Despite this strong financial link, their participation 2024 2025 Growth
in India's capital markets has been constrained due to regulatory limitations.
Number of FMEs 114 162 ~42%
Recognizing the immense potential of this global investor base and in order to provide a
Number of Schemes 120 229 ~90%
seamless route for the NRI/ OCI investors to invest into Indian securities through IFSC funds,
IFSCA and SEBI have jointly created a regulatory channel for the same. Cumulative Total Commitments Raised (USD Bn) 8.41 15.74 ~87%
The SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2024, SEBI Circular Cumulative Total Funds Raised (USD Bn) 3.94 7.95 ~101%
dated June 27, 2024 and IFSCA Circular dated May 02, 2024 have now dispensed with the ceiling
Cumulative Total Investments Made (USD Bn) 3.80 8.07 ~112%
on the aggregate contribution by NRI/ OCI investors to IFSC funds investing into listed Indian
securities and provided an avenue for IFSC funds to channel up to 100% NRI/ OCI investments
As on March 31, 2025, there are 162 FMEs registered with IFSCA, wherein the largest number of
registrations have been observed in the Registered FME (Non-Retail) category.
⁶⁵ Ministry of External Affairs data
60 612024-25
Advocacy and Outreach
Table 22: Number of registered FMEs
As on March 31, IVCA Conclave 2025
FME Registrations
2025
Shri K Rajaraman, Chairperson, IFSCA along with other senior officials attended the Indian
Total Number of FMEs 162 Venture and Alternate Capital Association (IVCA) Conclave 2025 in Mumbai on February 12, 2025.
of which, No. of Registered FME (Retail) 9
of which, No. of Registered FME (Non-Retail) 144
of which, No. of Authorised FME 9
Table 23: Investment by Fund Management Schemes
Details regarding Schemes (As on March 31, 2025) (In USD Mn)
Image 7: Chairperson, IFSCA with senior officials of Fund Management industry
Schemes Authorised Investment Made
On the sidelines of the conclave, IFSCA held an interactive roundtable discussion with fund
Venture Capital Schemes 16 42.77 managers and market participants to create greater awareness about GIFT and also towards
garnering feedback on the regulatory framework for Fund Management in IFSC.
of which, Angel Schemes 5 8.82
IFSCA-IVCA Fund Management Conclave 2025
Restricted Schemes 213 8033.42
IVCA in collaboration with other industry stakeholders organized 'IFSCA-IVCA Fund Management
of which, Category I & II AIFs 78 4516.95
Conclave 2025' on March 12, 2025, at GIFT City, Gandhinagar, Gujarat.
of which, Category III AIFs 135 3516.47
Roundtables and Collaborations
Total Schemes in IFSC 229 8076.19
To raise awareness about the evolving fund management industry at IFSC and to engage with
industry stakeholders, senior officials of the IFSCA have participated in various roundtable
Portfolio Management Services
discussions with senior officials of fund managers, asset management companies, portfolio
managers and wealth managers in IFSC, India and foreign jurisdictions. Additionally, the IFSCA
The IFSCA (Fund Management) Regulations 2025 provide that FMEs which are registered under
collaborates with various industry bodies to understand industry needs, address regulatory
the categories of Registered (Retail) and Registered (Non-Retail) may also provide Portfolio
challenges, and promote dialogue within the sector.
Management Services. There are 23 such FMEs which provide these services in IFSC and manage
assets worth USD 1.18 Billion. Policies and Programs for the Following Year
Supervision Framework for third-party fund management services
In line with the global best practices and with a view to allow fund managers and investment
Apart from the offsite supervision carried out by IFSCA through the reports received from the
advisers in other jurisdictions to avail of the fund management platform within GIFT IFSC, a
FMEs on a quarterly frequency, during the year onsite visits of 8 (eight) FMEs were carried out. As a
regulatory framework will be deliberated during the year, which inter alia is likely to enhance the
result of these supervisory activities, the following actions were taken or initiated:
ease of undertaking fund management business in IFSC while also drawing a balance with the
Action Taken / Initiated No. of Instances critical element of investor protection and jurisdictional integrity.
Categorization of Restricted Schemes
Advisory Letters Issued 29 ⁶⁶
The IFSCA (Fund Management) Regulations, 2025 enable the FMEs to undertake a wide bouquet of
Warning Letters Issued 2
fund management activities, which include setting up various type of schemes/ pooled vehicles as
Enforcement Action Initiated 1 well as bespoke services for their investors. Among the various type of schemes permitted in IFSC,
the 'Restricted Schemes' are meant for accredited investors or those who are willing to contribute
Total Actions 30
at least USD 150,000. In order to provide better clarity on the permissible activities for each
category of Restricted Scheme, a circular on the matter is proposed to be issued during the year.
⁶⁶ 27 letters issued to the FMEs, and 2 letters issued to Registered Distributors
62 632024-25
Advocacy and Outreach
Table 22: Number of registered FMEs
As on March 31, IVCA Conclave 2025
FME Registrations
2025
Shri K Rajaraman, Chairperson, IFSCA along with other senior officials attended the Indian
Total Number of FMEs 162 Venture and Alternate Capital Association (IVCA) Conclave 2025 in Mumbai on February 12, 2025.
of which, No. of Registered FME (Retail) 9
of which, No. of Registered FME (Non-Retail) 144
of which, No. of Authorised FME 9
Table 23: Investment by Fund Management Schemes
Details regarding Schemes (As on March 31, 2025) (In USD Mn)
Image 7: Chairperson, IFSCA with senior officials of Fund Management industry
Schemes Authorised Investment Made
On the sidelines of the conclave, IFSCA held an interactive roundtable discussion with fund
Venture Capital Schemes 16 42.77 managers and market participants to create greater awareness about GIFT and also towards
garnering feedback on the regulatory framework for Fund Management in IFSC.
of which, Angel Schemes 5 8.82
IFSCA-IVCA Fund Management Conclave 2025
Restricted Schemes 213 8033.42
IVCA in collaboration with other industry stakeholders organized 'IFSCA-IVCA Fund Management
of which, Category I & II AIFs 78 4516.95
Conclave 2025' on March 12, 2025, at GIFT City, Gandhinagar, Gujarat.
of which, Category III AIFs 135 3516.47
Roundtables and Collaborations
Total Schemes in IFSC 229 8076.19
To raise awareness about the evolving fund management industry at IFSC and to engage with
industry stakeholders, senior officials of the IFSCA have participated in various roundtable
Portfolio Management Services
discussions with senior officials of fund managers, asset management companies, portfolio
managers and wealth managers in IFSC, India and foreign jurisdictions. Additionally, the IFSCA
The IFSCA (Fund Management) Regulations 2025 provide that FMEs which are registered under
collaborates with various industry bodies to understand industry needs, address regulatory
the categories of Registered (Retail) and Registered (Non-Retail) may also provide Portfolio
challenges, and promote dialogue within the sector.
Management Services. There are 23 such FMEs which provide these services in IFSC and manage
assets worth USD 1.18 Billion. Policies and Programs for the Following Year
Supervision Framework for third-party fund management services
In line with the global best practices and with a view to allow fund managers and investment
Apart from the offsite supervision carried out by IFSCA through the reports received from the
advisers in other jurisdictions to avail of the fund management platform within GIFT IFSC, a
FMEs on a quarterly frequency, during the year onsite visits of 8 (eight) FMEs were carried out. As a
regulatory framework will be deliberated during the year, which inter alia is likely to enhance the
result of these supervisory activities, the following actions were taken or initiated:
ease of undertaking fund management business in IFSC while also drawing a balance with the
Action Taken / Initiated No. of Instances critical element of investor protection and jurisdictional integrity.
Categorization of Restricted Schemes
Advisory Letters Issued 29 ⁶⁶
The IFSCA (Fund Management) Regulations, 2025 enable the FMEs to undertake a wide bouquet of
Warning Letters Issued 2
fund management activities, which include setting up various type of schemes/ pooled vehicles as
Enforcement Action Initiated 1 well as bespoke services for their investors. Among the various type of schemes permitted in IFSC,
the 'Restricted Schemes' are meant for accredited investors or those who are willing to contribute
Total Actions 30
at least USD 150,000. In order to provide better clarity on the permissible activities for each
category of Restricted Scheme, a circular on the matter is proposed to be issued during the year.
⁶⁶ 27 letters issued to the FMEs, and 2 letters issued to Registered Distributors
62 632024-25
Policy/ Regulatory Developments
Metals And Commodities
India, one of the world's largest importers and consumers of gold, is set to strengthen its position Bullion
Exchange
in the global precious metals market through the establishment of the India International Bullion
and CC
Exchange IFSC Limited (IIBX) at GIFT IFSC. This initiative stems from the NITI Aayog's 2018 report (IIBX)
on reforming India's gold ecosystem and was subsequently announced in the Union Budget of
Valid
2020. India-UAE Depository
CEPA TRQ (IIDIL)
Following this, IFSCA issued the IFSCA (Bullion Exchange) Regulations in December 2020, which Holders
got recently replaced by the IFSCA (Bullion Market) Regulations, 2025, notified in the Official Bullion
Gazette in February 2025.
Market
IIBX was set up by a consortium of five leading Market Infrastructure Institutions (MIIs) in India, in Ecosystem
collaboration with GIFT IFSC. The Exchange was officially inaugurated by the Hon'ble Prime
in IFSC
Minister on July 29, 2022. The objective behind the establishment of IIBX is to create a dynamic and
Qualified
transparent platform for trading precious metals such as gold and silver, enabling India to become Jewellers Vault
a price influencer rather than a price taker in the global market. and Qualified Managers
Suppliers
Major Milestone for IIBX and Precious Metals Ecosystem in GIFT-IFSC
Bullion
The Financial Year 2024-25 has been a significant year for the IIBX. The total import of gold Market
through IIBX since its launch crossed 100 tonnes, marking a significant achievement for IIBX and Intermediaries
an overall precious metals ecosystem in GIFT IFSC.
First Transaction of Nominated Bank on IIBX
IFSCA (Bullion Market) Regulations, 2025
One of the Reserve Bank of India-nominated bank participated as a Special Category Client
(SCC), gaining direct access to the IIBX to import gold on behalf of its domestic clients on February
The IFSCA (Bullion Market) Regulations, 2025 have been notified in the Official Gazette in
28, 2025.
February 2025. The IFSCA (Bullion Market) Regulations, 2025 replaced the IFSCA (Bullion
India is the world's second-biggest gold consumer after China and, thus, aims to be a significant Exchange) Regulations, 2020, which were notified on December 04, 2020.
price influencer in the global gold market. According to the World Gold Council, jewellery demand
Apart from furthering the objective of price discovery for bullion taking place through Bullion
worldwide contracted by 11 per cent in 2024 due to high prices. However, India remained
Exchange in GIFT IFSC, the Bullion Market Regulations are expected to usher in further ease of
relatively resilient with only a 2 per cent decline in jewellery demand, compared to China's sharp
doing business, clarify the intent of certain regulatory provisions and introduce safeguards as are
24 per cent drop. India's gold imports surged by USD 12.47 billion to touch USD 58.01 billion in FY
deemed necessary for the protection of customer's interest in the bullion market ecosystem in the
2024-25 as compared to USD 45.54 billion in FY 2023-24. In volume terms, 757.04 tonnes of gold
were imported into India against 795.25 tonnes in FY 2023-24, registering a decline of 4.80%. IFSC.
World Silver Survey 2025⁶⁷ highlights India's pivotal role in the global silver market, particularly in India International Bullion Exchange
industrial and jewellery sectors. India's industrial silver consumption increased by 4 per cent in
2024, ranking second globally after China. In contrast to global trends, India experienced a 21 per IIBX is promoted by India's leading market infrastructure institutions like NSE, India INX, India
cent rise in demand for silver coins and bars, driven by bullish investor sentiment and favourable ICC, NSDL, CDSL and MCX and is regulated by IFSCA. The role of IIBX is to provide a transparent
import policies. electronic trading platform for metal and commodities trading in IFSC, democratic pricing
mechanism, greater integration with other segments of financial market, become a price
The precious metals account for 8 per cent of the country's total imports and with a huge demand
influencer in the international market, etc. During the Financial Year 2024-25, 93.07 tonnes of gold
for gold and silver in the country, the formation of an International Bullion Exchange (IIBX) is one
of the steps which provide opportunities for formalization of the gold and silver import/trade in and 239.18 tonnes of silver were imported through IIBX.
India. The Exchange provides a more transparent, democratic, and an efficient platform for
import/ trade of gold and silver. The Authority also aims to introduce more commodity-related
products and derivatives thereon on the exchanges in the GIFT IFSC in the times to come.
⁶⁷ https://silverinstitute.org
64 652024-25
Policy/ Regulatory Developments
Metals And Commodities
India, one of the world's largest importers and consumers of gold, is set to strengthen its position Bullion
Exchange
in the global precious metals market through the establishment of the India International Bullion
and CC
Exchange IFSC Limited (IIBX) at GIFT IFSC. This initiative stems from the NITI Aayog's 2018 report (IIBX)
on reforming India's gold ecosystem and was subsequently announced in the Union Budget of
Valid
2020. India-UAE Depository
CEPA TRQ (IIDIL)
Following this, IFSCA issued the IFSCA (Bullion Exchange) Regulations in December 2020, which Holders
got recently replaced by the IFSCA (Bullion Market) Regulations, 2025, notified in the Official Bullion
Gazette in February 2025.
Market
IIBX was set up by a consortium of five leading Market Infrastructure Institutions (MIIs) in India, in Ecosystem
collaboration with GIFT IFSC. The Exchange was officially inaugurated by the Hon'ble Prime
in IFSC
Minister on July 29, 2022. The objective behind the establishment of IIBX is to create a dynamic and
Qualified
transparent platform for trading precious metals such as gold and silver, enabling India to become Jewellers Vault
a price influencer rather than a price taker in the global market. and Qualified Managers
Suppliers
Major Milestone for IIBX and Precious Metals Ecosystem in GIFT-IFSC
Bullion
The Financial Year 2024-25 has been a significant year for the IIBX. The total import of gold Market
through IIBX since its launch crossed 100 tonnes, marking a significant achievement for IIBX and Intermediaries
an overall precious metals ecosystem in GIFT IFSC.
First Transaction of Nominated Bank on IIBX
IFSCA (Bullion Market) Regulations, 2025
One of the Reserve Bank of India-nominated bank participated as a Special Category Client
(SCC), gaining direct access to the IIBX to import gold on behalf of its domestic clients on February
The IFSCA (Bullion Market) Regulations, 2025 have been notified in the Official Gazette in
28, 2025.
February 2025. The IFSCA (Bullion Market) Regulations, 2025 replaced the IFSCA (Bullion
India is the world's second-biggest gold consumer after China and, thus, aims to be a significant Exchange) Regulations, 2020, which were notified on December 04, 2020.
price influencer in the global gold market. According to the World Gold Council, jewellery demand
Apart from furthering the objective of price discovery for bullion taking place through Bullion
worldwide contracted by 11 per cent in 2024 due to high prices. However, India remained
Exchange in GIFT IFSC, the Bullion Market Regulations are expected to usher in further ease of
relatively resilient with only a 2 per cent decline in jewellery demand, compared to China's sharp
doing business, clarify the intent of certain regulatory provisions and introduce safeguards as are
24 per cent drop. India's gold imports surged by USD 12.47 billion to touch USD 58.01 billion in FY
deemed necessary for the protection of customer's interest in the bullion market ecosystem in the
2024-25 as compared to USD 45.54 billion in FY 2023-24. In volume terms, 757.04 tonnes of gold
were imported into India against 795.25 tonnes in FY 2023-24, registering a decline of 4.80%. IFSC.
World Silver Survey 2025⁶⁷ highlights India's pivotal role in the global silver market, particularly in India International Bullion Exchange
industrial and jewellery sectors. India's industrial silver consumption increased by 4 per cent in
2024, ranking second globally after China. In contrast to global trends, India experienced a 21 per IIBX is promoted by India's leading market infrastructure institutions like NSE, India INX, India
cent rise in demand for silver coins and bars, driven by bullish investor sentiment and favourable ICC, NSDL, CDSL and MCX and is regulated by IFSCA. The role of IIBX is to provide a transparent
import policies. electronic trading platform for metal and commodities trading in IFSC, democratic pricing
mechanism, greater integration with other segments of financial market, become a price
The precious metals account for 8 per cent of the country's total imports and with a huge demand
influencer in the international market, etc. During the Financial Year 2024-25, 93.07 tonnes of gold
for gold and silver in the country, the formation of an International Bullion Exchange (IIBX) is one
of the steps which provide opportunities for formalization of the gold and silver import/trade in and 239.18 tonnes of silver were imported through IIBX.
India. The Exchange provides a more transparent, democratic, and an efficient platform for
import/ trade of gold and silver. The Authority also aims to introduce more commodity-related
products and derivatives thereon on the exchanges in the GIFT IFSC in the times to come.
⁶⁷ https://silverinstitute.org
64 652024-25
Products on IIBX Depository
The following spot products are available on IIBX: GIFT IFSC has a single depository named India International Depository IFSC Ltd (IIDI)
(previously known as CDSL IFSC Ltd) which has also been designated as a Bullion Depository. The
Gold
role of IIDI is to perform the function of issuance of Bullion Depository Receipts in electronic form
Description for trading on the Bullion Exchange. It also performs the function of overseeing the storage and
Product Trading safeguarding of bullion through the vault managers. Further, as a bullion depository, IIDI also
Purity Good Delivery Standard
Unit
ensures that the vault manager has the systems, mechanism, and related IT infrastructure to
Gold 995 T+0 1 Kg 995 Bars supplied by LBMA approved suppliers provide encrypted transmission of information to the bullion depository and system-based
or other suppliers as may be approved reconciliation of data between the vault manager and bullion depository.
Gold Mini 999 T+0 100 grams 999 by IIBX.
UAEGD Gold 995 T+0 1 Kg 995 Vaulting Infrastructure
Bars supplied by UAE Good Delivery
(UAEGD) approved suppliers.
UAEGD Gold 999 T+0 100 grams 999 The vaulting infrastructure in GIFT IFSC includes facilities for the storage of the bullion. Currently,
3 Vault Managers are operating with total capacity of 440 tonnes of gold and 2,400 tonnes of silver.
UAEGDTRQ Gold 1 Kg 995 Bars supplied by UAE Good Delivery
995 T+0 (UAEGD) approved suppliers under
Bullion Market Intermediaries
the India-UAE Comprehensive Economic
UAEGDTRQ Gold 100 grams
999 Partnership Agreement (CEPA)
999 T+0 The number of the Bullion Market Intermediaries registered in the capacity of Bullion Trading
member (Bullion TM), Bullion Trading and Clearing member (Bullion TCM), Bullion Trading cum
Self Clearing Member (Bullion TSCM) and Bullion Professional Clearing member (Bullion PCM) as
Silver
on March 31, 2025, is given below. The names and details of these entities are available on the
Description website of the Authority.
Product Trading
Purity Good Delivery Standard
Unit Bullion TM Bullion TCM Bullion TSCM Bullion PCM
Silver Grains T+0 20 Kg 999 Grains/bars supplied by LBMA approved
7 8 3 2
suppliers or other suppliers as may be
Silver Bar T+0 30 Kg 999 approved by IIBX.
Qualified Jewellers
UAEGD Silver Grains T+0 20 Kg 999
Grains/bars supplied by UAE Good Delivery
(UAEGD) approved suppliers.
UAEGD Silver Bar T+0 30 Kg 999 The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry vide its
Notification No.49/2015-2020 dated January 05, 2022, had, inter alia, specified that Qualified
UAEGDCEPA Silver 20 Kg Grains supplied by UAE Good Delivery
Jewellers (QJs) notified by IFSCA shall be permitted to import gold under ITC(HS) Codes
Grains T+0 (UAEGD) approved suppliers under the
India-UAE Comprehensive Economic 71081200 and 71189000, through India International Bullion Exchange IFSC Limited (“IIBX”).
Partnership Agreement (CEPA)
Further, vide its Notification in October 2023, DGFT amended the import policy condition for
silver to permit import by QJs under ITC (HS) Codes 71069110 and 71069290.
Exchange, Clearing Corporation
Based on the said DGFT notifications, IFSCA has issued enabling circulars specifying, inter alia, the
IIBX is an IFSCA recognised Bullion Market Infrastructure Institution operating as a Bullion
eligibility conditions for notifying an entity as a Qualified Jeweller for the purpose of undertaking
Exchange and Bullion Clearing Corporation. Currently, as a Bullion Exchange, it provides platform
imports of gold and silver through IIBX.
that offers trading in products related to bullion (gold and silver). Its role as a Clearing Corporation
is to act as a central counter party for clearing and settlement of all the trades executed on the As of March 31, 2025, IFSCA has notified 167 Qualified Jewellers, the details of which are available
Bullion Exchange. on the website of the Authority.
66 672024-25
Products on IIBX Depository
The following spot products are available on IIBX: GIFT IFSC has a single depository named India International Depository IFSC Ltd (IIDI)
(previously known as CDSL IFSC Ltd) which has also been designated as a Bullion Depository. The
Gold
role of IIDI is to perform the function of issuance of Bullion Depository Receipts in electronic form
Description for trading on the Bullion Exchange. It also performs the function of overseeing the storage and
Product Trading safeguarding of bullion through the vault managers. Further, as a bullion depository, IIDI also
Purity Good Delivery Standard
Unit
ensures that the vault manager has the systems, mechanism, and related IT infrastructure to
Gold 995 T+0 1 Kg 995 Bars supplied by LBMA approved suppliers provide encrypted transmission of information to the bullion depository and system-based
or other suppliers as may be approved reconciliation of data between the vault manager and bullion depository.
Gold Mini 999 T+0 100 grams 999 by IIBX.
UAEGD Gold 995 T+0 1 Kg 995 Vaulting Infrastructure
Bars supplied by UAE Good Delivery
(UAEGD) approved suppliers.
UAEGD Gold 999 T+0 100 grams 999 The vaulting infrastructure in GIFT IFSC includes facilities for the storage of the bullion. Currently,
3 Vault Managers are operating with total capacity of 440 tonnes of gold and 2,400 tonnes of silver.
UAEGDTRQ Gold 1 Kg 995 Bars supplied by UAE Good Delivery
995 T+0 (UAEGD) approved suppliers under
Bullion Market Intermediaries
the India-UAE Comprehensive Economic
UAEGDTRQ Gold 100 grams
999 Partnership Agreement (CEPA)
999 T+0 The number of the Bullion Market Intermediaries registered in the capacity of Bullion Trading
member (Bullion TM), Bullion Trading and Clearing member (Bullion TCM), Bullion Trading cum
Self Clearing Member (Bullion TSCM) and Bullion Professional Clearing member (Bullion PCM) as
Silver
on March 31, 2025, is given below. The names and details of these entities are available on the
Description website of the Authority.
Product Trading
Purity Good Delivery Standard
Unit Bullion TM Bullion TCM Bullion TSCM Bullion PCM
Silver Grains T+0 20 Kg 999 Grains/bars supplied by LBMA approved
7 8 3 2
suppliers or other suppliers as may be
Silver Bar T+0 30 Kg 999 approved by IIBX.
Qualified Jewellers
UAEGD Silver Grains T+0 20 Kg 999
Grains/bars supplied by UAE Good Delivery
(UAEGD) approved suppliers.
UAEGD Silver Bar T+0 30 Kg 999 The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry vide its
Notification No.49/2015-2020 dated January 05, 2022, had, inter alia, specified that Qualified
UAEGDCEPA Silver 20 Kg Grains supplied by UAE Good Delivery
Jewellers (QJs) notified by IFSCA shall be permitted to import gold under ITC(HS) Codes
Grains T+0 (UAEGD) approved suppliers under the
India-UAE Comprehensive Economic 71081200 and 71189000, through India International Bullion Exchange IFSC Limited (“IIBX”).
Partnership Agreement (CEPA)
Further, vide its Notification in October 2023, DGFT amended the import policy condition for
silver to permit import by QJs under ITC (HS) Codes 71069110 and 71069290.
Exchange, Clearing Corporation
Based on the said DGFT notifications, IFSCA has issued enabling circulars specifying, inter alia, the
IIBX is an IFSCA recognised Bullion Market Infrastructure Institution operating as a Bullion
eligibility conditions for notifying an entity as a Qualified Jeweller for the purpose of undertaking
Exchange and Bullion Clearing Corporation. Currently, as a Bullion Exchange, it provides platform
imports of gold and silver through IIBX.
that offers trading in products related to bullion (gold and silver). Its role as a Clearing Corporation
is to act as a central counter party for clearing and settlement of all the trades executed on the As of March 31, 2025, IFSCA has notified 167 Qualified Jewellers, the details of which are available
Bullion Exchange. on the website of the Authority.
66 672024-25
Valid India-UAE CEPA TRQ Holders Table 24: Participants on India International Bullion Exchange (IIBX)
India and UAE have signed a Comprehensive Economic Partnership Agreement on February 18, As on Mar 31, As on Mar 31,
Participants
2022, which, inter alia, promotes bilateral trade in bullion, and gems and jewellery sectors. Under 2024 2025
the India-UAE CEPA, India can import a certain quantity of gold (Tariff Rate Quota) from the
Qualified Jewellers 118 167
eligible UAE entities every year with customs duty 1% lower than the prevailing rate. The said TRQ
Clients 70 118
is allocated to eligible Indian entities (India-UAE CEPA TRQ holders) by DGFT at the start of every
Financial Year.
‘Special category’ Clients 48 49
With a view to facilitate imports by India-UAE CEPA TRQ holders through IIBX, DGFT amended the
Qualified Suppliers 26 37
import policy condition for ITC(HS) Code 71081200 of Chapter 71 of ITC(HS) 2022, Schedule -I
(Import Policy) stating that valid India-UAE TRQ holders as notified by IFSCA can import gold Clients 24 34
through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA
‘Special category’ Clients 02 02
registered vaults located in SEZs as per the guidelines prescribed by the IFSCA. Subsequently,
IFSCA issued a circular on December 13, 2023, to facilitate the participation of India-UAE CEPA QS IFSC - 01
TRQ Holders on the IIBX for import of UAE Good Delivery (UAEGD) TRQ Gold under the India-UAE
Valid India UAE CEPA TRQ Holders 82 441
CEPA. Further, RBI vide circular dated January 31, 2024, provided the guidelines on import of gold
by TRQ Holders under the India UAE CEPA as notified by IFSCA to all the Category-I Authorised
Table 25: Regulated Entities/ Intermediaries on IIBX
Dealer Banks. During FY 2024-25, IFSCA notified 441 entities as valid India UAE CEPA TRQ Holders
that could undertake imports of gold/silver through IIBX under the India-UAE CEPA. As on Mar 31, As on Mar 31,
Participants
2024 2025
Transaction/Processes/Operations/Trends
Bullion Trading Members 5 7
Major Developments/ Operations Bullion Trading Cum Self Clearing Members 3 3
• Total gold imported through IIBX since launch has crossed 100 tonnes valuing USD 8.46 billion Bullion Trading Cum Clearing Members 6 8
approximately by the end of FY 2024-25.
Bullion Professional Clearing Members 2 2
• Total silver imported through IIBX since launch of its trading on December 13, 2023, touched
Vault Managers 3 3
1147.98 tonnes valuing USD 92.67 million approximately by the end of FY 2024-2025.
• IFSCA approved extension in trading hours for T+0 contracts on IIBX by 1 hour. The revising
trading hours at IIBX are 9 AM to 6:30 PM, as against 9 AM to 5:30 PM earlier. The revised
trading hours came into effect from May 24, 2024.
• IIBX launched trading in Gold Futures on June 21, 2024. Gold Futures available on IIBX provide
participants with an option to settle their open positions by giving/taking physical delivery of
gold. Gold Futures trade from 9 AM to 11:30 PM.
• Pursuant to IFSCA's approval, IIBX launched gold and silver spot contracts with vault in
Chennai as an additional vaulting centre. These contracts were launched as separate tokens
under the existing products (with GIFT IFSC delivery centre) with effect from July 29, 2024.
This Vault is the first IFSCA-registered vault located outside the GIFT IFSC.
68 692024-25
Valid India-UAE CEPA TRQ Holders Table 24: Participants on India International Bullion Exchange (IIBX)
India and UAE have signed a Comprehensive Economic Partnership Agreement on February 18, As on Mar 31, As on Mar 31,
Participants
2022, which, inter alia, promotes bilateral trade in bullion, and gems and jewellery sectors. Under 2024 2025
the India-UAE CEPA, India can import a certain quantity of gold (Tariff Rate Quota) from the
Qualified Jewellers 118 167
eligible UAE entities every year with customs duty 1% lower than the prevailing rate. The said TRQ
Clients 70 118
is allocated to eligible Indian entities (India-UAE CEPA TRQ holders) by DGFT at the start of every
Financial Year.
‘Special category’ Clients 48 49
With a view to facilitate imports by India-UAE CEPA TRQ holders through IIBX, DGFT amended the
Qualified Suppliers 26 37
import policy condition for ITC(HS) Code 71081200 of Chapter 71 of ITC(HS) 2022, Schedule -I
(Import Policy) stating that valid India-UAE TRQ holders as notified by IFSCA can import gold Clients 24 34
through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA
‘Special category’ Clients 02 02
registered vaults located in SEZs as per the guidelines prescribed by the IFSCA. Subsequently,
IFSCA issued a circular on December 13, 2023, to facilitate the participation of India-UAE CEPA QS IFSC - 01
TRQ Holders on the IIBX for import of UAE Good Delivery (UAEGD) TRQ Gold under the India-UAE
Valid India UAE CEPA TRQ Holders 82 441
CEPA. Further, RBI vide circular dated January 31, 2024, provided the guidelines on import of gold
by TRQ Holders under the India UAE CEPA as notified by IFSCA to all the Category-I Authorised
Table 25: Regulated Entities/ Intermediaries on IIBX
Dealer Banks. During FY 2024-25, IFSCA notified 441 entities as valid India UAE CEPA TRQ Holders
that could undertake imports of gold/silver through IIBX under the India-UAE CEPA. As on Mar 31, As on Mar 31,
Participants
2024 2025
Transaction/Processes/Operations/Trends
Bullion Trading Members 5 7
Major Developments/ Operations Bullion Trading Cum Self Clearing Members 3 3
• Total gold imported through IIBX since launch has crossed 100 tonnes valuing USD 8.46 billion Bullion Trading Cum Clearing Members 6 8
approximately by the end of FY 2024-25.
Bullion Professional Clearing Members 2 2
• Total silver imported through IIBX since launch of its trading on December 13, 2023, touched
Vault Managers 3 3
1147.98 tonnes valuing USD 92.67 million approximately by the end of FY 2024-2025.
• IFSCA approved extension in trading hours for T+0 contracts on IIBX by 1 hour. The revising
trading hours at IIBX are 9 AM to 6:30 PM, as against 9 AM to 5:30 PM earlier. The revised
trading hours came into effect from May 24, 2024.
• IIBX launched trading in Gold Futures on June 21, 2024. Gold Futures available on IIBX provide
participants with an option to settle their open positions by giving/taking physical delivery of
gold. Gold Futures trade from 9 AM to 11:30 PM.
• Pursuant to IFSCA's approval, IIBX launched gold and silver spot contracts with vault in
Chennai as an additional vaulting centre. These contracts were launched as separate tokens
under the existing products (with GIFT IFSC delivery centre) with effect from July 29, 2024.
This Vault is the first IFSCA-registered vault located outside the GIFT IFSC.
68 692024-25
Working Group/ Committee
Table 26: Product-wise summary of trades on IIBX
During FY 2023-24 During FY 2024-25 Expert Committee on positioning GIFT IFSC as a Global Commodity
Participants Traded Traded Traded Traded Trading Hub
Value Volume Value Volume
(USD Mn) (in kg) (USD Mn) (in kg) IFSCA has constituted an Expert Committee on positioning GIFT IFSC as Global Commodity
Trading Hub under the Chairmanship of Shri Rajeev Kher, former Commerce Secretary and former
LBMA 1 kg Gold 995 4.52 75.00 0.00 0.00
Member of Competition Appellate Tribunal. The Expert Committee has been set up with a view to
LBMA 100 gm Gold 999 0.00 0.00 0.00 0.00 enabling commodity trading in IFSC, which will facilitate business integration of IFSC financial
ecosystem with global trade flows, capitalize on integration opportunities with major commodity
UAE GD 1 kg Gold 995 2.22 34.00 8.46 106.00
hubs and attract global investment flows into IFSC, thereby helping IFSC grow competitively.
UAE GD 100 gm Gold 999 7.24 114.80 10.97 135.50
Advocacy and Outreach
UAEGD TRQ 1 kg Gold 995 252.91 3957.00 3471.10 40514.00
UAEGD TRQ 100 gm Gold 999 238.38 3747.40 4437.75 52317.40 Various outreach programs were undertaken by IFSCA towards the growth and development of
Bullion ecosystem in IFSC. These include participation in global and national conferences such as-
Total (Gold) 505.27 7928.20 7928.28 93072.50
i. India Silver Conference, Goa, in April 2024
UAEGD CEPA SILVER GRAINS 698.48 908800.00 217.91 228060.00
ii. Dubai Precious Metal Conference, Dubai, UAE, in November 2024
UAEGD SILVER GRAINS 0.00 0.00 1.10 1100.00
iii. India Management Research Conference IIM Ahmedabad, Ahmedabad, December 2024
SILVER GRAINS 0.00 0.00 0.00 0.00
iv. Global Securities Markets Conclave 1.0, GIFT-City, in January 2025
UAEGD SILVER BAR 0.00 0.00 0.00 0.00
v. IGPC-IIMA Annual Gold & Gold Markets Conference, New Delhi, in February 2025
SILVER BAR 0.00 0.00 9.29 10020.00
Further, the Authority also interacted with the market participants of the Bullion ecosystem in
Total (Silver)⁶⁸ 698.48 908800.00 228.31 239180.00 GIFT IFSC to gather their feedback on various challenges faced by them while trading and
importing through IIBX.
Supervision
Policies and Programmes for the Following Year
IFSCA has conducted the onsite and offsite supervision of regulated entities.
Offsite Supervision Working on the proposals/recommendations of Expert Committee for
positioning GIFT IFSC as a Global Commodity Trading Hub
To ensure the development of bullion market ecosystem in GIFT IFSC, supported by a compliance
of all rules/regulations prescribed by IFSCA, monthly reports of the physical bullion stock position IFSCA has constituted an Expert Committee on positioning GIFT IFSC as Global Commodity
containing details such as type of bullion, quantity and quality against which the Bullion Trading Hub under the Chairmanship of Shri Rajeev Kher, former Commerce Secretary and former
Depository has issued Bullion Depository Receipts are obtained. Member of Competition Appellate Tribunal. The Expert Committee has been set up with a view to
enabling commodity trading in IFSC, which will facilitate business integration of IFSC financial
Onsite Supervision
ecosystem with global trade flows, capitalize on integration opportunities with major commodity
During FY 2024-25, IFSCA carried out the onsite supervision of two Bullion Trading and Clearing hubs and attract global investment flows into IFSC, thereby helping IFSC grow competitively.
Members (TM/CM) and three vaults in GIFT IFSC. Advisory Letters were issued to 2 Bullion Drafting and notification of Bullion Market Intermediaries Regulations
TM/CMs and the Bullion Exchange, post the onsite supervision of the Bullion TM/CM. With
respect to onsite supervision of the Vaults, Advisory letters were also issued to 3 Vault Managers IFSCA is in the process of formulating comprehensive regulations for intermediaries involved in
and Bullion Depository. Further, based on the onsite supervision of the Bullion Exchange by IFSCA the bullion market, such as bullion dealers, vault managers, and trading platforms. These
in the previous Financial Year, Cautionary letter was issued to the Bullion Exchange. regulations aim to establish clear operational, compliance, and governance standards to ensure
market integrity.
⁶⁸ The trading of silver started on IIBX from December 13, 2023
70 712024-25
Working Group/ Committee
Table 26: Product-wise summary of trades on IIBX
During FY 2023-24 During FY 2024-25 Expert Committee on positioning GIFT IFSC as a Global Commodity
Participants Traded Traded Traded Traded Trading Hub
Value Volume Value Volume
(USD Mn) (in kg) (USD Mn) (in kg) IFSCA has constituted an Expert Committee on positioning GIFT IFSC as Global Commodity
Trading Hub under the Chairmanship of Shri Rajeev Kher, former Commerce Secretary and former
LBMA 1 kg Gold 995 4.52 75.00 0.00 0.00
Member of Competition Appellate Tribunal. The Expert Committee has been set up with a view to
LBMA 100 gm Gold 999 0.00 0.00 0.00 0.00 enabling commodity trading in IFSC, which will facilitate business integration of IFSC financial
ecosystem with global trade flows, capitalize on integration opportunities with major commodity
UAE GD 1 kg Gold 995 2.22 34.00 8.46 106.00
hubs and attract global investment flows into IFSC, thereby helping IFSC grow competitively.
UAE GD 100 gm Gold 999 7.24 114.80 10.97 135.50
Advocacy and Outreach
UAEGD TRQ 1 kg Gold 995 252.91 3957.00 3471.10 40514.00
UAEGD TRQ 100 gm Gold 999 238.38 3747.40 4437.75 52317.40 Various outreach programs were undertaken by IFSCA towards the growth and development of
Bullion ecosystem in IFSC. These include participation in global and national conferences such as-
Total (Gold) 505.27 7928.20 7928.28 93072.50
i. India Silver Conference, Goa, in April 2024
UAEGD CEPA SILVER GRAINS 698.48 908800.00 217.91 228060.00
ii. Dubai Precious Metal Conference, Dubai, UAE, in November 2024
UAEGD SILVER GRAINS 0.00 0.00 1.10 1100.00
iii. India Management Research Conference IIM Ahmedabad, Ahmedabad, December 2024
SILVER GRAINS 0.00 0.00 0.00 0.00
iv. Global Securities Markets Conclave 1.0, GIFT-City, in January 2025
UAEGD SILVER BAR 0.00 0.00 0.00 0.00
v. IGPC-IIMA Annual Gold & Gold Markets Conference, New Delhi, in February 2025
SILVER BAR 0.00 0.00 9.29 10020.00
Further, the Authority also interacted with the market participants of the Bullion ecosystem in
Total (Silver)⁶⁸ 698.48 908800.00 228.31 239180.00 GIFT IFSC to gather their feedback on various challenges faced by them while trading and
importing through IIBX.
Supervision
Policies and Programmes for the Following Year
IFSCA has conducted the onsite and offsite supervision of regulated entities.
Offsite Supervision Working on the proposals/recommendations of Expert Committee for
positioning GIFT IFSC as a Global Commodity Trading Hub
To ensure the development of bullion market ecosystem in GIFT IFSC, supported by a compliance
of all rules/regulations prescribed by IFSCA, monthly reports of the physical bullion stock position IFSCA has constituted an Expert Committee on positioning GIFT IFSC as Global Commodity
containing details such as type of bullion, quantity and quality against which the Bullion Trading Hub under the Chairmanship of Shri Rajeev Kher, former Commerce Secretary and former
Depository has issued Bullion Depository Receipts are obtained. Member of Competition Appellate Tribunal. The Expert Committee has been set up with a view to
enabling commodity trading in IFSC, which will facilitate business integration of IFSC financial
Onsite Supervision
ecosystem with global trade flows, capitalize on integration opportunities with major commodity
During FY 2024-25, IFSCA carried out the onsite supervision of two Bullion Trading and Clearing hubs and attract global investment flows into IFSC, thereby helping IFSC grow competitively.
Members (TM/CM) and three vaults in GIFT IFSC. Advisory Letters were issued to 2 Bullion Drafting and notification of Bullion Market Intermediaries Regulations
TM/CMs and the Bullion Exchange, post the onsite supervision of the Bullion TM/CM. With
respect to onsite supervision of the Vaults, Advisory letters were also issued to 3 Vault Managers IFSCA is in the process of formulating comprehensive regulations for intermediaries involved in
and Bullion Depository. Further, based on the onsite supervision of the Bullion Exchange by IFSCA the bullion market, such as bullion dealers, vault managers, and trading platforms. These
in the previous Financial Year, Cautionary letter was issued to the Bullion Exchange. regulations aim to establish clear operational, compliance, and governance standards to ensure
market integrity.
⁶⁸ The trading of silver started on IIBX from December 13, 2023
70 712024-25
IFSCA Bullion Good Delivery Guidelines
FinTech
IFSCA is in the process of notifying guidelines defining the standards and procedures for the good
delivery of bullion, including specifications on weight, purity, and refiner accreditation. These
In alignment with the vision articulated by Hon'ble Prime Minister Shri Narendra Modi to position
guidelines aim to create uniformity and global acceptance of bullion traded on the IFSC platform.
GIFT City as the preeminent global nerve centre for next-generation financial and technological
Extension of trading hours on IIBX services, and following the announcement by Hon'ble Union Finance Minister Smt. Nirmala
Sitharaman in the Union Budget 2021–22 regarding the government's commitment to develop a
IFSCA plans to extend trading hours on the India International Bullion Exchange (IIBX) to align world-class FinTech hub at GIFT IFSC, the IFSCA has laid out a comprehensive strategy to realise
more closely with global bullion market timings. This will provide increased flexibility and access this mandate. This includes building global visibility and mindshare among FinTechs, formulating
for international participants progressive and forward-looking regulatory frameworks, and introducing targeted incentives to
promote innovation and entrepreneurship. Key milestones in this journey include the release of
Enabling, approving and regulating products – features, design, the Progressive Regulatory Framework for FinTech in 2022 and the implementation of the FinTech
suitability, etc. through regulatory framework for products like Gold Incentive Scheme, which supports both Indian and foreign FinTech ventures. Collectively, these
initiatives reinforce IFSCA's commitment to nurturing a vibrant and robust FinTech ecosystem,
ETF, Silver ETF, Commodities ETF, Gold Mutual Funds, etc.
firmly establishing GIFT IFSC as a pioneering FinTech laboratory on the global stage.
IFSCA is exploring formulation of regulatory frameworks to support innovative commodity-linked
investment products, including Gold ETFs, Silver ETFs, and Gold Mutual Funds, within the IFSC.
Policy/ Regulatory Developments
The focus will be on product suitability, risk disclosures, and investor protection.
Framework for FinTech Entity in the IFSCs
Introduction/approval of Gold Quanto Futures, Silver Quanto Futures,
In accordance with the vision of the Hon'ble Prime Minister to create a world-class fintech hub,
Gold Options and Silver Options
IFSCA had issued a circular providing for a unique Framework for FinTech Entity in the IFSCs (“FE
Framework”) for FinTechs and TechFins on April 27, 2022.
IFSCA is working towards introducing advanced derivative instruments like Gold Quanto Futures,
Silver Quanto Futures, and options contracts to provide hedging and speculative opportunities for The FE Framework enables some class/categories of technology companies having a deployable
market participants. These products will be designed with global market standards in mind. advanced/ innovative technology solution which aids and assists activities in relation to financial
products, financial services, financial institutions and, credible track record including financial
performance, defined as “TechFin” to obtain Direct Entry (Authorization by IFSCA). Further it also
Operationalising the IFSC vaulting centres at other locations within
provides entities access to different categories of sandboxes to develop and test TechFin and
SEZs or Free Trade Warehousing Zones across India.
FinTech Solutions in IFSC by providing Limited Use Authorization. The entities, fulfilling the
The introduction of the Rule 19A to the SEZ Rules has enabled establishment of new vaulting eligibility criteria according to the framework, which exhibit genuine innovation and need for live
infrastructures outside the GIFT. It is expected that more vaults may be operationalized in SEZs in testing on real customers/ investors, had carried out limited prior testing, and provide direct
Chennai, Kolkata and other regions of the country. benefit to users with proper risk management strategy, adequate test readiness and deployment
plan post testing, can apply to IFSCA FinTech Regulatory Sandbox. Further, the entities fulfilling
the eligibility criteria according to the framework may be permitted to access the IFSCA FinTech
Innovation Sandbox where in FinTechs can test their solutions in isolation from the live market.
The FE Framework also incorporates two additional mechanisms to support the FinTech Entities
as detailed below:
Inter Operable Regulatory Sandbox (IoRS): IoRS is a proposed mechanism to facilitate testing
of innovative hybrid financial products/ services falling within the regulatory ambit of more than
one financial sector regulators. IFSCA will facilitate Indian FinTechs seeking access to foreign
markets and foreign FinTechs seeking entry into India.
72 732024-25
IFSCA Bullion Good Delivery Guidelines
FinTech
IFSCA is in the process of notifying guidelines defining the standards and procedures for the good
delivery of bullion, including specifications on weight, purity, and refiner accreditation. These
In alignment with the vision articulated by Hon'ble Prime Minister Shri Narendra Modi to position
guidelines aim to create uniformity and global acceptance of bullion traded on the IFSC platform.
GIFT City as the preeminent global nerve centre for next-generation financial and technological
Extension of trading hours on IIBX services, and following the announcement by Hon'ble Union Finance Minister Smt. Nirmala
Sitharaman in the Union Budget 2021–22 regarding the government's commitment to develop a
IFSCA plans to extend trading hours on the India International Bullion Exchange (IIBX) to align world-class FinTech hub at GIFT IFSC, the IFSCA has laid out a comprehensive strategy to realise
more closely with global bullion market timings. This will provide increased flexibility and access this mandate. This includes building global visibility and mindshare among FinTechs, formulating
for international participants progressive and forward-looking regulatory frameworks, and introducing targeted incentives to
promote innovation and entrepreneurship. Key milestones in this journey include the release of
Enabling, approving and regulating products – features, design, the Progressive Regulatory Framework for FinTech in 2022 and the implementation of the FinTech
suitability, etc. through regulatory framework for products like Gold Incentive Scheme, which supports both Indian and foreign FinTech ventures. Collectively, these
initiatives reinforce IFSCA's commitment to nurturing a vibrant and robust FinTech ecosystem,
ETF, Silver ETF, Commodities ETF, Gold Mutual Funds, etc.
firmly establishing GIFT IFSC as a pioneering FinTech laboratory on the global stage.
IFSCA is exploring formulation of regulatory frameworks to support innovative commodity-linked
investment products, including Gold ETFs, Silver ETFs, and Gold Mutual Funds, within the IFSC.
Policy/ Regulatory Developments
The focus will be on product suitability, risk disclosures, and investor protection.
Framework for FinTech Entity in the IFSCs
Introduction/approval of Gold Quanto Futures, Silver Quanto Futures,
In accordance with the vision of the Hon'ble Prime Minister to create a world-class fintech hub,
Gold Options and Silver Options
IFSCA had issued a circular providing for a unique Framework for FinTech Entity in the IFSCs (“FE
Framework”) for FinTechs and TechFins on April 27, 2022.
IFSCA is working towards introducing advanced derivative instruments like Gold Quanto Futures,
Silver Quanto Futures, and options contracts to provide hedging and speculative opportunities for The FE Framework enables some class/categories of technology companies having a deployable
market participants. These products will be designed with global market standards in mind. advanced/ innovative technology solution which aids and assists activities in relation to financial
products, financial services, financial institutions and, credible track record including financial
performance, defined as “TechFin” to obtain Direct Entry (Authorization by IFSCA). Further it also
Operationalising the IFSC vaulting centres at other locations within
provides entities access to different categories of sandboxes to develop and test TechFin and
SEZs or Free Trade Warehousing Zones across India.
FinTech Solutions in IFSC by providing Limited Use Authorization. The entities, fulfilling the
The introduction of the Rule 19A to the SEZ Rules has enabled establishment of new vaulting eligibility criteria according to the framework, which exhibit genuine innovation and need for live
infrastructures outside the GIFT. It is expected that more vaults may be operationalized in SEZs in testing on real customers/ investors, had carried out limited prior testing, and provide direct
Chennai, Kolkata and other regions of the country. benefit to users with proper risk management strategy, adequate test readiness and deployment
plan post testing, can apply to IFSCA FinTech Regulatory Sandbox. Further, the entities fulfilling
the eligibility criteria according to the framework may be permitted to access the IFSCA FinTech
Innovation Sandbox where in FinTechs can test their solutions in isolation from the live market.
The FE Framework also incorporates two additional mechanisms to support the FinTech Entities
as detailed below:
Inter Operable Regulatory Sandbox (IoRS): IoRS is a proposed mechanism to facilitate testing
of innovative hybrid financial products/ services falling within the regulatory ambit of more than
one financial sector regulators. IFSCA will facilitate Indian FinTechs seeking access to foreign
markets and foreign FinTechs seeking entry into India.
72 732024-25
IFSCA – IAIS Engagements
Regulatory Referral Mechanism/ FinTech Bridges: It shall be governed as per the provisions of
the MoU or collaboration or special arrangement between IFSCA and corresponding overseas
IFSCA, in its capacity as a member of the FinTech Forum of the International Association of
Regulator(s). Currently IFSCA has FinTech Bridge with Monetary Authority of Singapore (MAS)
Insurance Supervisors (IAIS), actively contributed to various meetings and discussions on
which was executed by the way of MoU between the two regulators.
emerging technologies in the insurance sector during the year 2024 and early 2025. IFSCA
IFSCA has received a total of 159 Applications under the FinTech Entity Framework from 14 participated virtually in the IAIS FinTech Forum held on June 5, 2024, where updates were
jurisdiction since its inception. The Authority received 28 applications in the FY 2024-25 under provided by the SupTech sub-group, the AI Application Paper drafting team, the API/ Open Data
the FE Framework. sub-group, and the Distributed Ledger Technology (DLT) Data sub-group.
IFSCA has granted 16 regulatory approvals in the financial year 2024 -25 including 10 (earlier 04) Furthermore, IFSCA attended the in-person policy implementation meeting on AI in the Insurance
Authorizations and 6 (earlier 22) Limited Use Authorizations. Sector held in Basel, Switzerland, from September 3 to 4, 2024, followed by the IAIS FinTech Forum
meeting on September 4, 2024. These engagements focused on advancements in AI, digital assets,
SupTech, and embedded insurance. Continuing its involvement, IFSCA also participated virtually
IFSCA FinTech Incentive Scheme, 2022
in the FinTech Forum meeting held on February 13, 2025, reinforcing its commitment to
IFSCA, with an overall objective to promote the establishment of a world-class FinTech Hub, at international collaboration on technological innovation in insurance supervision.
GIFT IFSC in India, launched the IFSCA (FinTech Incentive) Scheme for providing financial support
I-Sprint'23
to FinTech activities in the form of specific grant(s). The guidelines for implementation of the
Scheme were issued on September 12, 2022.
In order to promote innovation, Global Hackathons (named I-Sprint' 23) were conducted in
partnership with various organizations to promote innovations in the previous financial years.
Under the Scheme, the Evaluation Committee has recommended twelve applications for grants
totalling ₹3.50 crore, and the disbursement of the approved grant amounts has been successfully
The Sprint 09 and the Sprint 13 were concluded in this financial year with 85 participants.
completed.
Participation in In Space Industry Meet 2024
Advocacy and Outreach
IFSCA participated in the “IN-SPACe Industry Meet” held on June 6, 2024, organized by the Indian
National Space Promotion and Authorisation Centre (IN-SPACe) and Inaugurated by S. Somnath,
Global Financial Innovation Network (GFIN)
Chairman ISRO. The event was part of IN-SPACe's ongoing efforts to foster sustained engagement
with the private space industry and to promote a collaborative ecosystem for the growth of India's
IFSCA, having joined the GFIN in the previous financial year as a Board Member of its Coordination
SpaceTech sector. During the meet, IFSCA delivered a focused presentation outlining the financial
Group, has continued to actively contribute to the network's strategic initiatives. As part of its
opportunities available for SpaceTech companies within the GIFT IFSC.
responsibilities, IFSCA participated in various key meetings and activities throughout the year
2024 and early 2025. Notably, IFSCA virtually attended the Coordination Group meetings held on
Participation in Global FinTech Fest (GFF) 2024
May 21, July 29, and November 12, 2024. In the July meeting, IFSCA recommended the
membership applications of the Central Bank of Jordan and the Financial Markets Authority of IFSCA actively participated in the Global FinTech Festival 2024 held on August 28-30, 2024, at
New Zealand. Mumbai by contributing to a panel discussion on the theme, "Innovation in FinTech Regulation:
Balancing Innovation and Regulation in Global Financial Services." The session brought together
Further, IFSCA co-managed the GFIN Secretariat alongside the UK's Financial Conduct Authority
global thought leaders and regulatory experts to deliberate on the evolving landscape of financial
(FCA) and organized a spotlight session on “Gen AI – Use Cases for BFSI” for GFIN members on
technologies and the regulatory approaches necessary to foster innovation while ensuring
October 29, 2024, following its proposal made in July. Reinforcing its commitment to global
financial stability and consumer protection.
financial innovation, IFSCA also virtually participated in the GFIN Annual General Meeting held in
Calgary, Alberta, Canada, from March 25 to 27, 2025.
74 752024-25
IFSCA – IAIS Engagements
Regulatory Referral Mechanism/ FinTech Bridges: It shall be governed as per the provisions of
the MoU or collaboration or special arrangement between IFSCA and corresponding overseas
IFSCA, in its capacity as a member of the FinTech Forum of the International Association of
Regulator(s). Currently IFSCA has FinTech Bridge with Monetary Authority of Singapore (MAS)
Insurance Supervisors (IAIS), actively contributed to various meetings and discussions on
which was executed by the way of MoU between the two regulators.
emerging technologies in the insurance sector during the year 2024 and early 2025. IFSCA
IFSCA has received a total of 159 Applications under the FinTech Entity Framework from 14 participated virtually in the IAIS FinTech Forum held on June 5, 2024, where updates were
jurisdiction since its inception. The Authority received 28 applications in the FY 2024-25 under provided by the SupTech sub-group, the AI Application Paper drafting team, the API/ Open Data
the FE Framework. sub-group, and the Distributed Ledger Technology (DLT) Data sub-group.
IFSCA has granted 16 regulatory approvals in the financial year 2024 -25 including 10 (earlier 04) Furthermore, IFSCA attended the in-person policy implementation meeting on AI in the Insurance
Authorizations and 6 (earlier 22) Limited Use Authorizations. Sector held in Basel, Switzerland, from September 3 to 4, 2024, followed by the IAIS FinTech Forum
meeting on September 4, 2024. These engagements focused on advancements in AI, digital assets,
SupTech, and embedded insurance. Continuing its involvement, IFSCA also participated virtually
IFSCA FinTech Incentive Scheme, 2022
in the FinTech Forum meeting held on February 13, 2025, reinforcing its commitment to
IFSCA, with an overall objective to promote the establishment of a world-class FinTech Hub, at international collaboration on technological innovation in insurance supervision.
GIFT IFSC in India, launched the IFSCA (FinTech Incentive) Scheme for providing financial support
I-Sprint'23
to FinTech activities in the form of specific grant(s). The guidelines for implementation of the
Scheme were issued on September 12, 2022.
In order to promote innovation, Global Hackathons (named I-Sprint' 23) were conducted in
partnership with various organizations to promote innovations in the previous financial years.
Under the Scheme, the Evaluation Committee has recommended twelve applications for grants
totalling ₹3.50 crore, and the disbursement of the approved grant amounts has been successfully
The Sprint 09 and the Sprint 13 were concluded in this financial year with 85 participants.
completed.
Participation in In Space Industry Meet 2024
Advocacy and Outreach
IFSCA participated in the “IN-SPACe Industry Meet” held on June 6, 2024, organized by the Indian
National Space Promotion and Authorisation Centre (IN-SPACe) and Inaugurated by S. Somnath,
Global Financial Innovation Network (GFIN)
Chairman ISRO. The event was part of IN-SPACe's ongoing efforts to foster sustained engagement
with the private space industry and to promote a collaborative ecosystem for the growth of India's
IFSCA, having joined the GFIN in the previous financial year as a Board Member of its Coordination
SpaceTech sector. During the meet, IFSCA delivered a focused presentation outlining the financial
Group, has continued to actively contribute to the network's strategic initiatives. As part of its
opportunities available for SpaceTech companies within the GIFT IFSC.
responsibilities, IFSCA participated in various key meetings and activities throughout the year
2024 and early 2025. Notably, IFSCA virtually attended the Coordination Group meetings held on
Participation in Global FinTech Fest (GFF) 2024
May 21, July 29, and November 12, 2024. In the July meeting, IFSCA recommended the
membership applications of the Central Bank of Jordan and the Financial Markets Authority of IFSCA actively participated in the Global FinTech Festival 2024 held on August 28-30, 2024, at
New Zealand. Mumbai by contributing to a panel discussion on the theme, "Innovation in FinTech Regulation:
Balancing Innovation and Regulation in Global Financial Services." The session brought together
Further, IFSCA co-managed the GFIN Secretariat alongside the UK's Financial Conduct Authority
global thought leaders and regulatory experts to deliberate on the evolving landscape of financial
(FCA) and organized a spotlight session on “Gen AI – Use Cases for BFSI” for GFIN members on
technologies and the regulatory approaches necessary to foster innovation while ensuring
October 29, 2024, following its proposal made in July. Reinforcing its commitment to global
financial stability and consumer protection.
financial innovation, IFSCA also virtually participated in the GFIN Annual General Meeting held in
Calgary, Alberta, Canada, from March 25 to 27, 2025.
74 752024-25
Cross Border Data Transfer: Workshop on Global CBPR
IFSCA participated in the Startup Policy Forum Baithak 2025, held on January 15–16, 2025, at the
G20 Summit Room. The forum provided a platform for meaningful dialogue among key
stakeholders on policy frameworks and strategic initiatives to foster innovation and support the
growth of startups within the financial sector. IFSCA further briefed participants on the unique
advantages of the GIFT IFSC ecosystem, including its regulatory framework, the FinTech Entity
Framework, and the various benefits available to startups operating within the jurisdiction.
Participation in National Stakeholder's Conference – Aadhar Samvad
IFSCA attended the National Stakeholders' Conference – Aadhaar Samvaad, held at the Jio World
Image 8: IFSCA participation in Cross Border Data Transfers Workshop Convention Centre, BKC, Mumbai, on January 20, 2025. The conference highlighted the potential
for enabling KYC document interoperability through access to SEBI and RBI CKYC, the possibility
IFSCA actively participated in the precursor session held on August 28, 2024, and the subsequent
of establishing a dedicated CKYC system by IFSCA, and the promotion of use cases leveraging
three-day workshop on “Cross Border Data Transfers: Workshop on the Global CBPR,” conducted
Aadhaar or equivalent digital identity for financial services such as mutual fund redemptions and
from September 19 to 21, 2024 in New Delhi. The event was collaboratively organized by
insurance claims.
NASSCOM, the Data Security Council of India (DSCI), the Ministry of Electronics and Information
Technology (MeitY), and the Ministry of External Affairs (MEA). The workshop brought together
Participation in India Blockchain Week
prominent stakeholders, including industry experts, regulators, and government officials, to
foster a comprehensive understanding of the Global Cross-Border Privacy Rules (CBPR) IFSCA participated in India Blockchain Week and addressed the audience on its key initiatives
framework and the Global Cooperation Arrangement for Privacy Enforcement (Global CAPE). aimed at fostering innovation in the financial sector. The address highlighted IFSCA's efforts in
areas such as tokenisation and payments along with the support for the emerging technological
The primary objective of the workshop was to facilitate an in-depth exploration of the Global CBPR
solutions through Authorizations and sandboxes under the FinTech Entity Framework.
Framework, particularly its significance in enabling secure and trusted cross-border data flows
and advancing digital trade. The sessions also provided a platform for informed deliberations on Participation in TiE Global Summit
India's potential participation in the Global CBPR system, considering its implications for national
IFSCA participated in the TiE Global Summit held on December 11, 2024, in Bengaluru. IFSCA
data governance and international data transfer practices.
delivered a keynote address on the theme “Catalysing FinTech Objectives at IFSC” In addition,
Participation in Startup Policy Forum Baithak
IFSCA actively took part in a panel discussion that encompassed a diverse range of topics,
including cybersecurity and quantum technologies, ethical AI and regulatory frameworks, and
tokenization. The engagement also included several one-on-one meetings with key stakeholders.
Participation in Nordic FinTech Week 2024
IFSCA participated in the Nordic FinTech Week held in Denmark from September 23 to 27, 2024.
As part of the engagement, IFSCA took part in the Symposium on Anti-Money Laundering (AML),
which provided a platform for dialogue on global best practices and regulatory developments in
combating financial crimes.
In addition, IFSCA held one-on-one meetings with various FinTech and TechFin entities to discuss
potential areas of collaboration and innovation. These interactions generated significant interest,
resulting in five expressions of interest from international participants keen to explore business
opportunities at GIFT IFSC.
Image 9: Shri Joseph Joshy, Chief Technological Officer, IFSCA, participated in Startup Policy Forum
Baithak 2025 at G20 Summit room
76 772024-25
Cross Border Data Transfer: Workshop on Global CBPR
IFSCA participated in the Startup Policy Forum Baithak 2025, held on January 15–16, 2025, at the
G20 Summit Room. The forum provided a platform for meaningful dialogue among key
stakeholders on policy frameworks and strategic initiatives to foster innovation and support the
growth of startups within the financial sector. IFSCA further briefed participants on the unique
advantages of the GIFT IFSC ecosystem, including its regulatory framework, the FinTech Entity
Framework, and the various benefits available to startups operating within the jurisdiction.
Participation in National Stakeholder's Conference – Aadhar Samvad
IFSCA attended the National Stakeholders' Conference – Aadhaar Samvaad, held at the Jio World
Image 8: IFSCA participation in Cross Border Data Transfers Workshop Convention Centre, BKC, Mumbai, on January 20, 2025. The conference highlighted the potential
for enabling KYC document interoperability through access to SEBI and RBI CKYC, the possibility
IFSCA actively participated in the precursor session held on August 28, 2024, and the subsequent
of establishing a dedicated CKYC system by IFSCA, and the promotion of use cases leveraging
three-day workshop on “Cross Border Data Transfers: Workshop on the Global CBPR,” conducted
Aadhaar or equivalent digital identity for financial services such as mutual fund redemptions and
from September 19 to 21, 2024 in New Delhi. The event was collaboratively organized by
insurance claims.
NASSCOM, the Data Security Council of India (DSCI), the Ministry of Electronics and Information
Technology (MeitY), and the Ministry of External Affairs (MEA). The workshop brought together
Participation in India Blockchain Week
prominent stakeholders, including industry experts, regulators, and government officials, to
foster a comprehensive understanding of the Global Cross-Border Privacy Rules (CBPR) IFSCA participated in India Blockchain Week and addressed the audience on its key initiatives
framework and the Global Cooperation Arrangement for Privacy Enforcement (Global CAPE). aimed at fostering innovation in the financial sector. The address highlighted IFSCA's efforts in
areas such as tokenisation and payments along with the support for the emerging technological
The primary objective of the workshop was to facilitate an in-depth exploration of the Global CBPR
solutions through Authorizations and sandboxes under the FinTech Entity Framework.
Framework, particularly its significance in enabling secure and trusted cross-border data flows
and advancing digital trade. The sessions also provided a platform for informed deliberations on Participation in TiE Global Summit
India's potential participation in the Global CBPR system, considering its implications for national
IFSCA participated in the TiE Global Summit held on December 11, 2024, in Bengaluru. IFSCA
data governance and international data transfer practices.
delivered a keynote address on the theme “Catalysing FinTech Objectives at IFSC” In addition,
Participation in Startup Policy Forum Baithak
IFSCA actively took part in a panel discussion that encompassed a diverse range of topics,
including cybersecurity and quantum technologies, ethical AI and regulatory frameworks, and
tokenization. The engagement also included several one-on-one meetings with key stakeholders.
Participation in Nordic FinTech Week 2024
IFSCA participated in the Nordic FinTech Week held in Denmark from September 23 to 27, 2024.
As part of the engagement, IFSCA took part in the Symposium on Anti-Money Laundering (AML),
which provided a platform for dialogue on global best practices and regulatory developments in
combating financial crimes.
In addition, IFSCA held one-on-one meetings with various FinTech and TechFin entities to discuss
potential areas of collaboration and innovation. These interactions generated significant interest,
resulting in five expressions of interest from international participants keen to explore business
opportunities at GIFT IFSC.
Image 9: Shri Joseph Joshy, Chief Technological Officer, IFSCA, participated in Startup Policy Forum
Baithak 2025 at G20 Summit room
76 772024-25
Participation in Singapore FinTech Festival 2024 India-UK Financial Markets Dialogue
IFSCA attended the India-UK Financial Markets Dialogue held on December 12, 2024, in GIFT City.
The Dialogue touched upon the possibility of exploration of establishment of cross-country
regulatory sandbox to enable knowledge sharing, non-supervisory related information sharing
and undertaking joint projects in technologies like AI and Quantum between the regulators of each
country. Further, it was also mentioned that the establishment of cross-country regulatory
sandbox between IFSCA and FCA may also lead to referrals of innovative fintech to each other's
regulatory sandboxes including joint evaluation of the suitability of innovative use cases.
India's Digital Finance Framework at EU-SDFA
IFSCA participated in the European Union Supervisory Digital Finance Academy (EU-SDFA) held in
Image 10: Chairperson, IFSCA, at Singapore FinTech Festival (SFF) 2024 Florence, Italy and led two key sessions. The academy, established by the European Commission's
Directorate-General for Reform, convened 37 participants from 25 countries, representing 31
IFSCA actively participated in the Singapore FinTech Festival (SFF) 2024, held from November 6 to
regulatory authorities — including central banks and supervisors of markets, pensions, and
9, 2024. As part of the program, the Chairperson, IFSCA participated in a panel discussion titled
payments — along with officials from the EBA, ESMA, EIOPA, and EU-SDFA. The first session, titled
“The India Story: On the Path to a $7 Trillion Economy” and took part in the Regulators' Dialogue on
“Digital Finance Experiences from Non-European Jurisdictions”, highlighted India Stack and the IFSC
“Global AI Governance – The Much-Needed Lifeline for Startups?” Additionally, the Chairperson
ecosystem, including the FinTech Entity Framework and regulatory sandboxes. The second
engaged in a roundtable with fund managers and held several bilateral and one-on-one meetings
session on the topic “Cross-Sectoral Trends and Priorities in Digital Finance”, was conducted in
with various market stakeholders to explore opportunities for collaboration and strengthen
collaboration with the World Economic Forum and ESMA.
international partnerships.
India – Philippines Joint Working Group on FinTech
IFSCA participated in the inaugural meeting of the India–Philippines Joint Working Group on
FinTech, during which it collaborated with the RBI to conduct a session on the theme “Promoting
Cooperation in FinTech” The session aimed to enhance bilateral engagement and foster mutual
understanding of regulatory approaches, technological developments, and collaborative
opportunities in the FinTech sector.
Additionally, IFSCA took part in the sixth meeting of the India–Singapore Joint Working Group on
FinTech, held on August 30, 2024, through video conferencing. The meeting provided a platform
for continued dialogue and cooperation between the two nations, reaffirming IFSCA's
commitment to strengthening international partnerships and promoting cross-border innovation
in financial services.
India – Singapore Joint Working Group on FinTech
IFSCA attended virtually the attended the sixth Joint Working Group on FinTech between India and
Singapore held on August 30, 2024, at the Jio Convention Centre, Mumbai in which MAS and IFSCA
decided that more firms shall be encouraged to use cross border regulatory sandboxes.
78 792024-25
Participation in Singapore FinTech Festival 2024 India-UK Financial Markets Dialogue
IFSCA attended the India-UK Financial Markets Dialogue held on December 12, 2024, in GIFT City.
The Dialogue touched upon the possibility of exploration of establishment of cross-country
regulatory sandbox to enable knowledge sharing, non-supervisory related information sharing
and undertaking joint projects in technologies like AI and Quantum between the regulators of each
country. Further, it was also mentioned that the establishment of cross-country regulatory
sandbox between IFSCA and FCA may also lead to referrals of innovative fintech to each other's
regulatory sandboxes including joint evaluation of the suitability of innovative use cases.
India's Digital Finance Framework at EU-SDFA
IFSCA participated in the European Union Supervisory Digital Finance Academy (EU-SDFA) held in
Image 10: Chairperson, IFSCA, at Singapore FinTech Festival (SFF) 2024 Florence, Italy and led two key sessions. The academy, established by the European Commission's
Directorate-General for Reform, convened 37 participants from 25 countries, representing 31
IFSCA actively participated in the Singapore FinTech Festival (SFF) 2024, held from November 6 to
regulatory authorities — including central banks and supervisors of markets, pensions, and
9, 2024. As part of the program, the Chairperson, IFSCA participated in a panel discussion titled
payments — along with officials from the EBA, ESMA, EIOPA, and EU-SDFA. The first session, titled
“The India Story: On the Path to a $7 Trillion Economy” and took part in the Regulators' Dialogue on
“Digital Finance Experiences from Non-European Jurisdictions”, highlighted India Stack and the IFSC
“Global AI Governance – The Much-Needed Lifeline for Startups?” Additionally, the Chairperson
ecosystem, including the FinTech Entity Framework and regulatory sandboxes. The second
engaged in a roundtable with fund managers and held several bilateral and one-on-one meetings
session on the topic “Cross-Sectoral Trends and Priorities in Digital Finance”, was conducted in
with various market stakeholders to explore opportunities for collaboration and strengthen
collaboration with the World Economic Forum and ESMA.
international partnerships.
India – Philippines Joint Working Group on FinTech
IFSCA participated in the inaugural meeting of the India–Philippines Joint Working Group on
FinTech, during which it collaborated with the RBI to conduct a session on the theme “Promoting
Cooperation in FinTech” The session aimed to enhance bilateral engagement and foster mutual
understanding of regulatory approaches, technological developments, and collaborative
opportunities in the FinTech sector.
Additionally, IFSCA took part in the sixth meeting of the India–Singapore Joint Working Group on
FinTech, held on August 30, 2024, through video conferencing. The meeting provided a platform
for continued dialogue and cooperation between the two nations, reaffirming IFSCA's
commitment to strengthening international partnerships and promoting cross-border innovation
in financial services.
India – Singapore Joint Working Group on FinTech
IFSCA attended virtually the attended the sixth Joint Working Group on FinTech between India and
Singapore held on August 30, 2024, at the Jio Convention Centre, Mumbai in which MAS and IFSCA
decided that more firms shall be encouraged to use cross border regulatory sandboxes.
78 792024-25
The requirement of maintaining the collateral locally by CBRs aims to fortify financial security and
Insurance and Pension
stability, thereby fostering greater confidence among stakeholders and promoting the growth of
the reinsurance sector in India. This strategic move underscores India's commitment to creating a
Insurance business is one of the most important segments of IFSC for developing the essential robust regulatory framework that not only safeguards domestic interests but also attracts global
reinsurance players to invest and operate in mainland India or GIFT IFSC, under the aegis of IFSCA.
ecosystem of a financial market and providing insurance solutions to a global clientele.
IFSCA has enacted a world class and comprehensive regulatory framework for the insurers, Consolidated Regulations
reinsurers, and insurance intermediaries in IFSC focusing on ease of doing business. These
Consolidated IFSCA (Registration of Insurance Business) Regulations, 2021: Subsequent to
regulations cover the aspects relating to registration of insurance business, manner of receipt of
the amendment to IFSCA (Registration of Insurance Business) Regulations, 2021 in light of the
premium, designing of insurance products, investment of assets, preparation and presentation of
amendments notified by the IRDAI on August 22, 2023, to its (Re-insurance) Regulations, 2018,
financial statements, appointment and duties of appointed actuary, maintenance of information and the launch of Single Window IT System (SWITS) platform with common application form, a
and records for inspection and investigation, inward and outward reinsurance operations, consolidated version of the said regulations was placed on the website of the IFSCA, keeping in
solvency margin etc. view the ease of doing business for Regulated Entities (REs).
While the growth in the domestic insurance market will enhance insurance inclusion and enable Consolidated IFSCA (Investment by IIO) Regulations, 2022: Subsequent to the IFSCA
building large pools for Indian insurers, it also necessitates developing reinsurance capacities. (Investment by IFSC Insurance Office) (Amendment) Regulations, 2024, a consolidated version of
the said regulations was placed on the website of the IFSCA, keeping in view the ease of doing
GIFT IFSC, with its incentives and regulatory support, is well-positioned to develop these
business for Regulated Entities (Res).
capacities for both Indian and global markets. Additionally, the global Indian diaspora offers
significant opportunities for insurance entities to provide tailored health, life, and travel insurance
Consultation paper on Proposed IFSCA Circular on Securitization
products by establishing operations in GIFT IFSC.
requirements by overseas insurers or re-insurers for providing
Currently, the insurance ecosystem in IFSC comprises of 45 entities, including 18 IIOs (IFSC
insurance covers to entities regulated by the IFSCA
Insurance Offices) and 27 IIIOs (IFSC Insurance Intermediary Offices). The total (Re)insurance
premium booked by IIOs is USD 560.77 Mn and the total (Re)insurance premium transacted by The IFSCA's draft circular outlines securitization requirements for overseas insurers/ re-insurers
IIIOs is USD 1.35 Bn, up to March 2025. providing insurance to REs in GIFT IFSC. It proposes safeguards such as maintaining a fixed
deposit (50% of premium) or an irrevocable letter of credit (75% of liabilities) with IFSC banks.
Along with the Insurance industry, the pension industry also plays a crucial role in ensuring long-
The aim is to balance flexibility for REs with financial stability. The objective of this consultation
term financial security and stability, while also contributing significantly to capital markets and paper is to seek comments/ views/ suggestions from public on the proposed Securitization
economic growth. As India strengthens its financial ecosystem, IFSCA has taken several steps to requirements by overseas insurers or re-insurers for providing insurance covers to entities
play a meaningful role in shaping a globally connected pension ecosystem. regulated by the IFSCA.
Policy/ Regulatory Developments Key Development: Expert Committee Report on Pension Products in GIFT IFSC
During the financial year, as a significant development, the Expert Committee chaired by Prof.
To enable the rapid growth of insurance and re-insurance sector in GIFT IFSC, IFSCA has created a
Mukul Asher submitted its report on the development of pension products in the GIFT IFSC. The
favourable regulatory environment. With thirteen (13) regulations already in place canvassing
report outlines a strategic framework for introducing and regulating pension products within this
most of the regulatory space, IFSCA has adopted a principles-based approach, in line with global
international jurisdiction, aligning with global practices while supporting India's financial
best practices.
architecture.
Key Recommendations of the Expert Committee:
IRDAI Master Circular on Insurance
i. The Committee recommends that it will be a non-INR denominated pension product in a
The Insurance Regulatory and Development Authority of India (IRDAI) issued Master Circular on
currency as notified by IFSCA.
IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd's India)
Regulations, 2024 and IRDAI (Re-insurance) Regulations, 2018 dated May 31,2024, which inter- ii. For enabling the regulatory framework for Pension in GIFT IFSC, a suitable exemption has to
be carved out by the Government of India, as under the current PFRDA Act, section 25,
alia, mandates Cross Boarder Reinsurers (CBRs), accepting re-insurance business from India, to
“Prohibition of investment of funds of subscribers outside India — No pension fund shall directly
maintain collateral in India, marking a significant step towards enhancing the domestic
or indirectly invest outside India, the funds of subscribers” Section 25 has to be exempted for
reinsurance landscape. This initiative is expected to play a pivotal role in retaining reinsurance
IFSCA registered pension funds, and a broader investment horizon should be provided for
business within the country, positioning India as a burgeoning hub for reinsurance activities.
the pension funds that are managed from this jurisdiction.
80 812024-25
The requirement of maintaining the collateral locally by CBRs aims to fortify financial security and
Insurance and Pension
stability, thereby fostering greater confidence among stakeholders and promoting the growth of
the reinsurance sector in India. This strategic move underscores India's commitment to creating a
Insurance business is one of the most important segments of IFSC for developing the essential robust regulatory framework that not only safeguards domestic interests but also attracts global
reinsurance players to invest and operate in mainland India or GIFT IFSC, under the aegis of IFSCA.
ecosystem of a financial market and providing insurance solutions to a global clientele.
IFSCA has enacted a world class and comprehensive regulatory framework for the insurers, Consolidated Regulations
reinsurers, and insurance intermediaries in IFSC focusing on ease of doing business. These
Consolidated IFSCA (Registration of Insurance Business) Regulations, 2021: Subsequent to
regulations cover the aspects relating to registration of insurance business, manner of receipt of
the amendment to IFSCA (Registration of Insurance Business) Regulations, 2021 in light of the
premium, designing of insurance products, investment of assets, preparation and presentation of
amendments notified by the IRDAI on August 22, 2023, to its (Re-insurance) Regulations, 2018,
financial statements, appointment and duties of appointed actuary, maintenance of information and the launch of Single Window IT System (SWITS) platform with common application form, a
and records for inspection and investigation, inward and outward reinsurance operations, consolidated version of the said regulations was placed on the website of the IFSCA, keeping in
solvency margin etc. view the ease of doing business for Regulated Entities (REs).
While the growth in the domestic insurance market will enhance insurance inclusion and enable Consolidated IFSCA (Investment by IIO) Regulations, 2022: Subsequent to the IFSCA
building large pools for Indian insurers, it also necessitates developing reinsurance capacities. (Investment by IFSC Insurance Office) (Amendment) Regulations, 2024, a consolidated version of
the said regulations was placed on the website of the IFSCA, keeping in view the ease of doing
GIFT IFSC, with its incentives and regulatory support, is well-positioned to develop these
business for Regulated Entities (Res).
capacities for both Indian and global markets. Additionally, the global Indian diaspora offers
significant opportunities for insurance entities to provide tailored health, life, and travel insurance
Consultation paper on Proposed IFSCA Circular on Securitization
products by establishing operations in GIFT IFSC.
requirements by overseas insurers or re-insurers for providing
Currently, the insurance ecosystem in IFSC comprises of 45 entities, including 18 IIOs (IFSC
insurance covers to entities regulated by the IFSCA
Insurance Offices) and 27 IIIOs (IFSC Insurance Intermediary Offices). The total (Re)insurance
premium booked by IIOs is USD 560.77 Mn and the total (Re)insurance premium transacted by The IFSCA's draft circular outlines securitization requirements for overseas insurers/ re-insurers
IIIOs is USD 1.35 Bn, up to March 2025. providing insurance to REs in GIFT IFSC. It proposes safeguards such as maintaining a fixed
deposit (50% of premium) or an irrevocable letter of credit (75% of liabilities) with IFSC banks.
Along with the Insurance industry, the pension industry also plays a crucial role in ensuring long-
The aim is to balance flexibility for REs with financial stability. The objective of this consultation
term financial security and stability, while also contributing significantly to capital markets and paper is to seek comments/ views/ suggestions from public on the proposed Securitization
economic growth. As India strengthens its financial ecosystem, IFSCA has taken several steps to requirements by overseas insurers or re-insurers for providing insurance covers to entities
play a meaningful role in shaping a globally connected pension ecosystem. regulated by the IFSCA.
Policy/ Regulatory Developments Key Development: Expert Committee Report on Pension Products in GIFT IFSC
During the financial year, as a significant development, the Expert Committee chaired by Prof.
To enable the rapid growth of insurance and re-insurance sector in GIFT IFSC, IFSCA has created a
Mukul Asher submitted its report on the development of pension products in the GIFT IFSC. The
favourable regulatory environment. With thirteen (13) regulations already in place canvassing
report outlines a strategic framework for introducing and regulating pension products within this
most of the regulatory space, IFSCA has adopted a principles-based approach, in line with global
international jurisdiction, aligning with global practices while supporting India's financial
best practices.
architecture.
Key Recommendations of the Expert Committee:
IRDAI Master Circular on Insurance
i. The Committee recommends that it will be a non-INR denominated pension product in a
The Insurance Regulatory and Development Authority of India (IRDAI) issued Master Circular on
currency as notified by IFSCA.
IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd's India)
Regulations, 2024 and IRDAI (Re-insurance) Regulations, 2018 dated May 31,2024, which inter- ii. For enabling the regulatory framework for Pension in GIFT IFSC, a suitable exemption has to
be carved out by the Government of India, as under the current PFRDA Act, section 25,
alia, mandates Cross Boarder Reinsurers (CBRs), accepting re-insurance business from India, to
“Prohibition of investment of funds of subscribers outside India — No pension fund shall directly
maintain collateral in India, marking a significant step towards enhancing the domestic
or indirectly invest outside India, the funds of subscribers” Section 25 has to be exempted for
reinsurance landscape. This initiative is expected to play a pivotal role in retaining reinsurance
IFSCA registered pension funds, and a broader investment horizon should be provided for
business within the country, positioning India as a burgeoning hub for reinsurance activities.
the pension funds that are managed from this jurisdiction.
80 812024-25
Transaction/ Processes/ Operations/ Trends
iii. The Pension Product Provider (PPP) should either be registered under the ambit of IFSCA
(Fund Management) Regulations, 2022, now amended IFSCA (Fund Management)
Registration of entities
Regulations, 2025, or under the Insurance regulations of IFSCA and will apply for product
approval with the Pension Division.
(i) The insurance sector in GIFT IFSC has got a major fillip since the IFSCA took various initiatives
iv. IFSCA to issue Regulations for the pension products and conduct of the PPPs.
both in regulatory as well as developmental parlance with support from Government. Total
v. Government of India should have bilateral talks for totalisation agreements, especially with number of IFSC IIOs registered with GIFT IFSC has gone up from twelve in the previous
the USA and UK. There are trade negotiations going on with UK, so it will be useful to have an financial year to 18 in this financial year.
item on pensions and the totalization with India can be discussed.
Figure 12 : Classification of IIOs
vi. IFSCA should become member of International Organization of Pension Supervisors (IOPS).
This will help in integrating with the other jurisdictions.
vii. Government of India may consider issuing the tax enablement as recommended by the
Committee. Tax Recommendations: 5
Life Insurer
7
a. Proposed taxation at contribution stage: There have been certain developments over the
General Insurer
period of time under the Indian pension (social security system) and its taxation
especially in case of NPS, to provide more lucrative options to attract and retain the best Health Insurer
talent in spite of additional cost to Indian exchequer. Under this backdrop, the taxation for
2 Re-Insurer
the said pension product has been proposed to be as lucrative as possible. It is proposed
4
that during the contribution period, a deduction can be provided up to INR 150,000 under
the current Section 80C of the Indian Income Tax Act, 1961 from the taxable income.
b. Taxation on accretions: There should not be any taxes levied on the accretions generated
(ii) It is noteworthy that out of 7 new IIOs registered in FY 2024-25, 3 of them are from life
during the contribution period on the said funds.
insurance sector, 1 is from general insurance sector and 3 are foreign re-insurers. Further,
c. Taxation at withdrawal stage: At this stage, it is proposed that there should not be any registration for 3 life insurance companies is under process. The numbers show an increasing
income taxes on the withdrawal amount. interest among the life insurance companies to tap the needs of life insurance products for the
Indian diaspora. Similarly, the growth seen in the number of reinsurers would further enable
d. Availability in New tax regime: The exemption should be allowed to the individual even if
GIFT IFSC to become a hub of reinsurance in Asia.
they opt for the new tax regime.
(iii) Further, on the side of IIIOs, IFSCA gave registration to 1 composite insurance broker, 3
e. Grandfathering even when a Non-Resident becomes a Resident: Grandfathering of tax
benefit towards withdrawal should apply on the accumulated funds in the said pension Corporate agents, 1 surveyor and loss assessor (SLA) in FY 2024-25, raising the total number
fund even if a Non-resident (during the investment years) becomes a Resident in India of registered IIIOs to 27.
later.
f. Income of IFSC Pension Scheme/ Trust: There should not be any taxes levied on any Figure 13: Classification of IIIOs
income earned by IFSC Pension Scheme/ Trust.
1
Statutory Notification: Pension Schemes Recognized as Financial Products 3
under IFSCA Act, 2019
Composite Broker
Furthering regulatory clarity and aligning with the Expert Committee's recommendations, the
Corporate Agent
Government of India, through a notification dated December 5, 2024, under Section 3 of the IFSCA
Act, 2019, officially notified 'schemes operated by a pension fund' as a 'financial product' for the Surveyor & Loss Assessor (SLA)
purposes of the Act. This notification is a crucial enablement for the formal development and 23
offering of pension schemes within the GIFT IFSC framework and strengthening the foundation for
a globally competitive pension ecosystem.
82 832024-25
Transaction/ Processes/ Operations/ Trends
iii. The Pension Product Provider (PPP) should either be registered under the ambit of IFSCA
(Fund Management) Regulations, 2022, now amended IFSCA (Fund Management)
Registration of entities
Regulations, 2025, or under the Insurance regulations of IFSCA and will apply for product
approval with the Pension Division.
(i) The insurance sector in GIFT IFSC has got a major fillip since the IFSCA took various initiatives
iv. IFSCA to issue Regulations for the pension products and conduct of the PPPs.
both in regulatory as well as developmental parlance with support from Government. Total
v. Government of India should have bilateral talks for totalisation agreements, especially with number of IFSC IIOs registered with GIFT IFSC has gone up from twelve in the previous
the USA and UK. There are trade negotiations going on with UK, so it will be useful to have an financial year to 18 in this financial year.
item on pensions and the totalization with India can be discussed.
Figure 12 : Classification of IIOs
vi. IFSCA should become member of International Organization of Pension Supervisors (IOPS).
This will help in integrating with the other jurisdictions.
vii. Government of India may consider issuing the tax enablement as recommended by the
Committee. Tax Recommendations: 5
Life Insurer
7
a. Proposed taxation at contribution stage: There have been certain developments over the
General Insurer
period of time under the Indian pension (social security system) and its taxation
especially in case of NPS, to provide more lucrative options to attract and retain the best Health Insurer
talent in spite of additional cost to Indian exchequer. Under this backdrop, the taxation for
2 Re-Insurer
the said pension product has been proposed to be as lucrative as possible. It is proposed
4
that during the contribution period, a deduction can be provided up to INR 150,000 under
the current Section 80C of the Indian Income Tax Act, 1961 from the taxable income.
b. Taxation on accretions: There should not be any taxes levied on the accretions generated
(ii) It is noteworthy that out of 7 new IIOs registered in FY 2024-25, 3 of them are from life
during the contribution period on the said funds.
insurance sector, 1 is from general insurance sector and 3 are foreign re-insurers. Further,
c. Taxation at withdrawal stage: At this stage, it is proposed that there should not be any registration for 3 life insurance companies is under process. The numbers show an increasing
income taxes on the withdrawal amount. interest among the life insurance companies to tap the needs of life insurance products for the
Indian diaspora. Similarly, the growth seen in the number of reinsurers would further enable
d. Availability in New tax regime: The exemption should be allowed to the individual even if
GIFT IFSC to become a hub of reinsurance in Asia.
they opt for the new tax regime.
(iii) Further, on the side of IIIOs, IFSCA gave registration to 1 composite insurance broker, 3
e. Grandfathering even when a Non-Resident becomes a Resident: Grandfathering of tax
benefit towards withdrawal should apply on the accumulated funds in the said pension Corporate agents, 1 surveyor and loss assessor (SLA) in FY 2024-25, raising the total number
fund even if a Non-resident (during the investment years) becomes a Resident in India of registered IIIOs to 27.
later.
f. Income of IFSC Pension Scheme/ Trust: There should not be any taxes levied on any Figure 13: Classification of IIIOs
income earned by IFSC Pension Scheme/ Trust.
1
Statutory Notification: Pension Schemes Recognized as Financial Products 3
under IFSCA Act, 2019
Composite Broker
Furthering regulatory clarity and aligning with the Expert Committee's recommendations, the
Corporate Agent
Government of India, through a notification dated December 5, 2024, under Section 3 of the IFSCA
Act, 2019, officially notified 'schemes operated by a pension fund' as a 'financial product' for the Surveyor & Loss Assessor (SLA)
purposes of the Act. This notification is a crucial enablement for the formal development and 23
offering of pension schemes within the GIFT IFSC framework and strengthening the foundation for
a globally competitive pension ecosystem.
82 832024-25
Supervision
Business Transactions at the IFSC
IFSC Insurance Office (IIO) Offsite Supervision
In the FY 2024-25, the IIOs had booked premium of USD 204.55 Mn as against of USD 149 Mn in FY To ensure the orderly growth of (re)insurance activities, IFSCA has laid down the framework for
2023-24. The Financial year wise business underwritten by the IIOs for previous 5 years is as offsite supervision of IIOs/ IIIOs by specifying reporting norms for them. The Business Data and
under: Compliance related Certificate are required to be submitted as per periodicity specified by the
IFSCA. The submission made by IIOs/ IIIOs are examined in terms of compliance with extant
Figure 14 : Business underwritten by IIOs (USD Mn) regulatory framework.
Onsite Supervision
2024-25 204.55
Apart from Offsite Supervision, IFSCA has also conducted On-site Supervision of the IIOs/ IIIOs.
IFSCA carried out onsite supervision of 1 IIOs and 2 IIIOs during FY 2024-25.
2023-24 149
Advocacy and Outreach
2022-23 83.26
ILS Asia 2024 - Cat Bond & ILS conference in Singapore
2021-22 72.86
Recognizing the potential of the niche segment of Insurance Linked Securities (ILS) and Natural
2020-21 18.6 Catastrophes (Nat Cat) risks, and the under-developed nature of regulatory framework in IFSC
jurisdiction on the matter, a two-member delegation from IFSCA attended the 6 ILS Asia 2024
0 50 100 150 200 250 Conference held in Singapore.
Note: Data for FY 2024-25 is Provisional For 2024, the theme for the conference was "Renewing growth opportunities", in the light of robust
performance of the CAT Bonds and ILS asset class over the years. The conference gave opportunity
IFSC Insurance Intermediary Office (IIIO)
to understand regulatory framework & current practices prevalent in the domain of ILS in
different jurisdictions and to understand the segment of ILS from the perspective of ceding
In the FY 2024-25, the IIIOs had transacted (re)insurance premium of USD 411.36 Mn as against of
insurers or reinsurers, investors, asset managers, service providers, fund managers, risk
USD 276 Mn in FY 2023-24. The Financial year wise transactions of IIIOs for previous 5 years is as
modellers, law firms, pension investors, investment bankers etc.
under:
As Singapore is one of the biggest Asian re-insurance markets and Asian headquarter for various
Figure 15 : Business transacted by IIIOs (USD Mn)
re-insurers, various Cross Border Reinsurers (CBRs) who book re-insurance business from DTA
India are situated in Singapore. Thus, on the background of IRDAI's recent circular on collateral,
the delegation during its visit to Singapore also had one-to-one meetings with certain CBRs to
2024-25 411.36
discuss opportunities for them in the GIFT-IFSC.
2023-24 276
2022-23 227
2021-22 223.45
2020-21 153.1
0 50 100 150 200 250 300 350 400 450
Note: Data for FY 2024-25 is Provisional
84 852024-25
Supervision
Business Transactions at the IFSC
IFSC Insurance Office (IIO) Offsite Supervision
In the FY 2024-25, the IIOs had booked premium of USD 204.55 Mn as against of USD 149 Mn in FY To ensure the orderly growth of (re)insurance activities, IFSCA has laid down the framework for
2023-24. The Financial year wise business underwritten by the IIOs for previous 5 years is as offsite supervision of IIOs/ IIIOs by specifying reporting norms for them. The Business Data and
under: Compliance related Certificate are required to be submitted as per periodicity specified by the
IFSCA. The submission made by IIOs/ IIIOs are examined in terms of compliance with extant
Figure 14 : Business underwritten by IIOs (USD Mn) regulatory framework.
Onsite Supervision
2024-25 204.55
Apart from Offsite Supervision, IFSCA has also conducted On-site Supervision of the IIOs/ IIIOs.
IFSCA carried out onsite supervision of 1 IIOs and 2 IIIOs during FY 2024-25.
2023-24 149
Advocacy and Outreach
2022-23 83.26
ILS Asia 2024 - Cat Bond & ILS conference in Singapore
2021-22 72.86
Recognizing the potential of the niche segment of Insurance Linked Securities (ILS) and Natural
2020-21 18.6 Catastrophes (Nat Cat) risks, and the under-developed nature of regulatory framework in IFSC
jurisdiction on the matter, a two-member delegation from IFSCA attended the 6 ILS Asia 2024
0 50 100 150 200 250 Conference held in Singapore.
Note: Data for FY 2024-25 is Provisional For 2024, the theme for the conference was "Renewing growth opportunities", in the light of robust
performance of the CAT Bonds and ILS asset class over the years. The conference gave opportunity
IFSC Insurance Intermediary Office (IIIO)
to understand regulatory framework & current practices prevalent in the domain of ILS in
different jurisdictions and to understand the segment of ILS from the perspective of ceding
In the FY 2024-25, the IIIOs had transacted (re)insurance premium of USD 411.36 Mn as against of
insurers or reinsurers, investors, asset managers, service providers, fund managers, risk
USD 276 Mn in FY 2023-24. The Financial year wise transactions of IIIOs for previous 5 years is as
modellers, law firms, pension investors, investment bankers etc.
under:
As Singapore is one of the biggest Asian re-insurance markets and Asian headquarter for various
Figure 15 : Business transacted by IIIOs (USD Mn)
re-insurers, various Cross Border Reinsurers (CBRs) who book re-insurance business from DTA
India are situated in Singapore. Thus, on the background of IRDAI's recent circular on collateral,
the delegation during its visit to Singapore also had one-to-one meetings with certain CBRs to
2024-25 411.36
discuss opportunities for them in the GIFT-IFSC.
2023-24 276
2022-23 227
2021-22 223.45
2020-21 153.1
0 50 100 150 200 250 300 350 400 450
Note: Data for FY 2024-25 is Provisional
84 852024-25
7 Asian Captive Conference, 2024 During the conference, IFSCA team led by the Executive Director (Insurance) had various meetings
to discuss the GIFT IFSC Insurance proposition with global reinsurers / intermediaries and
Mr. Praveen Trivedi, Executive Director, IFSCA, participated in a panel discussion titled “A Captive
various stakeholders. During these interactions, the team highlighted key regulatory enablers,
Perspective: Insite from Leading Asian Domiciles.” at 7 Asian Captive Conference, 2024, at Kuala
business incentives, and the ease of doing business offered by IFSCA to attract international
Lumpur, Malaysia. The conference was organised by Labuan International Business and Financial
players.
Centre, Malaysia (Labuan IBFC) and Labuan International Insurance Association (LIIA).
In his remarks during the panel discussions, while acknowledging development of captive
IFSCA Delegation visit to the USA
insurance business in peer jurisdictions like, Singapore, Labuan, Malaysia, Hong Kong etc., Mr.
Trivedi informed that the proposal of enabling 'captive insurance' in India's GIFT IFSC is under IFSCA Delegation led by Chairperson, IFSCA, with the various stakeholders during the visit to the
active consideration of the Government of India. USA (New York and San Francisco) from October 21 to 25, 2024, during the course of various
conferences, meetings and roundtable interactions, met with various industry players including
Detailed deliberations were held during the conference regarding growing importance of captives
Berkshire Hathaway Insurance Company, Starr Insurance Holdings Inc, Berkley Insurance
in the insurance sector. While recognising the growth of captive insurance in USA and European
Company etc. During these interactions, the team highlighted key regulatory enablers, business
markets, it was emphasised that Asian markets too have big potential of growing captive
incentives, and the ease of doing business offered by IFSCA to attract international players.
insurance.
The speakers also discussed various regulatory frameworks on supervision of Captive Insurer and IAIS Annual Conference, Cape Town
its success stories in various Asian jurisdictions, increased usage of captives to access the
The IAIS Annual Conference took place on December 5-6, 2024, in Cape Town, South Africa. The
reinsurance market etc. The participants were unanimous that captives are likely to become
conference brought together over 500 participants from more than 105 jurisdictions and
further embedded into corporate risk strategies, regardless of market conditions and all
speakers, engaging panel discussions and interactive roundtables to explore pivotal topics around
regulators need to have more collaborations, cooperation and information sharing to capitalize
the theme “licence to operate: the role of insurance to strengthen societal resilience”.
the full potential of captive insurance for the overall development of insurance ecosystem.
Meeting with Labuan Financial Services Authority (LFSA)
IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit
A delegation led by Mr. Praveen Trivedi, Executive Director, IFSCA and Mr. Bhaskar Khadakbhavi, During a review meeting on status and progress of GIFT IFSC, which was held on August 19, 2023,
General Manager, IFSCA had meeting with Mr. Mohd Rizlan Mokhtar, Director, Registration & Hon'ble Union Minister of Finance and Corporate Affairs had suggested IFSCA and IRDAI to jointly
Authorisation of Labuan Financial Services Authority (Labuan FSA) and his team members, at hold an event on the topic of Reinsurance with an aim to interact with the global reinsurers and
their office in Kuala Lumper, Malaysia. develop GIFT IFSC as the Global Hub for Reinsurance. As a result, IFSCA, IRDAI and GIFT City with
the support of Department of Financial Services, Ministry of Finance organised the first "IFSCA-
These discussions were on the backdrop of recent MoU signed between IFSCA and Labuan FSA, to
IRDAI GIFT-IFSC Global Reinsurance Summit, 2023”, on November 30, 2023, in, Mumbai.
facilitate the cooperation and information sharing regarding laws, rules, and regulations
governing financial products, financial services, and financial institutions within the respective
jurisdictions.
The officials of IFSCA and Labuan FSA exchanged knowledge and best practices in the
development, regulation, and supervision of respective financial markets. By exchanging insights
and strategies, these regulators aim to enhance the stability, transparency, and efficiency of
financial markets in both the jurisdictions ultimately benefiting consumers
20 Singapore International Reinsurance Conference
The 20 Singapore International Reinsurance Conference (SIRC) 2024, held from November 04 –
07, 2024, saw over 3,300 participants, with nearly 2,000 joining in from overseas. The event was
attended by stakeholders from insurance industry like insurance/ reinsurance companies,
intermediaries, bankers, insure tech companies, CAT modelling companies, cyber expert, credit
rating agencies, insurance/reinsurance consultants and solution provide, exchanging platform
etc.
Image 11: IFSCA Delegation led by Chairperson, at IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit
86 872024-25
7 Asian Captive Conference, 2024 During the conference, IFSCA team led by the Executive Director (Insurance) had various meetings
to discuss the GIFT IFSC Insurance proposition with global reinsurers / intermediaries and
Mr. Praveen Trivedi, Executive Director, IFSCA, participated in a panel discussion titled “A Captive
various stakeholders. During these interactions, the team highlighted key regulatory enablers,
Perspective: Insite from Leading Asian Domiciles.” at 7 Asian Captive Conference, 2024, at Kuala
business incentives, and the ease of doing business offered by IFSCA to attract international
Lumpur, Malaysia. The conference was organised by Labuan International Business and Financial
players.
Centre, Malaysia (Labuan IBFC) and Labuan International Insurance Association (LIIA).
In his remarks during the panel discussions, while acknowledging development of captive
IFSCA Delegation visit to the USA
insurance business in peer jurisdictions like, Singapore, Labuan, Malaysia, Hong Kong etc., Mr.
Trivedi informed that the proposal of enabling 'captive insurance' in India's GIFT IFSC is under IFSCA Delegation led by Chairperson, IFSCA, with the various stakeholders during the visit to the
active consideration of the Government of India. USA (New York and San Francisco) from October 21 to 25, 2024, during the course of various
conferences, meetings and roundtable interactions, met with various industry players including
Detailed deliberations were held during the conference regarding growing importance of captives
Berkshire Hathaway Insurance Company, Starr Insurance Holdings Inc, Berkley Insurance
in the insurance sector. While recognising the growth of captive insurance in USA and European
Company etc. During these interactions, the team highlighted key regulatory enablers, business
markets, it was emphasised that Asian markets too have big potential of growing captive
incentives, and the ease of doing business offered by IFSCA to attract international players.
insurance.
The speakers also discussed various regulatory frameworks on supervision of Captive Insurer and IAIS Annual Conference, Cape Town
its success stories in various Asian jurisdictions, increased usage of captives to access the
The IAIS Annual Conference took place on December 5-6, 2024, in Cape Town, South Africa. The
reinsurance market etc. The participants were unanimous that captives are likely to become
conference brought together over 500 participants from more than 105 jurisdictions and
further embedded into corporate risk strategies, regardless of market conditions and all
speakers, engaging panel discussions and interactive roundtables to explore pivotal topics around
regulators need to have more collaborations, cooperation and information sharing to capitalize
the theme “licence to operate: the role of insurance to strengthen societal resilience”.
the full potential of captive insurance for the overall development of insurance ecosystem.
Meeting with Labuan Financial Services Authority (LFSA)
IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit
A delegation led by Mr. Praveen Trivedi, Executive Director, IFSCA and Mr. Bhaskar Khadakbhavi, During a review meeting on status and progress of GIFT IFSC, which was held on August 19, 2023,
General Manager, IFSCA had meeting with Mr. Mohd Rizlan Mokhtar, Director, Registration & Hon'ble Union Minister of Finance and Corporate Affairs had suggested IFSCA and IRDAI to jointly
Authorisation of Labuan Financial Services Authority (Labuan FSA) and his team members, at hold an event on the topic of Reinsurance with an aim to interact with the global reinsurers and
their office in Kuala Lumper, Malaysia. develop GIFT IFSC as the Global Hub for Reinsurance. As a result, IFSCA, IRDAI and GIFT City with
the support of Department of Financial Services, Ministry of Finance organised the first "IFSCA-
These discussions were on the backdrop of recent MoU signed between IFSCA and Labuan FSA, to
IRDAI GIFT-IFSC Global Reinsurance Summit, 2023”, on November 30, 2023, in, Mumbai.
facilitate the cooperation and information sharing regarding laws, rules, and regulations
governing financial products, financial services, and financial institutions within the respective
jurisdictions.
The officials of IFSCA and Labuan FSA exchanged knowledge and best practices in the
development, regulation, and supervision of respective financial markets. By exchanging insights
and strategies, these regulators aim to enhance the stability, transparency, and efficiency of
financial markets in both the jurisdictions ultimately benefiting consumers
20 Singapore International Reinsurance Conference
The 20 Singapore International Reinsurance Conference (SIRC) 2024, held from November 04 –
07, 2024, saw over 3,300 participants, with nearly 2,000 joining in from overseas. The event was
attended by stakeholders from insurance industry like insurance/ reinsurance companies,
intermediaries, bankers, insure tech companies, CAT modelling companies, cyber expert, credit
rating agencies, insurance/reinsurance consultants and solution provide, exchanging platform
etc.
Image 11: IFSCA Delegation led by Chairperson, at IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit
86 872024-25
This year, the second edition of the summit, IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit
Global In-house Centres
was held on January 20, 2025, in Mumbai. This one-day summit was jointly organised by IFSCA,
IRDAI, and GIFT City, to interact with Global (re)insurers. The Summit was attended by business
leaders from the insurance and reinsurance sector, consultants, brokers, lawyers, academic Over the past two decades, India has emerged as a prominent global destination for Global In-
institutions, Associations, and other relevant stakeholders. House Centres (GICs), driven by its robust talent pool, cost-effective operations, and growing
technological capabilities. GICs are offshore units established by multinational corporations to
The objective of the Summit was inter-alia to bring all the stakeholders on a common platform and
perform a range of in-house functions, including operations, technology, finance, risk
share with them the opportunities available in the GIFT IFSC and to find ways to make it a
management, and compliance. Initially set up to handle back-office and support services, these
reinsurance hub. The Summit was also intended to create awareness of the principle-based
centres have since transformed into strategic hubs of innovation and value creation.
regulatory system adopted by the regulator and to facilitate and handhold setting up of
(Re)insurance businesses in the GIFT IFSC. Today, many GICs deliver high-end services in specialized areas such as data analytics, risk
modelling, regulatory reporting, cybersecurity, and fraud detection, thereby playing a critical role
in the global operations of financial institutions and other corporates.
Global Integration: IFSCA Becomes a Member of IOPS
Recognizing the potential of GICs in strengthening the international financial ecosystem, the
In a major step towards aligning with global best practices, IFSCA became a member of the Government of India, under the IFSCA Act, 2019, notified Global In-House Centres as a financial
International Organisation of Pension Supervisors (IOPS) during the year. This membership service within the IFSC. Building on this, IFSCA introduced the Global In-House Centres
enhances IFSCA's ability to engage with international pension regulators, facilitates the adoption Regulations, 2020, enabling entities from financial services groups to set up GICs in GIFT IFSC to
of global supervisory standards, and promotes cross-border collaboration to support innovation provide support services relating to financial products and services.
and investor protection in the pension sector.
The regulations have created a favourable regulatory and operational environment, leading to the
establishment of several GICs within GIFT IFSC. These centres are contributing significantly to the
overall growth of the IFSC ecosystem by enhancing service delivery capabilities, fostering
innovation, and generating skilled employment opportunities.
Growth of Global In-House Centres in GIFT IFSC
As a unified regulator, IFSCA has enabled establishment of GICs of Financial Sector through IFSCA's
regulatory regime and has further streamlined the process for obtaining approvals and
operational licenses, reducing regulatory friction and enhancing ease of doing business.
GICs in GIFT IFSC benefit from an attractive policy environment, including tax incentives and
exemptions from certain provisions of the Foreign Exchange Management Act (FEMA), granting
them cost efficiency and ability to operate under regulated environment that enables GICs a
differentiated business model.
These GICs serve as strategic hubs for delivering high-value functions such as compliance,
analytics, technology support, and risk management for their global operations.
Notable GIC in GIFT IFSC include that of a multinational financial institution that now employs
over 2,400 professionals and is one of the single largest employers in GIFT IFSC.
88 892024-25
This year, the second edition of the summit, IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit
Global In-house Centres
was held on January 20, 2025, in Mumbai. This one-day summit was jointly organised by IFSCA,
IRDAI, and GIFT City, to interact with Global (re)insurers. The Summit was attended by business
leaders from the insurance and reinsurance sector, consultants, brokers, lawyers, academic Over the past two decades, India has emerged as a prominent global destination for Global In-
institutions, Associations, and other relevant stakeholders. House Centres (GICs), driven by its robust talent pool, cost-effective operations, and growing
technological capabilities. GICs are offshore units established by multinational corporations to
The objective of the Summit was inter-alia to bring all the stakeholders on a common platform and
perform a range of in-house functions, including operations, technology, finance, risk
share with them the opportunities available in the GIFT IFSC and to find ways to make it a
management, and compliance. Initially set up to handle back-office and support services, these
reinsurance hub. The Summit was also intended to create awareness of the principle-based
centres have since transformed into strategic hubs of innovation and value creation.
regulatory system adopted by the regulator and to facilitate and handhold setting up of
(Re)insurance businesses in the GIFT IFSC. Today, many GICs deliver high-end services in specialized areas such as data analytics, risk
modelling, regulatory reporting, cybersecurity, and fraud detection, thereby playing a critical role
in the global operations of financial institutions and other corporates.
Global Integration: IFSCA Becomes a Member of IOPS
Recognizing the potential of GICs in strengthening the international financial ecosystem, the
In a major step towards aligning with global best practices, IFSCA became a member of the Government of India, under the IFSCA Act, 2019, notified Global In-House Centres as a financial
International Organisation of Pension Supervisors (IOPS) during the year. This membership service within the IFSC. Building on this, IFSCA introduced the Global In-House Centres
enhances IFSCA's ability to engage with international pension regulators, facilitates the adoption Regulations, 2020, enabling entities from financial services groups to set up GICs in GIFT IFSC to
of global supervisory standards, and promotes cross-border collaboration to support innovation provide support services relating to financial products and services.
and investor protection in the pension sector.
The regulations have created a favourable regulatory and operational environment, leading to the
establishment of several GICs within GIFT IFSC. These centres are contributing significantly to the
overall growth of the IFSC ecosystem by enhancing service delivery capabilities, fostering
innovation, and generating skilled employment opportunities.
Growth of Global In-House Centres in GIFT IFSC
As a unified regulator, IFSCA has enabled establishment of GICs of Financial Sector through IFSCA's
regulatory regime and has further streamlined the process for obtaining approvals and
operational licenses, reducing regulatory friction and enhancing ease of doing business.
GICs in GIFT IFSC benefit from an attractive policy environment, including tax incentives and
exemptions from certain provisions of the Foreign Exchange Management Act (FEMA), granting
them cost efficiency and ability to operate under regulated environment that enables GICs a
differentiated business model.
These GICs serve as strategic hubs for delivering high-value functions such as compliance,
analytics, technology support, and risk management for their global operations.
Notable GIC in GIFT IFSC include that of a multinational financial institution that now employs
over 2,400 professionals and is one of the single largest employers in GIFT IFSC.
88 892024-25
linked lending by financial institutions” in April 2022. The framework mandates the IFSC Banking
Sustainable Finance
Units (IBUs) to lend 5% of their incremental lending towards sustainable loans. The Banking
unites in GIFT IFSC disbursed around USD 3.39 Bn green/ sustainable loans in F.Y. 2024-25. With
this cumulative sustainable lending has touched USD 4.95 Bn.
The vision of the Hon'ble Prime Minister of India, Shri Narendra Modi is to make GIFT IFSC, the
global hub for sustainable finance. IFSCA, as a unified regulator for GIFT IFSC, is working with the With the intent to promote ESG funds and drive capital flows towards green and sustainable
objective to achieve this vision. IFSCA has taken significant steps in accelerating global sustainable projects in India, IFSCA has issued a circular on January 18, 2023, requiring ESG schemes to make
capital flows by creating a conducive regulatory environment, inspired by international best certain initial and periodic disclosures. Further, in order to encourage FMEs to incorporate
practices but focused especially on the needs of developing countries such as India. IFSCA has sustainability-related risks and opportunities in their investment decision making, IFSCA has
undertaken focused initiatives across three major sources of funding – Debt Securities, Loans, and mandated the large FMEs (AUM above USD 3 billion) to incorporate additional sustainability
Funds. reporting requirements based on global standards, resulting in setting up of 3 ESG funds in IFSC.
Policy/ Regulatory Development
During the FY 2024-25, IFSCA has taken various regulatory and policy initiatives to mobilise
finance towards green and sustainable projects.
Trading and Settlement of Sovereign Green Bonds (SGrBs) in IFSC
The Government of India has been issuing Sovereign Green Bonds (SGrBs) to mobilize resources
for green infrastructure in India. Considering the substantial increase in international investors'
dedication to net-zero goals, SGrBs present a promising avenue to attract significant foreign
climate capital into India. In order to increase the foreign participants in the India's green journey,
RBI and IFSCA have operationalised a scheme for trading and settlement of SGrBs at IFSC. RBI on
August 29, 2024, has introduced a scheme for “Trading and Settlement of Sovereign Green Bonds
in the International Financial Services Centre in India”. Subsequently, IFSCA issued a circular on
September 24, 2024, putting in place an operating guideline for the trading and settlement of
SGrBs in IFSC.
BOX 3: Principles to mitigate the risk of Greenwashing in ESG labelled debt
securities in the IFSC
There is growing concern globally amongst stakeholders, including investors, regarding the
accuracy and reliability of claims made by issuers about the sustainability benefits of the
projects or assets they invest in. With the growing listing of ESG-labelled Debt Securities on the
IFSCA recognizes the pivotal role of ESG labelled debt securities (Green Bonds, Social Bonds, IFSC exchanges, establishing a robust framework to address the issue of greenwashing is
Sustainability Bonds, Sustainability-linked Bonds) in financing sustainable development and imperative.
transition to a low-carbon economy. In line with this, a regulatory framework for Green, Social,
In order to promote transparency, accountability and adequacy of disclosures to investors,
Sustainable and Sustainability-linked Bonds was initially brought in by IFSCA as part of IFSCA
IFSCA, on November 21, 2024, issued a circular. In line with the best-in-class global practices,
(Issuance & Listing of Securities) Regulations,2021 and subsequently subsumed in the IFSCA the circular is principle-based with detailed guidance notes and illustrative examples for better
(Listing) Regulations, 2025. The listing of around USD 15.43 Bn ESG-labelled debt securities, out of understanding of the principles. The circular outlines five key principles that issuers of ESG-
USD 65.10 Bn total debt listings, on IFSC exchanges, as of March 2025, showcases that GIFT IFSC is labelled debt securities shall adhere to:
emerging as a preferred platform for Indian corporates to raise sustainable capital.
i. Being True to Label - Avoid misleading labels and terminologies
Banking Channel is critical for the economy to transition towards a low-carbon and climate ii. Screen the Green - Transparency in methodology for project selection and evaluation
iii. Walk the talk - Managing and tracking use of proceeds
resilient future. IFSCA has come out with “Guidance framework on Sustainable and Sustainability
iv. Overall Impact - Quantification of negative externalities
v. Be alert - Monitor and disclose
90 912024-25
linked lending by financial institutions” in April 2022. The framework mandates the IFSC Banking
Sustainable Finance
Units (IBUs) to lend 5% of their incremental lending towards sustainable loans. The Banking
unites in GIFT IFSC disbursed around USD 3.39 Bn green/ sustainable loans in F.Y. 2024-25. With
this cumulative sustainable lending has touched USD 4.95 Bn.
The vision of the Hon'ble Prime Minister of India, Shri Narendra Modi is to make GIFT IFSC, the
global hub for sustainable finance. IFSCA, as a unified regulator for GIFT IFSC, is working with the With the intent to promote ESG funds and drive capital flows towards green and sustainable
objective to achieve this vision. IFSCA has taken significant steps in accelerating global sustainable projects in India, IFSCA has issued a circular on January 18, 2023, requiring ESG schemes to make
capital flows by creating a conducive regulatory environment, inspired by international best certain initial and periodic disclosures. Further, in order to encourage FMEs to incorporate
practices but focused especially on the needs of developing countries such as India. IFSCA has sustainability-related risks and opportunities in their investment decision making, IFSCA has
undertaken focused initiatives across three major sources of funding – Debt Securities, Loans, and mandated the large FMEs (AUM above USD 3 billion) to incorporate additional sustainability
Funds. reporting requirements based on global standards, resulting in setting up of 3 ESG funds in IFSC.
Policy/ Regulatory Development
During the FY 2024-25, IFSCA has taken various regulatory and policy initiatives to mobilise
finance towards green and sustainable projects.
Trading and Settlement of Sovereign Green Bonds (SGrBs) in IFSC
The Government of India has been issuing Sovereign Green Bonds (SGrBs) to mobilize resources
for green infrastructure in India. Considering the substantial increase in international investors'
dedication to net-zero goals, SGrBs present a promising avenue to attract significant foreign
climate capital into India. In order to increase the foreign participants in the India's green journey,
RBI and IFSCA have operationalised a scheme for trading and settlement of SGrBs at IFSC. RBI on
August 29, 2024, has introduced a scheme for “Trading and Settlement of Sovereign Green Bonds
in the International Financial Services Centre in India”. Subsequently, IFSCA issued a circular on
September 24, 2024, putting in place an operating guideline for the trading and settlement of
SGrBs in IFSC.
BOX 3: Principles to mitigate the risk of Greenwashing in ESG labelled debt
securities in the IFSC
There is growing concern globally amongst stakeholders, including investors, regarding the
accuracy and reliability of claims made by issuers about the sustainability benefits of the
projects or assets they invest in. With the growing listing of ESG-labelled Debt Securities on the
IFSCA recognizes the pivotal role of ESG labelled debt securities (Green Bonds, Social Bonds, IFSC exchanges, establishing a robust framework to address the issue of greenwashing is
Sustainability Bonds, Sustainability-linked Bonds) in financing sustainable development and imperative.
transition to a low-carbon economy. In line with this, a regulatory framework for Green, Social,
In order to promote transparency, accountability and adequacy of disclosures to investors,
Sustainable and Sustainability-linked Bonds was initially brought in by IFSCA as part of IFSCA
IFSCA, on November 21, 2024, issued a circular. In line with the best-in-class global practices,
(Issuance & Listing of Securities) Regulations,2021 and subsequently subsumed in the IFSCA the circular is principle-based with detailed guidance notes and illustrative examples for better
(Listing) Regulations, 2025. The listing of around USD 15.43 Bn ESG-labelled debt securities, out of understanding of the principles. The circular outlines five key principles that issuers of ESG-
USD 65.10 Bn total debt listings, on IFSC exchanges, as of March 2025, showcases that GIFT IFSC is labelled debt securities shall adhere to:
emerging as a preferred platform for Indian corporates to raise sustainable capital.
i. Being True to Label - Avoid misleading labels and terminologies
Banking Channel is critical for the economy to transition towards a low-carbon and climate ii. Screen the Green - Transparency in methodology for project selection and evaluation
iii. Walk the talk - Managing and tracking use of proceeds
resilient future. IFSCA has come out with “Guidance framework on Sustainable and Sustainability
iv. Overall Impact - Quantification of negative externalities
v. Be alert - Monitor and disclose
90 912024-25
Transaction/ Processes/ Operations/ Trends Table 29 : Sector-wise classification of Sustainable Financing by IBUs
FY 2024-25
Debt Securities
Sector (List is Indicative) Amount Total No.
(USD Mn) of
As on March 31, 2025, USD 15.43 Bn ESG labelled debt securities have been listed on the IFSC
Transactions
exchanges. Total listing of debt securities on IFSC exchanges stands at USD 65.10 Bn as of March 31,
2025. Renewable Energy 1052.91 701
Table 27: Listing of debt securities at IFSC Exchanges (In USD Bn) Energy Efficiency 130.74 6
As on Mar 31, As on Mar 31, Pollution Prevention and Control 47.46 2
Participants
2024 2025
Sustainable Water and Wastewater Management 0.00 0
Cumulative debt listings 56.5 65.10
Clean Transportation 6.04 4
Of which Cumulative ESG labelled debt listing 12.3 15.43
Climate Change Adoption 0.00 0
Figure 16 : ESG Debt securities as of March 31, 2025 (in USD Bn) Green Buildings 4.50 2
Affordable Basic Infrastructure 107.04 15
8.88
10
Affordable Housing 363.56 10
8
6 Food Security and Sustainable Food Systems 0.63 6
3.5
4
2.35 Social Project as per Framework 299.44 5
2
0.7
0 Sustainable Project as per Framework 72.60 22
Green Sustainable Sustainabi.. Social
Health Care 86.36 129
Social Education 50.00 1
Sustainable Financing by IBUs
Social Loan 178.08 9
Table 28 : Overall Sustainable Financing by IBUs
MSME 217.55 2316
Classification FY 2024-25 (USD Mn) Others 772.54 2970
Total 3389.45 6198
Green 1076.72
Social 1756.04
Sustainable 348.12
Sustainability Linked 208.57
Others 0.00
Total 3389.45
92 932024-25
Transaction/ Processes/ Operations/ Trends Table 29 : Sector-wise classification of Sustainable Financing by IBUs
FY 2024-25
Debt Securities
Sector (List is Indicative) Amount Total No.
(USD Mn) of
As on March 31, 2025, USD 15.43 Bn ESG labelled debt securities have been listed on the IFSC
Transactions
exchanges. Total listing of debt securities on IFSC exchanges stands at USD 65.10 Bn as of March 31,
2025. Renewable Energy 1052.91 701
Table 27: Listing of debt securities at IFSC Exchanges (In USD Bn) Energy Efficiency 130.74 6
As on Mar 31, As on Mar 31, Pollution Prevention and Control 47.46 2
Participants
2024 2025
Sustainable Water and Wastewater Management 0.00 0
Cumulative debt listings 56.5 65.10
Clean Transportation 6.04 4
Of which Cumulative ESG labelled debt listing 12.3 15.43
Climate Change Adoption 0.00 0
Figure 16 : ESG Debt securities as of March 31, 2025 (in USD Bn) Green Buildings 4.50 2
Affordable Basic Infrastructure 107.04 15
8.88
10
Affordable Housing 363.56 10
8
6 Food Security and Sustainable Food Systems 0.63 6
3.5
4
2.35 Social Project as per Framework 299.44 5
2
0.7
0 Sustainable Project as per Framework 72.60 22
Green Sustainable Sustainabi.. Social
Health Care 86.36 129
Social Education 50.00 1
Sustainable Financing by IBUs
Social Loan 178.08 9
Table 28 : Overall Sustainable Financing by IBUs
MSME 217.55 2316
Classification FY 2024-25 (USD Mn) Others 772.54 2970
Total 3389.45 6198
Green 1076.72
Social 1756.04
Sustainable 348.12
Sustainability Linked 208.57
Others 0.00
Total 3389.45
92 932024-25
Working Group/ Committee Advocacy and Outreach
Expert Committee Report on Transition Finance G20 India Private Sector Roundtable
IFSCA in partnership with UNDP FC4S, hosted the G20 India Private Sector Roundtable on May 31,
The Expert Committee on Transition Finance was constituted by IFSCA on December 21, 2023, to
2024, in GIFT City, Gandhinagar. The objective is to garner substantial representation from India's
provide a roadmap for IFSCA to develop a climate finance ecosystem and instruments at GIFT IFSC
private sector in broader G20 discussions, thereby influencing global financial sustainability
with a special focus on Transition Finance as well as to provide recommendations on establishing
agendas. This roundtable will shift the conversation from global to national level, bringing
the GIFT IFSC as a global hub for climate financing. The Committee is chaired by Shri. Dhruba
together the private sector and government, including policy makers and financial regulators, for a
Purkayastha (Director, Growth and Institutional Advancement, Council on Energy, Environment
robust discussion and meaningful exchange on G20 priorities in sustainable finance.
and Water) and includes experts across policy think tanks, standard setters, consultants, industry,
and global financial institutions. The Expert Committee has submitted its report on Transition During the address about the financial centres, various initiatives of IFSCA in the field of
Finance to the Chairperson, IFSCA, Shri K. Rajaraman on July 1, 2024. sustainable finance and its progress has been highlighted to the distinguished participants from
industry, financial sector, consultancies, thinktanks and other leading institutions in the field of
The Report on Transition Finance captures the recommendations by the Expert Committee under
sustainability. During the event, three round tables discussions took place on different areas of
three pillars:
priorities.
I. Scope and definition of Transition Finance
RE-INVEST, 2024
ii. Policy and Regulation
iii. Financial Mechanisms and Instruments Shri Pradeep Ramakrishnan, Executive Director, IFSCA, participated in a panel discussion titled
"Accelerating Capital for India's Energy Transition: Spotlight on Enabling Instruments" at RE-
invest 2024, held between September 16 to 18, 2024, in Gandhinagar, Gujarat. RE-INVEST is a
Government of India flagship event to showcase India's Renewable Energy potential to the world &
to invite investment in the sector by initiating multilateral dialogue. It is global renewable energy
investors meet, and expo organized by the Ministry of New and Renewable Energy (MNRE),
Government of India. This year's edition marked India attaining 200 GW of non-fossil fuel capacity.
In his remarks during the panel discussion, Shri Pradeep Ramakrishnan emphasized the pivotal
role of the IFSCA' s regulatory framework in fostering a robust green bond market within the GIFT
IFSC. He further highlighted the significance of various sustainable finance initiatives undertaken
by IFSCA such as ESG funds and sustainable lending by IBUs which are in line with the
Government's mission of making the GIFT IFSC a climate finance hub.
Green, Social, Sustainable, Sustainability-linked and Transition Bonds
(GSS+ Bonds) Training Workshop
NSE, in collaboration with the Climate Bonds Initiatives (CBI) and the International Finance
Corporation (IFC), under the aegis of IFSCA, successfully organized a two-day training program on
Image 12: Members of the expert committee during the submission of the report
GSS+ bonds on September 24, 2024, and September 25, 2024, at GIFT City. The workshop aimed to
It emphasizes the role of transition finance in driving investments towards hard-to-abate sectors
foster knowledge and awareness about the GSS+ bond framework, its role in achieving India's
such as steel, cement, shipping, fertilisers etc. which are crucial for economic growth of India and
sustainable development goals, and the opportunities it presents for the financial sector.
other developing nations. The report offers strategic recommendations to IFSCA and policy
makers by exploring global best practices and regulatory landscapes, to enhance the role of GIFT
IFSC as a gateway for attracting international climate capital flows in order to achieve India's
ambitious goal of achieving net-zero by 2070.
94 952024-25
Working Group/ Committee Advocacy and Outreach
Expert Committee Report on Transition Finance G20 India Private Sector Roundtable
IFSCA in partnership with UNDP FC4S, hosted the G20 India Private Sector Roundtable on May 31,
The Expert Committee on Transition Finance was constituted by IFSCA on December 21, 2023, to
2024, in GIFT City, Gandhinagar. The objective is to garner substantial representation from India's
provide a roadmap for IFSCA to develop a climate finance ecosystem and instruments at GIFT IFSC
private sector in broader G20 discussions, thereby influencing global financial sustainability
with a special focus on Transition Finance as well as to provide recommendations on establishing
agendas. This roundtable will shift the conversation from global to national level, bringing
the GIFT IFSC as a global hub for climate financing. The Committee is chaired by Shri. Dhruba
together the private sector and government, including policy makers and financial regulators, for a
Purkayastha (Director, Growth and Institutional Advancement, Council on Energy, Environment
robust discussion and meaningful exchange on G20 priorities in sustainable finance.
and Water) and includes experts across policy think tanks, standard setters, consultants, industry,
and global financial institutions. The Expert Committee has submitted its report on Transition During the address about the financial centres, various initiatives of IFSCA in the field of
Finance to the Chairperson, IFSCA, Shri K. Rajaraman on July 1, 2024. sustainable finance and its progress has been highlighted to the distinguished participants from
industry, financial sector, consultancies, thinktanks and other leading institutions in the field of
The Report on Transition Finance captures the recommendations by the Expert Committee under
sustainability. During the event, three round tables discussions took place on different areas of
three pillars:
priorities.
I. Scope and definition of Transition Finance
RE-INVEST, 2024
ii. Policy and Regulation
iii. Financial Mechanisms and Instruments Shri Pradeep Ramakrishnan, Executive Director, IFSCA, participated in a panel discussion titled
"Accelerating Capital for India's Energy Transition: Spotlight on Enabling Instruments" at RE-
invest 2024, held between September 16 to 18, 2024, in Gandhinagar, Gujarat. RE-INVEST is a
Government of India flagship event to showcase India's Renewable Energy potential to the world &
to invite investment in the sector by initiating multilateral dialogue. It is global renewable energy
investors meet, and expo organized by the Ministry of New and Renewable Energy (MNRE),
Government of India. This year's edition marked India attaining 200 GW of non-fossil fuel capacity.
In his remarks during the panel discussion, Shri Pradeep Ramakrishnan emphasized the pivotal
role of the IFSCA' s regulatory framework in fostering a robust green bond market within the GIFT
IFSC. He further highlighted the significance of various sustainable finance initiatives undertaken
by IFSCA such as ESG funds and sustainable lending by IBUs which are in line with the
Government's mission of making the GIFT IFSC a climate finance hub.
Green, Social, Sustainable, Sustainability-linked and Transition Bonds
(GSS+ Bonds) Training Workshop
NSE, in collaboration with the Climate Bonds Initiatives (CBI) and the International Finance
Corporation (IFC), under the aegis of IFSCA, successfully organized a two-day training program on
Image 12: Members of the expert committee during the submission of the report
GSS+ bonds on September 24, 2024, and September 25, 2024, at GIFT City. The workshop aimed to
It emphasizes the role of transition finance in driving investments towards hard-to-abate sectors
foster knowledge and awareness about the GSS+ bond framework, its role in achieving India's
such as steel, cement, shipping, fertilisers etc. which are crucial for economic growth of India and
sustainable development goals, and the opportunities it presents for the financial sector.
other developing nations. The report offers strategic recommendations to IFSCA and policy
makers by exploring global best practices and regulatory landscapes, to enhance the role of GIFT
IFSC as a gateway for attracting international climate capital flows in order to achieve India's
ambitious goal of achieving net-zero by 2070.
94 952024-25
finance, including the promotion of ESG funds and sustainable lending by IBUs. He also
emphasized the critical role of IFSCA's regulatory framework in developing a robust green bond
market within the GIFT IFSC.
Shri Pradeep Ramakrishnan, Executive Director, IFSCA also participated in a panel discussion on
"Strategies for Increasing Climate Adaptation Investments" at the summit. In his remarks during
the panel discussion, he emphasized the critical need for increased investments in climate
adaptation, particularly in developing countries facing significant financing gaps. He also shared
valuable insights on policy frameworks that can stimulate such investments. He further
highlighted the robust ESG ecosystem at GIFT IFSC, including the attractive incentives available for
ESG funds.
The Asia Climate Summit (ACS 2024)
Asia Climate Summit (ACS), 2024 was organised by International Emissions Trading Association
(IETA), in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI)
and International Carbon Action Partnership (ICAP) between October 22, 2024, and October 24,
2024, in Delhi.
Shri Pradeep Ramakrishnan, ED, IFSCA participated as lead discussant in the session on 'Investor -
Corporate dialog on climate risk mitigation and management; State of Sector- Climate Action by
Image 13: Chairperson, IFSCA Shri K. Rajaraman with other key dignitaries at GSS+ Bonds Training Workshop India Inc 2024' organised by cKinetics on the sidelines of the ACS 2024.
During the commencement of the training workshop, Shri K. Rajaraman, Chairperson IFSCA, in his
IOSCO Growth and Emerging Markets Committee - Network for
keynote address remarked the significance of embracing innovative financial instruments and
Adoption or Other Use of ISSB Standards
leveraging GIFT IFSC ecosystem to advance India's sustainable development agenda. On the
IFSCA on December 18, 2024, participated in the launch of a dedicated network to support the
workshop, he remarked, "Capacity building empowers all stakeholders with the knowledge and tools
adoption and other use of IFRS Sustainability Disclosure Standards (ISSB Standards), held in
necessary to develop and implement innovative solutions. This workshop is a significant step towards
Ankara, Turkey, with the support of the International Sustainability Standards Board (ISSB). The
enhancing our collective ability to channel green capital effectively to green businesses.
Network started with a group of 32 IOSCO members of its Growth and Emerging Markets
Understanding and capacity to handle new age instruments such as Transition bonds to steer the
Committee (GEMC), representing 31 jurisdictions. The network aimed at supporting the adoption
energy transition in India is direly required. The workshop fulfils that need.”
and use of the IFRS Foundation's sustainability reporting standards in emerging markets.
The comprehensive training workshop was designed to address the issuance of thematic labelled
bonds, with particular emphasis on Green, Social, Sustainable, Sustainability-Linked, and
Transition Bonds as mechanisms to bridge the sustainable finance gap in India. The event attracted
a diverse range of participants from various sectors, including policymakers, thereby promoting a
collaborative environment that facilitated knowledge sharing and innovation.
IVCA GreenReturns Summit, 2024
The GreenReturns Summit 2024, was organized by the Indian Venture and Alternate Capital
Association (IVCA) on December 2 and 3, 2024, in New Delhi. The Summit aimed to address the
pressing need for climate finance and to identify innovative solutions to drive sustainable
development. Shri K Rajaraman, Chairperson, IFSCA participated in a Fireside Chat on "Mobilizing
Climate Finance: IFSC as a Global Climate Finance Hub" at the IVCA GreenReturns Summit 2024.
During the discussion, Chairperson highlighted the numerous opportunities that GIFT IFSC offers
to global investors. He discussed various initiatives undertaken by IFSCA to support sustainable
Image 14: GEMC members of the Network for adoption and other use of ISSB standards
96 972024-25
finance, including the promotion of ESG funds and sustainable lending by IBUs. He also
emphasized the critical role of IFSCA's regulatory framework in developing a robust green bond
market within the GIFT IFSC.
Shri Pradeep Ramakrishnan, Executive Director, IFSCA also participated in a panel discussion on
"Strategies for Increasing Climate Adaptation Investments" at the summit. In his remarks during
the panel discussion, he emphasized the critical need for increased investments in climate
adaptation, particularly in developing countries facing significant financing gaps. He also shared
valuable insights on policy frameworks that can stimulate such investments. He further
highlighted the robust ESG ecosystem at GIFT IFSC, including the attractive incentives available for
ESG funds.
The Asia Climate Summit (ACS 2024)
Asia Climate Summit (ACS), 2024 was organised by International Emissions Trading Association
(IETA), in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI)
and International Carbon Action Partnership (ICAP) between October 22, 2024, and October 24,
2024, in Delhi.
Shri Pradeep Ramakrishnan, ED, IFSCA participated as lead discussant in the session on 'Investor -
Corporate dialog on climate risk mitigation and management; State of Sector- Climate Action by
Image 13: Chairperson, IFSCA Shri K. Rajaraman with other key dignitaries at GSS+ Bonds Training Workshop India Inc 2024' organised by cKinetics on the sidelines of the ACS 2024.
During the commencement of the training workshop, Shri K. Rajaraman, Chairperson IFSCA, in his
IOSCO Growth and Emerging Markets Committee - Network for
keynote address remarked the significance of embracing innovative financial instruments and
Adoption or Other Use of ISSB Standards
leveraging GIFT IFSC ecosystem to advance India's sustainable development agenda. On the
IFSCA on December 18, 2024, participated in the launch of a dedicated network to support the
workshop, he remarked, "Capacity building empowers all stakeholders with the knowledge and tools
adoption and other use of IFRS Sustainability Disclosure Standards (ISSB Standards), held in
necessary to develop and implement innovative solutions. This workshop is a significant step towards
Ankara, Turkey, with the support of the International Sustainability Standards Board (ISSB). The
enhancing our collective ability to channel green capital effectively to green businesses.
Network started with a group of 32 IOSCO members of its Growth and Emerging Markets
Understanding and capacity to handle new age instruments such as Transition bonds to steer the
Committee (GEMC), representing 31 jurisdictions. The network aimed at supporting the adoption
energy transition in India is direly required. The workshop fulfils that need.”
and use of the IFRS Foundation's sustainability reporting standards in emerging markets.
The comprehensive training workshop was designed to address the issuance of thematic labelled
bonds, with particular emphasis on Green, Social, Sustainable, Sustainability-Linked, and
Transition Bonds as mechanisms to bridge the sustainable finance gap in India. The event attracted
a diverse range of participants from various sectors, including policymakers, thereby promoting a
collaborative environment that facilitated knowledge sharing and innovation.
IVCA GreenReturns Summit, 2024
The GreenReturns Summit 2024, was organized by the Indian Venture and Alternate Capital
Association (IVCA) on December 2 and 3, 2024, in New Delhi. The Summit aimed to address the
pressing need for climate finance and to identify innovative solutions to drive sustainable
development. Shri K Rajaraman, Chairperson, IFSCA participated in a Fireside Chat on "Mobilizing
Climate Finance: IFSC as a Global Climate Finance Hub" at the IVCA GreenReturns Summit 2024.
During the discussion, Chairperson highlighted the numerous opportunities that GIFT IFSC offers
to global investors. He discussed various initiatives undertaken by IFSCA to support sustainable
Image 14: GEMC members of the Network for adoption and other use of ISSB standards
96 972024-25
Symposium on Sustainable Finance
Ancillary and BATF Services
IFSCA in partnership with India INX and the Institute of Cost Accountants of India (ICMAI) through
its Sustainability Standards organised a Symposium on Sustainable Finance on January 24, 2025.
International Financial Centres (IFCs) are designated regions that host a dense concentration of
The event brought together policymakers, industry leaders, and experts to explore innovative
financial service providers such as banks, capital market institutions, insurance companies, fund
pathways for sustainability within the GIFT IFSC ecosystem. The program featured two-panel
managers, and increasingly, fintech enterprises. These centres function as critical nodes in the
discussions and five insightful presentations, covering key topics such as transition finance,
global financial system, facilitating cross-border capital flows, investment, and financial
blended finance, ESG ratings, climate funds, sustainable lending, and the unique opportunities
innovation. However, the efficacy and resilience of any IFC are not determined solely by the
that GIFT-IFSC presents in sustainable finance.
presence of financial institutions. Equally important is the supporting infrastructure of
professional services firms, which play an essential role in underpinning the financial ecosystem.
Policies and Programmes for the Following Year
These firms offer specialized expertise in areas such as audit, accountancy, taxation, legal counsel,
Framework for Transition Finance management consulting, corporate governance, regulatory compliance, and financial advisory
services. By ensuring adherence to global standards, mitigating operational and regulatory risks,
The Paris Agreement's central aim is to strengthen the global response to the threat of climate
and improving institutional transparency, professional service providers serve as the backbone of
change by keeping the global temperature rise to below 2 degrees Celsius above pre-industrial
a robust, credible, and efficient financial centre. Their services enable financial institutions to
levels. In order to achieve this target, the entire economy needs to be decarbonized, with a special
navigate complex regulatory environments, manage risks effectively, structure cross-border
focus on hard-to-abate sectors. In order to channelize the capital for the transition of hard-to-
deals, and maintain high standards of financial integrity and reporting.
abate sectors, an expert committee on Transition finance was set up by IFSCA. IFSCA, has recently,
issued a consultation paper on the “Framework for Transition Bonds” seeking public comments.
The Global Context
Policy for Blended Finance instruments
Across the globe, the evolution of financial markets is closely tied to the development of high-
To support capital flows into desirable sectors/ projects which are otherwise not bankable purely quality professional services sectors. Leading IFCs such as New York, London, Hong Kong, and
on the commercial terms, IFSCA is currently working on the policy for various blended finance Singapore have witnessed parallel growth in financial institutions and professional service firms.
instruments under the existing Fund Management Regulations. These firms not only support routine financial operations but also drive strategic initiatives such
as mergers and acquisitions, cross-border listings, fund structuring, and dispute resolution —
services that are essential to the vibrancy and competitiveness of a global financial hub.
India's Professional Talent Advantage
India is uniquely positioned to take advantage of this global dynamic due to its deep and growing
pool of skilled professionals in financial and allied domains. With thousands of qualified Chartered
Accountants (CAs), Company Secretaries (CSs), Chartered Financial Analysts (CFAs), Lawyers, and
Consultants, the country possesses a rich talent base that is well-versed in global financial
practices, regulatory frameworks, and cross-border financial operations. This talent pool is
further supported by India's strong educational institutions, ongoing professional training, and
widespread digital fluency.
Given this context, GIFT IFSC is exceptionally well-positioned to emerge as a global hub for
professional services. Professionals based in GIFT IFSC can provide cost-effective, high-quality
services not only to entities operating within the IFSC but also to clients in international markets,
especially across Asia, the Middle East, and Africa.
98 992024-25
Symposium on Sustainable Finance
Ancillary and BATF Services
IFSCA in partnership with India INX and the Institute of Cost Accountants of India (ICMAI) through
its Sustainability Standards organised a Symposium on Sustainable Finance on January 24, 2025.
International Financial Centres (IFCs) are designated regions that host a dense concentration of
The event brought together policymakers, industry leaders, and experts to explore innovative
financial service providers such as banks, capital market institutions, insurance companies, fund
pathways for sustainability within the GIFT IFSC ecosystem. The program featured two-panel
managers, and increasingly, fintech enterprises. These centres function as critical nodes in the
discussions and five insightful presentations, covering key topics such as transition finance,
global financial system, facilitating cross-border capital flows, investment, and financial
blended finance, ESG ratings, climate funds, sustainable lending, and the unique opportunities
innovation. However, the efficacy and resilience of any IFC are not determined solely by the
that GIFT-IFSC presents in sustainable finance.
presence of financial institutions. Equally important is the supporting infrastructure of
professional services firms, which play an essential role in underpinning the financial ecosystem.
Policies and Programmes for the Following Year
These firms offer specialized expertise in areas such as audit, accountancy, taxation, legal counsel,
Framework for Transition Finance management consulting, corporate governance, regulatory compliance, and financial advisory
services. By ensuring adherence to global standards, mitigating operational and regulatory risks,
The Paris Agreement's central aim is to strengthen the global response to the threat of climate
and improving institutional transparency, professional service providers serve as the backbone of
change by keeping the global temperature rise to below 2 degrees Celsius above pre-industrial
a robust, credible, and efficient financial centre. Their services enable financial institutions to
levels. In order to achieve this target, the entire economy needs to be decarbonized, with a special
navigate complex regulatory environments, manage risks effectively, structure cross-border
focus on hard-to-abate sectors. In order to channelize the capital for the transition of hard-to-
deals, and maintain high standards of financial integrity and reporting.
abate sectors, an expert committee on Transition finance was set up by IFSCA. IFSCA, has recently,
issued a consultation paper on the “Framework for Transition Bonds” seeking public comments.
The Global Context
Policy for Blended Finance instruments
Across the globe, the evolution of financial markets is closely tied to the development of high-
To support capital flows into desirable sectors/ projects which are otherwise not bankable purely quality professional services sectors. Leading IFCs such as New York, London, Hong Kong, and
on the commercial terms, IFSCA is currently working on the policy for various blended finance Singapore have witnessed parallel growth in financial institutions and professional service firms.
instruments under the existing Fund Management Regulations. These firms not only support routine financial operations but also drive strategic initiatives such
as mergers and acquisitions, cross-border listings, fund structuring, and dispute resolution —
services that are essential to the vibrancy and competitiveness of a global financial hub.
India's Professional Talent Advantage
India is uniquely positioned to take advantage of this global dynamic due to its deep and growing
pool of skilled professionals in financial and allied domains. With thousands of qualified Chartered
Accountants (CAs), Company Secretaries (CSs), Chartered Financial Analysts (CFAs), Lawyers, and
Consultants, the country possesses a rich talent base that is well-versed in global financial
practices, regulatory frameworks, and cross-border financial operations. This talent pool is
further supported by India's strong educational institutions, ongoing professional training, and
widespread digital fluency.
Given this context, GIFT IFSC is exceptionally well-positioned to emerge as a global hub for
professional services. Professionals based in GIFT IFSC can provide cost-effective, high-quality
services not only to entities operating within the IFSC but also to clients in international markets,
especially across Asia, the Middle East, and Africa.
98 992024-25
Policy Support
Table 30: Activity wise break up of Ancillary Services entities Authorized⁷⁰
S. As on Mar 31, As on Mar 31,
Recognizing the strategic importance of professional services in enhancing the financial Core Activity
No. 2024 2025
ecosystem, IFSCA introduced the “Framework for Enabling Ancillary Services at International
Financial Services Centres” in February 2021 and “IFSCA Book-keeping, Accounting, Taxation and 1 Legal, Compliance and Secretarial 12 16
Financial Crime Compliance Services (BATF) Regulations, 2024”. This pioneering regulatory
2 Auditing 21⁷¹ 13
initiative was designed to enable the establishment and operation of professional service
providers in the IFSC. These framework/ regulations provide a streamlined registration process, 3 Professional & Management Consulting Services 11 32
operational clarity, and regulatory oversight while allowing for flexibility in service delivery and Administration, Asset Management Support
4 24 27
Services and Trusteeship
business models.
Total 68 88
Growth and Impact at GIFT IFSC
Table 31: Activity wise break up of BATF Services entities Authorized
Since the implementation of this framework, the ancillary services ecosystem at GIFT IFSC has
S.
demonstrated healthy and sustained growth. Under Ancillary Services Framework, entities are Core Activity As on March 31, 2025⁷²
No.
registered to provide various services in domains including legal, compliance and secretarial
services, auditing and tax advisory, and consulting services. These firms play a critical role in 1 Accounting Services 2
supporting the day-to-day and strategic operations of financial institutions, FinTech companies,
2 Bookkeeping Services 1
funds, and corporate entities located in the IFSC.
3 Total 3
The growth of professional services firms has also had a multiplier effect - enhancing investor
confidence, improving the ease of doing business, and attracting international players to establish Advocacy & Outreach
operations in GIFT IFSC. As these firms expand their capabilities and begin catering to overseas
Presentation to the Bangalore Chamber of Industry and Commerce (BCIC)
markets, they reinforce India's brand as a trusted provider of high-end financial and professional
on Opportunities for Professionals in GIFT-IFSC
services.
Transaction/Processes/Operations/Trends
Under the Ancillary Framework, as on March 31,2025, IFSCA has granted Authorisation to 88⁶⁹
entities, out of which 20 entities were granted authorization during FY 2024-25.
During the FY 2024–25, the Authorized Ancillary Service Providers reported an impressive
revenue from business exceeding USD 39.90 million, reflecting robust business growth and
operational efficiency.
As of March 31, 2025, Ancillary Service Providers have significantly contributed towards
employment generation within the GIFT IFSC ecosystem, having created job opportunities for
approximately 610 skilled professionals. This workforce includes CAs, CSs, and other qualified
professionals, reinforcing the critical role of ancillary services in supporting the broader financial
services architecture of the GIFT-IFSC.
Image 15: Presentation to the Bangalore Chamber of Industry and Commerce (BCIC) on Opportunities for
Professionals in GIFT-IFSC
A presentation to the BCIC delegation highlighted the growing professional services ecosystem at
GIFT IFSC and the enabling regulatory framework introduced by IFSCA. It emphasized career and
entrepreneurial opportunities for professionals such as CAs, CSs, MBAs, and consultants. The
session showcased GIFT IFSC's conducive business environment and its potential as a hub for
high-end professional services.
⁶⁹ Including in-principle approvals ⁷⁰ Including in-principle approvals
⁷¹ Includes authorizations for Bookkeeping, Accounting, taxation Services which are now moved to IFSCA (BATF) Regulations, 2024
⁷² Fresh application (other than migration of existing Ancillary Services Entities). Apart from this, 16 entities have been migrated from Ancillary Services to BATF.
100 1012024-25
Policy Support
Table 30: Activity wise break up of Ancillary Services entities Authorized⁷⁰
S. As on Mar 31, As on Mar 31,
Recognizing the strategic importance of professional services in enhancing the financial Core Activity
No. 2024 2025
ecosystem, IFSCA introduced the “Framework for Enabling Ancillary Services at International
Financial Services Centres” in February 2021 and “IFSCA Book-keeping, Accounting, Taxation and 1 Legal, Compliance and Secretarial 12 16
Financial Crime Compliance Services (BATF) Regulations, 2024”. This pioneering regulatory
2 Auditing 21⁷¹ 13
initiative was designed to enable the establishment and operation of professional service
providers in the IFSC. These framework/ regulations provide a streamlined registration process, 3 Professional & Management Consulting Services 11 32
operational clarity, and regulatory oversight while allowing for flexibility in service delivery and Administration, Asset Management Support
4 24 27
Services and Trusteeship
business models.
Total 68 88
Growth and Impact at GIFT IFSC
Table 31: Activity wise break up of BATF Services entities Authorized
Since the implementation of this framework, the ancillary services ecosystem at GIFT IFSC has
S.
demonstrated healthy and sustained growth. Under Ancillary Services Framework, entities are Core Activity As on March 31, 2025⁷²
No.
registered to provide various services in domains including legal, compliance and secretarial
services, auditing and tax advisory, and consulting services. These firms play a critical role in 1 Accounting Services 2
supporting the day-to-day and strategic operations of financial institutions, FinTech companies,
2 Bookkeeping Services 1
funds, and corporate entities located in the IFSC.
3 Total 3
The growth of professional services firms has also had a multiplier effect - enhancing investor
confidence, improving the ease of doing business, and attracting international players to establish Advocacy & Outreach
operations in GIFT IFSC. As these firms expand their capabilities and begin catering to overseas
Presentation to the Bangalore Chamber of Industry and Commerce (BCIC)
markets, they reinforce India's brand as a trusted provider of high-end financial and professional
on Opportunities for Professionals in GIFT-IFSC
services.
Transaction/Processes/Operations/Trends
Under the Ancillary Framework, as on March 31,2025, IFSCA has granted Authorisation to 88⁶⁹
entities, out of which 20 entities were granted authorization during FY 2024-25.
During the FY 2024–25, the Authorized Ancillary Service Providers reported an impressive
revenue from business exceeding USD 39.90 million, reflecting robust business growth and
operational efficiency.
As of March 31, 2025, Ancillary Service Providers have significantly contributed towards
employment generation within the GIFT IFSC ecosystem, having created job opportunities for
approximately 610 skilled professionals. This workforce includes CAs, CSs, and other qualified
professionals, reinforcing the critical role of ancillary services in supporting the broader financial
services architecture of the GIFT-IFSC.
Image 15: Presentation to the Bangalore Chamber of Industry and Commerce (BCIC) on Opportunities for
Professionals in GIFT-IFSC
A presentation to the BCIC delegation highlighted the growing professional services ecosystem at
GIFT IFSC and the enabling regulatory framework introduced by IFSCA. It emphasized career and
entrepreneurial opportunities for professionals such as CAs, CSs, MBAs, and consultants. The
session showcased GIFT IFSC's conducive business environment and its potential as a hub for
high-end professional services.
⁶⁹ Including in-principle approvals ⁷⁰ Including in-principle approvals
⁷¹ Includes authorizations for Bookkeeping, Accounting, taxation Services which are now moved to IFSCA (BATF) Regulations, 2024
⁷² Fresh application (other than migration of existing Ancillary Services Entities). Apart from this, 16 entities have been migrated from Ancillary Services to BATF.
100 1012024-25
Standing Committee on Development & Regulation of Professional Services
Foreign Universities & Institutions
(Ancillary & BATF)
The Committee is tasked with developing a strategic vision for expanding the professional services
Recognizing the need to augment talent availability in GIFT IFSC as well as in other parts of the
ecosystem within IFSCs including identifying key domestic and international players capable of
country, the Hon'ble Finance Minister in the Union Budget 2022-23 announced that “World Class
establishing large-scale professional services operations in GIFT-IFSC. Further the committee will
Foreign University and Institutions will be allowed in the GIFT City to offer courses in Financial
suggest policy measures aimed at attracting investments, creating employment opportunities, and
Management, FinTech, Science, Technology, Engineering and Mathematics, free from domestic
strengthening the regulatory framework to promote efficiency, transparency, and global
regulations, except those by the IFSCA to facilitate availability of high-end human resources for
competitiveness.
financial services and technology”. The Union Budget announcement paved the way for foreign
universities to tap the India opportunity through GIFT IFSC.
Policies and Programmes for the Following Year
The overall objective of this policy announcement was to develop GIFT IFSC as an international
TechFin and Ancillary Services Regulations, 2025 educational center catering to both Indian and foreign students in specified disciplines, encourage
research in areas of Banking, Insurance, Capital Market, Funds Management, FinTech, Longevity
With the aim of establishing an effective and unified regulatory architecture within GIFT-IFSC for
Finance, Sustainable Finance, Quantum Computing, etc. and nurture high-end human resources in
professional service providers, Ancillary Services, the TechFin component of the IFSCA FinTech
finance, technology, and related fields.
Entity Framework, and outsourced activities permitted by sectoral financial regulators, are being
consolidated into a single regulation, titled the 'Draft IFSCA (TechFin and Ancillary Services) Thereafter, IFSCA notified the enabling regulations i.e. IFSCA (Setting up and Operation of
Regulations, 2025'. This regulation seeks to provide a comprehensive regulatory framework for International Branch Campuses and Offshore Education Centres) Regulations, 2022, which
TechFins and Ancillary Service Providers, enabling them for making arrangements for carrying on permitted foreign universities to establish and operate International Branch Campuses (IBCs) and
any of the financial services specified under clause (e) of subsection (1) of Section 3 of the IFSCA Foreign Education Institutions (other than a foreign university) to establish and operate Offshore
Act, 2019. Education Centres (OECs) in IFSC and offer courses in the permissible subject areas of Financial
Management, FinTech and STEM.
Initiating MoU negotiations for a Professional Outreach program with
esteemed professional institutes, law schools, and firms in India To ensure parity with home campus, the Regulations specify that 'Any course or programme
conducted by a registered entity in the GIFT IFSC shall be identical in all respects with the course or
programme conducted by the Parent Entity in its home jurisdiction and identical degree, diploma or
certificate shall be conferred upon the students of the IBC or OEC directly by the Parent Entity in the
same manner as it confers to its students for the same course or programme in its home jurisdiction'.
To further facilitate the setting up of IBCs and OECs in IFSC, the Ministry of Finance invoked powers
under Sec 31 of IFSCA Act 2019 and disapplied University Grants Commission Act, 1956 and the
All-India Council for Technical Education Act, 1987 to the courses offered by foreign universities &
institutions in GIFT IFSC.
Policy/ Regulatory Developments
During FY 2023-2024, IFSCA enabled the Academic Infrastructure Service Provider (AISP) model
for foreign universities and institutions setting up IBCs and OECs in IFSC. This regulatory
enablement permitted IBCs and/or OECs to avail infrastructure services from an AISP, which shall
be registered and governed as per provisions of SEZ Act 2005. The AISP model is expected to make
GIFT IFSC an attractive and preferred destination for foreign universities and institutions to set up
their overseas campuses.
102 1032024-25
Standing Committee on Development & Regulation of Professional Services
Foreign Universities & Institutions
(Ancillary & BATF)
The Committee is tasked with developing a strategic vision for expanding the professional services
Recognizing the need to augment talent availability in GIFT IFSC as well as in other parts of the
ecosystem within IFSCs including identifying key domestic and international players capable of
country, the Hon'ble Finance Minister in the Union Budget 2022-23 announced that “World Class
establishing large-scale professional services operations in GIFT-IFSC. Further the committee will
Foreign University and Institutions will be allowed in the GIFT City to offer courses in Financial
suggest policy measures aimed at attracting investments, creating employment opportunities, and
Management, FinTech, Science, Technology, Engineering and Mathematics, free from domestic
strengthening the regulatory framework to promote efficiency, transparency, and global
regulations, except those by the IFSCA to facilitate availability of high-end human resources for
competitiveness.
financial services and technology”. The Union Budget announcement paved the way for foreign
universities to tap the India opportunity through GIFT IFSC.
Policies and Programmes for the Following Year
The overall objective of this policy announcement was to develop GIFT IFSC as an international
TechFin and Ancillary Services Regulations, 2025 educational center catering to both Indian and foreign students in specified disciplines, encourage
research in areas of Banking, Insurance, Capital Market, Funds Management, FinTech, Longevity
With the aim of establishing an effective and unified regulatory architecture within GIFT-IFSC for
Finance, Sustainable Finance, Quantum Computing, etc. and nurture high-end human resources in
professional service providers, Ancillary Services, the TechFin component of the IFSCA FinTech
finance, technology, and related fields.
Entity Framework, and outsourced activities permitted by sectoral financial regulators, are being
consolidated into a single regulation, titled the 'Draft IFSCA (TechFin and Ancillary Services) Thereafter, IFSCA notified the enabling regulations i.e. IFSCA (Setting up and Operation of
Regulations, 2025'. This regulation seeks to provide a comprehensive regulatory framework for International Branch Campuses and Offshore Education Centres) Regulations, 2022, which
TechFins and Ancillary Service Providers, enabling them for making arrangements for carrying on permitted foreign universities to establish and operate International Branch Campuses (IBCs) and
any of the financial services specified under clause (e) of subsection (1) of Section 3 of the IFSCA Foreign Education Institutions (other than a foreign university) to establish and operate Offshore
Act, 2019. Education Centres (OECs) in IFSC and offer courses in the permissible subject areas of Financial
Management, FinTech and STEM.
Initiating MoU negotiations for a Professional Outreach program with
esteemed professional institutes, law schools, and firms in India To ensure parity with home campus, the Regulations specify that 'Any course or programme
conducted by a registered entity in the GIFT IFSC shall be identical in all respects with the course or
programme conducted by the Parent Entity in its home jurisdiction and identical degree, diploma or
certificate shall be conferred upon the students of the IBC or OEC directly by the Parent Entity in the
same manner as it confers to its students for the same course or programme in its home jurisdiction'.
To further facilitate the setting up of IBCs and OECs in IFSC, the Ministry of Finance invoked powers
under Sec 31 of IFSCA Act 2019 and disapplied University Grants Commission Act, 1956 and the
All-India Council for Technical Education Act, 1987 to the courses offered by foreign universities &
institutions in GIFT IFSC.
Policy/ Regulatory Developments
During FY 2023-2024, IFSCA enabled the Academic Infrastructure Service Provider (AISP) model
for foreign universities and institutions setting up IBCs and OECs in IFSC. This regulatory
enablement permitted IBCs and/or OECs to avail infrastructure services from an AISP, which shall
be registered and governed as per provisions of SEZ Act 2005. The AISP model is expected to make
GIFT IFSC an attractive and preferred destination for foreign universities and institutions to set up
their overseas campuses.
102 1032024-25
Box 4: Key features of the AISP Circular
(i) An AISP is a service provider which provides services to an IBC/OEC, which should
include providing built up campus facility, research and development facility, library,
laboratories, incubation centres, teaching classroom, and such other related services.
(ii) An AISP can provide the following additional services to an IBC/OEC in IFSC:
a. Campus Facility Management services
b. Student onboarding, Admissions and Student Welfare services
c. Services for recruitment and management of non-academic staff
d. Branding and Marketing services
e. Payroll services, etc.
Image 16 : Deakin University in GIFT IFSC
(iii) Eligibility Conditions for an AISP:
Advocacy and Outreach
a. The AISP is incorporated as a separate company in GIFT SEZ.
b. The AISP shall have a minimum net worth of USD 1 Mn or equivalent for providing its
During FY 2024-25, IFSCA held several roundtable interactions and bilateral meetings with
services.
leading universities from around the world listed below:
c. The AISP or any of its group company shall have at least three years of prior experience
of providing similar services to recognized universities/ educational institutions in Visit by delegation of University of California
India or overseas.
Chancellor of UC San Diego, USA along with senior officials visited GIFT IFSC and IFSCA to explore
(iv) Obligations of an IBC/OEC availing services from an AISP:
and understand International Branch Campus Opportunities in GIFT IFSC. IFSCA officials held
a. The IBC/ OEC shall enter into a formal written agreement with AISP. extensive discussions with them regarding the advantages of setting up IBC in GIFT IFSC.
b. The agreement shall, inter-alia, contain provisions relating to indemnity, intellectual
University of Wollongong India's Fintech Event
property protection, conflict of interest, financial guarantee, confidentiality and
privacy, force majeure, insurance, governing law & jurisdiction, dispute resolution.
Dr. Dipesh Shah, Executive Director, IFSCA gave a talk on the topic of "GIFT-IFSCA: the Past, the
c. The IBC/ OEC shall provide an undertaking to IFSCA that the academic functions of the
Present, and the Future" at an event organized by University of Wollongong in GIFT IFSC on August
IBCs and/or OECs, are not outsourced in any manner whatsoever, to the AISP, directly
30, 2024.
or indirectly.
Roundtable with Australian Universities organized by Austrade
Transaction/Processes/Operations/Trends
The roundtable was attended by leading Australian Universities from New South Wales and
neighbouring provinces. During the roundtable, Chairperson, IFSCA highlighted various
During FY 2024-25, IFSCA granted in-principle approval to Queen's University, Belfast (QUB) for
progressive policy reforms to develop GIFT IFSC as an “International Hub for Higher Education”.
their IBC in GIFT IFSC under IFSCA (Setting up and operation of International Branch Campus and
Offshore Education Centre) Regulation, 2022 which is an Independent Body Incorporated by IFCCI Higher Education Committee Webinar on Evolution of NEP and
Royal Charter of UK in 1908. QUB is ranked 206 in the QS World University Rankings (2025) and is FHEI norm: A French Perspective
expected to begin its academic operations in 2025-26.
IFSCA officials participated in a Webinar organized by Higher Education Committee of the Indo-
Under these Regulations, two Australian Universities namely, Deakin University and University of French Chamber of Commerce & Industry (IFCCI) themed on the “Evolution of NEP & FHEI norms: A
Wollongong have already established their IBCs in GIFT IFSC and have commenced delivery of French Perspective”. During the webinar, IFSCA officials presented the regulatory and development
degree courses to students. opportunities in GIFT IFSC, particularly in respect of International Branch Campus opportunities.
Deakin University had a QS World University Ranking of 233 in 2024 and became the first foreign
university to be approved under this policy initiative of Government of India.
104 1052024-25
Box 4: Key features of the AISP Circular
(i) An AISP is a service provider which provides services to an IBC/OEC, which should
include providing built up campus facility, research and development facility, library,
laboratories, incubation centres, teaching classroom, and such other related services.
(ii) An AISP can provide the following additional services to an IBC/OEC in IFSC:
a. Campus Facility Management services
b. Student onboarding, Admissions and Student Welfare services
c. Services for recruitment and management of non-academic staff
d. Branding and Marketing services
e. Payroll services, etc.
Image 16 : Deakin University in GIFT IFSC
(iii) Eligibility Conditions for an AISP:
Advocacy and Outreach
a. The AISP is incorporated as a separate company in GIFT SEZ.
b. The AISP shall have a minimum net worth of USD 1 Mn or equivalent for providing its
During FY 2024-25, IFSCA held several roundtable interactions and bilateral meetings with
services.
leading universities from around the world listed below:
c. The AISP or any of its group company shall have at least three years of prior experience
of providing similar services to recognized universities/ educational institutions in Visit by delegation of University of California
India or overseas.
Chancellor of UC San Diego, USA along with senior officials visited GIFT IFSC and IFSCA to explore
(iv) Obligations of an IBC/OEC availing services from an AISP:
and understand International Branch Campus Opportunities in GIFT IFSC. IFSCA officials held
a. The IBC/ OEC shall enter into a formal written agreement with AISP. extensive discussions with them regarding the advantages of setting up IBC in GIFT IFSC.
b. The agreement shall, inter-alia, contain provisions relating to indemnity, intellectual
University of Wollongong India's Fintech Event
property protection, conflict of interest, financial guarantee, confidentiality and
privacy, force majeure, insurance, governing law & jurisdiction, dispute resolution.
Dr. Dipesh Shah, Executive Director, IFSCA gave a talk on the topic of "GIFT-IFSCA: the Past, the
c. The IBC/ OEC shall provide an undertaking to IFSCA that the academic functions of the
Present, and the Future" at an event organized by University of Wollongong in GIFT IFSC on August
IBCs and/or OECs, are not outsourced in any manner whatsoever, to the AISP, directly
30, 2024.
or indirectly.
Roundtable with Australian Universities organized by Austrade
Transaction/Processes/Operations/Trends
The roundtable was attended by leading Australian Universities from New South Wales and
neighbouring provinces. During the roundtable, Chairperson, IFSCA highlighted various
During FY 2024-25, IFSCA granted in-principle approval to Queen's University, Belfast (QUB) for
progressive policy reforms to develop GIFT IFSC as an “International Hub for Higher Education”.
their IBC in GIFT IFSC under IFSCA (Setting up and operation of International Branch Campus and
Offshore Education Centre) Regulation, 2022 which is an Independent Body Incorporated by IFCCI Higher Education Committee Webinar on Evolution of NEP and
Royal Charter of UK in 1908. QUB is ranked 206 in the QS World University Rankings (2025) and is FHEI norm: A French Perspective
expected to begin its academic operations in 2025-26.
IFSCA officials participated in a Webinar organized by Higher Education Committee of the Indo-
Under these Regulations, two Australian Universities namely, Deakin University and University of French Chamber of Commerce & Industry (IFCCI) themed on the “Evolution of NEP & FHEI norms: A
Wollongong have already established their IBCs in GIFT IFSC and have commenced delivery of French Perspective”. During the webinar, IFSCA officials presented the regulatory and development
degree courses to students. opportunities in GIFT IFSC, particularly in respect of International Branch Campus opportunities.
Deakin University had a QS World University Ranking of 233 in 2024 and became the first foreign
university to be approved under this policy initiative of Government of India.
104 1052024-25
IFSCA Talent Vista 2024
Information Technology and Cyber Security
IFSCA, supported by Quality Control of India (QCI) and University of Wollongong, organized 1
edition of its “IFSCA Talent Vista 2024: Reimagining Future of Finance at GIFT IFSC” on November The spheres of technology and finance are becoming increasingly intertwined in today's world, as
15, 2024, at GIFT City. latest technological innovations provide improved security, speed, convenience, coverage, and
ease of doing business in the field of finance. The use of Technology has also become indispensable
This was an Academia-Industry Collaboration platform for talent development in GIFT IFSC. The
for a regulator, with its increasing impact on regulation, supervision, enforcement, and
purpose of the event was to enable effective collaboration of academia and corporates for getting
governance, in the international financial regulatory ecosystem. The IT Division of the
the cutting-edge talent ready to cater to industry demand in GIFT IFSC with a vision to transform
Department of Technology at IFSCA has been using technology as an enabler to increase the
the city into a “New Age Global Financial Centre”. The event also witnessed three enriching panel
transparency and efficiency of operations within IFSCA, and in GIFT-IFSC notably in improving the
discussions on various themes associated with talent management in GIFT IFSC
ease of doing business for Res.
The event was graced by the Chief Guest, Shri Harsh Sanghavi, Hon'ble Minister of State – Home
and Industries, Government of Gujarat, and included Key addresses by renowned speakers from Policy/ Regulatory Developments
industry and academia.
IT Division of IFSCA has undertaken several initiatives in the Financial Year (FY) 2024-25:
IFSCA Single Window IT (SWIT) System
Image 18: Hon’ble Prime Minister launching the SWIT System on September 16, 2024
The Hon'ble Finance Minister, in the Union Budget for FY 2023-24 announced the implementation
of a Single Window IT-enabled System for enabling prospective entities to set up in GIFT-IFSC and
Image 17: Shri K. Rajaraman, Chairperson, IFSCA with Shri Harsh Sanghavi, Hon'ble Minister of State - Home improve the Ease of Doing Business (EoDB).
and Industry, and other dignitaries at IFSCA Talent Vista Summit 2024
Towards realising this vision, IFSCA began development of the SWIT System, by organising
requirement gathering sessions with the several business verticals within IFSCA. A Common
Application Form (CAF) was developed in the SWIT System by merging several existing forms.
This CAF along with the vertical-specific Annexure forms were developed to harmonize and
simplify the process of Registration in IFSCs.
The CAF also collects details required for an entity's SEZ Approval, which is designed to be sent to
the SEZ Online System automatically by means of an API integration. This API integration was
completed by jointly working with NSDL. As the SWIT System also contains an NoC processing
module, requirements were gathered by working along with the other financial sector regulators
RBI, SEBI and IRDAI. The process of applying for GSTIN for an IFSC entity was brought into the
SWIT system in coordination with GSTN.
106 1072024-25
IFSCA Talent Vista 2024
Information Technology and Cyber Security
IFSCA, supported by Quality Control of India (QCI) and University of Wollongong, organized 1
edition of its “IFSCA Talent Vista 2024: Reimagining Future of Finance at GIFT IFSC” on November The spheres of technology and finance are becoming increasingly intertwined in today's world, as
15, 2024, at GIFT City. latest technological innovations provide improved security, speed, convenience, coverage, and
ease of doing business in the field of finance. The use of Technology has also become indispensable
This was an Academia-Industry Collaboration platform for talent development in GIFT IFSC. The
for a regulator, with its increasing impact on regulation, supervision, enforcement, and
purpose of the event was to enable effective collaboration of academia and corporates for getting
governance, in the international financial regulatory ecosystem. The IT Division of the
the cutting-edge talent ready to cater to industry demand in GIFT IFSC with a vision to transform
Department of Technology at IFSCA has been using technology as an enabler to increase the
the city into a “New Age Global Financial Centre”. The event also witnessed three enriching panel
transparency and efficiency of operations within IFSCA, and in GIFT-IFSC notably in improving the
discussions on various themes associated with talent management in GIFT IFSC
ease of doing business for Res.
The event was graced by the Chief Guest, Shri Harsh Sanghavi, Hon'ble Minister of State – Home
and Industries, Government of Gujarat, and included Key addresses by renowned speakers from Policy/ Regulatory Developments
industry and academia.
IT Division of IFSCA has undertaken several initiatives in the Financial Year (FY) 2024-25:
IFSCA Single Window IT (SWIT) System
Image 18: Hon’ble Prime Minister launching the SWIT System on September 16, 2024
The Hon'ble Finance Minister, in the Union Budget for FY 2023-24 announced the implementation
of a Single Window IT-enabled System for enabling prospective entities to set up in GIFT-IFSC and
Image 17: Shri K. Rajaraman, Chairperson, IFSCA with Shri Harsh Sanghavi, Hon'ble Minister of State - Home improve the Ease of Doing Business (EoDB).
and Industry, and other dignitaries at IFSCA Talent Vista Summit 2024
Towards realising this vision, IFSCA began development of the SWIT System, by organising
requirement gathering sessions with the several business verticals within IFSCA. A Common
Application Form (CAF) was developed in the SWIT System by merging several existing forms.
This CAF along with the vertical-specific Annexure forms were developed to harmonize and
simplify the process of Registration in IFSCs.
The CAF also collects details required for an entity's SEZ Approval, which is designed to be sent to
the SEZ Online System automatically by means of an API integration. This API integration was
completed by jointly working with NSDL. As the SWIT System also contains an NoC processing
module, requirements were gathered by working along with the other financial sector regulators
RBI, SEBI and IRDAI. The process of applying for GSTIN for an IFSC entity was brought into the
SWIT system in coordination with GSTN.
106 1072024-25
Revamp of IFSCA Website and Legal Database
In line with the IFSCA (Maintenance of Website) Regulations, 2022, IFSCA has initiated the
development of a best-in-class website, comparable to those of other international financial sector
Administrator
regulators, while conforming to the standards and guidelines of Government of India and other
(IFSCA) relevant agencies.
approvals
The IFSCA website acts as an important interface with the public as well as the regulated entities
and other ancillaries to disseminate information through its regulations, circulars, notifications,
etc. The revamped IFSCA website will host the IFSCA SWIT System and will cater to the needs of
REs, prospective businesses and foreign financial regulators, ultimately improving their Ease of
SWIT
Doing Business (EoDB) within IFSC. The revamped website will also contain a directory of REs that
system
would be linked to the SWIT System for real-time updating of data.
A Legal Database Module is also being developed to be housed on the revamped website, enabling
RBI, SEBI,
easy access and searchability of relevant regulations, circulars and legal information.
Apply for
IRDAI
GSTIN IFSCA Supervisory Technology (SupTech) System
NoC Module
IFSCA is in the process of appointing a suitable SupTech Solution Provider to implement the
system to facilitate the supervisory functioning of the Authority. The envisioned system aims to
establish a comprehensive framework for administration, compliance, supervision, and
enforcement amongst its regulated entities. The primary focus is to incorporate advanced
technology and adhere to global best practices to achieve the Authority's objectives effectively.
Enterprise Resource Planning (ERP) System
IFSCA plans to deploy a new ERP system aimed at easing the general administration through
digitizing employees' attendance management, leave management, and pay slip generation. This
system will be used for processing the claims of all the employees in a paperless manner. Further,
the objective is to scale the system to include all other general administrative functions within its
ambit.
eOffice-IFSCA application
eOffice-IFSCA application, developed by National Informatics Centre (NIC), is IFSCA's electronic
file management system, and supports governance. e-file, an integral part of e-office suite is a
system designed for the Government departments, PSUs, and statutory bodies to enable a
paperless office.
The eOffice application helps in easy movement and tracking of files as well as receipts. The
application also includes file management system, knowledge management system, Management
Information Systems (MIS), employee data management and master data management which
helps in digitizing IFSCA's internal processes.
Image 19: Entity Login interface of the SWIT System
108 100392024-25
Revamp of IFSCA Website and Legal Database
In line with the IFSCA (Maintenance of Website) Regulations, 2022, IFSCA has initiated the
development of a best-in-class website, comparable to those of other international financial sector
Administrator
regulators, while conforming to the standards and guidelines of Government of India and other
(IFSCA) relevant agencies.
approvals
The IFSCA website acts as an important interface with the public as well as the regulated entities
and other ancillaries to disseminate information through its regulations, circulars, notifications,
etc. The revamped IFSCA website will host the IFSCA SWIT System and will cater to the needs of
REs, prospective businesses and foreign financial regulators, ultimately improving their Ease of
SWIT
Doing Business (EoDB) within IFSC. The revamped website will also contain a directory of REs that
system
would be linked to the SWIT System for real-time updating of data.
A Legal Database Module is also being developed to be housed on the revamped website, enabling
RBI, SEBI,
easy access and searchability of relevant regulations, circulars and legal information.
Apply for
IRDAI
GSTIN IFSCA Supervisory Technology (SupTech) System
NoC Module
IFSCA is in the process of appointing a suitable SupTech Solution Provider to implement the
system to facilitate the supervisory functioning of the Authority. The envisioned system aims to
establish a comprehensive framework for administration, compliance, supervision, and
enforcement amongst its regulated entities. The primary focus is to incorporate advanced
technology and adhere to global best practices to achieve the Authority's objectives effectively.
Enterprise Resource Planning (ERP) System
IFSCA plans to deploy a new ERP system aimed at easing the general administration through
digitizing employees' attendance management, leave management, and pay slip generation. This
system will be used for processing the claims of all the employees in a paperless manner. Further,
the objective is to scale the system to include all other general administrative functions within its
ambit.
eOffice-IFSCA application
eOffice-IFSCA application, developed by National Informatics Centre (NIC), is IFSCA's electronic
file management system, and supports governance. e-file, an integral part of e-office suite is a
system designed for the Government departments, PSUs, and statutory bodies to enable a
paperless office.
The eOffice application helps in easy movement and tracking of files as well as receipts. The
application also includes file management system, knowledge management system, Management
Information Systems (MIS), employee data management and master data management which
helps in digitizing IFSCA's internal processes.
Image 19: Entity Login interface of the SWIT System
108 100392024-25
IT Infrastructure (Hardware and Software)
Anti Money Laundering (AML) &
IFSCA provides workstations equipped with computers, printers, telephones, and high-speed Counter Financing of Terrorism (CFT)
Local Area Network (LAN) connectivity to its employees.
Digital Signature Certificates are provided for all IFSCA officers to authenticate their digital
Effective Anti-Money Laundering and Combating the Financing of Terrorism (AML & CFT) policies
identity and enhance the security. IFSCA has operationalized an internal mail server for ease of
and measures are key to the integrity and stability of a financial system. In alignment with the
document sharing within the organization, while ensuring data security. IFSCA Headquarters has
international standards set by FATF and Prevention of Money Laundering Act, 2002 and Rules
high-speed Wi-Fi connectivity, and the meeting rooms are equipped with world-class video
made thereunder, IFSCA through gazette notification No. IFSCA/2022-23/GN/GL001 dated
conferencing devices for seamless communication.
October 28, 2022, issued IFSCA (AML/ CTF/ KYC) Guidelines, 2022 (Guidelines).
Social Media Management
The Guidelines enable Regulated Entities to adopt a risk-based approach in identifying and
assessing ML/ TF / PF risks and implement effective controls. The REs are mandated to conduct
IFSCA has taken proactive steps to improve the social media presence. The efforts taken in timely
robust client due diligence, identification of beneficial ownership, monitoring and reporting of
posting and appropriate tagging has led to an increase in social media footprint of IFSCA and has
suspicious transactions, conduct periodic AML audit, record keeping and apply enhanced
improved the coverage and timeliness of information dissemination from IFSCA. Together, the
measures for high-risk categories.
website and social media are being leveraged to secure India's place in the digital arena in the
company of other major international financial sector regulators of the world. Simultaneously, IFSCA is taking proactive steps to facilitate seamless and efficient onboarding of
clients by REs in GIFT IFSC. These efforts are aimed at enhancing the EoDB while maintaining
Cyber Security strong safeguards against financial crimes.
Guidelines on Cyber Security and Cyber Resilience for Regulated Policy/ Regulatory Development
Entities in IFSCs
Registration on FIU-IND FINGate 2.0 portal for compliance with International
The Guidelines on Cyber Security and Cyber Resilience for REs in IFSCs were prescribed in order to Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist
Financing and Know Your Customer) Guidelines, 2022
ensure the operations of REs and the stability of financial ecosystem in GIFT IFSC at large are not
compromised from cyber threats. A consultation paper was published in September 2024 to seek
IFSCA issued this circular on February 26, 2025, requiring the Res to complete their registration on
public comments on draft guidelines and extensive consultation, including in-person meetings
FIU-IND portal prior to commencement of business and in case of an urgency to commence
with REs, was carried out.
business, the registration shall be completed within 30 days from the date of commencement of
The final Guidelines were issued on May 5, 2025. Taking into consideration the diverse business business.
functions of REs in IFSC, ranging from institutions like banks to ancillary service providers, the
The REs shall also ensure that any addition or modification to their Line of Business is updated on
Guidelines were made principle based, and REs were prescribed to ensure implementation of
the FIU-IND portal within a period of thirty days from the date of commencement of such an
these Guidelines in accordance with the principle of proportionality, taking into consideration
additional Line of Business.
their exposure to cyber threats. The Guidelines have been categorized under five key areas viz.
Exempting certain entities/activities from the applicability of International
Governance, Cyber security and Cyber resilience framework, Third party risk management,
Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist
Communication & awareness, and Audit. A provision has also been made for REs meeting certain
Financing and Know Your Customer) Guidelines, 2022
conditions to be exempted from the requirements of these Guidelines.
This Circular, issued on November 18, 2024, exempt certain entities/ activities from the
applicability of the IFSCA (AML/ CTF/ KYC) Guidelines, 2022, subject to the condition that such
entities shall conduct and document a Business Risk Assessment. Where such assessment
envisages any AML/ CTF risks, the entities shall comply with the Prevention of Money Laundering
Act, 2002, and the rules made thereunder, as well as the IFSCA (AML/ CTF/ KYC) Guidelines, 2022.
Furthermore, all Financial Institutions are required to transact or receive monetary consideration
only through an account maintained with a Banking Unit in IFSC.
110 101312024-25
IT Infrastructure (Hardware and Software)
Anti Money Laundering (AML) &
IFSCA provides workstations equipped with computers, printers, telephones, and high-speed Counter Financing of Terrorism (CFT)
Local Area Network (LAN) connectivity to its employees.
Digital Signature Certificates are provided for all IFSCA officers to authenticate their digital
Effective Anti-Money Laundering and Combating the Financing of Terrorism (AML & CFT) policies
identity and enhance the security. IFSCA has operationalized an internal mail server for ease of
and measures are key to the integrity and stability of a financial system. In alignment with the
document sharing within the organization, while ensuring data security. IFSCA Headquarters has
international standards set by FATF and Prevention of Money Laundering Act, 2002 and Rules
high-speed Wi-Fi connectivity, and the meeting rooms are equipped with world-class video
made thereunder, IFSCA through gazette notification No. IFSCA/2022-23/GN/GL001 dated
conferencing devices for seamless communication.
October 28, 2022, issued IFSCA (AML/ CTF/ KYC) Guidelines, 2022 (Guidelines).
Social Media Management
The Guidelines enable Regulated Entities to adopt a risk-based approach in identifying and
assessing ML/ TF / PF risks and implement effective controls. The REs are mandated to conduct
IFSCA has taken proactive steps to improve the social media presence. The efforts taken in timely
robust client due diligence, identification of beneficial ownership, monitoring and reporting of
posting and appropriate tagging has led to an increase in social media footprint of IFSCA and has
suspicious transactions, conduct periodic AML audit, record keeping and apply enhanced
improved the coverage and timeliness of information dissemination from IFSCA. Together, the
measures for high-risk categories.
website and social media are being leveraged to secure India's place in the digital arena in the
company of other major international financial sector regulators of the world. Simultaneously, IFSCA is taking proactive steps to facilitate seamless and efficient onboarding of
clients by REs in GIFT IFSC. These efforts are aimed at enhancing the EoDB while maintaining
Cyber Security strong safeguards against financial crimes.
Guidelines on Cyber Security and Cyber Resilience for Regulated Policy/ Regulatory Development
Entities in IFSCs
Registration on FIU-IND FINGate 2.0 portal for compliance with International
The Guidelines on Cyber Security and Cyber Resilience for REs in IFSCs were prescribed in order to Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist
Financing and Know Your Customer) Guidelines, 2022
ensure the operations of REs and the stability of financial ecosystem in GIFT IFSC at large are not
compromised from cyber threats. A consultation paper was published in September 2024 to seek
IFSCA issued this circular on February 26, 2025, requiring the Res to complete their registration on
public comments on draft guidelines and extensive consultation, including in-person meetings
FIU-IND portal prior to commencement of business and in case of an urgency to commence
with REs, was carried out.
business, the registration shall be completed within 30 days from the date of commencement of
The final Guidelines were issued on May 5, 2025. Taking into consideration the diverse business business.
functions of REs in IFSC, ranging from institutions like banks to ancillary service providers, the
The REs shall also ensure that any addition or modification to their Line of Business is updated on
Guidelines were made principle based, and REs were prescribed to ensure implementation of
the FIU-IND portal within a period of thirty days from the date of commencement of such an
these Guidelines in accordance with the principle of proportionality, taking into consideration
additional Line of Business.
their exposure to cyber threats. The Guidelines have been categorized under five key areas viz.
Exempting certain entities/activities from the applicability of International
Governance, Cyber security and Cyber resilience framework, Third party risk management,
Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist
Communication & awareness, and Audit. A provision has also been made for REs meeting certain
Financing and Know Your Customer) Guidelines, 2022
conditions to be exempted from the requirements of these Guidelines.
This Circular, issued on November 18, 2024, exempt certain entities/ activities from the
applicability of the IFSCA (AML/ CTF/ KYC) Guidelines, 2022, subject to the condition that such
entities shall conduct and document a Business Risk Assessment. Where such assessment
envisages any AML/ CTF risks, the entities shall comply with the Prevention of Money Laundering
Act, 2002, and the rules made thereunder, as well as the IFSCA (AML/ CTF/ KYC) Guidelines, 2022.
Furthermore, all Financial Institutions are required to transact or receive monetary consideration
only through an account maintained with a Banking Unit in IFSC.
110 101312024-25
Modifications under the International Financial Services Centres Authority Policies and Programmes for the Following Year
(Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer)
Guidelines, 2022. CKYCRR Portal access to IFSC Regulated Entities:
In April 2025, IFSCA was enabled as a Regulator on Central KYC Records Registry (CKYCRR), a
This Circular, issued on November 22, 2024, modifies certain provisions of the IFSCA (AML/ CTF/
centralized database for Know Your Customer (KYC) managed by CERSAI, a subsidiary of the
KYC) Guidelines 2022 with respect to Requirements/ Obligations under International Agreements
Reserve Bank of India. This enables IFSC Regulated Entities to register on CKYCRR portal and
Communications from International Agencies (Chapter XI) and Group-wide Programmes
comply with the obligations to upload/update/download the client/ customer KYC records on
(clause12.2).
CKYCRR portal as mandated under Rule 9 (1A) of the Prevention of Money-laundering
Procedure for implementation of Section 51A of the Unlawful Activities
(Maintenance of Records) Rules, 2005.
(Prevention) Act, 1967- Change in the details of the Central [Designated]
Nodal Officer
Enabling Non-Face to Face KYC Process for NRI/ Foreign Nationals
This Circular, issued on November 18, 2024, brought to the notice of the Res in IFSC about the
Working Group for the “Development of Non-Resident Individual Business and Ease of
Corrigendum dated April 22, 2024, issued by Ministry of Home Affairs, CTCR Division/ CFT Cell.
Registration” has recommended to allow non-face-to-face onboarding of NR clients/ investors.
The Corrigendum updates the details of the Central [Designated] Nodal Officer responsible for
Under the present IFSCA (AML/CTF/ KYC) Guidelines, 2022, V-CIP / Digital KYC process is
implementing Section 51A of the Unlawful Activities (Prevention) Act, 1967.
applicable for Indian Nationals. To enhance the ease of onboarding of NRI/ Foreign Nationals by
Frequently Asked Questions (FAQs) on International Financial Services Centres IFSC Regulated Entities, Working Group's recommendation have been submitted to the competent
Authority (Anti Money Laundering, Counter- Terrorist Financing and Know Your authority for further consideration and discussion.
Customer) Guidelines, 2022 released on 11 June 2024
Advocacy and Outreach
First IFSCA Annual Anti-Financial Crime Conference
IFSCA hosted its 1 Annual Anti-Financial Crime Conference on May 21, 2024, at the GIFT City Club
in GIFT City, Gandhinagar, Gujarat. The Conference was inaugurated by Shri K. Rajaraman,
Chairperson, IFSCA in the august presence of Shri Vivek Aggarwal, Director, Financial Intelligence
Unit (FIU)-India, Smt. Bedhobani Chaudhuri, Additional Director, FIU-India and other senior
officials/distinguished speaker s from regulatory authorities, Self-Regulatory Bodies and capacity
building/AML solution/Data organisations and service providers. Shri K Rajaraman, Chairperson,
IFSCA and Shri Vivek Aggarwal, Director, FIU IND, addressing at IFSCA Annual Anti-Financial
Crime Conference The full report of the Conference can be assessed from IFSCA website.
Image 20: Shri K Rajaraman, Chairperson, IFSCA and Shri Vivek Aggarwal, Director, FIU IND, addressing at
IFSCA Annual Anti-Financial Crime Conference
112 101332024-25
Modifications under the International Financial Services Centres Authority Policies and Programmes for the Following Year
(Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer)
Guidelines, 2022. CKYCRR Portal access to IFSC Regulated Entities:
In April 2025, IFSCA was enabled as a Regulator on Central KYC Records Registry (CKYCRR), a
This Circular, issued on November 22, 2024, modifies certain provisions of the IFSCA (AML/ CTF/
centralized database for Know Your Customer (KYC) managed by CERSAI, a subsidiary of the
KYC) Guidelines 2022 with respect to Requirements/ Obligations under International Agreements
Reserve Bank of India. This enables IFSC Regulated Entities to register on CKYCRR portal and
Communications from International Agencies (Chapter XI) and Group-wide Programmes
comply with the obligations to upload/update/download the client/ customer KYC records on
(clause12.2).
CKYCRR portal as mandated under Rule 9 (1A) of the Prevention of Money-laundering
Procedure for implementation of Section 51A of the Unlawful Activities
(Maintenance of Records) Rules, 2005.
(Prevention) Act, 1967- Change in the details of the Central [Designated]
Nodal Officer
Enabling Non-Face to Face KYC Process for NRI/ Foreign Nationals
This Circular, issued on November 18, 2024, brought to the notice of the Res in IFSC about the
Working Group for the “Development of Non-Resident Individual Business and Ease of
Corrigendum dated April 22, 2024, issued by Ministry of Home Affairs, CTCR Division/ CFT Cell.
Registration” has recommended to allow non-face-to-face onboarding of NR clients/ investors.
The Corrigendum updates the details of the Central [Designated] Nodal Officer responsible for
Under the present IFSCA (AML/CTF/ KYC) Guidelines, 2022, V-CIP / Digital KYC process is
implementing Section 51A of the Unlawful Activities (Prevention) Act, 1967.
applicable for Indian Nationals. To enhance the ease of onboarding of NRI/ Foreign Nationals by
Frequently Asked Questions (FAQs) on International Financial Services Centres IFSC Regulated Entities, Working Group's recommendation have been submitted to the competent
Authority (Anti Money Laundering, Counter- Terrorist Financing and Know Your authority for further consideration and discussion.
Customer) Guidelines, 2022 released on 11 June 2024
Advocacy and Outreach
First IFSCA Annual Anti-Financial Crime Conference
IFSCA hosted its 1 Annual Anti-Financial Crime Conference on May 21, 2024, at the GIFT City Club
in GIFT City, Gandhinagar, Gujarat. The Conference was inaugurated by Shri K. Rajaraman,
Chairperson, IFSCA in the august presence of Shri Vivek Aggarwal, Director, Financial Intelligence
Unit (FIU)-India, Smt. Bedhobani Chaudhuri, Additional Director, FIU-India and other senior
officials/distinguished speaker s from regulatory authorities, Self-Regulatory Bodies and capacity
building/AML solution/Data organisations and service providers. Shri K Rajaraman, Chairperson,
IFSCA and Shri Vivek Aggarwal, Director, FIU IND, addressing at IFSCA Annual Anti-Financial
Crime Conference The full report of the Conference can be assessed from IFSCA website.
Image 20: Shri K Rajaraman, Chairperson, IFSCA and Shri Vivek Aggarwal, Director, FIU IND, addressing at
IFSCA Annual Anti-Financial Crime Conference
112 101332024-25
FAQs Booklet on SEZ Compliances
SEZ Administration (IFSCA)
The office of Administrator (IFSCA) released a Frequently Asked Questions (FAQs) Booklet on SEZ
compliances in the month of March 2025 as a measure to ensure better understanding of the
To streamline the regulatory framework and enhance ease of doing business for units seeking to provisions of SEZ Act/Rules, minimize the compliance burden and increase the overall regulatory
establish operations in GIFT IFSC, the Government of India, through a Gazette Notification dated clarity in GIFT-IFSC. This Booklet was designed to give comprehensive information and guidance
February 2, 2024, issued under Section 31 of the IFSCA Act, 2019, vested the powers of the regarding SEZ provisions covering the whole life cycle of a Unit in GIFT-IFSC, right from application
Development Commissioner, for GIFT IFSC units, under the SEZ Act, 2005 to an officer nominated for an SEZ LOA till the Exit of the unit.
by IFSCA, designated as the “Administrator (IFSCA)”. This strategic move eliminates the need for
Developed as part of IFSCA's commitment to a simplified regulatory framework, the FAQs Booklet
entities to engage separately with the offices of the IFSCA and the Development Commissioner of
serves as a quick reference guide, offering clear explanations on procedures, documentation
GIFT SEZ so that all the approvals - whether under the SEZ Act or the IFSCA Act - can be obtained
requirements, and approval timelines. Designed in response to industry feedback, this user-
directly through IFSCA, thereby creating a single-window regulatory interface.
friendly resource is a result of the experience gained by the office of Administrator (IFSCA) over
the past one year in implementing the provisions of SEZ Act/Rules.
Policy/ Regulatory Development
Transaction/Processes/Operations/Trends
The following initiatives have been taken to promote Ease of Doing Business by SEZ Division:
Weekly UAC Meetings In FY 2024-25, 45 UAC meetings were held under the Chairmanship of Administrator (IFSCA). The
details of UAC meetings can be accessed on IFSCA website (https://ifsca.gov.in/Pages/Contents/
Since July 2024, Administrator (IFSCA) has started conducting the Unit Approval Committee (UAC)
SEZUnitApproval). In these 45 UAC meetings, 370 applications for setting up a new unit in the GIFT
meetings on a weekly basis, instead of the earlier practice of fortnightly meetings. This move has
IFSC have been approved. The details of approvals given by the UAC under Chairmanship of
significantly reduced the wait time for the units to obtain the SEZ Letter of Approval (LOA). Under
Administrator (IFSCA) are given below.
the Chairmanship of the Administrator (IFSCA), 45 weekly UAC meetings had been conducted
from July 2024 till March 2025.
Table 32: Details of UAC Meetings held in FY 2024-25
Circular-Based UAC Approvals S.
Particulars Till March 31, 2025
No.
In another significant step towards enhancing EoDB, the UAC approved the following category of
1 UAC meetings 45
applications on a circular/ email basis:
2 New Units applications considered 373
i. New Unit applications of Funds when the corresponding FME is already approved/ in process
for LOA by the UAC.
3 No. of New Unit Applications approved 370
ii. Broadbanding of LOA, in cases where the IFSCA regulatory team has already approved the
4 LOA issued 369
additional services.
5 No. of Circular Agenda issued 35
iii. Requests covered under Instruction 109 dated October 18, 2021, issued by the Department of
Commerce vide F. No. K-43013(13)/7/2021-SEZ. These requests include change of name, 6 No. of New Unit Applications of Funds approved by 109
change of shareholding pattern, business transfer arrangements, court approved mergers and
email/Circular mode
demergers, change of constitution, change of Directors, etc
7 No. of Broadbanding of LOA 10
Accordingly, from July 2024 to March 2025, Circular based Agenda items have been taken in 35
UAC meetings along with the regular Agenda. 8 Requests covered under Instruction 109 65
114 101352024-25
FAQs Booklet on SEZ Compliances
SEZ Administration (IFSCA)
The office of Administrator (IFSCA) released a Frequently Asked Questions (FAQs) Booklet on SEZ
compliances in the month of March 2025 as a measure to ensure better understanding of the
To streamline the regulatory framework and enhance ease of doing business for units seeking to provisions of SEZ Act/Rules, minimize the compliance burden and increase the overall regulatory
establish operations in GIFT IFSC, the Government of India, through a Gazette Notification dated clarity in GIFT-IFSC. This Booklet was designed to give comprehensive information and guidance
February 2, 2024, issued under Section 31 of the IFSCA Act, 2019, vested the powers of the regarding SEZ provisions covering the whole life cycle of a Unit in GIFT-IFSC, right from application
Development Commissioner, for GIFT IFSC units, under the SEZ Act, 2005 to an officer nominated for an SEZ LOA till the Exit of the unit.
by IFSCA, designated as the “Administrator (IFSCA)”. This strategic move eliminates the need for
Developed as part of IFSCA's commitment to a simplified regulatory framework, the FAQs Booklet
entities to engage separately with the offices of the IFSCA and the Development Commissioner of
serves as a quick reference guide, offering clear explanations on procedures, documentation
GIFT SEZ so that all the approvals - whether under the SEZ Act or the IFSCA Act - can be obtained
requirements, and approval timelines. Designed in response to industry feedback, this user-
directly through IFSCA, thereby creating a single-window regulatory interface.
friendly resource is a result of the experience gained by the office of Administrator (IFSCA) over
the past one year in implementing the provisions of SEZ Act/Rules.
Policy/ Regulatory Development
Transaction/Processes/Operations/Trends
The following initiatives have been taken to promote Ease of Doing Business by SEZ Division:
Weekly UAC Meetings In FY 2024-25, 45 UAC meetings were held under the Chairmanship of Administrator (IFSCA). The
details of UAC meetings can be accessed on IFSCA website (https://ifsca.gov.in/Pages/Contents/
Since July 2024, Administrator (IFSCA) has started conducting the Unit Approval Committee (UAC)
SEZUnitApproval). In these 45 UAC meetings, 370 applications for setting up a new unit in the GIFT
meetings on a weekly basis, instead of the earlier practice of fortnightly meetings. This move has
IFSC have been approved. The details of approvals given by the UAC under Chairmanship of
significantly reduced the wait time for the units to obtain the SEZ Letter of Approval (LOA). Under
Administrator (IFSCA) are given below.
the Chairmanship of the Administrator (IFSCA), 45 weekly UAC meetings had been conducted
from July 2024 till March 2025.
Table 32: Details of UAC Meetings held in FY 2024-25
Circular-Based UAC Approvals S.
Particulars Till March 31, 2025
No.
In another significant step towards enhancing EoDB, the UAC approved the following category of
1 UAC meetings 45
applications on a circular/ email basis:
2 New Units applications considered 373
i. New Unit applications of Funds when the corresponding FME is already approved/ in process
for LOA by the UAC.
3 No. of New Unit Applications approved 370
ii. Broadbanding of LOA, in cases where the IFSCA regulatory team has already approved the
4 LOA issued 369
additional services.
5 No. of Circular Agenda issued 35
iii. Requests covered under Instruction 109 dated October 18, 2021, issued by the Department of
Commerce vide F. No. K-43013(13)/7/2021-SEZ. These requests include change of name, 6 No. of New Unit Applications of Funds approved by 109
change of shareholding pattern, business transfer arrangements, court approved mergers and
email/Circular mode
demergers, change of constitution, change of Directors, etc
7 No. of Broadbanding of LOA 10
Accordingly, from July 2024 to March 2025, Circular based Agenda items have been taken in 35
UAC meetings along with the regular Agenda. 8 Requests covered under Instruction 109 65
114 101352024-25
Table 33: Details of Post LOA processes during FY 2024-25
S.
Particulars Till March 31, 2025
No.
1 No. of physical BLUT approved 343
2 No. of LOA Extensions approved 198
3 No. of Commencement intimations taken on record 104
4 No. of LOA Renewal approved 14
5 No. of Address Change requests approved 61
Trends
The graph below illustrates the sector-wise distribution of LOAs issued up to March 31, 2025. It
provides a clear overview of the key sectors driving growth within GIFT IFSC, highlighting the
concentration of approvals across areas such as financial services, fintech, insurance, and capital
markets.
Figure 17 : Sector-wise distribution of LOAs issued up to March 31, 2025
FUND
FME
Capital Market Intermediary
Ancillary Services
Ship Leasing Services
INSURANCE SERVICES
FinTech/TechFin
Aircraft Leasing
Finance Company
IBU
Payment Service Provider
Portfolio Management Services
BAFT
Credit Rating, Research &...
Global In-House Centres
0 20 40 60 80 100 120 140 160
116 10137
rotceS
daorB
Policies and Programmes for the Following Year
SEZ amendments proposed in the Ease of Doing Business Report
In an effort to address the persistent operational challenges and regulatory bottlenecks faced by
entities operating within GIFT IFSC, a comprehensive set of policy proposals has been formulated
and submitted to the Ministry of Commerce and Industry (MoCI) as part of the IFSCA EODB report.
These reforms are intended to streamline procedures, ensure greater alignment between
regulatory authorities, and enhance the overall efficiency for IFSC units. In F.Y. 2025-26, these
proposals will be vigorously pursued with MoCI to provide a simplified and better legal framework
for IFSC units under the SEZ laws.
151
81
25
24
20
13
13
10
9
4
3
3
3
1
12024-25
Table 33: Details of Post LOA processes during FY 2024-25
S.
Particulars Till March 31, 2025
No.
1 No. of physical BLUT approved 343
2 No. of LOA Extensions approved 198
3 No. of Commencement intimations taken on record 104
4 No. of LOA Renewal approved 14
5 No. of Address Change requests approved 61
Trends
The graph below illustrates the sector-wise distribution of LOAs issued up to March 31, 2025. It
provides a clear overview of the key sectors driving growth within GIFT IFSC, highlighting the
concentration of approvals across areas such as financial services, fintech, insurance, and capital
markets.
Figure 17 : Sector-wise distribution of LOAs issued up to March 31, 2025
FUND
FME
Capital Market Intermediary
Ancillary Services
Ship Leasing Services
INSURANCE SERVICES
FinTech/TechFin
Aircraft Leasing
Finance Company
IBU
Payment Service Provider
Portfolio Management Services
BAFT
Credit Rating, Research &...
Global In-House Centres
0 20 40 60 80 100 120 140 160
116 10137
rotceS
daorB
Policies and Programmes for the Following Year
SEZ amendments proposed in the Ease of Doing Business Report
In an effort to address the persistent operational challenges and regulatory bottlenecks faced by
entities operating within GIFT IFSC, a comprehensive set of policy proposals has been formulated
and submitted to the Ministry of Commerce and Industry (MoCI) as part of the IFSCA EODB report.
These reforms are intended to streamline procedures, ensure greater alignment between
regulatory authorities, and enhance the overall efficiency for IFSC units. In F.Y. 2025-26, these
proposals will be vigorously pursued with MoCI to provide a simplified and better legal framework
for IFSC units under the SEZ laws.
151
81
25
24
20
13
13
10
9
4
3
3
3
1
12024-25
Enforcement Developmental Activities
International and Domestic MoUs
Uniquely positioned as both the developer and regulator of the IFSC jurisdiction, the IFSCA plays a
pivotal role in fostering a robust and dynamic financial ecosystem. It is entrusted with the
IFSCA executed several MoUs with domestic and international institutions. These MoUs paved the
regulation of financial products, financial services, and financial institutions, while simultaneously
way for establishing formal channels of communication between IFSCA and counter-part
promoting an environment that facilitates ease of doing business. A cornerstone of IFSCA's
regulators for knowledge sharing and cooperation in identified areas of mutual interest for the
mandate is to enforce compliance requirements and uphold the integrity of the IFSC at GIFT IFSC.
development of financial services, financial products and financial institutions in the respective
This ensures that the jurisdiction is not only operational in form but also in substance, aligning its
jurisdictions.
regulatory standards with leading global financial centres and safeguarding its reputation as a
credible and competitive international financial hub.
MoU with Rashtriya Raksha University (RRU)
The overarching objective of enforcement actions is to promote transparency, enhance investor
The IFSCA has signed a MoU with the Rashtriya Raksha University (RRU) to strengthen
protection and confidence, and ensure alignment with international best practices. As more major
collaboration in areas of mutual interest. This agreement aims to establish a framework for mutual
domestic and global financial institutions establish operations in IFSC, IFSCA's role as a vigilant
assistance and information sharing between the two institutions, particularly in financial services,
regulator and supervisor will be instrumental in sustaining and strengthening its reputation as a
regulations, and the application of technology.
trusted and credible international financial jurisdiction.
The MoU between IFSCA and RRU signifies a step towards enhancing cooperation between the two
IFSCA through Enforcement Division initiated enforcement actions against IFSC units in violation
entities, with a focus on areas like supervisory collaboration, financial innovation, and regulatory
of the regulatory requirements under the applicable IFSCA regulations.
best practices. The agreement also aims to facilitate the exchange of information and experiences
Three Regulated Entities in IFSC were served advisories as instruments for encouraging voluntary
between the two organizations.
compliance, while the issuance of warnings signalled a calibrated escalation in response to non-
compliance. These actions underscore IFSCA's firm commitment to ensuring that the IFSC at GIFT
City operates as a jurisdiction for genuine economic activity, where operational presence in both
form and substance aligns with the regulatory expectations—in letter and in spirit. This approach
is aimed at deterring entities from using the IFSC solely for tax benefits or arbitrage without
meaningful economic engagement.
A critical enforcement tool available to IFSCA is the power to revoke licenses, registrations, or
authorisations. Such stringent measures are typically reserved for instances where entities,
despite receiving advisories or warnings and being provided an opportunity to rectify lapses,
persistently or deliberately flout regulatory and compliance requirements, or engage in conduct
that undermines the integrity of the IFSC framework.
IFSCA's enforcement strategy reflects a balanced and calibrated approach—one that integrates
robust oversight with sufficient regulatory flexibility to support the growth of GIFT City as a
leading global financial hub. The preference for issuing advisories and warnings highlights IFSCA's
inclination towards corrective over punitive measures, thereby fostering a culture of compliance
without stifling innovation or growth.
Image 21: IFSCA signed MoU with Rashtriya Raksha University in presence of Hon'ble Finance Minister
Smt. Nirmala Sitharaman
118 101392024-25
Enforcement Developmental Activities
International and Domestic MoUs
Uniquely positioned as both the developer and regulator of the IFSC jurisdiction, the IFSCA plays a
pivotal role in fostering a robust and dynamic financial ecosystem. It is entrusted with the
IFSCA executed several MoUs with domestic and international institutions. These MoUs paved the
regulation of financial products, financial services, and financial institutions, while simultaneously
way for establishing formal channels of communication between IFSCA and counter-part
promoting an environment that facilitates ease of doing business. A cornerstone of IFSCA's
regulators for knowledge sharing and cooperation in identified areas of mutual interest for the
mandate is to enforce compliance requirements and uphold the integrity of the IFSC at GIFT IFSC.
development of financial services, financial products and financial institutions in the respective
This ensures that the jurisdiction is not only operational in form but also in substance, aligning its
jurisdictions.
regulatory standards with leading global financial centres and safeguarding its reputation as a
credible and competitive international financial hub.
MoU with Rashtriya Raksha University (RRU)
The overarching objective of enforcement actions is to promote transparency, enhance investor
The IFSCA has signed a MoU with the Rashtriya Raksha University (RRU) to strengthen
protection and confidence, and ensure alignment with international best practices. As more major
collaboration in areas of mutual interest. This agreement aims to establish a framework for mutual
domestic and global financial institutions establish operations in IFSC, IFSCA's role as a vigilant
assistance and information sharing between the two institutions, particularly in financial services,
regulator and supervisor will be instrumental in sustaining and strengthening its reputation as a
regulations, and the application of technology.
trusted and credible international financial jurisdiction.
The MoU between IFSCA and RRU signifies a step towards enhancing cooperation between the two
IFSCA through Enforcement Division initiated enforcement actions against IFSC units in violation
entities, with a focus on areas like supervisory collaboration, financial innovation, and regulatory
of the regulatory requirements under the applicable IFSCA regulations.
best practices. The agreement also aims to facilitate the exchange of information and experiences
Three Regulated Entities in IFSC were served advisories as instruments for encouraging voluntary
between the two organizations.
compliance, while the issuance of warnings signalled a calibrated escalation in response to non-
compliance. These actions underscore IFSCA's firm commitment to ensuring that the IFSC at GIFT
City operates as a jurisdiction for genuine economic activity, where operational presence in both
form and substance aligns with the regulatory expectations—in letter and in spirit. This approach
is aimed at deterring entities from using the IFSC solely for tax benefits or arbitrage without
meaningful economic engagement.
A critical enforcement tool available to IFSCA is the power to revoke licenses, registrations, or
authorisations. Such stringent measures are typically reserved for instances where entities,
despite receiving advisories or warnings and being provided an opportunity to rectify lapses,
persistently or deliberately flout regulatory and compliance requirements, or engage in conduct
that undermines the integrity of the IFSC framework.
IFSCA's enforcement strategy reflects a balanced and calibrated approach—one that integrates
robust oversight with sufficient regulatory flexibility to support the growth of GIFT City as a
leading global financial hub. The preference for issuing advisories and warnings highlights IFSCA's
inclination towards corrective over punitive measures, thereby fostering a culture of compliance
without stifling innovation or growth.
Image 21: IFSCA signed MoU with Rashtriya Raksha University in presence of Hon'ble Finance Minister
Smt. Nirmala Sitharaman
118 101392024-25
Enhanced MoU with IOSCO Bilateral MMoU with BSEC, Bangladesh
IFSCA signed the Enhanced MoU (EMMoU) of the IOSCO on May 16, 2024. The signing ceremony of
IFSCA signed a bilateral MoU with the Bangladesh Securities and Exchange Commission (BSEC) on
the EMMoU was held during the Annual Meeting 2024 in Athens, Greece.
May 26, 2024, on the sidelines of the IOSCO Annual Meeting in Athens, Greece.
The IOSCO EMMoU allows for enhanced cooperation with powers essential for market integrity,
investor protection, and fraud prevention. With this agreement, IFSCA can now utilize “ACFIT”
powers⁷³, which include obtaining and sharing audit work papers, reviewing financial statements,
compelling testimony, freezing assets, and accessing existing ISP and telephone records.
Image 22: Shri K. Rajaraman, Chairperson, IFSCA signs the IOSCO EMMOU during the IOSCO Annual Meeting
2024 in presence of Chair of IOSCO Board Mr. Jean-Paul Servais Image 24: Shri K. Rajaraman, Chairperson, IFSCA and Prof. Shibli Rubayat-Ul Islam, Chairman, BSEC sign the
MoU on the sidelines of the IOSCO Annual Meeting in Greece
MoU with Capital Markets Authority (CMA), Kuwait
MoU with FIU-IND
On the sidelines of the India-Kuwait Investment Conference, organized by the Indian Embassy in
Kuwait, IFSCA and CMA signed an MoU aiming to foster collaboration in sharing technological
advancements and innovations in financial and regulatory frameworks.
Image 23 : Shri K Rajaraman, Chairperson, IFSCA and Mr. Othman Al-Issa, Vice Chairman Capital Market Image 25: Shri K. Rajaraman, Chairperson, IFSCA and Shri Vivek Agarwal, Director, FIU-IND, exchanging MoU
Authority of Kuwait exchanging MoU in the presence of Dr. Adarsh Swaika, Ambassador of India in Kuwait
⁷³ Powers abbreviated as “ACFIT” which includes the ability to obtain (A) audit papers, (C) compel attendance for testimony, (F) freeze assets, and
obtain (I) internet service provider and (T) telephone records.
120 1212024-25
Enhanced MoU with IOSCO Bilateral MMoU with BSEC, Bangladesh
IFSCA signed the Enhanced MoU (EMMoU) of the IOSCO on May 16, 2024. The signing ceremony of
IFSCA signed a bilateral MoU with the Bangladesh Securities and Exchange Commission (BSEC) on
the EMMoU was held during the Annual Meeting 2024 in Athens, Greece.
May 26, 2024, on the sidelines of the IOSCO Annual Meeting in Athens, Greece.
The IOSCO EMMoU allows for enhanced cooperation with powers essential for market integrity,
investor protection, and fraud prevention. With this agreement, IFSCA can now utilize “ACFIT”
powers⁷³, which include obtaining and sharing audit work papers, reviewing financial statements,
compelling testimony, freezing assets, and accessing existing ISP and telephone records.
Image 22: Shri K. Rajaraman, Chairperson, IFSCA signs the IOSCO EMMOU during the IOSCO Annual Meeting
2024 in presence of Chair of IOSCO Board Mr. Jean-Paul Servais Image 24: Shri K. Rajaraman, Chairperson, IFSCA and Prof. Shibli Rubayat-Ul Islam, Chairman, BSEC sign the
MoU on the sidelines of the IOSCO Annual Meeting in Greece
MoU with Capital Markets Authority (CMA), Kuwait
MoU with FIU-IND
On the sidelines of the India-Kuwait Investment Conference, organized by the Indian Embassy in
Kuwait, IFSCA and CMA signed an MoU aiming to foster collaboration in sharing technological
advancements and innovations in financial and regulatory frameworks.
Image 23 : Shri K Rajaraman, Chairperson, IFSCA and Mr. Othman Al-Issa, Vice Chairman Capital Market Image 25: Shri K. Rajaraman, Chairperson, IFSCA and Shri Vivek Agarwal, Director, FIU-IND, exchanging MoU
Authority of Kuwait exchanging MoU in the presence of Dr. Adarsh Swaika, Ambassador of India in Kuwait
⁷³ Powers abbreviated as “ACFIT” which includes the ability to obtain (A) audit papers, (C) compel attendance for testimony, (F) freeze assets, and
obtain (I) internet service provider and (T) telephone records.
120 1212024-25
IFSCA has signed a MoU with Financial Intelligence Unit-India ('FIU-IND') on May 21, 2024. The IFSCA and the Institute of Cost Accountants of India (ICMAI) have exchanged MoU on August 30,
MoU covers aspects for mutual co-operation in the areas of mutual interest including sharing of 2024, at IFSCA Headquarters, GIFT City, Gandhinagar. This collaboration aims to position GIFT
relevant information, conducting outreach and training for regulated entities, and compliance IFSC as a leading "Global Finance and Accounting Hub."
with each other's obligations under the relevant international standards etc.
The MoU's primary objective is to support the export of financial services talent from GIFT IFSC.
ICMAI, leveraging its extensive network of overseas chapters and members, will actively
IFSCA executes MoU with Labuan Financial Services Authority
disseminate information about the opportunities available within GIFT IFSC.
IFSCA and the Labuan Financial Services Authority have entered into a Memorandum of Additionally, ICMAI under the guidance of IFSCA, shall develop academic courses tailored to the
Understanding (MoU) to formalize institutional cooperation between the two institutions for specific needs of IFSCs, aligned to the global best practices.
mutual benefit. The MoU was signed by Mr. K. Rajaraman, Chairperson, IFSCA, and Mr. Dato' Wan
Mohd Fadzmi bin Che Wan Othman Fadzilah, Chairman, Labuan Financial Services Authority, on IFSCA executes MoU with Indian Venture and Alternate Capital
August 19, 2024. Association (IVCA)
IFSCA and the IVCA have entered into a Memorandum of Understanding (MoU) to enhance
The MoU was formally exchanged between H.E. Mr. B. N. Reddy, High Commissioner of India to
cooperation for the development of GIFT IFSC as a “Global Fund Management Hub”. Shri Dr. Dipesh
Malaysia and Mr. Dato' Wan Mohd Fadzmi bin Che Wan Othman Fadzilah, Chairman, LFSA on
Shah from IFSCA and Rajat Tandon, President of IVCA, formally signed the MoU in a special
August 20, 2024, and witnessed by the Honourable Dato' Seri Anwar Ibrahim, Prime Minister of
ceremony, on September 18, 2024. Shri K. Rajaraman, Chairperson IFSCA, Mr Rajat Tandon,
Malaysia and the Hon'ble Prime Minster of the Republic of India, Shri Narendra Modi.
President IVCA, Dr. Dipesh Shah, Executive Director IFSCA witnessed the MoU signing.
The objective of the MoU is to facilitate the sharing of knowledge and best practices on the
development, regulation and supervision of the financial markets of the respective jurisdictions as
MoU with Financial Planning Standards Board (FPSB)
well as to promote and secure the fitness and propriety of licensed or registered persons and to
promote high standards and integrity in conduct of business. The International Financial Services Centres Authority (IFSCA) and the Financial Planning
Standards Board (FPSB) India have signed a Memorandum of Understanding (MoU) to collaborate
IFSCA signs MoU with ICMAI to Develop GIFT IFSC as a on talent development and promote GIFT IFSC as a global financial hub. The MoU aims to support
Global Finance and Accounting Hub the evolution of GIFT IFSC as a leading financial services destination in India by empowering
professionals and fostering a skilled workforce.
Image 26: IFSCA and Institute of Cost Accountants of India (ICMAI) exchanging MoU
Image 27 : IFSCA and Financial Planning Standards Board (FPSB) exchanging MoU
122 1232024-25
IFSCA has signed a MoU with Financial Intelligence Unit-India ('FIU-IND') on May 21, 2024. The IFSCA and the Institute of Cost Accountants of India (ICMAI) have exchanged MoU on August 30,
MoU covers aspects for mutual co-operation in the areas of mutual interest including sharing of 2024, at IFSCA Headquarters, GIFT City, Gandhinagar. This collaboration aims to position GIFT
relevant information, conducting outreach and training for regulated entities, and compliance IFSC as a leading "Global Finance and Accounting Hub."
with each other's obligations under the relevant international standards etc.
The MoU's primary objective is to support the export of financial services talent from GIFT IFSC.
ICMAI, leveraging its extensive network of overseas chapters and members, will actively
IFSCA executes MoU with Labuan Financial Services Authority
disseminate information about the opportunities available within GIFT IFSC.
IFSCA and the Labuan Financial Services Authority have entered into a Memorandum of Additionally, ICMAI under the guidance of IFSCA, shall develop academic courses tailored to the
Understanding (MoU) to formalize institutional cooperation between the two institutions for specific needs of IFSCs, aligned to the global best practices.
mutual benefit. The MoU was signed by Mr. K. Rajaraman, Chairperson, IFSCA, and Mr. Dato' Wan
Mohd Fadzmi bin Che Wan Othman Fadzilah, Chairman, Labuan Financial Services Authority, on IFSCA executes MoU with Indian Venture and Alternate Capital
August 19, 2024. Association (IVCA)
IFSCA and the IVCA have entered into a Memorandum of Understanding (MoU) to enhance
The MoU was formally exchanged between H.E. Mr. B. N. Reddy, High Commissioner of India to
cooperation for the development of GIFT IFSC as a “Global Fund Management Hub”. Shri Dr. Dipesh
Malaysia and Mr. Dato' Wan Mohd Fadzmi bin Che Wan Othman Fadzilah, Chairman, LFSA on
Shah from IFSCA and Rajat Tandon, President of IVCA, formally signed the MoU in a special
August 20, 2024, and witnessed by the Honourable Dato' Seri Anwar Ibrahim, Prime Minister of
ceremony, on September 18, 2024. Shri K. Rajaraman, Chairperson IFSCA, Mr Rajat Tandon,
Malaysia and the Hon'ble Prime Minster of the Republic of India, Shri Narendra Modi.
President IVCA, Dr. Dipesh Shah, Executive Director IFSCA witnessed the MoU signing.
The objective of the MoU is to facilitate the sharing of knowledge and best practices on the
development, regulation and supervision of the financial markets of the respective jurisdictions as
MoU with Financial Planning Standards Board (FPSB)
well as to promote and secure the fitness and propriety of licensed or registered persons and to
promote high standards and integrity in conduct of business. The International Financial Services Centres Authority (IFSCA) and the Financial Planning
Standards Board (FPSB) India have signed a Memorandum of Understanding (MoU) to collaborate
IFSCA signs MoU with ICMAI to Develop GIFT IFSC as a on talent development and promote GIFT IFSC as a global financial hub. The MoU aims to support
Global Finance and Accounting Hub the evolution of GIFT IFSC as a leading financial services destination in India by empowering
professionals and fostering a skilled workforce.
Image 26: IFSCA and Institute of Cost Accountants of India (ICMAI) exchanging MoU
Image 27 : IFSCA and Financial Planning Standards Board (FPSB) exchanging MoU
122 1232024-25
MoU with Quality of Council (QCI) IFSCA Delegation visit to Norway
International Financial Services Centres Authority (IFSCA) entered into a Memorandum of Embassy of India, Norway, jointly with Norway India Chamber of Commerce and Industry (NICCI)
Understanding (MoU) with Quality Council of India during the IFSCA Talent Vista 2024. hosted a high-level meeting in collaboration with IFSCA delegation, bringing together business
leaders and sector specialists from both India and Norway to discuss business opportunities in
MoU with ICMAI to Develop GIFT IFSC as a Global Finance and Accounting Hub India's maiden IFSC at GIFT City.
Mr. Helge Tryti, Chairman of NICCI, Indian Ambassador to Norway H.E Acquino Vimal and other
The International Financial Services Centres Authority (IFSCA) and the Institute of Cost
dignitaries were present in the meeting.
Accountants of India (ICMAI) signed a Memorandum of Understanding (MoU) on August 30, 2024,
to develop the Gujarat International Finance Tec-City (GIFT IFSC) as a global finance and The keynote address by Mr. K. Rajaraman, Chairperson of IFSCA, focused on opportunities for
accounting hub. This collaboration aims to facilitate the export of financial services talent from Norwegian financial institutions in India's financial gateway i.e GIFT IFSC.
GIFT IFSC and develop specialized courses aligned with the evolving needs of the IFSC.
GIFT IFSC New York Conference 2024: Fund Management and
Advocacy and Outreach Capital Market Opportunities in GIFT IFSC
During the IFSCA high-level delegation visit to the US, a conference was organised in New York to
RBI Governor Visit to IFSCA
highlight the opportunities for Fund management and Capital Market in Gift IFSC. During the
RBI Governor Shri Shaktikanta Das visited IFSCA on June 22, 2024. Chairperson IFSCA, Shri K.
conference, the Chairperson, of IFSCA addressed the participants by highlighting significant
Rajaraman and the IFSCA team made a presentation on the progress made and the future plans of
achievements of India in critical sectors such as infrastructure, green energy, asset monetization,
IFSCA. Dr. Hasmukh Adhia, Chairman, GIFT City and Shri Tapan Ray, MD, GIFT City were also
trade and investments, etc. He also emphasized the latest regulatory and business developments
present.
in GIFT IFSC, which have opened compelling opportunities for US institutions.
Roundtable Conference: Opportunities for US Institutions in GIFT IFSC
During the IFSCA high-level delegation visit to the US, a roundtable conference was organized in
collaboration with the Consulate General of India in New York and ICAI and was attended by 50+
professionals from the financial services industry including CA professionals. Chairperson, IFSCA
emphasised on the vision of Government to make GIFT IFSC a “Global Finance and Accounting
hub” and highlighted the outsourcing opportunities available for US Accounting Professionals
under the recently notified IFSCA (Book-keeping, Accounting, Taxation and Financial Crimes
Compliance Services) Regulation 2024.
IFSCA delegation visit to UAE and Qatar
IFSCA delegation led by Mr. K. Rajaraman, Chairperson, IFSCA visited Qatar and UAE from
November 10-13, 2024. During the visit, several confer ences, roundtable meetings and one-to-
one meetings were held with Banks, Fund Managers, Insurance firms.
Image 28 : Chairperson and Staff of IFSCA with Shri Shaktikanta Das, Governor, RBI, and Dr. Hasmukh Adhia,
Chairman, GIFT City
IFSCA delegation visit to Kuwait
An IFSCA delegation led by Chairperson IFSCA visited Kuwait on April 23, 2024, to participate in
India Kuwait Investment Conference 2.0, which was organized by the Embassy of India in Kuwait.
During the visit, IFSCA formally signed and exchanged the Inter-regulatory cooperation
agreement with Capital Market Authority, Kuwait. During the visit, meetings and roundtables
were held with leading financial sector industry players in Kuwait, including Kuwait Investment
Authority (KIA), Public Institution for Social Security (PIFSS), etc.
124 1252024-25
MoU with Quality of Council (QCI) IFSCA Delegation visit to Norway
International Financial Services Centres Authority (IFSCA) entered into a Memorandum of Embassy of India, Norway, jointly with Norway India Chamber of Commerce and Industry (NICCI)
Understanding (MoU) with Quality Council of India during the IFSCA Talent Vista 2024. hosted a high-level meeting in collaboration with IFSCA delegation, bringing together business
leaders and sector specialists from both India and Norway to discuss business opportunities in
MoU with ICMAI to Develop GIFT IFSC as a Global Finance and Accounting Hub India's maiden IFSC at GIFT City.
Mr. Helge Tryti, Chairman of NICCI, Indian Ambassador to Norway H.E Acquino Vimal and other
The International Financial Services Centres Authority (IFSCA) and the Institute of Cost
dignitaries were present in the meeting.
Accountants of India (ICMAI) signed a Memorandum of Understanding (MoU) on August 30, 2024,
to develop the Gujarat International Finance Tec-City (GIFT IFSC) as a global finance and The keynote address by Mr. K. Rajaraman, Chairperson of IFSCA, focused on opportunities for
accounting hub. This collaboration aims to facilitate the export of financial services talent from Norwegian financial institutions in India's financial gateway i.e GIFT IFSC.
GIFT IFSC and develop specialized courses aligned with the evolving needs of the IFSC.
GIFT IFSC New York Conference 2024: Fund Management and
Advocacy and Outreach Capital Market Opportunities in GIFT IFSC
During the IFSCA high-level delegation visit to the US, a conference was organised in New York to
RBI Governor Visit to IFSCA
highlight the opportunities for Fund management and Capital Market in Gift IFSC. During the
RBI Governor Shri Shaktikanta Das visited IFSCA on June 22, 2024. Chairperson IFSCA, Shri K.
conference, the Chairperson, of IFSCA addressed the participants by highlighting significant
Rajaraman and the IFSCA team made a presentation on the progress made and the future plans of
achievements of India in critical sectors such as infrastructure, green energy, asset monetization,
IFSCA. Dr. Hasmukh Adhia, Chairman, GIFT City and Shri Tapan Ray, MD, GIFT City were also
trade and investments, etc. He also emphasized the latest regulatory and business developments
present.
in GIFT IFSC, which have opened compelling opportunities for US institutions.
Roundtable Conference: Opportunities for US Institutions in GIFT IFSC
During the IFSCA high-level delegation visit to the US, a roundtable conference was organized in
collaboration with the Consulate General of India in New York and ICAI and was attended by 50+
professionals from the financial services industry including CA professionals. Chairperson, IFSCA
emphasised on the vision of Government to make GIFT IFSC a “Global Finance and Accounting
hub” and highlighted the outsourcing opportunities available for US Accounting Professionals
under the recently notified IFSCA (Book-keeping, Accounting, Taxation and Financial Crimes
Compliance Services) Regulation 2024.
IFSCA delegation visit to UAE and Qatar
IFSCA delegation led by Mr. K. Rajaraman, Chairperson, IFSCA visited Qatar and UAE from
November 10-13, 2024. During the visit, several confer ences, roundtable meetings and one-to-
one meetings were held with Banks, Fund Managers, Insurance firms.
Image 28 : Chairperson and Staff of IFSCA with Shri Shaktikanta Das, Governor, RBI, and Dr. Hasmukh Adhia,
Chairman, GIFT City
IFSCA delegation visit to Kuwait
An IFSCA delegation led by Chairperson IFSCA visited Kuwait on April 23, 2024, to participate in
India Kuwait Investment Conference 2.0, which was organized by the Embassy of India in Kuwait.
During the visit, IFSCA formally signed and exchanged the Inter-regulatory cooperation
agreement with Capital Market Authority, Kuwait. During the visit, meetings and roundtables
were held with leading financial sector industry players in Kuwait, including Kuwait Investment
Authority (KIA), Public Institution for Social Security (PIFSS), etc.
124 1252024-25
Image 29 : Chairperson, IFSCA with Dr Tamy Ahmed Ali Al Boutamy Al Binali, CEO, Qatar Financial Markets
Image 31 : Chairperson, IFSCA with Abu Dhabi Global Market's Financial Services Regulatory
Authority (QFMA) in presence of Mr. Sandeep Kumar, Deputy Chief of Mission, Embassy of India, Doha, Qatar
Authority (ADGM's FSRA)
Image 30 : Chairperson, IFSCA with Qatari Businesses and Indian Diaspora in presence of Shri Vipul,
Ambassador of India to Qatar in Doha
Image 32 : Chairperson, IFSCA with Dr. Maryam Alsuwaidi, CEO, Securities &
Commodities Authority (UAE – SCA)
126 1272024-25
Image 29 : Chairperson, IFSCA with Dr Tamy Ahmed Ali Al Boutamy Al Binali, CEO, Qatar Financial Markets
Image 31 : Chairperson, IFSCA with Abu Dhabi Global Market's Financial Services Regulatory
Authority (QFMA) in presence of Mr. Sandeep Kumar, Deputy Chief of Mission, Embassy of India, Doha, Qatar
Authority (ADGM's FSRA)
Image 30 : Chairperson, IFSCA with Qatari Businesses and Indian Diaspora in presence of Shri Vipul,
Ambassador of India to Qatar in Doha
Image 32 : Chairperson, IFSCA with Dr. Maryam Alsuwaidi, CEO, Securities &
Commodities Authority (UAE – SCA)
126 1272024-25
Image 34 : Chairperson, IFSCA with Chairman, TABF and the Taiwanese Delegation
The delegation comprised senior officials from TABF, the Central Bank of Taiwan, the Bankers
Association of R.O.C., the Financial Supervisory Commission, and leading Taiwanese banks.
The delegation participated in a tour of GIFT City, visiting world class infrastructure features such
as Automated Waste Collection System (AWCS), b) Utility Tunnel, District Cooling System (DCS)
and City Control and Command Centre (C4).
The delegation then visited India INX, where a presentation was made by the India INX team
highlighting its business operations, growth, and prospects for Taiwanese capital market
intermediaries within the GIFT ecosystem.
3 India-UK Financial Markets Dialogue
Image 33 : Chairperson, IFSCA with Mr. Arif Amiri, CEO, Dubai International Financial Centre
The third meeting of India-UK Financial Markets Dialogue was hosted by Department of Economic
Visit of a Taiwanese Financial Institutions delegation to GIFT City
Affairs, Ministry of Finance in GIFT City, Gujarat on December 12, 2024.
On December 4, 2024, a 31-member Taiwanese delegation, led by Mr. D.C. Lei, visited GIFT City to
The Dialogue was led by senior officials from the Indian Ministry of Finance and HM Treasury, with
explore business opportunities for Taiwanese financial institutions and understand the financial
participation from Indian and UK regulatory agencies, including the RBI, SEBI, IFSCA, IRDAI,
services ecosystem at GIFT IFSC.
PFRDA, the Bank of England (BoE) and the Financial Conduct Authority (FCA).
The Dialogue opened with reflections on developments since the last meeting in April 2023,
including the opportunity presented by India's intention to release a financial sector vision and
strategy and the UK's commitment to publishing a financial services growth and competitiveness
strategy. Both sides agreed to work to maximise synergies.
128 1292024-25
Image 34 : Chairperson, IFSCA with Chairman, TABF and the Taiwanese Delegation
The delegation comprised senior officials from TABF, the Central Bank of Taiwan, the Bankers
Association of R.O.C., the Financial Supervisory Commission, and leading Taiwanese banks.
The delegation participated in a tour of GIFT City, visiting world class infrastructure features such
as Automated Waste Collection System (AWCS), b) Utility Tunnel, District Cooling System (DCS)
and City Control and Command Centre (C4).
The delegation then visited India INX, where a presentation was made by the India INX team
highlighting its business operations, growth, and prospects for Taiwanese capital market
intermediaries within the GIFT ecosystem.
3 India-UK Financial Markets Dialogue
Image 33 : Chairperson, IFSCA with Mr. Arif Amiri, CEO, Dubai International Financial Centre
The third meeting of India-UK Financial Markets Dialogue was hosted by Department of Economic
Visit of a Taiwanese Financial Institutions delegation to GIFT City
Affairs, Ministry of Finance in GIFT City, Gujarat on December 12, 2024.
On December 4, 2024, a 31-member Taiwanese delegation, led by Mr. D.C. Lei, visited GIFT City to
The Dialogue was led by senior officials from the Indian Ministry of Finance and HM Treasury, with
explore business opportunities for Taiwanese financial institutions and understand the financial
participation from Indian and UK regulatory agencies, including the RBI, SEBI, IFSCA, IRDAI,
services ecosystem at GIFT IFSC.
PFRDA, the Bank of England (BoE) and the Financial Conduct Authority (FCA).
The Dialogue opened with reflections on developments since the last meeting in April 2023,
including the opportunity presented by India's intention to release a financial sector vision and
strategy and the UK's commitment to publishing a financial services growth and competitiveness
strategy. Both sides agreed to work to maximise synergies.
128 1292024-25
NIVESH - DESH VIDESH 2025
NRI Money Clinic, a YouTube channel, hosted a two-day Annual Global Investors Conference by the
name NIVESH - DESH VIDESH 2025 on February 21-22, 2025, in Mangalore. Dr. Dipesh Shah,
Executive Director, IFSCA, attended the conference and delivered a comprehensive presentation
on "Opportunities for NRIs and Indian Diaspore in GIFT IFSC”. Over 3000 NRIs and Indian Diaspora
from 72 countries joined in live to listen to Dr. Shah. The event also witnessed participation from
over 150 CXOs from the financial services industry including professional service providers, law
firms, etc.
Luxembourg Fund Industry Seminar
Dr. Dipesh Shah, Executive Director, IFSCA, participated and delivered a keynote speech on “GIFT
IFSC: Opportunities for Luxembourg's fund industry & investors” at the Luxembourg Fund Industry
Seminar co-organized by Association of Luxembourg Fund Industry and LPEA - Luxembourg
Image 35 : Chairperson, IFSCA and Joint Secretary, DEA with UK delegation Private Equity & Venture Capital Association. During his address, Dr. Shah highlighted
opportunities for Luxembourg's fund industry and investors in GIFT IFSC.
Delegates from India and the UK shared perspectives on priorities and ongoing reforms within
their respective jurisdictions. The Dialogue focused on collaboration in evolving fields of financial IFSCA CPSE SUMMIT 2.0: Opportunities in GIFT IFSC
regulation, noting the areas of mutual interest in both markets for increasing bilateral trade and
To sustain growth momentum and highlight business opportunities for Public Sector Enterprises
investment between the financial sectors.
(PSEs) in GIFT IFSC across areas such as capital raising, sustainable finance, treasury operations,
Innovation was a key theme throughout the dialogue, acknowledging the importance of Fintech, aircraft and ship leasing, insurance, InVITs, and REITs, IFSCA organized the "IFSCA CPSE SUMMIT
and the key role of financial data in enabling business activity. Both parties highlighted priorities 2.0: Opportunities in GIFT IFSC" on February 7, 2025.
identified in the IUKFP Fintech and Data Paper published last year and agreed to host the next
The summit brought together representatives, including policymakers, industry leaders, financial
meeting of the India-UK Fintech Joint Working Group in early 2025 to take forward agreed
experts, and senior executives such as CEOs and CFOs from Central Public Sector Enterprises
priorities. Participants discussed related priorities, including the G20 payments roadmap, digital
(CPSEs) and leading State Public Sector Enterprises. The event featured insightful keynote
payment connectivity, regulatory sandbox collaboration, collaboration on Central Bank Digital
addresses and discussions that explored the vast business opportunities for public sector
Currencies, and future cooperation on other emerging technologies including AI and Quantum
enterprises in GIFT IFSC, aligning with the evolving global financial services landscape.
computing.
Smt. Surabhi Jain, Joint Secretary, DEA, noted, "GIFT IFSC's ascent fuels India's global financial leap,
India Digital Summit 2025 aligning CPSEs with international capital for the Viksit Bharat 2047 vision.”
The Internet and Mobile Association of India (IAMAI) organized the 19 edition of the India Digital
Summit (IDS) on January 16-17, 2025, in New Delhi. As part of the summit, Dr. Dipesh Shah,
Executive Director, IFSCA, spoke at the fireside chat on “The GIFT of Opportunity: The Strategic
Advantage of setting up GCCs in IFSCA”. During the chat, Dr. Shah highlighted the strategic benefits
of GIFT IFSC for global institutions along with the opportunities in GIFT IFSC, particularly focusing
on the advantages of setting up a Global Capability Center (GCC) in IFSC. Dr. Shah also emphasized
the strategic benefits of GIFT IFSC for global institutions.
Image 36 : Smt. Surbhi Jain, Joint Secretary, DEA, giving address during IFSCA CPSE Summit 2.0
130 1312024-25
NIVESH - DESH VIDESH 2025
NRI Money Clinic, a YouTube channel, hosted a two-day Annual Global Investors Conference by the
name NIVESH - DESH VIDESH 2025 on February 21-22, 2025, in Mangalore. Dr. Dipesh Shah,
Executive Director, IFSCA, attended the conference and delivered a comprehensive presentation
on "Opportunities for NRIs and Indian Diaspore in GIFT IFSC”. Over 3000 NRIs and Indian Diaspora
from 72 countries joined in live to listen to Dr. Shah. The event also witnessed participation from
over 150 CXOs from the financial services industry including professional service providers, law
firms, etc.
Luxembourg Fund Industry Seminar
Dr. Dipesh Shah, Executive Director, IFSCA, participated and delivered a keynote speech on “GIFT
IFSC: Opportunities for Luxembourg's fund industry & investors” at the Luxembourg Fund Industry
Seminar co-organized by Association of Luxembourg Fund Industry and LPEA - Luxembourg
Image 35 : Chairperson, IFSCA and Joint Secretary, DEA with UK delegation Private Equity & Venture Capital Association. During his address, Dr. Shah highlighted
opportunities for Luxembourg's fund industry and investors in GIFT IFSC.
Delegates from India and the UK shared perspectives on priorities and ongoing reforms within
their respective jurisdictions. The Dialogue focused on collaboration in evolving fields of financial IFSCA CPSE SUMMIT 2.0: Opportunities in GIFT IFSC
regulation, noting the areas of mutual interest in both markets for increasing bilateral trade and
To sustain growth momentum and highlight business opportunities for Public Sector Enterprises
investment between the financial sectors.
(PSEs) in GIFT IFSC across areas such as capital raising, sustainable finance, treasury operations,
Innovation was a key theme throughout the dialogue, acknowledging the importance of Fintech, aircraft and ship leasing, insurance, InVITs, and REITs, IFSCA organized the "IFSCA CPSE SUMMIT
and the key role of financial data in enabling business activity. Both parties highlighted priorities 2.0: Opportunities in GIFT IFSC" on February 7, 2025.
identified in the IUKFP Fintech and Data Paper published last year and agreed to host the next
The summit brought together representatives, including policymakers, industry leaders, financial
meeting of the India-UK Fintech Joint Working Group in early 2025 to take forward agreed
experts, and senior executives such as CEOs and CFOs from Central Public Sector Enterprises
priorities. Participants discussed related priorities, including the G20 payments roadmap, digital
(CPSEs) and leading State Public Sector Enterprises. The event featured insightful keynote
payment connectivity, regulatory sandbox collaboration, collaboration on Central Bank Digital
addresses and discussions that explored the vast business opportunities for public sector
Currencies, and future cooperation on other emerging technologies including AI and Quantum
enterprises in GIFT IFSC, aligning with the evolving global financial services landscape.
computing.
Smt. Surabhi Jain, Joint Secretary, DEA, noted, "GIFT IFSC's ascent fuels India's global financial leap,
India Digital Summit 2025 aligning CPSEs with international capital for the Viksit Bharat 2047 vision.”
The Internet and Mobile Association of India (IAMAI) organized the 19 edition of the India Digital
Summit (IDS) on January 16-17, 2025, in New Delhi. As part of the summit, Dr. Dipesh Shah,
Executive Director, IFSCA, spoke at the fireside chat on “The GIFT of Opportunity: The Strategic
Advantage of setting up GCCs in IFSCA”. During the chat, Dr. Shah highlighted the strategic benefits
of GIFT IFSC for global institutions along with the opportunities in GIFT IFSC, particularly focusing
on the advantages of setting up a Global Capability Center (GCC) in IFSC. Dr. Shah also emphasized
the strategic benefits of GIFT IFSC for global institutions.
Image 36 : Smt. Surbhi Jain, Joint Secretary, DEA, giving address during IFSCA CPSE Summit 2.0
130 1312024-25
IFSCA Delegation visit to United Kingdom and Republic of Ireland Interaction with members of Chartered Association of Business Schools:
IFSCA Delegation led by Shri K. Rajaraman, Chairperson, IFSCA to the United Kingdom & Republic
of Ireland from March 17-21, 2025, held various conferences, meetings and roundtable
interactions:
Conference on “Business Opportunities in India's maiden IFSC at GIFT City”
Conference was organized to showcase and deliberate upon the emerging business opportunities
in India's maiden IFSC at GIFT City. The Conference witnessed participation from senior
government officials, financial sector leaders, and key stakeholders from both India and the UK.
Image 38 : Dr. Dipesh Shah, Executive Director, IFSCA, giving overview of regulatory framework under IFSCA
for International Branch Campuses and Offshore Education Centres
Image 37 : Chairperson, IFSCA, addressing at Conference on “Business Opportunities in India's maiden
IFSC at GIFT City”
Outreach Activities with Foreign Universities
Image 39 : Roundtable interaction on International Branch Campus opportunities for Irish Universities in
GIFT IFSC
Shri K. Rajaraman, Chairperson, IFSCA, led delegation highlighted India's growth story, the role of
IFSC in Viksit Bharat 2047, and gave comprehensive overview of the regulatory framework under
the IFSCA for International Branch Campuses and Offshore Education Centres. The delegation
elaborated on Government of India's vision to develop GIFT City not only as a financial services
centre but also as a vibrant offshore education destination.
Image 40 : Roundtable interaction on International Branch Campus opportunities for UK Universities in
GIFT IFSC
132 1332024-25
IFSCA Delegation visit to United Kingdom and Republic of Ireland Interaction with members of Chartered Association of Business Schools:
IFSCA Delegation led by Shri K. Rajaraman, Chairperson, IFSCA to the United Kingdom & Republic
of Ireland from March 17-21, 2025, held various conferences, meetings and roundtable
interactions:
Conference on “Business Opportunities in India's maiden IFSC at GIFT City”
Conference was organized to showcase and deliberate upon the emerging business opportunities
in India's maiden IFSC at GIFT City. The Conference witnessed participation from senior
government officials, financial sector leaders, and key stakeholders from both India and the UK.
Image 38 : Dr. Dipesh Shah, Executive Director, IFSCA, giving overview of regulatory framework under IFSCA
for International Branch Campuses and Offshore Education Centres
Image 37 : Chairperson, IFSCA, addressing at Conference on “Business Opportunities in India's maiden
IFSC at GIFT City”
Outreach Activities with Foreign Universities
Image 39 : Roundtable interaction on International Branch Campus opportunities for Irish Universities in
GIFT IFSC
Shri K. Rajaraman, Chairperson, IFSCA, led delegation highlighted India's growth story, the role of
IFSC in Viksit Bharat 2047, and gave comprehensive overview of the regulatory framework under
the IFSCA for International Branch Campuses and Offshore Education Centres. The delegation
elaborated on Government of India's vision to develop GIFT City not only as a financial services
centre but also as a vibrant offshore education destination.
Image 40 : Roundtable interaction on International Branch Campus opportunities for UK Universities in
GIFT IFSC
132 1332024-25
Shri K. Rajaraman articulated India's ambition to position GIFT IFSC as a global hub for aircraft
leasing and aviation finance, modelled after leading jurisdictions like Ireland. He highlighted the
significant regulatory progress made by IFSCA and the broader institutional support from the
Government of India to attract and sustain global leasing firms in India.
Image 41 : IFSCA Delegation Interacting on Trade Finance in London
At a roundtable of Factors and Trade finance companies organised by RXIL in London, Chairperson
of IFSCA highlighted the growing importance of trade finance in strengthening global supply
chains and underscored India's emergence as a reliable and competitive jurisdiction for
international financial services. He invited global players to explore trade financing structures and
cross-border opportunities using GIFT IFSC as a base.
Image 43 : Chairperson, IFSCA, during interaction with Aircraft Leasing Stakeholders
Interaction with Ship Leasing and Shipping Insurance Business
Mr. Ashutosh Sharma initiated the discussions with an overview of the regulatory framework
Shri Ashutosh Sharma outlined the institutional support available to aircraft leasing firms,
governing financial activities in GIFT IFSC and specifically highlighted the progress made under
including a robust framework designed to provide tax neutrality, streamlined approvals, and
the IFSCA (Finance Company) Regulations, 2021.
regulatory clarity.
International FinTech Institute in GIFT City
IFSCA attended the inauguration of GIFT International FinTech Institute (GIFT IFI) and the GIFT
International FinTech Innovation Hub (GIFT IFIH) which is supported by Asian Development Bank
in GIFT City on January 17, 2025.
Other Outreach & Engagement Activities
Date Particulars Remarks
April 2024 GIFT IFSC: IFSCA officials participated in the event “GIFT IFSC: Town hall on
Town hall on Skilling and Talent Development for the Future Workplace”
Skilling and organized jointly by Deakin University and University of
Talent Wollongong. During the event, the two Australian Universities
Image 42 : Mr. Ashutosh Sharma giving overview of the regulatory framework governing financial
Development presented their course offering to the regulated entities in IFSC
activities in GIFT IFSC
for the Future and discussed areas of collaboration.
Interaction with Aircraft Leasing Stakeholders
Workplace
An engaging and well-attended interaction was convened in Dublin with around 100 participants
from the aircraft leasing ecosystem. The session brought together a wide spectrum of stakeholders
including lessors, tax advisors, legal experts and policy representatives, to deliberate on the
growing opportunities for collaboration in the aircraft leasing sector between Ireland and India,
particularly through GIFT IFSC.
134 1352024-25
Shri K. Rajaraman articulated India's ambition to position GIFT IFSC as a global hub for aircraft
leasing and aviation finance, modelled after leading jurisdictions like Ireland. He highlighted the
significant regulatory progress made by IFSCA and the broader institutional support from the
Government of India to attract and sustain global leasing firms in India.
Image 41 : IFSCA Delegation Interacting on Trade Finance in London
At a roundtable of Factors and Trade finance companies organised by RXIL in London, Chairperson
of IFSCA highlighted the growing importance of trade finance in strengthening global supply
chains and underscored India's emergence as a reliable and competitive jurisdiction for
international financial services. He invited global players to explore trade financing structures and
cross-border opportunities using GIFT IFSC as a base.
Image 43 : Chairperson, IFSCA, during interaction with Aircraft Leasing Stakeholders
Interaction with Ship Leasing and Shipping Insurance Business
Mr. Ashutosh Sharma initiated the discussions with an overview of the regulatory framework
Shri Ashutosh Sharma outlined the institutional support available to aircraft leasing firms,
governing financial activities in GIFT IFSC and specifically highlighted the progress made under
including a robust framework designed to provide tax neutrality, streamlined approvals, and
the IFSCA (Finance Company) Regulations, 2021.
regulatory clarity.
International FinTech Institute in GIFT City
IFSCA attended the inauguration of GIFT International FinTech Institute (GIFT IFI) and the GIFT
International FinTech Innovation Hub (GIFT IFIH) which is supported by Asian Development Bank
in GIFT City on January 17, 2025.
Other Outreach & Engagement Activities
Date Particulars Remarks
April 2024 GIFT IFSC: IFSCA officials participated in the event “GIFT IFSC: Town hall on
Town hall on Skilling and Talent Development for the Future Workplace”
Skilling and organized jointly by Deakin University and University of
Talent Wollongong. During the event, the two Australian Universities
Image 42 : Mr. Ashutosh Sharma giving overview of the regulatory framework governing financial
Development presented their course offering to the regulated entities in IFSC
activities in GIFT IFSC
for the Future and discussed areas of collaboration.
Interaction with Aircraft Leasing Stakeholders
Workplace
An engaging and well-attended interaction was convened in Dublin with around 100 participants
from the aircraft leasing ecosystem. The session brought together a wide spectrum of stakeholders
including lessors, tax advisors, legal experts and policy representatives, to deliberate on the
growing opportunities for collaboration in the aircraft leasing sector between Ireland and India,
particularly through GIFT IFSC.
134 1352024-25
Date Particulars Remarks Date Particulars Remarks
May 2024 Conference on IFSCA, in collaboration with NSEIX, organized a conference in July 2024 Industry IFSCA Officials participated in roundtable interaction organised
Direct Listing Bengaluru on May 10, 2024, in association with 3one4 Capital and Roundtable - by Deakin University. During the conference, IFSCA officials
IVCA. The event focused on direct equity listing and capital raising Deakin highlighted the importance of Industry- Academia collaboration
opportunities for Indian startups in GIFT IFSC. It was attended by University for talent development in GIFT IFSC.
startups, entrepreneurs, venture capital funds, and other GIFT City
stakeholders. IFSCA officials highlighted the potential of GIFT
IFSC for raising capital through the listing of equity and debt August GIFT IFSC: IFSCA officials participated in an event organized by Nuvama
securities. 2024 Demystifying Asset Services in partnership with Deloitte and IC Universal
The Asset Legal. During the event, IFSCA officials shared insights on the
Country-level IFSCA, in partnership with UNDP-FC4S, organized a private sector
Management asset management landscape in GIFT IFSC. The discussions
private sector roundtable on May 31, 2024, at GIFT City, Gandhinagar. The
Landscape highlighted opportunities and developments within the asset
roundtable in roundtable aimed to gather private sector views on the G20 SFWG
management ecosystem at the IFSC, aimed at engaging key
partnership Agenda and its national implementation. It was attended by
industry stakeholders.
with UNDP- dignitaries from the Ministry of Finance, SEBI, RBI, corporate
FC4S leaders, and other stakeholders. IFSCA officials highlighted the
Financial IFSCA officials participated in FinCrimeExpert's first-ever
Sustainable Authority's role in promoting sustainable finance and developing
Crime Expert Conclave and Awards Event, which brought together industry
Finance Hub GIFT IFSC as a climate finance hub. The event featured
and Conclave leaders, regulators, law enforcement agencies, and solution
discussions on Just Transition, Sustainability Reporting
Awards providers. The event celebrated achievements in the field of
Requirements, and Financing Nature-based Solutions.
Financial Crime Compliance (FCC). IFSCA officials emphasized
the critical role of FCC professionals in safeguarding the financial
Chintan IFSCA's 1st Annual Brainstorming exercise with leading industry
system, aligning with the vision of Viksit Bharat @2047.
Shivir-2024 participants was organized during the month of May and June. As
part of this exercise, Chairperson IFSCA held brainstorming
Workshop on IFSCA officials participated in a workshop on Trade Credit
sessions with more than 40 industry leaders and experts to
Trade credit- Insurance organised by ECGC. During the workshop, IFSCA
understand the following:
ECGC officials highlighted the importance of collaboration between
Their business activities in India, other countries, and GIFT IFSC.
Banks and Insurance Offices for the growth of Trade credit
Their plans to expand and enhance business activities in GIFT
business in GIFT IFSC.
IFSC.
Annual plan for 2024-25 for GIFT IFSC.
Webinar on IFSCA officials participated in a webinar organised by HSBC
Enabling policies from Government & IFSCA for accelerating
theme themed on “Unravel the Gift City: Indian IFSC”. During the webinar,
their growth from GIFT IFSC.
“Unravel the IFSCA officials discussed about multiple benefits for clients
Their vision for GIFT IFSC as an engine for Viksit Bharat @ 2047.
Gift City: exploring investment into Indian markets, whether it is a capital
Indian IFSC” market investment or strategic investments.
June 2024 Webinar with IFSCA participated in a Webinar organized by Indian Mission in
by HSBC
Indian Kuwait for the Indian Diaspora. During the Webinar, several
Diaspora in opportunities across Banking, Funds and Insurance sector were September Global IFSCA officials participated in a global seminar organized by
Kuwait presented. 2024 Webinars on Standard Chartered Bank titled "Unlocking Opportunities in
GIFT City for India's GIFT City: A Global Financial Hub" on September 11–12,
BSE Brokers IFSCA officials participated in the BSE Brokers Conference held in
MNC clients 2024. During the event, IFSCA officials highlighted the growth
Conference in Mumbai to create awareness about Remote Trading Participants
aspirations for GIFT City, key initiatives to attract non-financial
Mumbai (RTP) on IFSC Exchanges and Derivatives Trading Opportunities
corporates, and the overall vision and opportunities for global
on the IFSC Exchanges.
corporates in the IFSC.
July 2024 IFCCI Higher IFSCA officials participated in a Webinar organized by Higher
USIBC's India IFSCA officials participated in the India Ideas Summit and the
Education Education Committee of the Indo-French Chamber of Commerce
Ideas Summit 49th Annual Meeting of the U.S. Chamber of Commerce's U.S.-
Committee & Industry (IFCCI) themed on the “Evolution of NEP & FHEI
and 49th India Business Council (USIBC) held on September 12, 2024, in
Webinar on norms: A French Perspective”. During the webinar, IFSCA officials
Annual New Delhi. The summit, themed "Partnership and Prosperity in
Evolution of presented the regulatory and development opportunities in GIFT
General the Era of AI and Critical Technology", focused on leveraging
NEP and FHEI IFSC, particularly in respect of International Branch Campus
Meeting emerging technologies to drive innovation and sustainability.
norm: A opportunities.
IFSCA officials engaged with stakeholders on enhancing
French
collaboration in the evolving U.S.-India tech and financial
Perspective
landscape.
136 1372024-25
Date Particulars Remarks Date Particulars Remarks
May 2024 Conference on IFSCA, in collaboration with NSEIX, organized a conference in July 2024 Industry IFSCA Officials participated in roundtable interaction organised
Direct Listing Bengaluru on May 10, 2024, in association with 3one4 Capital and Roundtable - by Deakin University. During the conference, IFSCA officials
IVCA. The event focused on direct equity listing and capital raising Deakin highlighted the importance of Industry- Academia collaboration
opportunities for Indian startups in GIFT IFSC. It was attended by University for talent development in GIFT IFSC.
startups, entrepreneurs, venture capital funds, and other GIFT City
stakeholders. IFSCA officials highlighted the potential of GIFT
IFSC for raising capital through the listing of equity and debt August GIFT IFSC: IFSCA officials participated in an event organized by Nuvama
securities. 2024 Demystifying Asset Services in partnership with Deloitte and IC Universal
The Asset Legal. During the event, IFSCA officials shared insights on the
Country-level IFSCA, in partnership with UNDP-FC4S, organized a private sector
Management asset management landscape in GIFT IFSC. The discussions
private sector roundtable on May 31, 2024, at GIFT City, Gandhinagar. The
Landscape highlighted opportunities and developments within the asset
roundtable in roundtable aimed to gather private sector views on the G20 SFWG
management ecosystem at the IFSC, aimed at engaging key
partnership Agenda and its national implementation. It was attended by
industry stakeholders.
with UNDP- dignitaries from the Ministry of Finance, SEBI, RBI, corporate
FC4S leaders, and other stakeholders. IFSCA officials highlighted the
Financial IFSCA officials participated in FinCrimeExpert's first-ever
Sustainable Authority's role in promoting sustainable finance and developing
Crime Expert Conclave and Awards Event, which brought together industry
Finance Hub GIFT IFSC as a climate finance hub. The event featured
and Conclave leaders, regulators, law enforcement agencies, and solution
discussions on Just Transition, Sustainability Reporting
Awards providers. The event celebrated achievements in the field of
Requirements, and Financing Nature-based Solutions.
Financial Crime Compliance (FCC). IFSCA officials emphasized
the critical role of FCC professionals in safeguarding the financial
Chintan IFSCA's 1st Annual Brainstorming exercise with leading industry
system, aligning with the vision of Viksit Bharat @2047.
Shivir-2024 participants was organized during the month of May and June. As
part of this exercise, Chairperson IFSCA held brainstorming
Workshop on IFSCA officials participated in a workshop on Trade Credit
sessions with more than 40 industry leaders and experts to
Trade credit- Insurance organised by ECGC. During the workshop, IFSCA
understand the following:
ECGC officials highlighted the importance of collaboration between
Their business activities in India, other countries, and GIFT IFSC.
Banks and Insurance Offices for the growth of Trade credit
Their plans to expand and enhance business activities in GIFT
business in GIFT IFSC.
IFSC.
Annual plan for 2024-25 for GIFT IFSC.
Webinar on IFSCA officials participated in a webinar organised by HSBC
Enabling policies from Government & IFSCA for accelerating
theme themed on “Unravel the Gift City: Indian IFSC”. During the webinar,
their growth from GIFT IFSC.
“Unravel the IFSCA officials discussed about multiple benefits for clients
Their vision for GIFT IFSC as an engine for Viksit Bharat @ 2047.
Gift City: exploring investment into Indian markets, whether it is a capital
Indian IFSC” market investment or strategic investments.
June 2024 Webinar with IFSCA participated in a Webinar organized by Indian Mission in
by HSBC
Indian Kuwait for the Indian Diaspora. During the Webinar, several
Diaspora in opportunities across Banking, Funds and Insurance sector were September Global IFSCA officials participated in a global seminar organized by
Kuwait presented. 2024 Webinars on Standard Chartered Bank titled "Unlocking Opportunities in
GIFT City for India's GIFT City: A Global Financial Hub" on September 11–12,
BSE Brokers IFSCA officials participated in the BSE Brokers Conference held in
MNC clients 2024. During the event, IFSCA officials highlighted the growth
Conference in Mumbai to create awareness about Remote Trading Participants
aspirations for GIFT City, key initiatives to attract non-financial
Mumbai (RTP) on IFSC Exchanges and Derivatives Trading Opportunities
corporates, and the overall vision and opportunities for global
on the IFSC Exchanges.
corporates in the IFSC.
July 2024 IFCCI Higher IFSCA officials participated in a Webinar organized by Higher
USIBC's India IFSCA officials participated in the India Ideas Summit and the
Education Education Committee of the Indo-French Chamber of Commerce
Ideas Summit 49th Annual Meeting of the U.S. Chamber of Commerce's U.S.-
Committee & Industry (IFCCI) themed on the “Evolution of NEP & FHEI
and 49th India Business Council (USIBC) held on September 12, 2024, in
Webinar on norms: A French Perspective”. During the webinar, IFSCA officials
Annual New Delhi. The summit, themed "Partnership and Prosperity in
Evolution of presented the regulatory and development opportunities in GIFT
General the Era of AI and Critical Technology", focused on leveraging
NEP and FHEI IFSC, particularly in respect of International Branch Campus
Meeting emerging technologies to drive innovation and sustainability.
norm: A opportunities.
IFSCA officials engaged with stakeholders on enhancing
French
collaboration in the evolving U.S.-India tech and financial
Perspective
landscape.
136 1372024-25
Date Particulars Remarks Date Particulars Remarks
September Jefferies 3rd IFSCA officials participated in Jefferies 3rd India Forum held from December Next Billion IFSCA officials participated in the “Next Billion Forum” hosted by
2024 India Forum September 17–19, 2024, at The Oberoi, Gurgaon. The forum 2024 Forum Suzuki Group on December 23, 2024, at GIFT City. The event
brought together over 110 global funds and institutional marked the launch of the Next Bharat Venture Fund-I from GIFT
investors from across 10+ geographies. IFSCA officials provided a IFSC and saw participation from a large Japanese delegation,
comprehensive overview of the GIFT IFSC ecosystem, senior government officials, and industry leaders. IFSCA officials
highlighting the business opportunities it offers for global made a presentation highlighting the diverse business
investors and corporates. opportunities in GIFT IFSC for Japanese institutions and
investors.
GIFT City: The IFSCA official addressed the gathering at the "GIFT Talent
Emerging Summit" organised at the IIT Gandhinagar on Thursday, 17 January India Digital IFSCA officials participated in the 19th India Digital Summit (IDS)
Talent October 2024. The official highlighted the opportunities for GCCs 2025 Summit 2025 organized by IAMAI on January 16-17, 2025, in New Delhi. During
Frontier in GIFT IFSC and emphasized the need for Academia and Industry the summit, IFSCA officials spoke in a fireside chat titled “The
to work together to develop a pool of skilled resources for the GIFT of Opportunity: The Strategic Advantage of setting up GCCs in
businesses operating in the GIFT IFSC. IFSCA”. They highlighted the strategic benefits and opportunities
for global institutions, focusing on the advantages of establishing
November Business IFSCA officials participated in the Business Standard BFSI Insight Global Capability Centers (GCCs) in GIFT IFSC.
2024 Standard BFSI Summit held on November 8, 2024, at the Jio World Convention
Insight Centre, Mumbai. During a panel discussion on GIFT City's role in February ICAI World IFSCA officials participated in the World Forum of Accountants
Summit boosting India's financial sector, IFSCA officials highlighted key 2025 Forum of (WOFA) 2025, hosted by ICAI from January 31 to February 2,
advancements in GIFT IFSC, including the rise in registered Accountants 2025, at Yashobhoomi, New Delhi. During the event, IFSCA
entities from 129 to over 725 since the establishment of IFSCA. (WOFA) 2025 officials presented on investment opportunities in India, focusing
They also emphasized how GIFT IFSC offers offshore benefits on inbound and outbound flows. They highlighted the overall
within India, reducing the need for firms to shift operations opportunities available for Chartered Accountants within India's
abroad. International Financial Services Centre (GIFT IFSC).
December India IFSCA officials participated in the Inaugural India Business SmartTech IFSCA official participated in SmartTech Asia 2025 in Mumbai on
2024 Business Forum 2024 organized by Allinial Global on December 17, 2024, Asia 2025 February 13, 2025. The official along with other key dignitaries
inaugurated the event and highlighted the role and opportunities
Forum 2024 in Goa. During the session titled “Unlocking Opportunities: The
available for technology companies within the GIFT IFSC.
Strategic Potential of GIFT City”, IFSCA officials delivered a
keynote address highlighting the overall opportunities at GIFT
March
IFSC. A specific focus was given to the BATF (Banking, Asset 8 IGPC-IIMA IFSCA officials participated in the 8th Annual Gold & Gold Markets
2025
Management, Trading, and Finance) opportunities available for Annual Gold Conference 2025, organized by the India Gold Policy Centre
global businesses. & Gold (IGPC) in collaboration with IIM Ahmedabad at Pragati Maidan,
Markets Delhi. During the session on “India@2047 - Transforming the
IOSCO Growth IFSCA officials participated on December 18, 2024, in the launch
Conference Precious Metals Landscape”, they highlighted gold's strategic role
and Emerging of a dedicated network supporting the adoption and use of IFRS
2025 in India's economy and the significance of the India International
Markets Sustainability Disclosure Standards (ISSB Standards) in Ankara,
Bullion Exchange (IIBX) at GIFT IFSC in enhancing transparency,
Committee - Turkey. The initiative, supported by the International
good delivery standards, and responsible sourcing. They also
Network for Sustainability Standards Board (ISSB), includes 32 IOSCO
emphasized regulatory and governance aspects of exchange-
Adoption or members from 31 jurisdictions. The network aims to promote the
traded bullion and the importance of a transparent trading
Other Use of adoption of IFRS Foundation's sustainability reporting standards,
mechanism.
ISSB particularly in emerging markets.
Standards
Global IFSCA officials participated in the 24th edition of the Global
Conference of Conference of Actuaries (GCA) 2025 held in Mumbai. During the
Actuaries conference, they emphasized the expanding opportunities for the
2025 growth of the actuarial profession in GIFT IFSC and highlighted
the potential to leverage India's strong actuarial talent pool to
serve international markets through the IFSC platform.
138 1392024-25
Date Particulars Remarks Date Particulars Remarks
September Jefferies 3rd IFSCA officials participated in Jefferies 3rd India Forum held from December Next Billion IFSCA officials participated in the “Next Billion Forum” hosted by
2024 India Forum September 17–19, 2024, at The Oberoi, Gurgaon. The forum 2024 Forum Suzuki Group on December 23, 2024, at GIFT City. The event
brought together over 110 global funds and institutional marked the launch of the Next Bharat Venture Fund-I from GIFT
investors from across 10+ geographies. IFSCA officials provided a IFSC and saw participation from a large Japanese delegation,
comprehensive overview of the GIFT IFSC ecosystem, senior government officials, and industry leaders. IFSCA officials
highlighting the business opportunities it offers for global made a presentation highlighting the diverse business
investors and corporates. opportunities in GIFT IFSC for Japanese institutions and
investors.
GIFT City: The IFSCA official addressed the gathering at the "GIFT Talent
Emerging Summit" organised at the IIT Gandhinagar on Thursday, 17 January India Digital IFSCA officials participated in the 19th India Digital Summit (IDS)
Talent October 2024. The official highlighted the opportunities for GCCs 2025 Summit 2025 organized by IAMAI on January 16-17, 2025, in New Delhi. During
Frontier in GIFT IFSC and emphasized the need for Academia and Industry the summit, IFSCA officials spoke in a fireside chat titled “The
to work together to develop a pool of skilled resources for the GIFT of Opportunity: The Strategic Advantage of setting up GCCs in
businesses operating in the GIFT IFSC. IFSCA”. They highlighted the strategic benefits and opportunities
for global institutions, focusing on the advantages of establishing
November Business IFSCA officials participated in the Business Standard BFSI Insight Global Capability Centers (GCCs) in GIFT IFSC.
2024 Standard BFSI Summit held on November 8, 2024, at the Jio World Convention
Insight Centre, Mumbai. During a panel discussion on GIFT City's role in February ICAI World IFSCA officials participated in the World Forum of Accountants
Summit boosting India's financial sector, IFSCA officials highlighted key 2025 Forum of (WOFA) 2025, hosted by ICAI from January 31 to February 2,
advancements in GIFT IFSC, including the rise in registered Accountants 2025, at Yashobhoomi, New Delhi. During the event, IFSCA
entities from 129 to over 725 since the establishment of IFSCA. (WOFA) 2025 officials presented on investment opportunities in India, focusing
They also emphasized how GIFT IFSC offers offshore benefits on inbound and outbound flows. They highlighted the overall
within India, reducing the need for firms to shift operations opportunities available for Chartered Accountants within India's
abroad. International Financial Services Centre (GIFT IFSC).
December India IFSCA officials participated in the Inaugural India Business SmartTech IFSCA official participated in SmartTech Asia 2025 in Mumbai on
2024 Business Forum 2024 organized by Allinial Global on December 17, 2024, Asia 2025 February 13, 2025. The official along with other key dignitaries
inaugurated the event and highlighted the role and opportunities
Forum 2024 in Goa. During the session titled “Unlocking Opportunities: The
available for technology companies within the GIFT IFSC.
Strategic Potential of GIFT City”, IFSCA officials delivered a
keynote address highlighting the overall opportunities at GIFT
March
IFSC. A specific focus was given to the BATF (Banking, Asset 8 IGPC-IIMA IFSCA officials participated in the 8th Annual Gold & Gold Markets
2025
Management, Trading, and Finance) opportunities available for Annual Gold Conference 2025, organized by the India Gold Policy Centre
global businesses. & Gold (IGPC) in collaboration with IIM Ahmedabad at Pragati Maidan,
Markets Delhi. During the session on “India@2047 - Transforming the
IOSCO Growth IFSCA officials participated on December 18, 2024, in the launch
Conference Precious Metals Landscape”, they highlighted gold's strategic role
and Emerging of a dedicated network supporting the adoption and use of IFRS
2025 in India's economy and the significance of the India International
Markets Sustainability Disclosure Standards (ISSB Standards) in Ankara,
Bullion Exchange (IIBX) at GIFT IFSC in enhancing transparency,
Committee - Turkey. The initiative, supported by the International
good delivery standards, and responsible sourcing. They also
Network for Sustainability Standards Board (ISSB), includes 32 IOSCO
emphasized regulatory and governance aspects of exchange-
Adoption or members from 31 jurisdictions. The network aims to promote the
traded bullion and the importance of a transparent trading
Other Use of adoption of IFRS Foundation's sustainability reporting standards,
mechanism.
ISSB particularly in emerging markets.
Standards
Global IFSCA officials participated in the 24th edition of the Global
Conference of Conference of Actuaries (GCA) 2025 held in Mumbai. During the
Actuaries conference, they emphasized the expanding opportunities for the
2025 growth of the actuarial profession in GIFT IFSC and highlighted
the potential to leverage India's strong actuarial talent pool to
serve international markets through the IFSC platform.
138 139Date Particulars Remarks
March Rashtriya IFSCA hosted RRU's delegation consisting of 25 senior officials,
2025 Raksha including representatives from the police and armed forces, from
University Kenya, Nigeria, Malawi, Zimbabwe, Sierra Leone, Burkina Faso,
(RRU) and Mongolia.
delegation During the visit, the delegation was apprised of the regulatory
visit to IFSCA architecture of IFSCA and cutting-edge developments within the
financial services ecosystem at GIFT IFSC.
HSBC Global IFSCA official participated in the Global Wealth Summit 2025,
Wealth organized by HSBC in GIFT City, Gandhinagar. During the summit,
Summit 2025 the official highlighted the wide range of business opportunities
available for financial entities in IFSC and underscored the
importance of understanding the evolving needs of both resident
and non-resident customers. The discussions also focused on
emerging trends in asset management, insurance, and
investment solutions tailored to these customer segments.
140SECTION-D
QUASI-LEGISLATIVE EXECUTIVE AND
QUASI-JUDICIAL FUNCTIONS OF THE AUTHORITY2024-25
Quasi-Legislative Functions Table 34 : List of Regulations
of the Authority
IFSCA ('Authority') has been established by the IFSCA Act, 2019 (“the Act”), as a unified regulator IFSCA/GN/2024/002 02/04/2024 The regulations amended the definition of
for the development and regulation of financial services markets within IFSCs in India. The IFSCA (Payment escrow services.
Services) (Amendment)
Authority is vested with powers to discharge executive, quasi-legislative, and quasi-judicial
Regulations, 2024
functions in respect of financial products, financial services, and financial institutions operating
within an IFSC. IFSCA/GN/2024/003 04/04/2024 Regulations establish a comprehensive
IFSCA (Book-keeping, regulatory framework for providing
As per section 12 of the Act, the Authority is empowered to take such measures as it deems
Accounting, Taxation bookkeeping, accounting, taxation, and
necessary to develop and regulate financial products, financial services, and financial institutions and Financial Crime financial crime compliance services from the
in an IFSC. In furtherance of this mandate, the Authority may also make recommendations to the Compliance Services) IFSC.
Regulations, 2024
Central Government regarding the introduction or permitting of specific financial products,
financial services, or financial institutions within an IFSC.
3 IFSCA/GN/2024/005 12/07/2024 The regulations enable the functioning of the
Further, in accordance with Section 13 of the Act, the Authority is authorized to exercise all powers IFSCA (Board for Board for Regulation and Supervision of
vested in the domestic financial regulators, i.e. Reserve Bank of India (RBI), Securities and Regulation and Payment and Settlement Systems for IFSC. The
Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India Supervision of regulations provide for the following:
(IRDAI), and Pension Fund Regulatory and Development Authority (PFRDA), with respect to 16 Payment and i. The duties, powers and functions of the
Settlement Systems) BPSS.
Acts specified in the First Schedule of the Act, insofar as they relates to financial products, financial
Regulations, 2024 ii. The procedure to be followed at the meetings
services, and financial institutions operating within the IFSCs.
of the BPSS.
iii. How the powers of the BPSS are to be
In exercise of its quasi-legislative powers, the Authority has issued regulations across various
exercised under specific circumstances.
domains to effectively regulate financial products and services within the IFSCs. In furtherance of
iv. The power of the BPSS to set up sub-
its regulatory mandate, the Authority has issued the following regulations, major notifications,
committees and advisory committees.
guidelines, and circulars:
4 IFSCA/GN/2024/006 20/08/2024 The Regulations provide a unified regulatory
IFSCA (Listing) framework for listing of securities and other
Regulations, 2024 permitted financial products.
The regulations aim to protect the interests of
investors by ensuring that there is a full
disclosure of material information that are
required for decision making by the investors.
5 IFSCA/GN/2024/009 14/10/2024 The regulations, inter alia, specify the
IFSCA (Payment and authorisation requirement for the system
Settlement Systems) provider for commencing or carrying on a
Regulations, 2024 Payment System in IFSC. Additionally, the
regulations mandate the system provider to
comply with the Principles for Financial Market
Infrastructures (PFMI) issued by Committee on
Payments and Market Infrastructures (CPMI)
and International Organization of Securities
Commissions (IOSCO).
142 1432024-25
Quasi-Legislative Functions Table 34 : List of Regulations
of the Authority
IFSCA ('Authority') has been established by the IFSCA Act, 2019 (“the Act”), as a unified regulator IFSCA/GN/2024/002 02/04/2024 The regulations amended the definition of
for the development and regulation of financial services markets within IFSCs in India. The IFSCA (Payment escrow services.
Services) (Amendment)
Authority is vested with powers to discharge executive, quasi-legislative, and quasi-judicial
Regulations, 2024
functions in respect of financial products, financial services, and financial institutions operating
within an IFSC. IFSCA/GN/2024/003 04/04/2024 Regulations establish a comprehensive
IFSCA (Book-keeping, regulatory framework for providing
As per section 12 of the Act, the Authority is empowered to take such measures as it deems
Accounting, Taxation bookkeeping, accounting, taxation, and
necessary to develop and regulate financial products, financial services, and financial institutions and Financial Crime financial crime compliance services from the
in an IFSC. In furtherance of this mandate, the Authority may also make recommendations to the Compliance Services) IFSC.
Regulations, 2024
Central Government regarding the introduction or permitting of specific financial products,
financial services, or financial institutions within an IFSC.
3 IFSCA/GN/2024/005 12/07/2024 The regulations enable the functioning of the
Further, in accordance with Section 13 of the Act, the Authority is authorized to exercise all powers IFSCA (Board for Board for Regulation and Supervision of
vested in the domestic financial regulators, i.e. Reserve Bank of India (RBI), Securities and Regulation and Payment and Settlement Systems for IFSC. The
Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India Supervision of regulations provide for the following:
(IRDAI), and Pension Fund Regulatory and Development Authority (PFRDA), with respect to 16 Payment and i. The duties, powers and functions of the
Settlement Systems) BPSS.
Acts specified in the First Schedule of the Act, insofar as they relates to financial products, financial
Regulations, 2024 ii. The procedure to be followed at the meetings
services, and financial institutions operating within the IFSCs.
of the BPSS.
iii. How the powers of the BPSS are to be
In exercise of its quasi-legislative powers, the Authority has issued regulations across various
exercised under specific circumstances.
domains to effectively regulate financial products and services within the IFSCs. In furtherance of
iv. The power of the BPSS to set up sub-
its regulatory mandate, the Authority has issued the following regulations, major notifications,
committees and advisory committees.
guidelines, and circulars:
4 IFSCA/GN/2024/006 20/08/2024 The Regulations provide a unified regulatory
IFSCA (Listing) framework for listing of securities and other
Regulations, 2024 permitted financial products.
The regulations aim to protect the interests of
investors by ensuring that there is a full
disclosure of material information that are
required for decision making by the investors.
5 IFSCA/GN/2024/009 14/10/2024 The regulations, inter alia, specify the
IFSCA (Payment and authorisation requirement for the system
Settlement Systems) provider for commencing or carrying on a
Regulations, 2024 Payment System in IFSC. Additionally, the
regulations mandate the system provider to
comply with the Principles for Financial Market
Infrastructures (PFMI) issued by Committee on
Payments and Market Infrastructures (CPMI)
and International Organization of Securities
Commissions (IOSCO).
142 1432024-25
6 IFSCA/GN/2024/011 29/10/2024 Amendments have been primarily aimed at ii. Open-ended schemes have been permitted
IFSCA (Market strengthening governance norms. The to commence the investment activities upon
Infrastructure Regulations provide for a more comprehensive achieving an investment of USD 1 Mn.
Institutions) code of conduct for the MIIs and their iii. A provision for joint investments by 2
(Amendment) governing board, directors, committee individuals with specific relationships has
Regulations, 2024 members, and key management personnel has been provided for non-retail schemes.
been specified. Other key amendments include iv. Requirement to obtain prior approval of
the provisions for the appointment of a Chief IFSCA for the appointment of KMPs has
Risk Officer, Chief Legal Officer, and Chief been dispensed with.
Information Security Officer, and a requirement v. To further boost PMS activities and in line
for a recognised clearing corporation to with the provisions in other jurisdictions,
develop a framework for the orderly winding the minimum investment amount has been
down of its operations. reduced to USD 75,000 from USD 150,000.
vi. To aid in the global expansion of their
7 IFSCA/GN/2024/012 18/11/2024 The objective of the regulations is to provide for operations, FMEs have been permitted to
IFSCA (Registration of the manner of granting certificate of open branches or representative offices in
Factors and registration to Factors and filing of particulars other jurisdictions for the purpose of
Registration of of transactions with the Central Registry by a marketing their offerings.
Assignment of Trade Receivable Discounting System (TReDS)
Receivables) on behalf of the Factors under sub-section (1A)
Regulations, 2024 of section 19 of the Factoring Regulation Act, Table 35: List of Major Notifications
2011
Date of
Notification Purpose of Notification
8 IFSCA/GN/2025/001 04/02/2025 These Regulations replace the IFSCA (Bullion Publication
IFSCA (Bullion Market) Exchange) Regulations, 2020. The Regulations
Regulations, 2025 now have a wider scope as they cover not only FEMA. 10R (3)/2024-RB 19/04/2024 Allowed the funds raised through ADR, GDR,
Foreign Exchange ECB, or direct listing of equity shares of
the Bullion Exchange but other participants of
Management (Foreign companies incorporated in India on
the bullion market also. Other salient features
Currency Accounts International Exchanges, to be held in foreign
include the widening of the definition of
by a person resident currency accounts with a bank outside India,
“consumer” and introduction of the definition
in India) (Amendment) pending their utilisation or repatriation to
of the term “non-independent directors”.
Regulations, 2024 India.
Provisions relating to the appointment of Chief
Risk Officer, Chief Legal Officer and Chief
2 FEMA. 395(2) /2024-RB 19/04/2024 Introduced regulations pertaining to purchase
Information Security Officer have been
Foreign Exchange or subscription of equity shares of companies
incorporated, and a chapter on Inspection,
Management (Mode incorporated in India on international
Enquiries and Enforcement has been
of Payment and exchanges scheme by permissible holder.
introduced.
Reporting of Non-Debt
Instruments)
9 IFSCA/GN/2025/002 10/02/2025 These Regulations replace the IFSCA (Fund Amendment)
IFSCA (Fund Management) Regulations, 2020. Some of the Regulations, 2024
Management) changes introduced by these Regulations are as
Regulations, 2025 follows: 3 G.S.R. 518(E) 28/08/2024 Amended Rules 19 and 19A of the Securities
Relating to Securities Contracts (Regulation) Rules, 1957, insofar as
I. Several carve-outs from the regulatory
Contract (Regulation) they apply to an applicant company desirous of
requirements have been provided to the
Act, 1956 getting its securities listed on a recognised
fund of funds schemes to facilitate creation
stock exchange in an International Financial
and operation of feeder vehicles in IFSC in a
Service Centre, and a company listed on a
cost-effective manner.
recognised stock exchange in an International
Financial Service Centre, respectively.
144 1452024-25
6 IFSCA/GN/2024/011 29/10/2024 Amendments have been primarily aimed at ii. Open-ended schemes have been permitted
IFSCA (Market strengthening governance norms. The to commence the investment activities upon
Infrastructure Regulations provide for a more comprehensive achieving an investment of USD 1 Mn.
Institutions) code of conduct for the MIIs and their iii. A provision for joint investments by 2
(Amendment) governing board, directors, committee individuals with specific relationships has
Regulations, 2024 members, and key management personnel has been provided for non-retail schemes.
been specified. Other key amendments include iv. Requirement to obtain prior approval of
the provisions for the appointment of a Chief IFSCA for the appointment of KMPs has
Risk Officer, Chief Legal Officer, and Chief been dispensed with.
Information Security Officer, and a requirement v. To further boost PMS activities and in line
for a recognised clearing corporation to with the provisions in other jurisdictions,
develop a framework for the orderly winding the minimum investment amount has been
down of its operations. reduced to USD 75,000 from USD 150,000.
vi. To aid in the global expansion of their
7 IFSCA/GN/2024/012 18/11/2024 The objective of the regulations is to provide for operations, FMEs have been permitted to
IFSCA (Registration of the manner of granting certificate of open branches or representative offices in
Factors and registration to Factors and filing of particulars other jurisdictions for the purpose of
Registration of of transactions with the Central Registry by a marketing their offerings.
Assignment of Trade Receivable Discounting System (TReDS)
Receivables) on behalf of the Factors under sub-section (1A)
Regulations, 2024 of section 19 of the Factoring Regulation Act, Table 35: List of Major Notifications
2011
Date of
Notification Purpose of Notification
8 IFSCA/GN/2025/001 04/02/2025 These Regulations replace the IFSCA (Bullion Publication
IFSCA (Bullion Market) Exchange) Regulations, 2020. The Regulations
Regulations, 2025 now have a wider scope as they cover not only FEMA. 10R (3)/2024-RB 19/04/2024 Allowed the funds raised through ADR, GDR,
Foreign Exchange ECB, or direct listing of equity shares of
the Bullion Exchange but other participants of
Management (Foreign companies incorporated in India on
the bullion market also. Other salient features
Currency Accounts International Exchanges, to be held in foreign
include the widening of the definition of
by a person resident currency accounts with a bank outside India,
“consumer” and introduction of the definition
in India) (Amendment) pending their utilisation or repatriation to
of the term “non-independent directors”.
Regulations, 2024 India.
Provisions relating to the appointment of Chief
Risk Officer, Chief Legal Officer and Chief
2 FEMA. 395(2) /2024-RB 19/04/2024 Introduced regulations pertaining to purchase
Information Security Officer have been
Foreign Exchange or subscription of equity shares of companies
incorporated, and a chapter on Inspection,
Management (Mode incorporated in India on international
Enquiries and Enforcement has been
of Payment and exchanges scheme by permissible holder.
introduced.
Reporting of Non-Debt
Instruments)
9 IFSCA/GN/2025/002 10/02/2025 These Regulations replace the IFSCA (Fund Amendment)
IFSCA (Fund Management) Regulations, 2020. Some of the Regulations, 2024
Management) changes introduced by these Regulations are as
Regulations, 2025 follows: 3 G.S.R. 518(E) 28/08/2024 Amended Rules 19 and 19A of the Securities
Relating to Securities Contracts (Regulation) Rules, 1957, insofar as
I. Several carve-outs from the regulatory
Contract (Regulation) they apply to an applicant company desirous of
requirements have been provided to the
Act, 1956 getting its securities listed on a recognised
fund of funds schemes to facilitate creation
stock exchange in an International Financial
and operation of feeder vehicles in IFSC in a
Service Centre, and a company listed on a
cost-effective manner.
recognised stock exchange in an International
Financial Service Centre, respectively.
144 1452024-25
Date of Circulars/ Date of
Notification Purpose of Notification Objectives
Publication Guidelines Issue
4 4IFSCA/GN/2024/004 04/07/2024 Added Swedish Krone, Norwegian Krone, New 5 Credit Rating 25/07/2024 The circular permitted SEBI-registered CRAs,
IFSCA (Banking) Zealand Dollar, and Danish Krone to the list of Agencies in the IFSC desirous of providing rating services in the
(Amendment) currencies permitted in IFSC for transactions. IFSC, to apply for registration with IFSCA in
Regulations, 2024 accordance with the requirements provided
under the IFSCA (Capital Market
5 S.O. 5241(E) 05/12/2024 “Schemes operated by a pension fund” notified Intermediaries) Regulations, 2021, as
as financial product u/s 3(1)(d) of the IFSCA amended from time to time.
Act, 2019.
6 Trading and 24/09/2024 GoI has been issuing Sovereign Green Bonds
Settlement of SGrBs (SGrBs) to mobilize resources for green
Table 36 : List of Major Circulars/ Guidelines in IFSC infrastructure in India. To further increase
global participation in SGrBs, a scheme for
Circulars/ Date of
Objectives “Trading and Settlement of Sovereign Green
Guidelines Issue
Bonds in the IFSC in India” was introduced by
the RBI. Subsequently, this circular was issued
Amendment to the 01/04/2024 The Amendment –
by IFSCA, detailing the operational guidelines
IFSCA (Vault Manager) i. stated that registered Vault Manager may
for various market participants. This will
Circular, 2021 apply for registration of additional vaults.
facilitate easier access for non-resident
ii. specified that no additional security deposit
investors to invest and trade in SGrBs,
shall be charged for such registration.
enhancing global climate capital flows into
iii. specified that security deposit furnished by
India.
the Vault Manager with the bullion
depository shall continue to be retained
until such time as the Vault Manager 7 Single Window IT 30/09/2024 The circular directed that, from October 01,
surrenders the CoR for all vaults. System inter-alia 2024, all the applicants, barring those which
for registration and are mentioned as exceptions under Clause 6,
2 Remote Trading 03/04/2024 Permitted foreign entities, not having a physical approval from IFSCA, shall submit their applications exclusively
Participants on presence in IFSC, to trade directly on the Stock SEZ authorities, GSTN, through SWITS for seeking –
Stock Exchanges Exchanges, on a proprietary basis, without a RBI, SEBI and IRDAI i. license, registration or authorisation, as the
in the IFSC Broker-Dealer. The circular called such entities case may be, from IFSCA;
ii. approvals from SEZ Authorities and
as Remote Trading Participant (RTP) and
registration from GSTN; and,
specified the conditions which RTPs must fulfil
iii. No objection Certificate (NoC)/ requisite
in order to be allowed to trade.
approval from appropriate regulators.
3 Internet Banking 22/04/2024 The circular directed all the IFSC Banking Units Some of the key features of the SWIT System
Service to Clients (IBUs) to provide, at minimum, the following are:
of IBUs internet banking services – i. Common Application Form
ii. Integration via API with SEZ Online System
I. Information service
for obtaining SEZ Approvals
ii. Interactive information exchange service
iii. Interface with three financial regulators i.e.
iii. Transactional service
RBI, SEBI and IRDAI for obtaining No
Objection Certificate (NoC)
4 Permission to 11/07/2024 The circular allowed IBUs, subject to certain
iv. Obtaining GST Registration
participate in the general conditions, to participate in the
v. Real time data validation of PAN, DIN and
synthetic synthetic securitisation program of its parent
CIN
securitisation bank. One of the major conditions for such
program of participation is that the Home Regulator of the vi. Integrated Payment Gateway
IBU should have adopted the Basel III vii. Integrated Digital Signature Certificate
Parent bank
framework and must not have prohibited the (DSC) Module
banks under its jurisdiction from undertaking
such transactions.
146 1472024-25
Date of Circulars/ Date of
Notification Purpose of Notification Objectives
Publication Guidelines Issue
4 4IFSCA/GN/2024/004 04/07/2024 Added Swedish Krone, Norwegian Krone, New 5 Credit Rating 25/07/2024 The circular permitted SEBI-registered CRAs,
IFSCA (Banking) Zealand Dollar, and Danish Krone to the list of Agencies in the IFSC desirous of providing rating services in the
(Amendment) currencies permitted in IFSC for transactions. IFSC, to apply for registration with IFSCA in
Regulations, 2024 accordance with the requirements provided
under the IFSCA (Capital Market
5 S.O. 5241(E) 05/12/2024 “Schemes operated by a pension fund” notified Intermediaries) Regulations, 2021, as
as financial product u/s 3(1)(d) of the IFSCA amended from time to time.
Act, 2019.
6 Trading and 24/09/2024 GoI has been issuing Sovereign Green Bonds
Settlement of SGrBs (SGrBs) to mobilize resources for green
Table 36 : List of Major Circulars/ Guidelines in IFSC infrastructure in India. To further increase
global participation in SGrBs, a scheme for
Circulars/ Date of
Objectives “Trading and Settlement of Sovereign Green
Guidelines Issue
Bonds in the IFSC in India” was introduced by
the RBI. Subsequently, this circular was issued
Amendment to the 01/04/2024 The Amendment –
by IFSCA, detailing the operational guidelines
IFSCA (Vault Manager) i. stated that registered Vault Manager may
for various market participants. This will
Circular, 2021 apply for registration of additional vaults.
facilitate easier access for non-resident
ii. specified that no additional security deposit
investors to invest and trade in SGrBs,
shall be charged for such registration.
enhancing global climate capital flows into
iii. specified that security deposit furnished by
India.
the Vault Manager with the bullion
depository shall continue to be retained
until such time as the Vault Manager 7 Single Window IT 30/09/2024 The circular directed that, from October 01,
surrenders the CoR for all vaults. System inter-alia 2024, all the applicants, barring those which
for registration and are mentioned as exceptions under Clause 6,
2 Remote Trading 03/04/2024 Permitted foreign entities, not having a physical approval from IFSCA, shall submit their applications exclusively
Participants on presence in IFSC, to trade directly on the Stock SEZ authorities, GSTN, through SWITS for seeking –
Stock Exchanges Exchanges, on a proprietary basis, without a RBI, SEBI and IRDAI i. license, registration or authorisation, as the
in the IFSC Broker-Dealer. The circular called such entities case may be, from IFSCA;
ii. approvals from SEZ Authorities and
as Remote Trading Participant (RTP) and
registration from GSTN; and,
specified the conditions which RTPs must fulfil
iii. No objection Certificate (NoC)/ requisite
in order to be allowed to trade.
approval from appropriate regulators.
3 Internet Banking 22/04/2024 The circular directed all the IFSC Banking Units Some of the key features of the SWIT System
Service to Clients (IBUs) to provide, at minimum, the following are:
of IBUs internet banking services – i. Common Application Form
ii. Integration via API with SEZ Online System
I. Information service
for obtaining SEZ Approvals
ii. Interactive information exchange service
iii. Interface with three financial regulators i.e.
iii. Transactional service
RBI, SEBI and IRDAI for obtaining No
Objection Certificate (NoC)
4 Permission to 11/07/2024 The circular allowed IBUs, subject to certain
iv. Obtaining GST Registration
participate in the general conditions, to participate in the
v. Real time data validation of PAN, DIN and
synthetic synthetic securitisation program of its parent
CIN
securitisation bank. One of the major conditions for such
program of participation is that the Home Regulator of the vi. Integrated Payment Gateway
IBU should have adopted the Basel III vii. Integrated Digital Signature Certificate
Parent bank
framework and must not have prohibited the (DSC) Module
banks under its jurisdiction from undertaking
such transactions.
146 1472024-25
Circulars/ Date of Circulars/ Date of
Objectives Objectives
Guidelines Issue Guidelines Issue
8 Master Circular for 01/10/2024 The circular superseded all the circulars and 11 Principles to mitigate 21/11/2024 In line with the practices prevalent in other
Credit Rating Agencies guidelines issued by SEBI (prior to October 01, the Risk of jurisdictions and in order to further promote
2020) in respect of credit rating agencies Greenwashing in ESG transparency, accountability and adequacy of
registered with IFSCA, and also compiled the labelled debt securities disclosures to investors, the circular
following three circulars issued by IFSCA: in the IFSC highlighted the following principles which
I. “Credit Rating Agencies in the IFSC”, issuers of ESG labelled debt securities in IFSC
clarifying requirements relating to should adhere to –
providing services by SEBI-registered i. Being True to Label - Avoid misleading
credit rating agencies in the IFSC; labels and terminology
ii. “Valuation of Assets of Schemes under IFSCA ii. Screen the Green - Transparency in
(Fund Management) Regulations 2022 by methodology for project selection and
Credit Rating Agencies at IFSC” permitting evaluation
CRAs registered with the Authority to iii. Walk the talk - Managing and tracking use of
undertake valuation of assets of the proceeds
schemes under the IFSCA (Fund iv. Overall Impact - Quantification of Negative
Management) Regulations, 2022; Externalities
iii. “Enabling Credit Rating Agencies to v. Be alert - Monitoring and Disclose
undertake additional activities relating to
ESG Ratings and Data Products Providers”, 12 Complaint Handling 02/12/2024 The circular provides detailed norms and
enabling CRAs registered with Authority to and Grievance requirements for RE in IFSC, inter alia, relating
also undertake services relating to ERDPPs Redressal by Regulated to having a policy for complaint handling and
in accordance with the requirements laid Entities in the grievance redressal, procedure for complaint
down in this circular. IFSC handling along with timelines, appeal
mechanism, complaint before IFSCA,
9 Listing of Commercial 17/10/2024 The Circular provides the regulatory maintenance of records, disclosures on website
Paper and Certificates requirements for facilitating issuers to list CP and annual report, reporting and maintenance
of Deposit on the and CD in an efficient and transparent manner of online system for complaint handling.
recognised stock ensuring that adequate material information is
exchanges in the IFSC made available to the investors for making
informed decision. The Circular, inter-alia, 13 International Financial 02/12/2024 The Scheme is aimed at providing a mechanism
specifies the conditions for issuance of CP and Services Centres for seeking clarity and guidance inter-alia on
CD, eligible issuers, eligible investors, Authority (Informal various issues pertaining to a potential
disclosures in the offer document, continuous Guidance) Scheme, business activity and transactions, which are
disclosures etc. 2024 under the regulatory ambit of the IFSCA and on
other legal issues emanating from the acts
10 Framework for ESG 30/10/2024 The circular specified the regulatory administered by IFSCA.
Ratings and Data framework for “ESG Ratings and Data Products The informal guidance can be sought under two
Products Providers Providers” as a new category of intermediary forms, namely: No-Action letter and
in the IFSC under the IFSCA (Capital Market Interpretative letter. The former provides
Intermediaries) Regulations, 2021. The comfort to the persons undertaking proposed
regulatory norms have been laid down transaction, as it indicates whether the relevant
pursuant to benchmarking the global best Department would recommend any
practices, IOSCO report and Code of Conduct enforcement actions to the Authority, under the
published by ICMA. applicable legal provisions associated with
proposed business transactions. The latter
provides interpretative clarity on the
applicable legal and regulatory framework for
making informed and compliant decisions.
148 1492024-25
Circulars/ Date of Circulars/ Date of
Objectives Objectives
Guidelines Issue Guidelines Issue
8 Master Circular for 01/10/2024 The circular superseded all the circulars and 11 Principles to mitigate 21/11/2024 In line with the practices prevalent in other
Credit Rating Agencies guidelines issued by SEBI (prior to October 01, the Risk of jurisdictions and in order to further promote
2020) in respect of credit rating agencies Greenwashing in ESG transparency, accountability and adequacy of
registered with IFSCA, and also compiled the labelled debt securities disclosures to investors, the circular
following three circulars issued by IFSCA: in the IFSC highlighted the following principles which
I. “Credit Rating Agencies in the IFSC”, issuers of ESG labelled debt securities in IFSC
clarifying requirements relating to should adhere to –
providing services by SEBI-registered i. Being True to Label - Avoid misleading
credit rating agencies in the IFSC; labels and terminology
ii. “Valuation of Assets of Schemes under IFSCA ii. Screen the Green - Transparency in
(Fund Management) Regulations 2022 by methodology for project selection and
Credit Rating Agencies at IFSC” permitting evaluation
CRAs registered with the Authority to iii. Walk the talk - Managing and tracking use of
undertake valuation of assets of the proceeds
schemes under the IFSCA (Fund iv. Overall Impact - Quantification of Negative
Management) Regulations, 2022; Externalities
iii. “Enabling Credit Rating Agencies to v. Be alert - Monitoring and Disclose
undertake additional activities relating to
ESG Ratings and Data Products Providers”, 12 Complaint Handling 02/12/2024 The circular provides detailed norms and
enabling CRAs registered with Authority to and Grievance requirements for RE in IFSC, inter alia, relating
also undertake services relating to ERDPPs Redressal by Regulated to having a policy for complaint handling and
in accordance with the requirements laid Entities in the grievance redressal, procedure for complaint
down in this circular. IFSC handling along with timelines, appeal
mechanism, complaint before IFSCA,
9 Listing of Commercial 17/10/2024 The Circular provides the regulatory maintenance of records, disclosures on website
Paper and Certificates requirements for facilitating issuers to list CP and annual report, reporting and maintenance
of Deposit on the and CD in an efficient and transparent manner of online system for complaint handling.
recognised stock ensuring that adequate material information is
exchanges in the IFSC made available to the investors for making
informed decision. The Circular, inter-alia, 13 International Financial 02/12/2024 The Scheme is aimed at providing a mechanism
specifies the conditions for issuance of CP and Services Centres for seeking clarity and guidance inter-alia on
CD, eligible issuers, eligible investors, Authority (Informal various issues pertaining to a potential
disclosures in the offer document, continuous Guidance) Scheme, business activity and transactions, which are
disclosures etc. 2024 under the regulatory ambit of the IFSCA and on
other legal issues emanating from the acts
10 Framework for ESG 30/10/2024 The circular specified the regulatory administered by IFSCA.
Ratings and Data framework for “ESG Ratings and Data Products The informal guidance can be sought under two
Products Providers Providers” as a new category of intermediary forms, namely: No-Action letter and
in the IFSC under the IFSCA (Capital Market Interpretative letter. The former provides
Intermediaries) Regulations, 2021. The comfort to the persons undertaking proposed
regulatory norms have been laid down transaction, as it indicates whether the relevant
pursuant to benchmarking the global best Department would recommend any
practices, IOSCO report and Code of Conduct enforcement actions to the Authority, under the
published by ICMA. applicable legal provisions associated with
proposed business transactions. The latter
provides interpretative clarity on the
applicable legal and regulatory framework for
making informed and compliant decisions.
148 1492024-25
Advocacy and Outreach
Circulars/ Date of
Objectives
Guidelines Issue
Actions taken towards establishing and promoting GIFT IFSC
14 Guidelines on setting 23/12/2024 The revised guidelines on setting up and
up and operation of operation of International Trade Finance as a hub for dispute resolution
International Trade Services Platform issued under the IFSCA
Finance Service (Finance Company Regulations), 2021, Submission of Expert Committee for drafting the institutional
Platform replaced the ITFS guidelines issued on July 9,
arbitrational rules for the proposed International Arbitration Centre at
2021.
The key changes in the revised guidelines on GIFT-IFSC as a hub for dispute resolution
ITFS are with respect to the following –
i. Eligibility Criteria In the Union Budget 2022-23, Hon'ble Finance Minister announced setting up of an International
ii. On-Tap Registration Process Arbitration Centre in GIFT City for timely settlement of disputes under international jurisprudence.
iii. Permissible Activities
iv. Eligible Participants In order to establish and to operationalise the IAC at GIFT IFSC a robust team of experts in the field
v. Expanding the Scope of Financiers of International Commercial Arbitration and Alternate Dispute Resolution is pre-requisite.
vi. Bidding for Trade Finance Units (TFU)
Accordingly, IFSCA had constituted an “Expert Committee on drafting Institutional Arbitral Rules for
vii. Complaint Handling and Grievance
International Arbitration Centre (IAC) at GIFT IFSC and matters incidental thereto” (IAC Committee)
Redressal
on May 25, 2023. The said committee has submitted its report in the month of July 16, 2024.
viii. Outsourcing
15 Liquidity Enhancement 04/02/2025 IFSCA permitted Bullion Exchange in the IFSC
Scheme for Bullion to introduce one or more liquidity
Exchange enhancement schemes (LES) to enhance
liquidity of illiquid commodity derivatives
contracts.
16 Guidelines on Cyber 10/03/2025 The Guidelines lay down IFSCA's broad
Security and Cyber expectations from its REs. The implementation
Resilience for Regulated of these Guidelines shall be undertaken in
Entities in IFSCs accordance with the principle of
proportionality, after taking into due
consideration:
i. the scale and complexity of operations,
ii. the nature of the activity the entity is
engaged in,
iii. its interconnectedness with the financial
ecosystem, and Image 44 : The Expert Committee on drafting Institutional Arbitral Rules for IAC submitting the report on
iv. the corresponding cyber risks the entity is July 16, 2024, to Chairperson, IFSCA
exposed to.
The key components of the Guidelines are Conference on “Developing Alternative Dispute Resolution and
categorized into:
International Arbitration Centre (IAC) in GIFT IFSC”
i. Governance
ii. Cyber security and cyber resilience
In order to popularize and promote GIFT IFSC as a seat of international commercial arbitration
framework
and mediation and to gather insights and to understand the opportunities and the way forward in
iii. Third party risk management
implementing the budget announcement, IFSCA in collaboration with GIFT City and GNLU
iv. Communication & awareness
v. Audit successfully organized a Conference on “Developing Alternative Dispute Resolution and
International Arbitration Centre (IAC) in GIFT IFSC” on September 28, 2024, at GIFT City, marking a
significant step towards developing a world class ADR ecosystem in GIFT IFSC.
150 1512024-25
Advocacy and Outreach
Circulars/ Date of
Objectives
Guidelines Issue
Actions taken towards establishing and promoting GIFT IFSC
14 Guidelines on setting 23/12/2024 The revised guidelines on setting up and
up and operation of operation of International Trade Finance as a hub for dispute resolution
International Trade Services Platform issued under the IFSCA
Finance Service (Finance Company Regulations), 2021, Submission of Expert Committee for drafting the institutional
Platform replaced the ITFS guidelines issued on July 9,
arbitrational rules for the proposed International Arbitration Centre at
2021.
The key changes in the revised guidelines on GIFT-IFSC as a hub for dispute resolution
ITFS are with respect to the following –
i. Eligibility Criteria In the Union Budget 2022-23, Hon'ble Finance Minister announced setting up of an International
ii. On-Tap Registration Process Arbitration Centre in GIFT City for timely settlement of disputes under international jurisprudence.
iii. Permissible Activities
iv. Eligible Participants In order to establish and to operationalise the IAC at GIFT IFSC a robust team of experts in the field
v. Expanding the Scope of Financiers of International Commercial Arbitration and Alternate Dispute Resolution is pre-requisite.
vi. Bidding for Trade Finance Units (TFU)
Accordingly, IFSCA had constituted an “Expert Committee on drafting Institutional Arbitral Rules for
vii. Complaint Handling and Grievance
International Arbitration Centre (IAC) at GIFT IFSC and matters incidental thereto” (IAC Committee)
Redressal
on May 25, 2023. The said committee has submitted its report in the month of July 16, 2024.
viii. Outsourcing
15 Liquidity Enhancement 04/02/2025 IFSCA permitted Bullion Exchange in the IFSC
Scheme for Bullion to introduce one or more liquidity
Exchange enhancement schemes (LES) to enhance
liquidity of illiquid commodity derivatives
contracts.
16 Guidelines on Cyber 10/03/2025 The Guidelines lay down IFSCA's broad
Security and Cyber expectations from its REs. The implementation
Resilience for Regulated of these Guidelines shall be undertaken in
Entities in IFSCs accordance with the principle of
proportionality, after taking into due
consideration:
i. the scale and complexity of operations,
ii. the nature of the activity the entity is
engaged in,
iii. its interconnectedness with the financial
ecosystem, and Image 44 : The Expert Committee on drafting Institutional Arbitral Rules for IAC submitting the report on
iv. the corresponding cyber risks the entity is July 16, 2024, to Chairperson, IFSCA
exposed to.
The key components of the Guidelines are Conference on “Developing Alternative Dispute Resolution and
categorized into:
International Arbitration Centre (IAC) in GIFT IFSC”
i. Governance
ii. Cyber security and cyber resilience
In order to popularize and promote GIFT IFSC as a seat of international commercial arbitration
framework
and mediation and to gather insights and to understand the opportunities and the way forward in
iii. Third party risk management
implementing the budget announcement, IFSCA in collaboration with GIFT City and GNLU
iv. Communication & awareness
v. Audit successfully organized a Conference on “Developing Alternative Dispute Resolution and
International Arbitration Centre (IAC) in GIFT IFSC” on September 28, 2024, at GIFT City, marking a
significant step towards developing a world class ADR ecosystem in GIFT IFSC.
150 1512024-25
Amendments under IFSCA Act, 2019
The conference featured engaging panel discussions, networking opportunities, and a plenary
session by the Expert Committee providing key insights and recommendations from their
In order to create an overarching framework for IFSC in India and to bring futuristic changes in
comprehensive report on establishing a robust ADR framework including IAC. The speakers in the
IFSCA Act, 2019 the DEA has constituted a committee vide an Office Memorandum dated May 23,
panel discussion included renowned experts in the field.
2023, for drafting amendments to the IFSCA Act, 2019. In view of this, the IFSCA has examined the
IFSCA Act & other relevant Acts and proposed amendments inter-alia in relation to dispute
resolution mechanism in IFSC, Ancillary Services, Variable Capital Companies, and enforcement
powers for newly notified financial products and financial services, etc. The proposed
amendments are being followed up and pursued by IFSCA.
Implementation of IFSCA (Informal Guidance) Scheme, 2024
IFSCA has issued IFSCA (Informal Guidance) Scheme, 2024 on December 02, 2024. The Scheme is
aimed at providing a mechanism for seeking clarity and guidance inter-alia on various issues
pertaining to a potential business activity and transactions, which are under the regulatory ambit
of the IFSCA and on other legal issues emanating from the acts administered by IFSCA.
The guidance is provided through two instruments:
i. No-Action letter: It is given by the Department to provide comfort to the persons undertaking
proposed transaction, as it indicates whether the relevant Department would recommend any
enforcement actions to the Authority, under the applicable legal provisions associated with
proposed business transactions.
ii. Interpretative letters: This is aimed at providing interpretative clarity on the applicable legal
and regulatory framework for making informed and compliant decisions by the applicant.
Image 45: Shri K. Rajaraman, Chairperson, IFSCA, Shri Dr. M.S. Sahoo, Former Chairperson, IBBI,
Prof. (Dr.) S. Shanthakumar, Director, GNLU, and other dignitaries at Conference on Developing Alternative Towards implementation of the scheme, the Nodal Co-ordination cell and other Departments of
Dispute Resolution and International Arbitration Centre (IAC) in GIFT-IFSC
the IFSCA are co-ordinating to proactively provide necessary guidance to the applicants, to
Policies and Programmes for the following year enhance ease of doing business in IFSC.
Implementation of the Expert Committee recommendations
Review of IFSCA Regulations
The report of the Expert Committee was submitted in the month of July 2024. In furtherance of the
As per the Regulation 7 of the IFSCA (Procedure for making Regulations) Regulations, 2021, the
recommendation of the Expert Committee and Budget announcement, IFSCA will strive to
Authority (IFSCA) shall review each regulations every three years, keeping in view the factors
implement the recommendations of the committee by seeking requisite legal enablers and other
specified under the said regulation. Accordingly, a holistic examination of relevant regulations
policy changes and the same would be taken up with Department of Economic Affairs (DEA).
which have completed three years are being undertaken. In respect of some new areas, IFSCA has
Major recommendations of the Expert Committee inter-alia include:
in the past issued the regulatory framework in the form of circular/ guidelines/ notifications etc.
i. Emulating the international best practices from major jurisdictions, such as use of technology,
In view of this, IFSCA is in contemplating to evaluate such circulars to convert them into
third party funding, representation by foreign lawyers, etc.;
Regulations after gaining sufficient experience.
ii. Regulatory architecture for the ADRC, wherein amendments are proposed under IFSCA Act,
2019; Arbitration and Conciliation Act, 1996 and the Mediation Act, 2023 to provide choice of
governing law for the parties, recognizing third party funding, dedicated bench for hearing the
appeals and application for arbitration seated at IFSC, etc.;
iii. Institutional framework for ADRC wherein committee has recommended legal structure,
administrative structure, governing framework for ADRC, etc.; and
iv. A judicial framework for the IFSC wherein a dedicated court structure in various phases.
152 1532024-25
Amendments under IFSCA Act, 2019
The conference featured engaging panel discussions, networking opportunities, and a plenary
session by the Expert Committee providing key insights and recommendations from their
In order to create an overarching framework for IFSC in India and to bring futuristic changes in
comprehensive report on establishing a robust ADR framework including IAC. The speakers in the
IFSCA Act, 2019 the DEA has constituted a committee vide an Office Memorandum dated May 23,
panel discussion included renowned experts in the field.
2023, for drafting amendments to the IFSCA Act, 2019. In view of this, the IFSCA has examined the
IFSCA Act & other relevant Acts and proposed amendments inter-alia in relation to dispute
resolution mechanism in IFSC, Ancillary Services, Variable Capital Companies, and enforcement
powers for newly notified financial products and financial services, etc. The proposed
amendments are being followed up and pursued by IFSCA.
Implementation of IFSCA (Informal Guidance) Scheme, 2024
IFSCA has issued IFSCA (Informal Guidance) Scheme, 2024 on December 02, 2024. The Scheme is
aimed at providing a mechanism for seeking clarity and guidance inter-alia on various issues
pertaining to a potential business activity and transactions, which are under the regulatory ambit
of the IFSCA and on other legal issues emanating from the acts administered by IFSCA.
The guidance is provided through two instruments:
i. No-Action letter: It is given by the Department to provide comfort to the persons undertaking
proposed transaction, as it indicates whether the relevant Department would recommend any
enforcement actions to the Authority, under the applicable legal provisions associated with
proposed business transactions.
ii. Interpretative letters: This is aimed at providing interpretative clarity on the applicable legal
and regulatory framework for making informed and compliant decisions by the applicant.
Image 45: Shri K. Rajaraman, Chairperson, IFSCA, Shri Dr. M.S. Sahoo, Former Chairperson, IBBI,
Prof. (Dr.) S. Shanthakumar, Director, GNLU, and other dignitaries at Conference on Developing Alternative Towards implementation of the scheme, the Nodal Co-ordination cell and other Departments of
Dispute Resolution and International Arbitration Centre (IAC) in GIFT-IFSC
the IFSCA are co-ordinating to proactively provide necessary guidance to the applicants, to
Policies and Programmes for the following year enhance ease of doing business in IFSC.
Implementation of the Expert Committee recommendations
Review of IFSCA Regulations
The report of the Expert Committee was submitted in the month of July 2024. In furtherance of the
As per the Regulation 7 of the IFSCA (Procedure for making Regulations) Regulations, 2021, the
recommendation of the Expert Committee and Budget announcement, IFSCA will strive to
Authority (IFSCA) shall review each regulations every three years, keeping in view the factors
implement the recommendations of the committee by seeking requisite legal enablers and other
specified under the said regulation. Accordingly, a holistic examination of relevant regulations
policy changes and the same would be taken up with Department of Economic Affairs (DEA).
which have completed three years are being undertaken. In respect of some new areas, IFSCA has
Major recommendations of the Expert Committee inter-alia include:
in the past issued the regulatory framework in the form of circular/ guidelines/ notifications etc.
i. Emulating the international best practices from major jurisdictions, such as use of technology,
In view of this, IFSCA is in contemplating to evaluate such circulars to convert them into
third party funding, representation by foreign lawyers, etc.;
Regulations after gaining sufficient experience.
ii. Regulatory architecture for the ADRC, wherein amendments are proposed under IFSCA Act,
2019; Arbitration and Conciliation Act, 1996 and the Mediation Act, 2023 to provide choice of
governing law for the parties, recognizing third party funding, dedicated bench for hearing the
appeals and application for arbitration seated at IFSC, etc.;
iii. Institutional framework for ADRC wherein committee has recommended legal structure,
administrative structure, governing framework for ADRC, etc.; and
iv. A judicial framework for the IFSC wherein a dedicated court structure in various phases.
152 153154SECTION-E
PERFORMANCE ASSESSMENT OF THE AUTHORITY2024-25
ii. All the regulations notified by IFSCA have been laid before Parliament in accordance with the
Performance Assessment
requirements specified under section 29 of the IFSCA Act. No comments have been received
from the Parliamentary Committee on Subordinate Legislation on the regulations placed by
IFSCA.
Section 17(3) of the IFSCA Act, 2019 provides the mechanism to review the performance of IFSCA.
Section 28(2)(d) of the IFSCA Act, 2019 provides IFSCA the powers to make regulations in respect iii. IFSCA has followed a consultative approach while coming out with the regulations and the
of Performance Review Committee. Accordingly, IFSCA (Performance Review Committee) comments and suggestions received from stakeholders have been taken into consideration
Regulations, 2022 (“PRC Regulations”), were notified on March 23, 2022, providing the framework while finalizing the regulations.
for constitution, scope, information sharing and reporting relating to functioning of Performance
iv. The consultation papers, comments received from public, and the notified regulations are
Review Committee (“PRC”).
uploaded on the website of IFSCA in terms of the requirement specified under the IFSCA
The following committees were formed to review the functioning of the Authority, specifically on (Procedure for making Regulations) Regulations, 2021.
whether
v. The consultation papers released by IFSCA include text of the proposed draft regulations /
a. i t has adhered to the provisions of the applicable laws while exercising powers or performing amendments.
functions under the Act;
vi. The recently introduced scheme on informal guidance is also a step in the right direction as it
b. t he regulations made by the Authority to give effect to the provisions of the Act promote can enable entities to submit specific issues or scenarios for which they require regulatory
transparency and best practices of governance; and guidance, promoting clarity and proactive compliance.
c. the Authority is managing risks to its functioning in a reasonable manner. Committee on Risk Management
The following three committees were formed to review the functioning of the Authority:
The scope of the committee is to review whether the Authority is managing risks to its functioning
in a reasonable manner.
Committee on Compliance
Members of the Committee
The scope of the committee is to review whether the authority has adhered to the provisions of the
1. Member from IRDAI (Shri P. K. Arora, Whole Time Member) (Chairperson of the Committee)
applicable laws while exercising powers or performing functions under the Act.
2. Member from Department of Economic Affairs (Ms. Surbhi Jain, Joint Secretary)
Members of the Committee
3. Shri Sriram Balasubramanyam, Independent Expert
1. Shri Bahram Vakil, Independent Expert (Chairperson of the Committee)
4. Shri G Srinivasan, Independent Expert
2. Member from RBI (Shri R Lakshmi Kanth Rao, ED)
Major Recommendation of the Committee
3. Member from SEBI (Shri Pramod Rao, ED)
4. Shri J Ranganayakulu, Independent Expert Major Risk Management Framework (ERM Framework) has been prepared in IFSCA which provides
insights into the enterprise risks faced by the Authority.
Major Recommendations of the Committee
Committee on Transparency and Best Practices of Governance
i. All the regulations notified by IFSCA during the financial year 2023-24 are in accordance with
the scope, mandate and powers provided in the IFSCA Act (sections 12, 13 and 28 of IFSCA Act The scope of the committee is to review whether the regulations made by the Authority to give
read with definitions provided under section 3 of the IFSCA Act). effect to the provisions of the Act promote transparency and best practices of governance.
156 1572024-25
ii. All the regulations notified by IFSCA have been laid before Parliament in accordance with the
Performance Assessment
requirements specified under section 29 of the IFSCA Act. No comments have been received
from the Parliamentary Committee on Subordinate Legislation on the regulations placed by
IFSCA.
Section 17(3) of the IFSCA Act, 2019 provides the mechanism to review the performance of IFSCA.
Section 28(2)(d) of the IFSCA Act, 2019 provides IFSCA the powers to make regulations in respect iii. IFSCA has followed a consultative approach while coming out with the regulations and the
of Performance Review Committee. Accordingly, IFSCA (Performance Review Committee) comments and suggestions received from stakeholders have been taken into consideration
Regulations, 2022 (“PRC Regulations”), were notified on March 23, 2022, providing the framework while finalizing the regulations.
for constitution, scope, information sharing and reporting relating to functioning of Performance
iv. The consultation papers, comments received from public, and the notified regulations are
Review Committee (“PRC”).
uploaded on the website of IFSCA in terms of the requirement specified under the IFSCA
The following committees were formed to review the functioning of the Authority, specifically on (Procedure for making Regulations) Regulations, 2021.
whether
v. The consultation papers released by IFSCA include text of the proposed draft regulations /
a. i t has adhered to the provisions of the applicable laws while exercising powers or performing amendments.
functions under the Act;
vi. The recently introduced scheme on informal guidance is also a step in the right direction as it
b. t he regulations made by the Authority to give effect to the provisions of the Act promote can enable entities to submit specific issues or scenarios for which they require regulatory
transparency and best practices of governance; and guidance, promoting clarity and proactive compliance.
c. the Authority is managing risks to its functioning in a reasonable manner. Committee on Risk Management
The following three committees were formed to review the functioning of the Authority:
The scope of the committee is to review whether the Authority is managing risks to its functioning
in a reasonable manner.
Committee on Compliance
Members of the Committee
The scope of the committee is to review whether the authority has adhered to the provisions of the
1. Member from IRDAI (Shri P. K. Arora, Whole Time Member) (Chairperson of the Committee)
applicable laws while exercising powers or performing functions under the Act.
2. Member from Department of Economic Affairs (Ms. Surbhi Jain, Joint Secretary)
Members of the Committee
3. Shri Sriram Balasubramanyam, Independent Expert
1. Shri Bahram Vakil, Independent Expert (Chairperson of the Committee)
4. Shri G Srinivasan, Independent Expert
2. Member from RBI (Shri R Lakshmi Kanth Rao, ED)
Major Recommendation of the Committee
3. Member from SEBI (Shri Pramod Rao, ED)
4. Shri J Ranganayakulu, Independent Expert Major Risk Management Framework (ERM Framework) has been prepared in IFSCA which provides
insights into the enterprise risks faced by the Authority.
Major Recommendations of the Committee
Committee on Transparency and Best Practices of Governance
i. All the regulations notified by IFSCA during the financial year 2023-24 are in accordance with
the scope, mandate and powers provided in the IFSCA Act (sections 12, 13 and 28 of IFSCA Act The scope of the committee is to review whether the regulations made by the Authority to give
read with definitions provided under section 3 of the IFSCA Act). effect to the provisions of the Act promote transparency and best practices of governance.
156 1572024-25
Members of the Committee
1. Dr. M. S. Sahoo, Independent Expert (Chairperson of the Committee)
2. Member from Department of financial Services (Shri Pankj Sharma, Joint Secretary)
3. Member from PFRDA (Shri Ananta Gopal Das, ED/ Ms. Mamta Rohit, ED)
4. Shri M V Nair, Independent Expert
Major Recommendations of the Committee
i. IFSCA has introduced a unified Single Window IT-enabled (SWIT) system for applicants to
make applications to IFSCA under various regulations. This system has inbuilt mechanisms to
keep track of the date of receipt of applications, the current status of the application, including
the transfer file history, indicating file movement, etc. These technology-based solutions help
in maintaining a proper record of turnaround time taken for processing of applications from
filing into the system to its final disposal, whether accepted or rejected.
ii. Further, it is also observed that IFSCA has declared disposal timelines for various applications
by publishing on its website a Circular titled ‘Time Limit for Disposal of Applications’ dated
November 28, 2023. This also helps in boosting the trust of the people in the established
processes. SECTION-F
iii. FAQs and Guidance Notes have been placed on the website of the IFSCA, which are also
observed to be regularly updated. These are found to be addressing common stakeholder
concerns and offering clear interpretations of regulations.
SOURCE OF FUNDS AND MAJOR
iv. It is learnt that regular meetings are conducted to review the status of all pending applications AREAS OF EXPENDITURE
in order to identify bottlenecks, prioritize cases based on urgency or stage of processing, and
ensure timely action, etc. Further, where necessary, queries are raised to applications to seek
additional information or clarification from the applicant.
v. Public disclosure steps taken by IFSCA are appreciated, which include publication of comments
received under public consultation of various regulations, annual reports, and quarterly
bulletin reports.
Recommendations of the Committees along with Action Taken Report have been submitted to
central Government of India after placing before the Authority.
158 10732024-25
Members of the Committee
1. Dr. M. S. Sahoo, Independent Expert (Chairperson of the Committee)
2. Member from Department of financial Services (Shri Pankj Sharma, Joint Secretary)
3. Member from PFRDA (Shri Ananta Gopal Das, ED/ Ms. Mamta Rohit, ED)
4. Shri M V Nair, Independent Expert
Major Recommendations of the Committee
i. IFSCA has introduced a unified Single Window IT-enabled (SWIT) system for applicants to
make applications to IFSCA under various regulations. This system has inbuilt mechanisms to
keep track of the date of receipt of applications, the current status of the application, including
the transfer file history, indicating file movement, etc. These technology-based solutions help
in maintaining a proper record of turnaround time taken for processing of applications from
filing into the system to its final disposal, whether accepted or rejected.
ii. Further, it is also observed that IFSCA has declared disposal timelines for various applications
by publishing on its website a Circular titled ‘Time Limit for Disposal of Applications’ dated
November 28, 2023. This also helps in boosting the trust of the people in the established
processes. SECTION-F
iii. FAQs and Guidance Notes have been placed on the website of the IFSCA, which are also
observed to be regularly updated. These are found to be addressing common stakeholder
concerns and offering clear interpretations of regulations.
SOURCE OF FUNDS AND MAJOR
iv. It is learnt that regular meetings are conducted to review the status of all pending applications AREAS OF EXPENDITURE
in order to identify bottlenecks, prioritize cases based on urgency or stage of processing, and
ensure timely action, etc. Further, where necessary, queries are raised to applications to seek
additional information or clarification from the applicant.
v. Public disclosure steps taken by IFSCA are appreciated, which include publication of comments
received under public consultation of various regulations, annual reports, and quarterly
bulletin reports.
Recommendations of the Committees along with Action Taken Report have been submitted to
central Government of India after placing before the Authority.
158 10732024-25
Source of Funds and Major Areas of
Expenditure
TTaabbllee 3377:: SSoouurrcceess ooff FFuunnddss ffoorr FFYY 22002244--2255
Amount
Sources of Funds - Receipts
(INR lakhs)
Annual Fees 3820.17
Listing fees 3.41
Registration Fee⁷⁴ 2372.36
Renewal Fee 7.14
Application Fees 721.13
Other Fees 2295.24
Broker Turnover Fees - Capital Market 2070.24
Turnover Fees - Insurance 21.44
Other Misc. Income (Late Fee, Interest on Late Fee, Event Based Fee etc.) 203.55
A) Fees/Subscriptions - (Sub-Total) 9219.44
B) Government Grants⁷⁵ 4238.99
Grants in Aid for Salary 3198.00
SECTION-H
Grants in Aid for General 1040.99
C) Interest Income 976.89
D) Other Misc. Income 371.52
Total Sources of Funds (A+B+C+D) 14806.84 ORGANISATIONAL MATTERS
Table 38: Major Areas of Expenditure for FY 2024-25
Amount
Major Areas of Expenditure
(INR lakhs)
Establishment Expenses 4490.34
Administrative Expenses 2081.55
Other Expenses 105.76
Expenditure Total 6677.65
⁷⁴ Registration Fee includes similar nature/ type of fee viz. Licence/ Recognition/ Authorisation/ Activity Based Fees.
⁷⁵ Total Grant in Aid received during FY 2024-25 was Salary (INR 31.98 Crore) plus General (INR 16.51 Crore) = INR 48.49 Crore. However, unutilized
Grant of previous years worth INR 6.10 crore were refunded to the Government and therefore net Grant in Aid = INR 42.39 Crore.
160 10732024-25
Source of Funds and Major Areas of
Expenditure
TTaabbllee 3377:: SSoouurrcceess ooff FFuunnddss ffoorr FFYY 22002244--2255
Amount
Sources of Funds - Receipts
(INR lakhs)
Annual Fees 3820.17
Listing fees 3.41
Registration Fee⁷⁴ 2372.36
Renewal Fee 7.14
Application Fees 721.13
Other Fees 2295.24
Broker Turnover Fees - Capital Market 2070.24
Turnover Fees - Insurance 21.44
Other Misc. Income (Late Fee, Interest on Late Fee, Event Based Fee etc.) 203.55
A) Fees/Subscriptions - (Sub-Total) 9219.44
B) Government Grants⁷⁵ 4238.99
Grants in Aid for Salary 3198.00
SECTION-H
Grants in Aid for General 1040.99
C) Interest Income 976.89
D) Other Misc. Income 371.52
Total Sources of Funds (A+B+C+D) 14806.84 ORGANISATIONAL MATTERS
Table 38: Major Areas of Expenditure for FY 2024-25
Amount
Major Areas of Expenditure
(INR lakhs)
Establishment Expenses 4490.34
Administrative Expenses 2081.55
Other Expenses 105.76
Expenditure Total 6677.65
⁷⁴ Registration Fee includes similar nature/ type of fee viz. Licence/ Recognition/ Authorisation/ Activity Based Fees.
⁷⁵ Total Grant in Aid received during FY 2024-25 was Salary (INR 31.98 Crore) plus General (INR 16.51 Crore) = INR 48.49 Crore. However, unutilized
Grant of previous years worth INR 6.10 crore were refunded to the Government and therefore net Grant in Aid = INR 42.39 Crore.
160 10732024-25
Authority Meetings
Organisational Matters
Table 40: IFSCA Authority meeting held in FY 2024-25
Table 39: Authority Structure as on March 31, 2025
Department Divisions Sr. No. Meeting Date
Banking Supervision 1 19 Authority Meeting May 30, 2024
Banking Finance Company Supervision
Supervision Division of Payment Services (PSs) and Payment & Settlement 2 20 Authority Meeting June 27, 2024
Systems (PSSs)
3 21 Authority Meeting September 27, 2024
Finance Company Regulation
Banking Payment and Settlement 4 22ⁿ Authority Meeting December 19, 2024
Banking Regulations
5 23 Authority Meeting March 26, 2025
Corporate Finance
Sustainable Finance
Capital Market Infrastructure Institutions – Regulation and Supervision Human Resources
Markets Investment Funds - I and New Products & Services
Investment Funds - II
Table 41: Sanctioned and actual strength of IFSCA employees
Supervision of Intermediaries
Sanctioned strength Actual strength
Insurance
Insurance & Position as on March 31, 2025 as on March 31, 2025
Pension
Pension
Global-In-House Centre and Ancillary Services Executive Director 6 4
Metals & Market Development Chief General Manager 12 4
Commodities Market Regulation
General Manager 16 13
Development of Financial Markets
Foreign University Deputy General Manager 20 6
Economic Policy and Analysis
Development
Assistant General Manager 27 5
International Affairs
Outreach and Communication
Manager 35 16
Ease of Doing Business Cell
Assistant Manager 52 44
Administration and HR
Treasury Finance and Accounts Executive Assistant/Senior Executive
General
Rajbhasha Assistant/ Executive Superintendent 27 0
Administration
Project Management Unit (International Events, Conferences and Summits)
Multi-Tasking Staff Grade A/
Technology Information Technology Grade B/ Grade C⁷⁶ 13 3
FinTech
TOTAL 208 95
Policy and Legal Policy
Legal Affairs Legal Affairs
Consumer Education and Protection
SEZ
Regulatory Cooperation
Regulatory
Policy and Risk Based Supervision Cell
Regulatory Enforcement Division
Affairs Anti Money Laundering and CFT
Cyber Security
⁷⁶ The requirements are being partially met through outsourcing.
162 1632024-25
Authority Meetings
Organisational Matters
Table 40: IFSCA Authority meeting held in FY 2024-25
Table 39: Authority Structure as on March 31, 2025
Department Divisions Sr. No. Meeting Date
Banking Supervision 1 19 Authority Meeting May 30, 2024
Banking Finance Company Supervision
Supervision Division of Payment Services (PSs) and Payment & Settlement 2 20 Authority Meeting June 27, 2024
Systems (PSSs)
3 21 Authority Meeting September 27, 2024
Finance Company Regulation
Banking Payment and Settlement 4 22ⁿ Authority Meeting December 19, 2024
Banking Regulations
5 23 Authority Meeting March 26, 2025
Corporate Finance
Sustainable Finance
Capital Market Infrastructure Institutions – Regulation and Supervision Human Resources
Markets Investment Funds - I and New Products & Services
Investment Funds - II
Table 41: Sanctioned and actual strength of IFSCA employees
Supervision of Intermediaries
Sanctioned strength Actual strength
Insurance
Insurance & Position as on March 31, 2025 as on March 31, 2025
Pension
Pension
Global-In-House Centre and Ancillary Services Executive Director 6 4
Metals & Market Development Chief General Manager 12 4
Commodities Market Regulation
General Manager 16 13
Development of Financial Markets
Foreign University Deputy General Manager 20 6
Economic Policy and Analysis
Development
Assistant General Manager 27 5
International Affairs
Outreach and Communication
Manager 35 16
Ease of Doing Business Cell
Assistant Manager 52 44
Administration and HR
Treasury Finance and Accounts Executive Assistant/Senior Executive
General
Rajbhasha Assistant/ Executive Superintendent 27 0
Administration
Project Management Unit (International Events, Conferences and Summits)
Multi-Tasking Staff Grade A/
Technology Information Technology Grade B/ Grade C⁷⁶ 13 3
FinTech
TOTAL 208 95
Policy and Legal Policy
Legal Affairs Legal Affairs
Consumer Education and Protection
SEZ
Regulatory Cooperation
Regulatory
Policy and Risk Based Supervision Cell
Regulatory Enforcement Division
Affairs Anti Money Laundering and CFT
Cyber Security
⁷⁶ The requirements are being partially met through outsourcing.
162 1632024-25
Table 42: Consultants at IFSCA as on March 31, 2025 5 IFSCA Foundation Day Celebration
Sr. No. Position Number Remarks 5 IFSCA Foundation Day was celebrated with acknowledgment to achievements made, while
highlighting the challenges ahead, and emphasizing the value of a focussed and unified approach
1 Sr. Consultants 3 Full time basis
for overcoming the challenges.
2 Consultants Grade1/Grade2 6 Full time basis
Mr. K. Rajaraman, Chairperson, IFSCA, awarding outstanding performance on the 5th IFSCA
3 Young Professionals 15 Full time basis Foundation Day celebrations, recognizing dedication, resilience, innovation, and team spirit that
drive our mission forward, setting new benchmarks, and shaping a brighter future together.
4 Adviser 1 Part-time basis
Right to Information
Table 43: Status of RTI applications during FY 2024-25
Total number of RTI requests replied
Requests Initial Action Information Rejected Transferred Returned Pending
Received to Be Taken Provided To Other To Requests
Public Applicant
Authority
207 0 195 3 3 0 6
Events and Activities
Chintan Shivir 2025
IFSCA Chintan Shivir 2025 concluded with enriching discussions on various topics, ranging from
AI and SupTech to emerging regulations. The exchange of ideas and experiences during the Shivir
reinforced the collective dedication of IFSCA officers to national progress.
Image 47: Shri K. Rajaraman, Chairperson, IFSCA, facilitating awards for outstanding performance by
IFSCA Officials on various themes
Image 46: IFSCA Officials at Chintan Shivir 2025
164 1652024-25
Table 42: Consultants at IFSCA as on March 31, 2025 5 IFSCA Foundation Day Celebration
Sr. No. Position Number Remarks 5 IFSCA Foundation Day was celebrated with acknowledgment to achievements made, while
highlighting the challenges ahead, and emphasizing the value of a focussed and unified approach
1 Sr. Consultants 3 Full time basis
for overcoming the challenges.
2 Consultants Grade1/Grade2 6 Full time basis
Mr. K. Rajaraman, Chairperson, IFSCA, awarding outstanding performance on the 5th IFSCA
3 Young Professionals 15 Full time basis Foundation Day celebrations, recognizing dedication, resilience, innovation, and team spirit that
drive our mission forward, setting new benchmarks, and shaping a brighter future together.
4 Adviser 1 Part-time basis
Right to Information
Table 43: Status of RTI applications during FY 2024-25
Total number of RTI requests replied
Requests Initial Action Information Rejected Transferred Returned Pending
Received to Be Taken Provided To Other To Requests
Public Applicant
Authority
207 0 195 3 3 0 6
Events and Activities
Chintan Shivir 2025
IFSCA Chintan Shivir 2025 concluded with enriching discussions on various topics, ranging from
AI and SupTech to emerging regulations. The exchange of ideas and experiences during the Shivir
reinforced the collective dedication of IFSCA officers to national progress.
Image 47: Shri K. Rajaraman, Chairperson, IFSCA, facilitating awards for outstanding performance by
IFSCA Officials on various themes
Image 46: IFSCA Officials at Chintan Shivir 2025
164 1652024-25
Swachhata Hi Seva 2024 Campaign
To mark the beginning of the “Swachhata Hi Seva 2024” campaign during Sept 17- Oct 2, 2024, Shri
K. Rajaraman, Chairperson, IFSCA administered the “Swachhata Shapath” to the officers and other
A cleanliness drive was undertaken by IFSCA officials at PDEU Bridge, Gandhinagar to celebrate
staff members.
the Swachhata Diwas in connection with the “Swachhata Hi Seva 2024” campaign.
Image 50: Chairperson, IFSCA, administered the “Swachhata Shapath” to IFSCA Officials
Image 48: IFSCA Officials celebrating "Swachhata Hi Seva 2024" with a cleanliness drive
As part of the “Swachhata Hi Seva 2024” campaign, Dr. Dipesh Shah, ED, IFSCA administered the
pledge to the officers and other staff members for saying “NO” to Single Use Plastic items.
IFSCA officials led by Shri Praveen Trivedi, Executive Director participated in a plantation drive in
GIFT IFSC which was held as part of the ongoing Swachhata Hi Seva Campaign, 2024.
Image 51 : IFSCA Officials taking pledge for Saying "NO" to Single Use Plastic items
Image 49: IFSCA Officials participating in a plantation drive in GIFT City
166 1672024-25
Swachhata Hi Seva 2024 Campaign
To mark the beginning of the “Swachhata Hi Seva 2024” campaign during Sept 17- Oct 2, 2024, Shri
K. Rajaraman, Chairperson, IFSCA administered the “Swachhata Shapath” to the officers and other
A cleanliness drive was undertaken by IFSCA officials at PDEU Bridge, Gandhinagar to celebrate
staff members.
the Swachhata Diwas in connection with the “Swachhata Hi Seva 2024” campaign.
Image 50: Chairperson, IFSCA, administered the “Swachhata Shapath” to IFSCA Officials
Image 48: IFSCA Officials celebrating "Swachhata Hi Seva 2024" with a cleanliness drive
As part of the “Swachhata Hi Seva 2024” campaign, Dr. Dipesh Shah, ED, IFSCA administered the
pledge to the officers and other staff members for saying “NO” to Single Use Plastic items.
IFSCA officials led by Shri Praveen Trivedi, Executive Director participated in a plantation drive in
GIFT IFSC which was held as part of the ongoing Swachhata Hi Seva Campaign, 2024.
Image 51 : IFSCA Officials taking pledge for Saying "NO" to Single Use Plastic items
Image 49: IFSCA Officials participating in a plantation drive in GIFT City
166 1672024-25
IFSCA officials participated in a Cleanliness Awareness Walkathon in GIFT IFSC as part of the A preventive health check-up of the Safai Mitras/ Sanitation workers at IFSCA was carried out in
“Swachhata Hi Seva 2024” campaign. relation to the ongoing “Swachhata Hi Seva 2024” campaign
Image 53: A preventive health check-up of Safai Mitras/ Sanitation workers at IFSCA
Celebration of 78 Independence Day by IFSCA
IFSCA celebrates India's 78 Independence Day at GIFT IFSC in Gandhinagar. The celebration
commenced with a flag-hoisting ceremony, followed by an inspiring speech from the Chairperson
of IFSCA, highlighting India's future aspirations.
Image 52: IFSCA officials participated in a Cleanliness Awareness Walkathon in GIFT IFSC
Image 54: IFSCA Officials celebrating 78 Independence Day
168 1692024-25
IFSCA officials participated in a Cleanliness Awareness Walkathon in GIFT IFSC as part of the A preventive health check-up of the Safai Mitras/ Sanitation workers at IFSCA was carried out in
“Swachhata Hi Seva 2024” campaign. relation to the ongoing “Swachhata Hi Seva 2024” campaign
Image 53: A preventive health check-up of Safai Mitras/ Sanitation workers at IFSCA
Celebration of 78 Independence Day by IFSCA
IFSCA celebrates India's 78 Independence Day at GIFT IFSC in Gandhinagar. The celebration
commenced with a flag-hoisting ceremony, followed by an inspiring speech from the Chairperson
of IFSCA, highlighting India's future aspirations.
Image 52: IFSCA officials participated in a Cleanliness Awareness Walkathon in GIFT IFSC
Image 54: IFSCA Officials celebrating 78 Independence Day
168 1692024-25
Hindi Pakhwada 2024 International Yoga Day 2024
IFSCA staff celebrated International Yoga Day with enthusiasm. Various Yogasanas were
IFSCA has organized the Hindi Pakhwada 2024 from September 14 to 30, 2024. As part of this,
performed by employees, led by Chairperson Shri K Rajaraman, who emphasized that Yoga is a
Hindi Drafting and Hindi Translation Competitions were organized. Participation certificates and
manual for human machine & encouraged all to adopt yoga as a way of life for overall wellness.
prices were distributed among the participants and winners.
Image 56: IFSCA Officials celebrating International Yoga Day 2024
Vigilance Administration
IFSCA's Vigilance cell is under the overall charge of the Chief Vigilance Officer (CVO). The main
function of the cell is to undertake preventive vigilance and anti-corruption measures as also
investigate complaints /allegations having vigilance angle (as defined by the Central vigilance
Commission) against the employees of IFSCA. The cell also implements the various instructions
issued by the Central Vigilance Commission (the Commission).
Celebration of the Vigilance awareness week 2024
As part of the Vigilance Awareness Week from October 28, 2024, to November 3, 2024, Officers of
IFSCA took the Vigilance Pledge affirming their commitment towards integrity and ethics in public
life. Further, a session on “Preventive Vigilance” was held on November 4, 2024, with faculty
support from the Institute of Secretariat Training and Management (ISTM), DOPT, GoI, for the
newly recruited Assistant Managers of IFSCA.
POSH Committee Report (FY 2024–25)
In compliance with Section 4 of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013, the Internal Committee (IC) for the Prevention of Sexual
Harassment (POSH) has been duly constituted. The committee plays a pivotal role in upholding the
organization's commitment to a safe, inclusive, and respectful work environment.
During the financial year 2024–25, the committee convened its quarterly meetings as scheduled,
with the participation of all members including the external member. These meetings focused on
strengthening preventive mechanisms and enhancing awareness across the organization.
Image 55: IFSCA Officials participating in Hindi Pakhwada 2024 organised by IFSCA As part of its sensitization efforts, all new employees were oriented on the POSH policy. Through
regular awareness initiatives all staff have been informed about their rights, responsibilities, and
the redressal mechanism available.
No complaints were received during the financial year 2024-25. The committee remains
committed to promoting a work culture grounded in dignity, equality, and zero tolerance towards
sexual harassment.
170 1712024-25
Hindi Pakhwada 2024 International Yoga Day 2024
IFSCA staff celebrated International Yoga Day with enthusiasm. Various Yogasanas were
IFSCA has organized the Hindi Pakhwada 2024 from September 14 to 30, 2024. As part of this,
performed by employees, led by Chairperson Shri K Rajaraman, who emphasized that Yoga is a
Hindi Drafting and Hindi Translation Competitions were organized. Participation certificates and
manual for human machine & encouraged all to adopt yoga as a way of life for overall wellness.
prices were distributed among the participants and winners.
Image 56: IFSCA Officials celebrating International Yoga Day 2024
Vigilance Administration
IFSCA's Vigilance cell is under the overall charge of the Chief Vigilance Officer (CVO). The main
function of the cell is to undertake preventive vigilance and anti-corruption measures as also
investigate complaints /allegations having vigilance angle (as defined by the Central vigilance
Commission) against the employees of IFSCA. The cell also implements the various instructions
issued by the Central Vigilance Commission (the Commission).
Celebration of the Vigilance awareness week 2024
As part of the Vigilance Awareness Week from October 28, 2024, to November 3, 2024, Officers of
IFSCA took the Vigilance Pledge affirming their commitment towards integrity and ethics in public
life. Further, a session on “Preventive Vigilance” was held on November 4, 2024, with faculty
support from the Institute of Secretariat Training and Management (ISTM), DOPT, GoI, for the
newly recruited Assistant Managers of IFSCA.
POSH Committee Report (FY 2024–25)
In compliance with Section 4 of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013, the Internal Committee (IC) for the Prevention of Sexual
Harassment (POSH) has been duly constituted. The committee plays a pivotal role in upholding the
organization's commitment to a safe, inclusive, and respectful work environment.
During the financial year 2024–25, the committee convened its quarterly meetings as scheduled,
with the participation of all members including the external member. These meetings focused on
strengthening preventive mechanisms and enhancing awareness across the organization.
Image 55: IFSCA Officials participating in Hindi Pakhwada 2024 organised by IFSCA As part of its sensitization efforts, all new employees were oriented on the POSH policy. Through
regular awareness initiatives all staff have been informed about their rights, responsibilities, and
the redressal mechanism available.
No complaints were received during the financial year 2024-25. The committee remains
committed to promoting a work culture grounded in dignity, equality, and zero tolerance towards
sexual harassment.
170 1712024-25
SECTION-J
AUDIT COMMITTEES
172 10732024-25
SECTION-J
AUDIT COMMITTEES
172 1073Audit Committee
In accordance with Para 4 (2) of the International Financial Services Centres Authority (Form of
annual Statement of Accounts) Rules, 2022, IFSCA Audit Committee has been constituted with the
following members:
1. Shri Pankaj Sharma, Member, IFSCA (Chairperson);
2. Shri Pramod Rao, Member, IFSCA (Member); and
3. Shri Praveen Trivedi, ED, IFSCA (Member)
IFSCA financial statements for the FY 2024-25 ware placed before the Audit Committee in its
meeting held on June 19, 2024. Audit Committee authenticated the same.
DATA APPENDIX
174Audit Committee
In accordance with Para 4 (2) of the International Financial Services Centres Authority (Form of
annual Statement of Accounts) Rules, 2022, IFSCA Audit Committee has been constituted with the
following members:
1. Shri Pankaj Sharma, Member, IFSCA (Chairperson);
2. Shri Pramod Rao, Member, IFSCA (Member); and
3. Shri Praveen Trivedi, ED, IFSCA (Member)
IFSCA financial statements for the FY 2024-25 ware placed before the Audit Committee in its
meeting held on June 19, 2024. Audit Committee authenticated the same.
DATA APPENDIX
1742024-25
Data Appendix
As on March
SEGMENT Category
31, 2025
Authorisation by IFSCA Bullion Market MII 1
Bullion Intermediaries 20
Appendix Table 1: Licenses/ Registrations issued by IFSCA based on SEZ LOAs⁷⁷
Vault 4
As on March
SEGMENT Category
FinTech/ TechFin Direct Authorization 18
31, 2025
Sandbox 27
Banking IFSC Banking Units 29
GIC GIC (large) 1
Global Administrative Office 2
GIC (mid-size) 2
Payment Services Payment Service Entities 5
Foreign University International Branch Campus 3
Finance Company Aircraft Leasing Entities 32
Total 864
Ship Leasing Entities 24
Finance Company - Core/Non -core incl. RTC 13
ITFS 4
Banking
Capital Market MII 5
Appendix Table 2: Assets of IBUs
Broker Dealer 83
Month ended Mar 2024 Mar 2025
Clearing Member 23 Particulars USD Mn
Depository Participant 10 Investments 2847.62 5390.11
Registered Distributors 14 Sovereign securities 1200.26 2823.16
Investment Advisors 3 Corporate Bonds 1597.81 1981.11
Custodian 5 Other investments 49.55 585.84
Debenture Trustee 4 Trade Finance 12715.54 13203.20
Credit Rating Agencies 1
Commercial Loans 25886.80 45543.29
Investment Banker 4
External Commercial Borrowing (ECB) 12787.54 27497.41
ESG Ratings and Data Products Provider 0
Commercial Loans other than ECB 13099.26 18045.88
Fund Management Entity 162
Retail loans 82.61 97.81
AIFs/Schemes 229
Other loans 734.48 752.73
Insurance Insurance/Reinsurance Entities (IIOs) 18
Interbank/ Interbranch placements 14911.60 19290.62
Insurance Intermediaries (IIIOs) 27
Others 3069.50 4232.63
Ancillary Services BATF Entities 3
Total 60248.15 88510.39
Ancillary Services Providers 88
⁷⁷ Including in-principle/provisional approvals
176 1772024-25
Data Appendix
As on March
SEGMENT Category
31, 2025
Authorisation by IFSCA Bullion Market MII 1
Bullion Intermediaries 20
Appendix Table 1: Licenses/ Registrations issued by IFSCA based on SEZ LOAs⁷⁷
Vault 4
As on March
SEGMENT Category
FinTech/ TechFin Direct Authorization 18
31, 2025
Sandbox 27
Banking IFSC Banking Units 29
GIC GIC (large) 1
Global Administrative Office 2
GIC (mid-size) 2
Payment Services Payment Service Entities 5
Foreign University International Branch Campus 3
Finance Company Aircraft Leasing Entities 32
Total 864
Ship Leasing Entities 24
Finance Company - Core/Non -core incl. RTC 13
ITFS 4
Banking
Capital Market MII 5
Appendix Table 2: Assets of IBUs
Broker Dealer 83
Month ended Mar 2024 Mar 2025
Clearing Member 23 Particulars USD Mn
Depository Participant 10 Investments 2847.62 5390.11
Registered Distributors 14 Sovereign securities 1200.26 2823.16
Investment Advisors 3 Corporate Bonds 1597.81 1981.11
Custodian 5 Other investments 49.55 585.84
Debenture Trustee 4 Trade Finance 12715.54 13203.20
Credit Rating Agencies 1
Commercial Loans 25886.80 45543.29
Investment Banker 4
External Commercial Borrowing (ECB) 12787.54 27497.41
ESG Ratings and Data Products Provider 0
Commercial Loans other than ECB 13099.26 18045.88
Fund Management Entity 162
Retail loans 82.61 97.81
AIFs/Schemes 229
Other loans 734.48 752.73
Insurance Insurance/Reinsurance Entities (IIOs) 18
Interbank/ Interbranch placements 14911.60 19290.62
Insurance Intermediaries (IIIOs) 27
Others 3069.50 4232.63
Ancillary Services BATF Entities 3
Total 60248.15 88510.39
Ancillary Services Providers 88
⁷⁷ Including in-principle/provisional approvals
176 1772024-25
Appendix Table 3: Liabilities of IBUs Appendix Table 7: Country wise exposure of IBUs
Month ended Mar 2024 Mar 2025
Mar 2024 Mar 2025
Particulars USD Mn
Customer deposits 4362.08 7307.10 Country Name %age of total exposure Country Name %age of total exposure
India 74.63 India 74.47
Interbank/Interbranch borrowings 41949.84 62866.71
USA 4.76 USA 5.94
Bilateral Borrowings 6312.35 7889.78
Mauritius 3.72 UAE 4.22
Multilateral Borrowings 266.96 500.58
UK 3.69 UK 3.36
MTN Borrowings and other debt instruments 1911.92 2880.12
UAE 2.95 Mauritius 2.94
Others 5445.00 7066.10
Netherlands 2.65 Singapore 2.56
Total 60248.15 88510.39
Singapore 2.60 Netherlands 1.70
Appendix Table 4: Customer Deposits (in USD Mn) Bahrain 1.04 Bahrain 0.69
Month ended Mar 2024 Mar 2025
Hong Kong 0.98 Hongkong 0.48
Deposits Demand Time Demand Time
Retail deposits 301.14 362.66 939.10 341.32 Germany 0.38 Saudi Arabia 0.37
Corporate deposits 556.72 3141.56 746.30 5280.38 Others 2.61 Others 3.27
Total 857.86 3504.22 1685.4 5621.7
Appendix Table 5: Customer Deposits Appendix Table 8: Industry wise credit exposure of IBUs
Accounts Accounts held Accounts held Month ended March 2024 Mar 2025
Category
Month held by by by
Ended Resident Non-Resident Non-Residents Sector Industries Amount Outstanding (USD Mn)
(Amount in USD Mn)
Indians Indians (NRIs) (Other Countries)
Auto Components 285.34 165.59
No. of accounts 116 7523 989
Retail Automobile 701.91 462.60
Amount 6.66 1150.18 123.58
Mar
Capital Goods 220.42 400.63
2025 No. of accounts 2474 562.03 2113
Corporate Cement and Cement Products 46.52 1178.55
Amount 1635.77 1588.36 2802.55
Electronic Systems 404.55 793.22
Food Processing 367.81 791.60
Glass and Glassware 6.77 25.23
Appendix Table 6: ODI Outstanding of IBUs (USD Mn)
Iron & Steel 282.55 1020.98
Month ended Mar 2024 Mar 2025
Laminates/ Plywood/ Boards 4.70 14.01
Total ODI amount 310.29 1184.68 Leather and Leather Products 2.52 1.61
Medical and Medical Equipment 255.11 224.37
Metals 2053.99 2037.58
Paper and Packaging 58.09 57.23
178 1792024-25
Appendix Table 3: Liabilities of IBUs Appendix Table 7: Country wise exposure of IBUs
Month ended Mar 2024 Mar 2025
Mar 2024 Mar 2025
Particulars USD Mn
Customer deposits 4362.08 7307.10 Country Name %age of total exposure Country Name %age of total exposure
India 74.63 India 74.47
Interbank/Interbranch borrowings 41949.84 62866.71
USA 4.76 USA 5.94
Bilateral Borrowings 6312.35 7889.78
Mauritius 3.72 UAE 4.22
Multilateral Borrowings 266.96 500.58
UK 3.69 UK 3.36
MTN Borrowings and other debt instruments 1911.92 2880.12
UAE 2.95 Mauritius 2.94
Others 5445.00 7066.10
Netherlands 2.65 Singapore 2.56
Total 60248.15 88510.39
Singapore 2.60 Netherlands 1.70
Appendix Table 4: Customer Deposits (in USD Mn) Bahrain 1.04 Bahrain 0.69
Month ended Mar 2024 Mar 2025
Hong Kong 0.98 Hongkong 0.48
Deposits Demand Time Demand Time
Retail deposits 301.14 362.66 939.10 341.32 Germany 0.38 Saudi Arabia 0.37
Corporate deposits 556.72 3141.56 746.30 5280.38 Others 2.61 Others 3.27
Total 857.86 3504.22 1685.4 5621.7
Appendix Table 5: Customer Deposits Appendix Table 8: Industry wise credit exposure of IBUs
Accounts Accounts held Accounts held Month ended March 2024 Mar 2025
Category
Month held by by by
Ended Resident Non-Resident Non-Residents Sector Industries Amount Outstanding (USD Mn)
(Amount in USD Mn)
Indians Indians (NRIs) (Other Countries)
Auto Components 285.34 165.59
No. of accounts 116 7523 989
Retail Automobile 701.91 462.60
Amount 6.66 1150.18 123.58
Mar
Capital Goods 220.42 400.63
2025 No. of accounts 2474 562.03 2113
Corporate Cement and Cement Products 46.52 1178.55
Amount 1635.77 1588.36 2802.55
Electronic Systems 404.55 793.22
Food Processing 367.81 791.60
Glass and Glassware 6.77 25.23
Appendix Table 6: ODI Outstanding of IBUs (USD Mn)
Iron & Steel 282.55 1020.98
Month ended Mar 2024 Mar 2025
Laminates/ Plywood/ Boards 4.70 14.01
Total ODI amount 310.29 1184.68 Leather and Leather Products 2.52 1.61
Medical and Medical Equipment 255.11 224.37
Metals 2053.99 2037.58
Paper and Packaging 58.09 57.23
178 1792024-25
Capital Markets
Month ended March 2024 Mar 2025
Appendix Table 9: IFSC Stock Exchanges Turnover (Traded Value in USD Mn)
Sector
Industries Amount Outstanding (USD Mn)
Month Mar 2024 Mar 2025
Petrochemicals 3934.14 5365.29
No. of Traded No. of Traded
Plastic and Plastic Products 50.95 188.92 Particulars contracts Value contracts Value
Textiles and Apparels 63.09 290.34
Index Futures 1791490 78824.67 2046316 95247.68
Vehicles, Vehicle Parts, and
Index Options 119736 6.74 83883 55.18
Transport Equipment 19.64 297.07
Depository Receipts
Banking and Finance 17882.08 16129.13
on US stocks 4,888 0.02 121573 0.57
Clearing Corporation 243.72 241.62
Total 1916114 78831.43 2251772 95303.43
Education 184.97 159.07
Financial Services 39.57 3952.94
Appendix Table 10: Aggregate Open Interest (OI) of all derivatives contracts on IFSC Stock Exchanges
Healthcare 31.47 84.95
Open Interest
As on last trading day of the month Value (USD Mn)
IT and Software Industry 487.96 427.23 (no. of contracts)
Services Logistics 37.14 109.64 Mar 2024 246888 11091.39
NBFC 955.34 12596.69
Mar 2025 256266 12004.55
Professional Services 22.09 84.81
Retail and e-commerce 228.25 404.76
Appendix Table 11: India INX Global Access
Telecommunication 1022.03 1950.83
Particulars As on Mar 31, 2024 As on Mar 31, 2025
Tourism & Hospitality 164.43 257.59
Trade/Distributor 10.60 468.42 Total Number of Accounts 3856 4468
Construction 767.73 76.81
Mining 88.40 464.00 Appendix Table 12: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn)
Oil and Gas 1562.15 2498.29 Till Mar 31, Till Mar 31,
Entity Type Particulars
2024 2025
Infrastructure Ports and Shipping 1265.42 932.91
LRS Equity, ETFs, Funds, Bonds, and
Power Sector 1274.24 2235.37
(Residents) other products 12.12 25.29
Renewable Energy 230.24 642.35
Equity, ETFs, Funds, and
Roads and Highways 22.80 16.76
IFSC Entities other products 467.34 597.91
Agriculture Derivatives Products 28,499.95 34,859.46
and Forestry 107.19 425.87
Non-residents Equity, ETFs, Funds, and other
Aviation 384.49 318.31 outside products 11.50 58.33
IFSC Derivatives Products 172.83 183.17
Chemicals 1469.54 1642.86
Jewellery 303.49 414.78 Total 29,163.74 35,724.16
Paints 1.25 0.00
Pharmaceuticals 950.35 703.35 Appendix Table 13: Number of Demat Accounts with the Depository
Other Sectors 3174.60 3850.67 As on Mar 31, As on Mar 31,
Particulars
2024 2025
Total 41669.64 64404.85
Total Number of Accounts 212 65,227
180 1812024-25
Capital Markets
Month ended March 2024 Mar 2025
Appendix Table 9: IFSC Stock Exchanges Turnover (Traded Value in USD Mn)
Sector
Industries Amount Outstanding (USD Mn)
Month Mar 2024 Mar 2025
Petrochemicals 3934.14 5365.29
No. of Traded No. of Traded
Plastic and Plastic Products 50.95 188.92 Particulars contracts Value contracts Value
Textiles and Apparels 63.09 290.34
Index Futures 1791490 78824.67 2046316 95247.68
Vehicles, Vehicle Parts, and
Index Options 119736 6.74 83883 55.18
Transport Equipment 19.64 297.07
Depository Receipts
Banking and Finance 17882.08 16129.13
on US stocks 4,888 0.02 121573 0.57
Clearing Corporation 243.72 241.62
Total 1916114 78831.43 2251772 95303.43
Education 184.97 159.07
Financial Services 39.57 3952.94
Appendix Table 10: Aggregate Open Interest (OI) of all derivatives contracts on IFSC Stock Exchanges
Healthcare 31.47 84.95
Open Interest
As on last trading day of the month Value (USD Mn)
IT and Software Industry 487.96 427.23 (no. of contracts)
Services Logistics 37.14 109.64 Mar 2024 246888 11091.39
NBFC 955.34 12596.69
Mar 2025 256266 12004.55
Professional Services 22.09 84.81
Retail and e-commerce 228.25 404.76
Appendix Table 11: India INX Global Access
Telecommunication 1022.03 1950.83
Particulars As on Mar 31, 2024 As on Mar 31, 2025
Tourism & Hospitality 164.43 257.59
Trade/Distributor 10.60 468.42 Total Number of Accounts 3856 4468
Construction 767.73 76.81
Mining 88.40 464.00 Appendix Table 12: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn)
Oil and Gas 1562.15 2498.29 Till Mar 31, Till Mar 31,
Entity Type Particulars
2024 2025
Infrastructure Ports and Shipping 1265.42 932.91
LRS Equity, ETFs, Funds, Bonds, and
Power Sector 1274.24 2235.37
(Residents) other products 12.12 25.29
Renewable Energy 230.24 642.35
Equity, ETFs, Funds, and
Roads and Highways 22.80 16.76
IFSC Entities other products 467.34 597.91
Agriculture Derivatives Products 28,499.95 34,859.46
and Forestry 107.19 425.87
Non-residents Equity, ETFs, Funds, and other
Aviation 384.49 318.31 outside products 11.50 58.33
IFSC Derivatives Products 172.83 183.17
Chemicals 1469.54 1642.86
Jewellery 303.49 414.78 Total 29,163.74 35,724.16
Paints 1.25 0.00
Pharmaceuticals 950.35 703.35 Appendix Table 13: Number of Demat Accounts with the Depository
Other Sectors 3174.60 3850.67 As on Mar 31, As on Mar 31,
Particulars
2024 2025
Total 41669.64 64404.85
Total Number of Accounts 212 65,227
180 1812024-25
Appendix Table 14: Settlement by Clearing Corporations Appendix Table 16: Number of Investors in IFSC Funds
Average Daily Highest Settlement
Name of Clearing Type of Scheme As on Mar 31, 2025
Month Settlement⁷⁸ Value Value⁷⁹ for the Month
Corporation
(USD) (USD)
Venture Capital Schemes (including Angel Schemes) 469
Derivatives: 8135.08 Derivatives: 60,786.80
India International March 2024
Category I and II AIFs 1025
Clearing Corporation
(IFSC) Limited March 2025 Derivatives: 26,437.43 Derivatives: 100,872.00 Category III AIFs 1508
NSE IFSC Clearing March 2024 Derivatives: 281,528.60 Derivatives: 866,107.00 Total 3002
Corporation Cash: 0.13 Cash: 1.00
Limited⁸⁰ Note : Investors from more than 50 jurisdictions have contributed across schemes.
March 2025 Derivatives: 681,690.12 Derivatives: 681,690.12
Cash: 10,832.80 Cash: 10,832.80
Appendix Table 17: Trends of Fund Management Activity
USD Mn
Particulars
As on March 31, 2024 As on March 31, 2025
Fund Management
Cumulative commitments raised 8410.49 15742.47
Appendix Table 15: Investments by Fund Management Schemes at GIFT IFSC Cumulative funds raised 3948.02 7957.20
In USD Mn
As on Mar 31, 2024 As on Mar 31, 2025 Appendix Table 18: Portfolio Management Services (PMS)
No. of
ST cy hp ee m o ef s RS ec gh ise tm ere es d In inve tost Im nde in ats I in nv toe s Ft om ree in gt ns InveT so tt ma el nts In inve tost Im nde in ats I in nv toe s Ft om ree in gt ns InveT so tt ma el nts Type of Services As on March 31, 202A 4s on M Asa r oc nh M 3 a1 r, c2 h0 32 15 , 2025
Jurisdictions Jurisdictions
(A) (A+B)⁸¹ (A) (A+B)⁸²
(B) (B)
Discretionary & Non- Discretionary PMS 128 811.19
Venture
Capital Advisory Services 45 372.43
Schemes 16 12.94 6.77 19.71 27.53 10.28 37.81
(including Total 173 1183.62
Angel
Schemes)
Insurance
Category I
and II 78 2,345.41 122.37 2,467.78 3608.85 661.13 4269.99 Appendix Table 19: Written/ Transacted premium by IFSC Insurance Offices (IIOs) and Intermediary
AIFs Offices (IIIOs)
FY 2023-24 FY 2024-25 (Unaudited)
Category
III AIFs 135 1,196.16 12.36 1,208.52 2084.85 170.41 2255.26 Particulars Written/ Written/
Number of Transacted Number of Transacted
Total 229 3,554.51 141.50 3,696.01 5721.24 841.82 6563.06 Offices⁸³ Premium Offices⁸⁴ Premium
(USD Mn) (USD Mn)
IIOs 12 149 18 207.70⁸⁵
IIIOs 23 276 27 302.60
⁷⁸ Average Daily Settlement Value = Total Settlement value for the Month /Total number of trading days.
⁷⁹ Highest Settlement Value for the Month = Highest Pay in Amount in single settlement in a month
⁸⁰ Cash values refer to settlement statistics in Depository Receipts on US Stocks.
⁸³Number of offices are as at the end of the particular period
⁸¹ This excludes exposure towards derivative contracts, cash equivalents, etc. In the case of schemes which are
in the nature of fund of funds, cash maintained, and expenses incurred by the master fund are also excluded. ⁸⁴ Ibid
⁸² Ibid ⁸⁵ Reinsurance data of one IIO is under examination and hence not included
182 1832024-25
Appendix Table 14: Settlement by Clearing Corporations Appendix Table 16: Number of Investors in IFSC Funds
Average Daily Highest Settlement
Name of Clearing Type of Scheme As on Mar 31, 2025
Month Settlement⁷⁸ Value Value⁷⁹ for the Month
Corporation
(USD) (USD)
Venture Capital Schemes (including Angel Schemes) 469
Derivatives: 8135.08 Derivatives: 60,786.80
India International March 2024
Category I and II AIFs 1025
Clearing Corporation
(IFSC) Limited March 2025 Derivatives: 26,437.43 Derivatives: 100,872.00 Category III AIFs 1508
NSE IFSC Clearing March 2024 Derivatives: 281,528.60 Derivatives: 866,107.00 Total 3002
Corporation Cash: 0.13 Cash: 1.00
Limited⁸⁰ Note : Investors from more than 50 jurisdictions have contributed across schemes.
March 2025 Derivatives: 681,690.12 Derivatives: 681,690.12
Cash: 10,832.80 Cash: 10,832.80
Appendix Table 17: Trends of Fund Management Activity
USD Mn
Particulars
As on March 31, 2024 As on March 31, 2025
Fund Management
Cumulative commitments raised 8410.49 15742.47
Appendix Table 15: Investments by Fund Management Schemes at GIFT IFSC Cumulative funds raised 3948.02 7957.20
In USD Mn
As on Mar 31, 2024 As on Mar 31, 2025 Appendix Table 18: Portfolio Management Services (PMS)
No. of
ST cy hp ee m o ef s RS ec gh ise tm ere es d In inve tost Im nde in ats I in nv toe s Ft om ree in gt ns InveT so tt ma el nts In inve tost Im nde in ats I in nv toe s Ft om ree in gt ns InveT so tt ma el nts Type of Services As on March 31, 202A 4s on M Asa r oc nh M 3 a1 r, c2 h0 32 15 , 2025
Jurisdictions Jurisdictions
(A) (A+B)⁸¹ (A) (A+B)⁸²
(B) (B)
Discretionary & Non- Discretionary PMS 128 811.19
Venture
Capital Advisory Services 45 372.43
Schemes 16 12.94 6.77 19.71 27.53 10.28 37.81
(including Total 173 1183.62
Angel
Schemes)
Insurance
Category I
and II 78 2,345.41 122.37 2,467.78 3608.85 661.13 4269.99 Appendix Table 19: Written/ Transacted premium by IFSC Insurance Offices (IIOs) and Intermediary
AIFs Offices (IIIOs)
FY 2023-24 FY 2024-25 (Unaudited)
Category
III AIFs 135 1,196.16 12.36 1,208.52 2084.85 170.41 2255.26 Particulars Written/ Written/
Number of Transacted Number of Transacted
Total 229 3,554.51 141.50 3,696.01 5721.24 841.82 6563.06 Offices⁸³ Premium Offices⁸⁴ Premium
(USD Mn) (USD Mn)
IIOs 12 149 18 207.70⁸⁵
IIIOs 23 276 27 302.60
⁷⁸ Average Daily Settlement Value = Total Settlement value for the Month /Total number of trading days.
⁷⁹ Highest Settlement Value for the Month = Highest Pay in Amount in single settlement in a month
⁸⁰ Cash values refer to settlement statistics in Depository Receipts on US Stocks.
⁸³Number of offices are as at the end of the particular period
⁸¹ This excludes exposure towards derivative contracts, cash equivalents, etc. In the case of schemes which are
in the nature of fund of funds, cash maintained, and expenses incurred by the master fund are also excluded. ⁸⁴ Ibid
⁸² Ibid ⁸⁵ Reinsurance data of one IIO is under examination and hence not included
182 1832024-25
Appendix Table 20: Line of Business wise Direct Insurance Business (Life and General) Appendix Table 22: Claims data (Retail / Re-insurance)
Gross Written Premium (in USD Mn) FY 2024-25
Class of Business Particulars
FY 2024-25 (Unaudited) No. of Claims Claim Amount (in USD Mn)
Aviation 2.78 Claims pending at the beginning 3,060 12.32
Fire 6.98 New Claims registered 68,070 90.83
Health + PA 0.33 Claims settled 67,490 75.07
Life 0.02 Claims rejected 1318 0.00
Marine Cargo 0.06 Claims outstanding at the end 2,322 28.08
Marine Hull 2.51
Note: 1) The data for FY 2024-25 is unaudited 2) No. of Claims and Claim amount includes for retail insurance
business and re-insurance recoveries
Trade credit 0.78
Other Misc. 0.02 FinTech
Total 13.48
Appendix Table 23: FinTech Ecosystem in IFSC
Note: The data for FY 2024-25 is unaudited S. Cumulative till Cumulative till
Particulars
No. March 31, 2024 March 31, 2025
Appendix Table 21: Line of Business wise Re-insurance Business
1 Number of Sandbox Entities 44 27
Gross Written Premium (in USD Mn) In Innovation Sandbox⁸⁶ 28 22
Line of Business
In Regulatory Sandbox 16 5
FY 2024-25 (Unaudited)
Engineering 9.43 2 Number of FinTech/ TechFin Entities Authorized 8 16
Fire 47.58 3 Number of Accelerators Authorized 0 2
Health + PA 68.14 4 Number of Entities exited from Sandbox 0 23⁸⁷
Health Insurance 20.79
Liability 1.62
Marine Cargo 4.84
Marine Hull 3.88
Motor 22.26
Other Misc. 0.02
Personal Accident 0.03
WC/EL 10.99
Life Re 1.48
Total 191.07
Note: The data for FY 2024-25 is unaudited
⁸⁶ Including accelerators
⁸⁷ The data has been revised as per the latest available records
184 1852024-25
Appendix Table 20: Line of Business wise Direct Insurance Business (Life and General) Appendix Table 22: Claims data (Retail / Re-insurance)
Gross Written Premium (in USD Mn) FY 2024-25
Class of Business Particulars
FY 2024-25 (Unaudited) No. of Claims Claim Amount (in USD Mn)
Aviation 2.78 Claims pending at the beginning 3,060 12.32
Fire 6.98 New Claims registered 68,070 90.83
Health + PA 0.33 Claims settled 67,490 75.07
Life 0.02 Claims rejected 1318 0.00
Marine Cargo 0.06 Claims outstanding at the end 2,322 28.08
Marine Hull 2.51
Note: 1) The data for FY 2024-25 is unaudited 2) No. of Claims and Claim amount includes for retail insurance
business and re-insurance recoveries
Trade credit 0.78
Other Misc. 0.02 FinTech
Total 13.48
Appendix Table 23: FinTech Ecosystem in IFSC
Note: The data for FY 2024-25 is unaudited S. Cumulative till Cumulative till
Particulars
No. March 31, 2024 March 31, 2025
Appendix Table 21: Line of Business wise Re-insurance Business
1 Number of Sandbox Entities 44 27
Gross Written Premium (in USD Mn) In Innovation Sandbox⁸⁶ 28 22
Line of Business
In Regulatory Sandbox 16 5
FY 2024-25 (Unaudited)
Engineering 9.43 2 Number of FinTech/ TechFin Entities Authorized 8 16
Fire 47.58 3 Number of Accelerators Authorized 0 2
Health + PA 68.14 4 Number of Entities exited from Sandbox 0 23⁸⁷
Health Insurance 20.79
Liability 1.62
Marine Cargo 4.84
Marine Hull 3.88
Motor 22.26
Other Misc. 0.02
Personal Accident 0.03
WC/EL 10.99
Life Re 1.48
Total 191.07
Note: The data for FY 2024-25 is unaudited
⁸⁶ Including accelerators
⁸⁷ The data has been revised as per the latest available records
184 1852024-25
Notes
1862024-25
Notes
1862024-25
Notes Notes2024-25
Notes NotesNotes