IFSCA Bulletin Apr-Jun 2025

IFSCA BULLETIN APR-JUN APR-JUN 2025 2025 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY www.ifsca.gov.inThe IFSCA Bulletin is issued by the Division of Economic Policy and Analysis, International Financial Services Centres Authority. The source of data/ information is the periodic reports submitted by the regulated entities to IFSCA. IFSCA has no objection to the material published herein being reproduced, provided an acknowledgement of the same is made. The soft copy of IFSCA Bulletin in PDF format can be freely downloaded from Reports and Publications section in IFSCA website (https://ifsca.gov.in) Any comments and suggestions on any of the features/ sections may be sent to the email id: dept-epa@ifsca.gov.inCHAIRPERSON’S DESK GIFT IFSC – India’s First International Education Hub GIFT IFSC is transforming the way Indian v. Support executive education. students access high-quality foreign qualification. vi. Protect the interests of students. As a Global Education hub, it aims to be a beacon Courses Offered and Benefits for premier foreign institutes, bringing foreign The central government has approved courses in degrees to students at affordable costs and global financial services, financial management, pedagogy. fintech, mathematics, science, technology, and Internationalisation – A GoI objective engineering for these foreign institutions. The Indian government is focused on bringing Universities from around the world can set up global education to India. In the 2022-23 budget, campuses with 100% foreign ownership and Hon’ble Finance Minister Smt. Nirmala repatriate proceeds without restrictions. Sitharaman announced that world-class foreign universities and institutions would be allowed to The GIFT IFSC advantage set up in GIFT IFSC and that these institutions i. Enabling regulations and world-class would offer courses in financial management, infrastructure. fintech, science, technology, engineering, and ii. Freedom to design their own curriculum mathematics. Importantly, they will have to follow and teaching methods. only those regulations which are set by the IFSCA iii. Exemption from domestic Indian (International Financial Services Centres education laws. Authority). iv. Flexibility and autonomy over student admissions. The initiative aims to address the skill v. Access to a large pool of students from requirements of not just for GIFT but the country India and South Asia. as a whole and to build a talent pool equipped to shape its financial and technological landscape. Universities in GIFT IFSC As of June 2025, two Australian universities and Subsequently in 2022, the IFSCA introduced two UK universities have presence GIFT IFSC, and IFSCA (Setting up and Operation of International several others are in the pipeline. These Branch Campuses and Offshore Education universities are offering courses such as Masters Centres) Regulations, 2022 to facilitate foreign courses in Business Analytics and Cyber Security, universities in opening international branch courses in Financial Technology, Business and campuses at GIFT IFSC. The objectives of these Finance, etc. regulations are: Our endeavor is to forge strong partnerships i. Enable foreign universities to open between global financial institutions in GIFT IFSC branch campuses in GIFT IFSC. and the upcoming IBCs to foster research & ii. Enable foreign educational institutions to innovation in areas of Finance, AI, Quantum start offshore education centers. Computing, Sustainable Finance, Aviation, etc. iii. Help GIFT IFSC become an international More importantly, students undertaking courses education center. in IBCs will also benefit immensely from first hand iv. Promote research in banking, capital industry experience & potential job opportunities. markets, funds, and fintech. IFSCA BULLETIN|APR-JUN2025CHAIRPERSON’S DESK Going forward, we also want to encourage the Conclusion launch of short-term executive education With a conducive regulatory environment and programs & other short-term courses for consistent efforts in consultation with industry professionals working in GIFT City & nearby areas and academia, GIFT IFSC is well on its way to to enhance their professional skill set and becoming a leading global centre for higher competency in new age & sunrise sectors. education. Shri K. Rajaraman Chairperson, IFSCA IFSCA BULLETIN|APR-JUN2025IFSC BUSINESS HIGHLIGHTS Total IFSCA 939* Registrations Banking Assets Cumulative Banking Cumulative Transaction Derivatives trade (including NDF) USD ($) 93.85 Bn USD ($) 121.52 Bn USD ($) 86.64 Bn (as on Jun 30, 2025) Banking Sector Avg. Monthly Turnover Cumulative Debt Listing Aggregate Open (IFSC Exchanges) on Exchanges Interest of all Derivatives Contract USD ($) 99.31 Bn USD ($) 65.13 Bn USD ($) 13 Bn (upto Jun 2025) (As on Jun 30, 2025) Capital Market No of Fund No. of Funds/Schemes Total Commitments Management Entities Registered Raised 177 272 22.11 Bn USD ($) Fund Management Total Sustainable Cumulative ESG No. of Debt Listings on Credit by Banks labelled Debt Listing on IFSC Exchanges IFSC Exchanges 3.39 Bn 15.43 Bn 2 USD ($) USD ($) (as on Jun 2025) (During Apr-Jun 2025) Sustainable Finance No. of Insurance Premium written by Premium transacted Firms | Intermediaries IFSC Insurance by IFSC Insurance Office Intermediary Office 19 | 28 USD ($) USD ($) (as at end of Jun 2025) Insurance Sector No. of Registered No. of Aviation Assets No. of Ships Leased Aircraft | Ship Lessors Leased 34 | 30 253 23 Aircraft/Ship Leasing (as on Jun 30, 2025) )lanoisivorp( )lanoisivorp( (During Apr-Jun 2025) (During Apr-Jun 2025) (During Apr-Jun 2025) (upto Jun 2025) (upto Jun 2025) (upto Jun 2025) (During FY 2024-25) 43.53 Mn 103.50 Mn (During Apr-Jun 2025) (During Apr-Jun 2025) (month ended Jun 2025) (month ended Jun 2025) * Including In-Principle/ provisional registrationsContents _____________________________________________________________________________ Chairperson’s Desk............................................................................................................................................................1 IFSC Business Highlights.................................................................................................................................................3 List of Tables.......................................................................................................................................................................5 List of Figures.....................................................................................................................................................................6 Policy and Regulatory Updates.......................................................................................................................................7 Public Consultation.........................................................................................................................................................12 Enforcement Actions.......................................................................................................................................................14 Events and Outreach Activities....................................................................................................................................15 Current Statistics............................................................................................................................................................23 Trends.................................................................................................................................................................................34List of Tables ____________________________________________________________________________ Table 1: Licenses/ Registrations issued by IFSCA based on SEZ LOAs..................................................................................................................23 Table 2: Approvals by SEZ Unit Approval Committee (prior to issue of IFSCA authorization)......................................................................23 Table 3: Number of IBUs......................................................................................................................................................................................................24 Table 4: Assets of IBUs........................................................................................................................................................................................................24 Table 5: Liabilities of IBUs..................................................................................................................................................................................................24 Table 6: Customer Deposits (in USD Mn).......................................................................................................................................................................24 Table 7: Customer Deposits................................................................................................................................................................................................25 Table 8: Derivative Outstanding of IBUs (USD Mn) (Notional)................................................................................................................................25 Table 9: ODI Outstanding of IBUs (USD Mn).................................................................................................................................................................25 Table 10: Industry wise credit exposure of IBUs.........................................................................................................................................................25 Table 11: Country wise exposure of IBUs.......................................................................................................................................................................26 Table 12: Finance Companies/ Finance Units during Apr-Jun 2025......................................................................................................................27 Table 13: Assets leased by AOL/ Ship Leasing Entities..............................................................................................................................................27 Table 14: Transactions financed by ITFS Platforms....................................................................................................................................................27 Table 15: Business details of Global/Regional Corporate Treasury Centres (GRCTC).....................................................................................27 Table 16: Business details of Core Finance Companies (e.g. Lending, Export financing)................................................................................27 Table 17: IFSC Stock Exchanges Turnover (Traded Value in USD Mn)...................................................................................................................27 Table 18: Aggregate Open Interest (OI) of all derivatives contracts on IFSC Stock Exchanges...................................................................28 Table 19: India INX Global Access....................................................................................................................................................................................28 Table 20: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn)............................................................28 Table 21: Trading in Global Exchanges through India INX Global Access (Apr-Jun 2025: USD Mn)............................................................28 Table 22: Demat accounts opened by the Depository................................................................................................................................................28 Table 23: Settlement by Clearing Corporations...........................................................................................................................................................28 Table 24: Number of Fund Management Entities (FMEs) and Funds......................................................................................................................29 Table 25: Investments by Fund Management Schemes at GIFT IFSC....................................................................................................................29 Table 26: Investors in IFSC Funds.....................................................................................................................................................................................29 Table 27: Trends of Fund Management Activity...........................................................................................................................................................30 Table 28: Portfolio Management Services (PMS) as on Jun 30, 2025..................................................................................................................30Table 29: Listing of debt securities at IFSC Exchanges (In USD Bn).....................................................................................................................30 Table 30: Listing of debt securities at IFSC Exchanges (During Apr-Jun 2025)................................................................................................30 Table 31: Overall Sustainable Financing by IBUs.........................................................................................................................................................30 Table 32: Sector-wise classification of Sustainable Financing by IBUs...............................................................................................................30 Table 33: Number of IIOs and IIIOs..................................................................................................................................................................................31 Table 34: Written/ Transacted premium by IIOs and IIIOs.......................................................................................................................................31 Table 35: Line of Business wise Direct Insurance Business (Life and General).................................................................................................31 Table 36: Line of Business wise Re-insurance Business...........................................................................................................................................31 Table 37: Claims data (Retail / Re-insurance).............................................................................................................................................................32 Table 38: Participants on India International Bullion Exchange (IIBX)................................................................................................................32 Table 39: Regulated Entities/ Intermediaries on IIBX...............................................................................................................................................32 Table 40: Product-wise summary of trades on IIBX...................................................................................................................................................32 Table 41: FinTech Ecosystem in IFSC...............................................................................................................................................................................33 Table 42: Activity-wise break-up of number of ancillary services entities........................................................................................................33 Table 43: Activity-wise break up of BATF entities authorized.................................................................................................................................33 List of Figures ____________________________________________________________________________ Figure 1: IBUs –Total Assets and Outstanding Customer Credit (Gross)............................................................................................................34 Figure 2: Deposits Growth in IBUs...................................................................................................................................................................................34 Figure 3: Turnover on IFSC Stock Exchanges................................................................................................................................................................35 Figure 4: Growth in Number of FMEs and Schemes....................................................................................................................................................35 Figure 5: Funds Ecosystem at GIFT IFSC (in USD Bn).................................................................................................................................................35 Figure 6: Gross Written Premium (GWP) of IIOs and IIIOs.......................................................................................................................................35IFSCA BULLETIN | APR-JUN 2025 Policy and Regulatory Updates 7 Policy and Regulatory Updates _____________________________________________________________________________________ declared at the time of remittance or for a purpose Banking permitted under LRS. Revision of Governing Body Meeting Requirements • For remittances to jurisdictions outside IFSCs, the declaration shall confirm that the amount being for IFSC Banking Units (April 08, 2025) remitted is either for the originally declared purpose or for a purpose permitted under LRS. IFSCA has issued a circular revising the governance requirements for IFSC Banking Units (IBUs). The governing body of each IBU must now meet at least Payment and Settlement once per quarter with the flexibility to hold additional meetings as needed. Fee structure for Payment System Operators (PSO)/ Participation of IFSC Banking Units (“IBUs”) in Applicants desirous to set up a PSO in IFSC (April international payment systems (May 21, 2025) 2, 2025) This circular was issued for all IFSC Banking Units In exercise of its power under Regulation 6(2) and laying down the policies for IBUs participating in 12(2) of IFSCA (Payment and Settlement Systems) international payment systems. As per the circular, Regulations, 2024, a circular relating to fee IBUs may participate as/be members of structure for PSOs/ PSO applicants was released, international payment systems for making or which inter alia mentioned the different types of receiving payments to/from banks/financial applicable fees viz. application fee, authorisation institutions outside IFSC without prior approval of fee, annual fee etc. for entities operating any of the the Authority. Further, an international payment Payment Systems in IFSC. system that permits IBUs to make or receive payments among themselves, thereby affecting Participation of Payment Service Providers (PSPs”) domestic (i.e. IFSC) transactions, would require in international payment systems (June 06, 2025) authorisation from the Authority under sub-section 1 of section 7 of the PSS Act. In exercise of its power under section 18 of the Payment and Settlement Systems Act, 2007 (“PSS Amendment to the ‘Directions to IBUs for Act”), the Authority laid down governing policies operations of the Foreign Currency Accounts (FCA) for PSPs participating in international payment systems. The directions inter alia include the of Indian resident individuals opened under the following provisions Liberalised Remittance Scheme (LRS) (June 23, 2025) i. PSPs can participate as/be members of international payment systems for making or The Directions applicable to IBUs for managing receiving payments to/from the FCAs of Indian resident individuals under the LRS banks/financial institutions outside IFSC. have been amended to revise the declaration ii. An operator of the international payment requirements regarding compliance with the LRS system (of which PSP is a member/participant), framework. These changes aim to provide greater which affects payment and/or settlement clarity and operational flexibility while ensuring transactions in IFSC, is required to have compliance with the LRS framework. authorisation from the Authority. iii. Reporting requirements for PSP on their • For use of funds within IFSCs towards financial ongoing participation in the international products or financial services, the declaration from payment systems. the resident individual shall confirm that the amount is being spent either for the purposeIFSCA BULLETIN | APR-JUN 2025 Policy and Regulatory Updates 8 IFSCA (KYC Registration Agency) Regulations, 2025 Capital Markets (April 11, 2025) IFSCA (Capital Market Intermediaries) Regulations, To facilitate smooth onboarding of customers by the 2025 (April 11, 2025) regulated entities and enhance their efficiency with respect to Customer Due-Diligence (CDD), the With a vision to strengthen the regulatory IFSCA (KYC Registration Agency) Regulations, framework for capital market participants in IFSC 2025 (“KRA Regulations”) were issued by the while promoting ease of doing business, IFSCA Authority. The AML-CFT Guidelines enable the undertook a thorough review of the IFSCA (Capital regulated entities to rely on a third party to perform Market Intermediaries) Regulations, 2021. The CDD subject to certain conditions. The presence of review focused on rationalizing the regulatory a KYC Registration Agency (KRA) within the IFSC architecture, simplifying compliance requirements, ecosystem will enable regulated entities across and ensuring alignment with international best sectors to fulfil these requirements, addressing practices to foster innovation and investor limitations that have previously hindered such protection. reliance. Concurrently, customers will benefit from Following a wide consultative process with a streamlined experience, as they will no longer be stakeholders, the draft regulations were placed required to undergo repetitive KYC procedures before the Authority in its meeting held on April 11, when opening accounts with multiple regulated 2025, and subsequently notified in the Official entities. Gazette on April 16, 2025, as the IFSCA (Capital The KRA Regulations lay down a comprehensive Market Intermediaries) Regulations, 2025 (“CMI regulatory framework governing the registration, Regulations”). The updated framework is expected supervision, and regulation of KRAs within IFSC to enhance regulatory clarity, improve market with the objective to create a centralized database of efficiency, and facilitate the growth of a vibrant KYC information in IFSC. capital market ecosystem in GIFT IFSC. The KRA Regulations include provisions such as: The salient features of the CMI Regulations are as • eligibility criteria for registration as KRA, follows: • functions and obligations of KRA and regulated a) The CMI Regulations provide the regulatory entities, framework for “Research Entity” as a new category • sharing of KYC information with other financial of capital market intermediary and has deleted sector regulators, and other managerial and “Account Aggregator” as a category of capital compliance requirements. market intermediary. These Regulations aim to promote the Ease of b) The regulatory frameworks for “Distributors” Doing Business by enabling inter-operability and “ESG Ratings and Data Products Providers”, amongst the KRAs in IFSC and also with SEBI which were earlier specified in the form of circulars registered KRAs. have now been included into the CMI Regulations. Fee structure for KRA Registration Agencies in IFSC c) Clarity has been provided on the appointment (June 13, 2025) including the experience and qualification requirement of the Principal Officer and the IFSCA has issued a circular specifying the fee Compliance Officer. structure for entities seeking registration as KRAs in GIFT IFSC under the IFSCA (KYC Registration d) The minimum net worth requirements of certain Agency) Regulations, 2025. The structure includes categories of capital market intermediaries an application fee of USD 1,000, a registration fee including credit rating agencies, investment of USD 5,000, and an annual fee of USD 5,000. bankers and investment advisers have been rationalized. This circular is issued in exercise of powers conferred by section 12 of the IFSCA, 2019, readIFSCA BULLETIN | APR-JUN 2025 Policy and Regulatory Updates 9 with regulation 3 of IFSCA (KYC Registration Approval of Third-Party Fund Management Services Agency) Regulations, 2025. by IFSCA Authority Fund Management The Authority, in the 24th meeting held on June 24, 2025, approved a proposal to enable the Third- Party Fund Management Services in IFSC Revision in Reporting Formats for Fund (popularly known as “platform play”) under the Management Entities in IFSC (April 03, 2025) IFSCA (Fund Management) Regulations, 2025. This framework will allow Registered Fund IFSCA has issued a circular revising the reporting Management Entities (FMEs) in IFSC to launch and formats for Fund Management Entities (FMEs) in manage Restricted Schemes on behalf of overseas IFSC. The updates aim to capture detailed or domestic third-party fund managers who are not information on retail schemes, enhance supervisory required to establish physical presence in IFSC. The oversight, restructure tables for clarity, include Key features of the framework are: guidance notes where needed, and align with the i. Mandatory authorisation of the FME offering IFSCA (Fund Management) Regulations, 2025. Third-Party Fund Management Services ii. Additional net worth requirement of USD Circular on Transition to IFSCA (Fund Management) 500,000 for such FME Regulations, 2025 (April 08, 2025) iii. Dedicated Principal Officer for each scheme under such arrangement IFSCA has issued a circular updating Fund iv. Corpus permitted up to USD 50 Mn per scheme Management regulations. The circular extends under such arrangement PPM validity for Venture Capital and Restricted v. Requirement of strong risk management, Schemes from 6 to 12 months, lowers minimum internal audits and enhanced disclosures corpus to USD 3 million, and allows re-filing of expired PPMs with reduced fees and limited changes. Finance Company Framework to facilitate Co-investment by Venture Amendment to Corporate Governance and Capital Scheme and Restricted Scheme (May 21, Disclosure Guidelines for Finance Companies (April 2025) 04, 2025) IFSCA released a Framework to provide mechanism IFSCA has issued a circular amending the and manner for facilitating co-investment by ‘Guidelines on Corporate Governance and Venture Capital Scheme and Restricted Scheme Disclosure Requirements for a Finance Company’ through Special Purpose Vehicle (‘SPV’) and for to align them with the amended Finance Company such Special Scheme to undertake leverage. Regulations, 2021 and the updated Framework for In exercise of the powers conferred by Sections 12 GRCTC activities. The amendments clarify that and 13 of the IFSCA Act, 2019, read with sub- generic guidelines (Part I) apply to all registered regulation (1) of Regulation 29 and sub-regulation Finance Companies except those undertaking (1) of Regulation 41 of the IFSCA (Fund GRCTC activities, while detailed guidelines (Part II) Management) Regulations, 2022, for promoting apply to companies undertaking core activities, ease of doing business and to facilitate the growth excluding GRCTCs. of alternative investment industry in the IFSC, the Revised Framework for Ship Leasing (April 07, creation of a SPV under the controlling scheme has being operationalized, to enable other investors to 2025) co-invest in the underlying securities along with the scheme and allow the scheme to take leverage at IFSCA has issued a consolidated circular on the SPV level. Framework for Ship Leasing (SL Framework), incorporating amendments from earlier circulars dated October 04, 2024, and April 07, 2025. TheIFSCA BULLETIN | APR-JUN 2025 Policy and Regulatory Updates 10 updated framework clarifies that lessors in IFSC Metals and Commodities cannot acquire ships or lease rights from Indian residents if the vessel is intended solely for use by Customer Due Diligence (CDD) and Supply Chain Indian residents in a single financial year. However, this restriction does not apply to new ships acquired Integrity by Vault Managers in IFSC (April 22, directly from Indian shipyards. The move aims to 2025) promote domestic shipbuilding and strengthen the ship leasing ecosystem within the IFSC. IFSCA has issued this circular clarifying obligations of Vault Managers under KYC/AML-CFT Guidelines on setting up and operation of Guidelines and Bullion Guidelines. According to Circular, Vault Managers shall conduct CDD for all International Trade Finance Service Platform (April BDR holders, including overseas and domestic 11, 2025) participants, and may rely on Bullion Depository’s CDD with limitations. They must also ensure supply IFSCA has amended Clause 12(2) of the Guidelines chain integrity by maintaining unbroken custody of for setting up and operating the International Trade bullion through authorized logistics partners, with Finance Service Platform (ITFS), based on feedback contractual obligations for CDD and secure from ITFS operators and market participants. The handling from origin to vaulting. amendments include defining AUM, the condition for onboarding of foreign financiers has been Amendment to the "IFSCA Operating Guidelines on broadened to financiers carrying out credit or debit Bullion Exchange, Bullion Clearing Corporation, recovery through outsourcing, and the inclusion of criteria that financiers and its shareholders holding Bullion Depository and Vault Manager – more than 10% stake must not be from FATF- Dispensation of net-worth requirement for identified high-risk jurisdictions. ‘Customers’" (April 29, 2025) Revised GRCTC Framework (June 9, 2025) In the amendment carried out to the Operating With a view to align with international best Guidelines, the net worth requirement for all practices, and incorporate feedback from market classes of ‘Customers’ was dispensed away with. participants, IFSCA has issued a revised framework This was done to broad base the participation for Global/Regional Corporate Treasury Centres across various products offered on IIBX. However, (GRCTC), replacing the earlier circular issued on the net worth requirement specified for Qualified June 25, 2021. Suppliers and Qualified Jewellers vide Circulars dated August 18, 2022, and December 11, 2023, The key enablement’s of the revised framework respectively, shall continue to apply. include: Amendments to the ITC(HS) codes for the import of (i) Expands the scope of permissible activities, by enabling GRCTC to as a holding company, Gold and Silver through IIBX (June 02, 2025) undertake financing activities, cash and liquidity This circular was issued to align bullion import management, risk management and advisory guidelines at IIBX with DGFT’s Notification services related to the same. The annex to this No. 08/2025 26 dated May 19, 2025, and Finance framework provides guidelines pertaining to the Act, 2025 mandates. The amendments update permissible activities. several ITC (HS) codes: deleting old codes like (ii) Expands the scope of service recipients to which 71081200 and 71069220; introducing and the GRCTC can cater to, which now includes parent substituting new ones—71081210 (gold bars and group entities of GRCTC and its parent. ≥ 99.5%), 71069120 (silver grains ≥ 99.9%), and 71069221 (silver bars ≥ 99.9%). (iii) Outlines the requirement for registration with IFSCA, commencement of operations and corporate governance.IFSCA BULLETIN | APR-JUN 2025 11 services may now be provided to various schemes, AML & CFT including retail schemes launched by FMEs registered under the IFSCA (Fund Management) Modifications under the IFSCA (Anti Money Regulations, 2025. Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 (June 05, 2025) Other Updates IFSCA has issued a circular modifying the Anti Direction for all Regulated Entities (April 03, 2025) Money Laundering, Counter-Terrorist Financing and KYC Guidelines, 2022, to align with recent IFSCA issued this directive to reinforce the amendments to the PML Rules, 2005. It refines requirement that Regulated Entities (REs) provisions on accepted proof of address, updates operating in the IFSCs shall hold a valid and procedures for using KYC Identifiers from CKYCR, subsisting: and mandates timely updates to CKYCR by a) certificate of registration, license, recognition, regulated entities. The circular also clarifies authorisation, permission, approval, or equivalent treatment of foreign nationals’ KYC records and document as per IFSCA regulations/frameworks; lists specific regulated entities required to follow and these norms. The framework aims to enhance KYC b) Letter of Approval (LoA) under the SEZ Act, compliance, ensure data accuracy, and strengthen 2005. AML/CFT measures within IFSC, thereby promoting regulatory consistency and risk The directive aims to curb instances of REs management. operating without the necessary regulatory permissions due to non-renewal or expiration of the authorisations and LoAs. It has also been clarified Ancillary Services that non-renewal or expiration of the LoA may result in enforcement actions, including Amendment to Framework for Enabling Ancillary cancellation of registration/ license/ recognition/ Services at IFSCs (April 17, 2025) authorisation/ permission/ approval so granted. CKYCRR Portal access to IFSC Regulated Entities In view of recent regulatory developments in the IFSC ecosystem and based on feedback received IFSCA has been included as a Regulator on Central from market participants seeking to expand the KYC Records Registry (CKYCRR), a centralized scope of activities under "Trusteeship Services" in database for KYC managed by CERSAI, a subsidiary the IFSCA (Ancillary Services) Framework, 2021, of the Reserve Bank of India. This enables IFSC IFSCA has amended clause 4.3 of Annexure I of the Regulated Entities to register on CKYCRR portal said framework. The revised clause broadens the and comply with the obligations to upload/ update/ definition of trusteeship services to include services download the client/ customer KYC records on related to AIFs, Investment Trusts, such as InvITs, CKYCRR portal as mandated under Rule 9 (1A) of REITs, and other similar trust-based structures, the Prevention of Money-laundering (Maintenance Family Investment Funds (FIFs), security trust of Records) Rules, 2005. arrangements, and related services, including acting as an escrow agent. Additionally, trusteeshipIFSCA BULLETIN | APR-JUN 2025 Public Consultation 12 Public Consultation _____________________________________________________________________________________ ii. To advise IFSCA on the approach for developing Capital Markets a reliable and cost-effective ecosystem for transition finance meeting needs of the Indian Revamped Regulatory Framework for Global Access industry in the IFSC (May 30, 2025) The Committee submitted a report on transition This initiative aims to achieve IFSCA's core finance, providing its recommendations on three objective to develop and regulate the financial parameters: services market in IFSCs, positioning them as a prominent gateway for cross-border capital flows. i. Scope of definition The proposed framework aims to enhance ii. Policy and Regulation opportunities for broker-dealers operating in the iii. Financial Mechanism and Financial IFSC to access global exchanges, promote ease of instruments doing business, and reinforce the regulatory framework by mitigating risks associated with Based on the recommendations of the expert global market access. committee, approaches adopted by the various jurisdictions/institutions, and further examination by the IFSCA, a consultation paper on the Sustainable Finance “Framework for Transition Bonds” was issued by IFSCA on April 08, 2025. Important elements of the Consultation Paper on Framework for Transition Framework are as under: Bonds (April 08, 2025) i. Eligible activities IFSCA recognizes the pivotal role of ESG labelled ii. Trajectory/Transition Plan debt securities in financing sustainable development and transition to a low-carbon Ancillary Services economy. In line with this, a regulatory framework for Green, Social, Sustainability and Sustainability- linked Bonds was initially brought in by IFSCA as Public Consultation on Draft IFSCA (TAS) part of IFSCA (Issuance & Listing of Securities) Regulations, 2025 Regulations,2021 and subsequently subsumed in the IFSCA (Listing) Regulations, 2025. The objective of the proposed regulation was to create a consolidated and comprehensive As on June 2025, the GIFT-IFSC witnessed the regulatory framework to govern: listing of approximately USD 15.43 Bn ESG labelled • Ancillary Service Providers (ASPs), debt securities, accounting for ~24% of the total • The TechFin component of the IFSCA FinTech debt securities listed, which stand at USD 65.13 Bn. Entity Framework, and Though the overall green financing has increased, • Outsourced services permitted by respective “hard-to-abate” sectors face difficulties in accessing financial sector regulators finance despite their commitments to long term decarbonization. The draft regulation was made available for public consultation, and comments/ suggestions were In this background, IFSCA had set up the Expert invited from stakeholders, market participants, and Committee on Climate Finance with the following the general public from May 9 to June 1, 2025. A Terms of Reference related to Transition Finance: wide range of feedback was received during the consultation process, covering aspects such as i. To recommend a regulatory framework for scope of services, licensing requirements, transition finance instruments.IFSCA BULLETIN | APR-JUN 2025 Public Consultation 13 governance norms, key managerial personnel and Others permissible cross-border engagements. After careful examination of the feedback, the Consultation paper on the proposed IFSCA IFSCA incorporated relevant suggestions into the (Procedure for making regulations and subsidiary final version of the regulations. The resulting framework, titled IFSCA (TAS) Regulations, 2025, instruction) Regulations, 2025 (May 22, 2025) reflects a balanced and forward-looking approach, These draft regulations aim to enhance the supporting both innovation and regulatory regulatory framework for drafting, amending, and certainty for entities operating under this regime. issuing regulations and subsidiary instructions by The regulation was presented before the IFSCA the IFSCA. The proposed framework seeks to Board in its meeting held on June 24, 2025, in its further strengthen principles of transparency, 24th meeting and the Board has approved the draft stakeholder participation, and regulatory clarity. IFSCA (TechFin and Ancillary Services) Regulations, 2025.IFSCA BULLETIN | APR-JUN 2025 Enforcement Actions 14 Enforcement Actions _____________________________________________________________________________________ IFSCA through its Enforcement Division initiated 2. Issuance of Warning: IFSCA has issued enforcement actions against IFSC units in violation warning to a Regulated Entity with regards to of the regulatory requirements under the applicable compliances under Regulation 7(4) and IFSCA regulations. Regulation 10(1) of the International Financial Services Centres Authority (Fund Management) The details of enforcement action taken in brief are: Regulations, 2022. 1. Issuance of Show Cause Notice: IFSCA The aforementioned actions (1 & 2) were taken by issued a show cause notice to a Finance exercising powers granted to IFSCA under Section Company on account of non-compliance with 12 & 13 r/w Schedule I of the IFSCA Act, 2019. the requirements under the IFSCA (Finance Company) Regulations, 2021.IFSCA BULLETIN | APR-JUN 2025 Events and Outreach Activities 15 Events and Outreach Activities _____________________________________________________________________________________ At a roundtable with leaders from 21 institutions Hon’ble Finance Minister visits IFSCA across sectors like banking, insurance, capital markets, leasing, and TechFin, participants shared Hon’ble Union Minister for Finance & Corporate experiences and growth suggestions. The Finance Affairs, Smt. Nirmala Sitharaman, visited the Minister acknowledged their inputs and noted that International Financial Services Centre (IFSC) at regular engagements by the government have GIFT City, Gandhinagar on June 26, 2025, to facilitated business growth. She stressed that GIFT review its progress and interact with key market IFSC should become a key gateway for global capital participants. The high-level meeting was attended into India, supporting high-growth sectors, and also by Shri Kanubhai Desai, Gujarat's Finance highlighted the need for GIFT City to evolve into a Minister, senior officials from the Ministry of smart city with world-class infrastructure to attract Finance, Government of Gujarat, and heads of top talent. regulatory bodies like RBI, SEBI, IRDAI, IFSCA, and GIFT City Co. Ltd. Presentations were made on policy, regulatory, and tax reforms aimed at positioning GIFT IFSC as a global financial hub. Developmental Activities Finland Delegation visit to IFSCA and GIFT IFSC Smt. Sitharaman commended GIFT IFSC’s role in enhancing India’s financial standing and IFSCA hosted a Finnish delegation, led by H.E. Mr. emphasized the need to fast-track reforms to align Kimmo Lähdevirta, Ambassador of Finland to India with the ‘Viksit Bharat @2047’ vision. She on June 11, 2025. The delegation comprised of highlighted the importance of leveraging India’s business leaders looking forward to exploring technological strength and large domestic market, avenues to invest in the GIFT ecosystem. encouraging regulators to identify and support the evolving needs of the IFSC. She urged efforts to make GIFT IFSC more competitive and cost- effective, attract HNI investments, mobilize Sovereign and Pension Funds, and focus on developing a future-ready financial workforce. Emphasis was also placed on scaling operations at the IIBX to establish it as a global bullion hub.Events and Outreach Activities 16 IFSCA BULLETIN | APR-JUN 2025 The visit provided an opportunity for in-depth interaction with the Chairperson and senior leadership of IFSCA. The delegations were briefed on the GIFT IFSC ecosystem, its regulatory landscape, and the wide spectrum of business opportunities available for global players. The presentation on business opportunities was followed by a Q&A session to address the queries raised by the delegation. During the event, an IFSCA official delivered a keynote address at the inaugural ceremony, elaborating on the objectives and vision of GIFT IFSC. Additionally, a presentation titled “Blueprint 2030 – The Way Forward” was delivered, highlighting the pivotal role of GIFT IFSC in India’s economic growth narrative. Netherlands Delegation visit to IFSCA and GIFT IFSC Strengthening India-Australia Collaboration in Skills Development IFSCA hosted a Netherlands delegation on June 11, 2025, which included distinguished business Austrade, in partnership with IFSCA, successfully leaders interested in exploring potential avenues for hosted the Australia-India Skills Summit 2025 at investment in the GIFT City ecosystem. GIFT City on April 3, 2025. The Australian delegation comprised of officials from leading universities and institutions offering specialized vocational courses across various professional domains. The summit commenced with a GIFT City tour, featuring key infrastructure facilities such as Automated Waste Management System, Underground Utility Tunnel, and Command & Control Centre. The delegation also visited the two operational Australian universities in GIFT IFSC The visit provided an opportunity for in-depth gaining firsthand insights into their operations. interaction with the Chairperson and senior leadership of IFSCA. The delegations were briefed on the GIFT IFSC ecosystem, its regulatory landscape, and the wide array of business opportunities. Following the presentation on business opportunities, an interactive Q&A session was held to respond to the delegation’s queries and observations. Artha Samvaad GIFT IFSC – KMP Conclave Thereafter, IFSCA officials along with the officials of GIFT City Co. Ltd. delivered presentations at IFSCA officials participated in the “Artha Samvaad GIFT City Club, setting the stage for a roundtable GIFT IFSC-KMP Conclave” held at the PDEU discussion between the Australian delegation and Campus, Gandhinagar on June 20, 2025. leaders from entities operating within GIFT IFSC.Events and Outreach Activities 17 IFSCA BULLETIN | APR-JUN 2025 The conversation centered on identifying skill gaps on "Business & Investment Opportunities for NRIs in the ecosystem, exploring strategies for upskilling & Diaspora in GIFT IFSC" on June 12, 2025. talent, and discussing opportunities for offshore During the session, Dr. Dipesh Shah, Executive education centers in GIFT IFSC. Director provided an insightful overview of the IFSCA TechFin Talent Vista 2025 GIFT IFSC ecosystem highlighting the following: IFSCA TechFin Talent Vista 2025 was conducted by i. Key investment avenues available for NRIs and IFSCA at IFSCA, HQ, Gandhinagar, Gujarat on the Indian diaspora June 12, 2024. This event was aimed to enable ii. Strategic benefits of operating from GIFT IFSC effective collaboration of academia and corporates iii. Opportunities for Hong Kong based corporates for getting the cutting-edge talent ready to cater to seeking growth and participation in India’s industry demand in GIFT IFSC with a vision to growth story transform the city into a “New Age Global Financial Centre”. The event brought together a diverse spectrum of participants from industry and academia with a shared interest in exploring the opportunities they have within and around GIFT City in respect of availability of talent pool. During the event, the participants from industry, academia and the Officers of the Authority delved into the opportunities available at GIFT-IFSC which can transform talent pool as per the industry requirements. Their insights, combined with the active engagement of attendees, yielded a wealth of knowledge, insights and recommendations that Capital Markets hold significance for the future of GIFT-IFSC. Webinar on "Business & Investment Opportunities MoU between IFSCA and NISM to Boost Capacity for NRIs & Diaspora in GIFT IFSC" Building Initiatives IFSCA and the National Institute of Securities Markets (NISM) signed an MoU on May 2, 2025, to strengthen the capacity building and training initiatives within the securities markets at GIFT IFSC. The MoU was signed in SEBI, Mumbai during the presence of Shri K. Rajaraman, Chairperson, IFSCA, and Shri Tuhin Kanta Pandey, Chairperson, SEBI. The MoU aims to address the evolving skill and certification needs of stakeholders operating in the IFSC. Under this collaboration, NISM will IFSCA, in collaboration with the Consulate General support the development of customized content, of India, Hong Kong, successfully hosted a webinarEvents and Outreach Activities 18 IFSCA BULLETIN | APR-JUN 2025 question banks, and e-learning modules aligned around bilateral MoU for cooperation and with IFSCA’s regulatory framework and conduct information exchange, updates on initiatives, certification examinations for market participants particularly in capital markets and mutual and entities in the IFSC. The initiative is part of recognition for marketing and distribution of funds IFSCA’s broader strategy to build a robust, world- among others. class financial ecosystem by enhancing professional expertise and fostering human capital. The IFSCA delegation also met with senior officials IOSCO Annual Meeting 2025 of JPMorgan Chase & Co. and had a Bilateral Meeting with Qatar Investment Authority (QIA) in A delegation led by Chairperson, IFSCA, coordination with the Embassy of India in Qatar. participated in the IOSCO Annual Meeting 2025, held in Doha, Qatar during May 26 - 28, 2024. Listing of the First Foreign Corporate Issue at GIFT During the visit, IFSCA participated in various IOSCO meetings, workshops, bilateral meetings IFSC with regulators of other jurisdictions. IFSCA facilitated the landmark listing of Sril Discussions covered IOSCO's work program across Lanka’s DFCC Bank PLC’s LKR 2.5 billion Green areas such as strengthening financial resilience, Bonds on the NSE International Exchange in GIFT supporting market effectiveness, protecting IFSC on June 9, 2025. This marks the first foreign investors, addressing risks in sustainability and corporate green bond issuance to be listed at GIFT FinTech, and promoting regulatory cooperation IFSC and represents Sri Lanka’s inaugural capital and effectiveness. market debt instrument focused on renewable energy. The proceeds will primarily fund solar Also, updates were provided on the reports related energy projects, supporting Sri Lanka’s target of to safety of retail investors and the launch of the I- achieving 70% electricity generation from SCAN Investor Alerts Portal. The meeting also renewables by 2030. This listing aligns with addressed emerging risk themes identified in the IFSCA’s vision of developing GIFT IFSC as a leading risk outlook, such as geopolitical risk, green finance hub for the Global South. macroeconomic pressures, technology and cyber risks, and developments in private finance. Furthermore, capacity building initiatives, updates on SupTech/RegTech, and the progress of jurisdictions in adopting ISSB Standards were also discussed. On the sidelines of the IOSCO Annual Meeting, IFSCA officials held several key bilateral discussions with Cyprus Securities and Exchange Commission (CySEC), CSSF (Luxembourg), DFSA (Dubai) and SCA, UAE. The discussions revolvedEvents and Outreach Activities 19 IFSCA BULLETIN | APR-JUN 2025 India–Sri Lanka forum titled “The Dialogue” at 2025, in Mumbai. Shri Pradeep Ramakrishnan, Executive Director, IFSCA attended a panel Colombo, Sri Lanka discussion on Listing in GIFT City during the conclave. He emphasized the recent regulatory IFSCA in collaboration with the Government of India, NSE International Exchange (NSE IX), and reforms by IFSCA and highlighted the key features of the IFSCA (Listing) Regulations, 2024. Further, CareEdge Global, convened a high-level forum Shri Pavan Shah, GM, IFSCA participated as a titled “The Dialogue” in Colombo, Sri Lanka, on the speaker at the panel on GIFT City AIFs: Inbound & theme “Credit and Capital: Building Trust through Ratings and Regulations” with an objective to Outbound during the conclave and highlighted the recent initiatives and the growth of the fund advance bilateral cooperation in the financial and management ecosystem at GIFT -IFSC. investment sectors. The event brought together senior policymakers, regulators, and business leaders from both nations. Discussions prominently 21BY72 Season 4 highlighted GIFT IFSC’s unique value proposition, The 21BY72 Season 4, organized by Ivy Growth emphasizing its access to global capital at Associates in association with the Indian Venture competitive costs, attractive tax incentives, and Alternate Capital Association (IVCA), was held investor-friendly regulations, and a regulatory in Surat on June 14–15, 2025. Shri Pavan Shah, environment aligned with international standards. General Manager, IFSCA, participated in a fireside During the event, Shri Pradeep Ramakrishnan, chat titled “Fueling Startup Growth through Capital Executive Director, IFSCA, shared valuable insights Corridors: GIFT City & Beyond.” on GIFT IFSC’s evolution as a preferred platform for global listings and sustainable finance, reinforcing its strategic importance in the region. During the session, he highlighted the various initiatives undertaken by IFSCA to position GIFT City as a strategic hub for global finance and innovation. He also emphasised upon IFSCA’s efforts in facilitating cross-border capital flows and various regulatory innovations to strengthen the fund management ecosystem at GIFT-IFSC. The forum reinforced GIFT IFSC's strategic role as Finance Company a gateway to global capital for South Asian economies, fostering enhanced India–Sri Lanka Presentation to the Bangalore Chamber of Industry financial collaboration and positioning GIFT IFSC as a key enabler for regional growth and and Commerce (BCIC) on Opportunities for investment. Professionals in GIFT-IFSC As the HSBC India Day event held on May 8, 2025, FinTech Shri Praveen Trivedi, Executive Director, IFSCA, provided valuable insights into the IFSC ecosystem, PE&VC Conclave 2025 on Future of Fund highlighting key regulatory developments and Management: AIFs in GIFT City progress in the capital markets and banking sectors. Bombay Chamber of Commerce and Industry organized a PE&VC Conclave 2025 on Future of Fund Management: AIFs in GIFT City on April 24,Events and Outreach Activities 20 IFSCA BULLETIN | APR-JUN 2025 Panel discussion on ‘Business Opportunities from the India Market’ The discussion was held at the APLMA Taiwan This was followed by an engaging session from Ms. Loan Market Conference on June 3, 2025, in which, Riddhi Bhandari, General Manager IFSCA, who Ms. Riddhi Bhandari, General Manager of the spoke on the recent initiatives by IFSCA to facilitate Department of Banking at IFSCA, participated as a ‘Global/Regional Corporate Treasury Centres’. The panelist, and the discussion showcased India's event served as a valuable platform for industry strong potential and key growth drivers. It also interaction and for showcasing the growing spotlighted the prospects within GIFT IFSC, financial ecosystem at GIFT City. emphasizing its vibrant financial ecosystem— featuring 15 foreign and 17 Indian banking units— alongside enablement for undertaking non-banking activities such as aircraft and ship leasing, among others. A panel discussion on “Future-proofing GIFT City and India’s digitisation trajectory” The panel discussion was held at Global Trade Review (Mumbai) on May 14, 2025, in which, Ms. Riddhi Bhandari, General Manager, Department of 57th Annual Meeting of Factors Chain International Banking, IFSCA, shared her insights as a panelist on the topic and highlighted the need to position GIFT The 57th Annual Meeting Factors Chain IFSC as a hub for innovation. She emphasised the International was held in Rio de Janeiro, Brazil importance of flexible regulation to support during June 22-26,2025. product development, the potential to connect global capital with India’s digital credit ecosystem, and the opportunity to expand liquidity solutions for MSMEs while addressing challenges to international competitiveness.Events and Outreach Activities 21 IFSCA BULLETIN | APR-JUN 2025 regulatory environments were discussed with the Korean (re)insurers. During the visit the IFSCA officials also engaged with senior officials of Financial Supervisory Service (FSS), a statutory authority for financial policy and regulatory supervision, Korea. The focus was to strengthen the bilateral engagement with FSS and reinforce GIFT IFSC’s position as a global (re)insurance centre. Ms. Riddhi Bhandari, General Manager, Department of Banking, IFSCA, shared her insights as a panelist, stressing the need to position GIFT City as a hub for innovation. She highlighted the role of flexible regulation in enabling product development, connecting global capital with India’s Launch of IBAI Chapter at IFSCA GIFT City digital credit ecosystem, and enhancing MSME Insurance Brokers Association of India (IBAI) was liquidity while addressing barriers to international incorporated on July 25, 2001, to provide an avenue competitiveness. to the members for further education, training and research in all fields of insurance and reinsurance and represent the interests of Brokers with other Industry trade bodies at regional and national level. IBAI is a member of Council of Asia Pacific Brokers Association (CAPIBA), the Bombay Chamber of Commerce & Industry, Federation of Indian Chambers of Commerce & Industry (FICCI) On April 28, 2025, officials of IFSCA attended the launch of IBAI Chapter at GIFT City. Indian Perspective on CAT Bonds DFS and World Bank had organised Workshop on Insurance Catastrophe (CAT) Bonds on May 07, 2025. Mr. K. Mahipal Reddy, Executive Director, and Mr Bhaskar Khadakbhavi, General Manager, IFSCA IFSCA Participation at the Korea International attended the workshop. Insurance Conference (KIIC) In the presentation on Indian Perspective on ILS / IFSCA officials participated at the KIIC 2025, June CAT Bonds, Mr. Reddy discussed the 4-5, 2025, held under the theme “Evolving Risks, recommendations from the Working Group formed Agile Action,” focused on the insurance sector’s by IFSCA to explore Alternate Risk Transfer (ART) response to complex challenges such as climate Arrangements, which include Insurance Linked change, cyber risks, and digital transformation. Securities (ILS) / CAT Bonds. These financial During the conference several high-level meetings instruments are proposed to offer new avenues for on opportunities in the (re)insurance landscape at managing and transferring catastrophe risks, GIFT IFSC, especially in the context of cross-borderEvents and Outreach Activities 22 IFSCA BULLETIN | APR-JUN 2025 contributing to financial resilience in the event of natural disasters. The World Bank has presented a concept paper, outlining the need to enable CAT Bonds in India and as part of this effort, Mr. Reddy discussed the recommendations of IFSCA Working Group on a robust regulatory framework for the issuance of CAT Bonds. Based on recommendations of the Working Group, IFSCA participated in the event of FinTech Fusion IFSCA will be proposing put in place an enabling India in Bengaluru on April 16-17, 2025. Shri regulatory framework to facilitate the issuance of Joseph Joshy, CGM, IFSCA, gave the keynote these financial instruments, ensuring preparedness address in the event on the topic “Frontier tech in to harness the benefits of Insurance Linked Financial Services”. Securities and CAT Bonds. FinTech IFSCA as a Member of the IAIS FinTech Forum attended the FinTech Forum meeting virtually on May 07, 2025.IFSCA BULLETIN | APR-JUN 2025 Current Statistics 23 Current Statistics ____________________________________________________________________________________ Authorisation by IFSCA 1 Table 1: Licenses/ Registrations issued by IFSCA based on SEZ LOAs Segment Category During Apr-Jun 2025 As on June 30, 2025 IFSC Banking Units 3 32 Banking Global Administrative Office 0 2 Payment Service Provider 1 6 Payment Services Payment Service Operator 0 1 Aircraft Leasing Entities 1 34 Ship Leasing Entities 6 30 Finance Company Finance Company - Core/Non -core incl. RTC 1 14 International Trade Financing Services Platform 0 4 (ITFS) MII 0 5 Broker Dealer 4 87 Clearing Member 0 23 Depository Participant 0 10 Registered Distributor 1 15 Investment Adviser 1 4 Capital Market Custodian 0 5 Debenture Trustee 0 4 Credit Rating Agency 1 2 Investment Banker 1 5 Fund Management Entity 15 177 AIFs/Schemes 43 272 Insurance/Reinsurance Entities (IIOs) 1 19 Insurance Insurance Intermediaries (IIIOs) 1 28 BATF Entities 2 5 Ancillary Services Ancillary Services Providers 3 91 MII 0 1 Bullion Market Bullion Intermediaries 0 20 Vault 0 4 Direct Authorization 2 20 FinTech/ TechFin Sandbox 0 12 GIC (large) 0 1 GIC GIC (mid-size) 0 2 Foreign University International Branch Campus 1 4 Total 88 939 Office of Administrator (IFSCA) Table 2: Approvals by SEZ Unit Approval Committee (prior to issue of IFSCA authorization) Particulars During Apr-Jun 2025 Till Jun 2025 UAC Meetings 13 58 New Unit Applications considered 84 473 New Unit Applications approved 81 435 LOA issued 81 435 1 Including in-principle/ provisional approvalsIFSCA BULLETIN | APR-JUN 2025 Current Statistics 24 Banking Table 3: Number of IBUs Particulars As on Mar 31, 2025 As on Jun 30, 2025 No. of IBUs 29 32 Table 4: Assets of IBUs Month ended Apr 2025 May 2025 Jun 2025 Particulars USD Mn Investments 4859.87 4544.71 4688.94 Sovereign securities 2257.84 2061.62 2133.29 Corporate Bonds 1977.88 2075.32 2186.56 Other investments 624.15 407.77 369.09 Trade Finance 12587.98 12692.46 13979.66 Commercial Loans 48875.12 49928.89 50611.24 External Commercial Borrowing (ECB) 30889.52 32136.44 33364.43 Commercial Loans other than ECB 17985.60 17792.45 17246.81 Retail loans 102.10 102.26 104.15 Other loans 707.44 656.74 478.79 Interbank/ Interbranch placements 17544.10 17351.92 19333.2 Others 4855.43 4484.9 4650.36 Total 89532.04 89761.88 93846.34 Table 5: Liabilities of IBUs Month ended Apr 2025 May 2025 Jun 2025 Particulars USD Mn Customer deposits 7502.48 7587.07 7442.11 Interbank/Interbranch borrowings 63259.58 63798.47 67045.36 Bilateral Borrowings 8104.03 7846.06 8776.75 Multilateral Borrowings 505.01 504.49 504.06 MTN Borrowings and other debt instruments 2755.73 2756.73 2758.00 Others 7405.21 7269.06 7320.06 Total 89532.04 89761.88 93846.34 Table 6: Customer Deposits (in USD Mn) Month ended Apr 2025 May 2025 Jun 2025 Deposits Demand Time Demand Time Demand Time Retail deposits 838.91 337.06 889.06 374.59 900.21 366.5 Corporate deposits 675.46 5651.05 718.75 5,604.67 800.89 5374.51 Total 1514.4 5988.11 1607.81 5979.26 1701.1 5741.01IFSCA BULLETIN | APR-JUN 2025 Current Statistics 25 Table 7: Customer Deposits Accounts Category Accounts held by Accounts held by held by Month Ended Non-Resident Non-Residents (Other Resident (Amount in USD Mn) Indians (NRIs) Countries) Indians No. of accounts 129 7967 990 Retail Amount 8.33 1066.33 101.31 Apr 2025 No. of accounts 1843 671 2867 Corporate Amount 1944.94 1319.51 3062.07 No. of accounts 135 8459 1097 Retail Amount 8.17 1149.19 106.29 May 2025 No. of accounts 1669 1006 2801 Corporate Amount 1539.78 1575.56 3208.08 No. of accounts 141 9247 935 Retail Amount 7.74 1204.45 54.52 Jun 2025 No. of accounts 1713 1034 2713 Corporate Amount 1365.36 1985.03 2825.01 Table 8: Derivative Outstanding of IBUs (USD Mn) (Notional) Month ended Apr 2025 May 2025 Jun 2025 FCY-INR Derivatives (to be settled in FCY) 35420.63 42552.09 38524.26 FCY-FCY Derivatives (to be settled in FCY) 23208.29 23489.25 23412.86 INR Interest Rate Derivatives (to be settled in FCY) 73790.31 71255.46 62513.30 FCY Interest Rate Derivatives (to be settled in FCY) 100796.9 99009.34 96144.81 Others 1404.23 1155.47 1046.04 Total 234620.40 237461.61 221641.27 Table 9: ODI Outstanding of IBUs (USD Mn) Month Ended Apr 2025 May 2025 Jun 2025 Total ODI amount 1248.73 769.41 731.90 Table 10: Industry wise credit exposure of IBUs Month ended Apr 2025 May 2025 Jun 2025 Sector Industries Amount Outstanding (USD Mn) Auto Components 203.11 210.67 222.50 Automobile 526.42 559.99 717.96 Capital Goods 430.18 296.89 294.19 Cement and Cement Products 1143.70 1148.07 1172.26 Electronic Systems 1405.89 1417.49 1645.64 Food Processing 805.31 877.58 933.49 Glass and Glassware 23.06 20.47 22.25 Iron & Steel 1309.04 1323.09 1520.66 Laminates/ Plywood/ Boards 13.51 12.74 11.69 Leather and Leather Products 1.58 1.68 1.35 Medical and Medical Equipment 201.26 204.09 167.78 Metals 2071.71 1597.70 1702.64 Paper and Packaging 58.65 57.74 58.06 Petrochemicals 5453.80 5104.09 5067.14 Plastic and Plastic Products 170.44 174.61 231.28 Textiles and Apparels 308.95 301.67 333.24 Vehicles, Vehicle Parts, and Transport 423.32 285.84 424.12 Equipment Services Banking and Finance 17002.09 17095.67 16419.55IFSCA BULLETIN | APR-JUN 2025 Current Statistics 26 Clearing Corporation 235.31 227.91 218.91 Education 145.12 42.74 41.47 Financial Services 4061.80 3948.66 3682.73 Healthcare 149.59 103.78 103.80 IT and Software Industry 429.92 411.99 343.77 Logistics 51.88 44.54 31.07 NBFC 13624.74 14293.43 14703.76 Professional Services 110.23 80.44 82.46 Retail and e-commerce 334.90 380.05 427.20 Telecommunication 2054.42 2333.89 2270.37 Tourism & Hospitality 272.21 271.54 574.98 Trade/Distributor 369.68 363.68 477.59 Construction 232.09 229.38 229.85 Mining 361.20 367.95 435.10 Oil and Gas 2299.32 2248.96 2280.29 Infrastructure Ports and Shipping 853.23 1086.91 1110.53 Power Sector 1982.08 2375.69 2815.06 Renewable Energy 980.45 1020.95 1242.58 Roads and Highways 16.71 17.40 19.19 Agriculture and Forestry 460.34 431.85 443.29 Aviation 438.70 490.79 453.59 Chemicals 1725.88 1795.85 1753.64 Jewelry 409.69 416.08 544.83 Paints 0.00 0.00 0.00 Pharmaceuticals 945.29 1231.29 1264.21 Other Sectors 4022.41 4570.01 4706.61 Total 68119.21 69475.83 71202.70 Table 11: Country wise exposure of IBUs Apr 2025 May 2025 Jun 2025 %age of total %age of total %age of total Country Name Country Name Country Name exposure exposure exposure India 77.23 India 75.79 India 75.99 USA 5.17 USA 5.65 USA 5.36 UAE 3.33 UAE 3.37 UAE 3.63 UK 2.89 UK 3.11 Mauritius 2.80 Mauritius 2.81 Singapore 2.89 Singapore 2.70 Singapore 2.11 Mauritius 2.39 UK 2.50 Netherlands 1.76 Netherlands 1.83 Netherlands 1.87 Hong Kong 0.68 Hong Kong 0.69 Bahrain 0.68 Bahrain 0.54 Bahrain 0.60 Saudi Arabia 0.42 Ireland 0.43 Ireland 0.49 Hong Kong 0.41 Others 3.06 Others 3.19 Others 3.65IFSCA BULLETIN | APR-JUN 2025 Current Statistics 27 Finance Companies/ Finance Units Table 12: Finance Companies/ Finance Units during Apr-Jun 2025 2 Type of Finance Company Aircraft Lease Ship Lease FC (Core) FC (Non-Core) Total Provisional Registration Granted 1 0 1 0 2 Final CoR Granted 2 8 1 0 11 Registration till Jun 30, 20253 34 30 13 5 82 Table 13: Assets leased by AOL/ Ship Leasing Entities Type of asset As on Mar 31, 2025 As on June 30, 2025 Aircraft Leasing entities Aircraft 90 98 Engines 67 70 Aircraft Auxiliary Power Units (APU) 85 85 Total 242 253 Ship Leasing entities Ship 18 23 Table 14: Transactions financed by ITFS Platforms Particulars As on Mar 31, 2025 As on June 30, 2025 Number of Transactions 779 1617 Value of Transactions (in USD Mn) 44.36 63.27 Table 15: Business details of Global/Regional Corporate Treasury Centres (GRCTC) Particulars As on Mar 31, 2025 As on June 30, 2025 Loans & Advances (in USD Mn) 2332.05 2725.54 Total Investments (in USD Mn) 141.38 78.31 Table 16: Business details of Core Finance Companies (e.g. Lending, Export financing) Particulars As on Mar 31, 2025 As on June 30, 2025 Loans & Advances (in USD Mn) 7.73 11.26 Total Investments (in USD Mn) 6.65 0.00 Capital Markets Table 17: IFSC Stock Exchanges Turnover (Traded Value in USD Mn) Month Apr 2025 May 2025 Jun 2025 Total for the Quarter No. of Traded No. of Traded No. of Traded No. of Traded Particulars contracts Value contracts Value contracts Value contracts Value Index 2136339 101187 2069422 102724 1867362 93957.6 6073123 297868.2 Futures Index 39379 16.54 33972 24.6 30178 18.64 103529 59.78 Options Depository Receipts on 194091 1.28 113266 0.76 146275 0.85 453632 2.89 US stocks Total 2369809 101204.6 2216660 102749.2 2043815 93977.07 6630284 297930.83 2 Other than Aircraft and Ship operating lease 3 Including provisional registrationsIFSCA BULLETIN | APR-JUN 2025 Current Statistics 28 Table 18: Aggregate Open Interest (OI) of all derivatives contracts on IFSC Stock Exchanges As on last trading day of the month Open Interest (no. of contracts) Value (USD Mn) Apr 2025 2,25,185 10,993 May 2025 2,35,010 11,682 Jun 2025 2,53,642 13,000 Table 19: India INX Global Access Particulars Accounts Opened during Apr-Jun 2025 As on Jun 30, 2025 Total Number of Accounts 847 5524 Table 20: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn) Entity Type Particulars Apr-Jun 2025 Till Jun 30, 2025 LRS (Residents) Equity, ETFs, Funds, Bonds, and other products 6.01 31.30 Equity, ETFs, Funds, and other products 151.80 896.67 IFSC Entities Derivatives Products 1039.88 35899.46 Non-residents Equity, ETFs, Funds, and other products 3.68 62.00 outside IFSC Derivatives Products 0.00 183.17 Total 1201.37 37072.61 Table 21: Trading in Global Exchanges through India INX Global Access (Apr-Jun 2025: USD Mn) Exchange Total trading value Trading in Derivatives Trading in non-derivatives SGX 396.22 396.22 0.00 HKEX 246.19 246.19 0.00 COMEX 241.93 241.93 0.00 NYSE 90.69 1.94 88.75 CME 52.21 52.21 0.00 NASDAQ 51.28 0.72 50.56 NYMEX 39.45 39.45 0.00 CBOE 22.94 22.94 0.00 ARCA 15.22 0.00 15.22 CBOT 14.27 14.27 0.00 Others 30.96 24.01 6.96 Total 1201.37 1039.88 161.48 Table 22: Demat accounts opened by the Depository Particulars During Apr-Jun 2025 (Accounts Opened) As on Jun 30, 2025 Total Number of Accounts 4,350 69,224 Table 23: Settlement by Clearing Corporations 4 5 Name of Clearing Average Daily Settlement Highest Settlement Value for Month Corporation Value (USD) the Month (USD) Apr 2025 64188 297003 India International Clearing May 2025 39223 274125 Corporation (IFSC) Limited Jun 2025 19295 33045 4 Average Daily Settlement Value = Total Settlement value for the Month /Total number of trading days. 5 Highest Settlement Value for the Month = Highest Pay in Amount in single settlement in a monthIFSCA BULLETIN | APR-JUN 2025 Current Statistics 29 Derivatives: 1,182,787 Derivatives: 5,799,262 Apr 2025 Cash: 24,546 Cash: 48,775 NSE IFSC Clearing Derivatives: 651,763 Derivatives: 4,463,343 6 May 2025 Corporation Limited Cash: 8,956 Cash: 20,994 Derivatives: 293,890 Derivatives: 655,482 Jun 2025 Cash: 9,407 Cash: 22,753 Fund Management Table 24: Number of Fund Management Entities (FMEs) and Funds Particulars As on Mar 31, 2025 As on Jun 30, 2025 7 FMEs 162 177 8 Funds 229 272 Table 25: Investments by Fund Management Schemes at GIFT IFSC In USD Mn Cumulative Data Data as on Jun 30, 2025 No. of Investments Investments Total Type of Schemes Commitments Funds Investments into India into Foreign Investments Schemes Registered raised raised made Jurisdictions 9 (A) (A+B) (B) Venture Capital Schemes 16 225.76 64.69 53.39 30.79 15.95 46.73 (including Angel Schemes) Category I 88 11,734.72 5,453.94 5,511.94 4,433.82 766.56 5,200.38 and II AIFs Category III 166 10,150.02 4,974.13 5,711.44 3,909.55 650.57 4,560.12 AIFs Retail 2 Retail Schemes have not commenced investment activities Schemes Total 272 22,110.50 10,492.76 11,276.77 8,374.15 1,433.07 9,807.22 Table 26: Investors in IFSC Funds 10 No. of Investors Complaints/ Legal Type of Scheme Disputes outstanding As on Mar 31, 2025 As on Jun 30, 2025 Venture Capital Schemes including 469 526 0 Angel Schemes) Category I and II AIFs 1025 1100 0 Category III AIFs 1508 1957 0 Total 3002 3583 0 6 Cash values refer to settlement statistics in Depository Receipts on US Stocks. 7 Excluding in-principle approvals 8 Excluding surrendered funds 9 This excludes exposure towards derivative contracts, cash equivalents, etc. In the case of fund of funds schemes, cash maintained, and expenses incurred by the underlying fund are also excluded. 10 Investors from more than 50 jurisdictions have contributed across schemes.IFSCA BULLETIN | APR-JUN 2025 Current Statistics 30 Table 27: Trends of Fund Management Activity USD Mn Particulars Q1 FY 25 Q2 FY 25 Q3 FY 25 Q4 FY 25 Q1 FY 26 Cumulative commitments raised 11693.91 12134.41 14880.99 15742.47 22,110.50 Cumulative funds raised 5319.11 5581.24 7007.07 7957.20 10,492.76 Table 28: Portfolio Management Services (PMS) as on Jun 30, 2025 Type of Services No of Investors AUM (in USD Mn) Discretionary & Non- Discretionary PMS 141 1097.72 Advisory Services 80 364.65 Total 221 1462.37 Sustainable Finance Table 29: Listing of debt securities at IFSC Exchanges (In USD Bn) Particulars As on Mar 31, 2025 As on Jun 30, 2025 Cumulative debt listings 65.10 65.13 Of which Cumulative ESG labelled debt listing 15.43 15.43 Table 30: Listing of debt securities at IFSC Exchanges (During Apr-Jun 2025) Sr No Name of the issuer Listing Date Labels Amount (USD Mn) 1 Aye Finance Limited 19-05-2025 - 15.00 2 DFCC Bank PLC 09-06-2025 Green 08.21 Total 23.21 Table 31: Overall Sustainable Financing by IBUs During Oct 2024 - Mar 2025 Short term Loans (USD Mn) FY 2024-25 Classification Medium / Long Term (USD Mn) Working Capital/ Loans (USD Mn) Trade Finance Others Supply Chain Finance Green 517.85 292.04 5.50 0.00 1076.72 Social 1188.70 413.34 21.00 0.00 1756.04 Sustainable 223.56 79.93 0.00 0.00 348.12 Sustainability Linked 208.57 0.00 0.00 0.00 208.57 Others 0.00 0.00 0.00 0.00 0.00 Total 2138.68 785.31 26.50 0.00 3389.45 Table 32: Sector-wise classification of Sustainable Financing by IBUs FY 2024-25 Sector (List is Indicative) Amount (USD Mn) Total No. of Transactions Renewable Energy 1052.91 701 Energy Efficiency 130.74 6 Pollution Prevention and Control 47.46 2 Sustainable Water and Wastewater Management 0.00 0 Clean Transportation 6.04 4 Climate Change Adoption 0.00 0 Green Buildings 4.50 2 Affordable Basic Infrastructure 107.04 15 Affordable Housing 363.56 10 Food Security and Sustainable Food Systems 0.63 6 Social Project as per Framework 299.44 5IFSCA BULLETIN | APR-JUN 2025 Current Statistics 31 Sustainable Project as per Framework 72.60 22 Health Care 86.36 129 Social Education 50.00 1 Social Loan 178.08 9 MSME 217.55 2316 Others 772.54 2970 Total 3389.45 6198 Insurance Table 33: Number of IIOs and IIIOs Particulars As on Jun 30, 2025 IFSC Insurance Offices (IIOs) 19 IFSC Insurance Intermediary Offices (IIIOs) 28 11 Table 34: Written/ Transacted premium by IIOs and IIIOs Written/ Transacted Premium (In Mn USD) Particulars FY 2024-25 Q1 FY 2025-26 IFSC Insurance Offices (IIOs) 204.56 43.53 IFSC Insurance Intermediary Offices (IIIOs) 411.36 103.50 12 Table 35: Line of Business wise Direct Insurance Business (Life and General) Gross Written Premium (in USD Mn) Class of Business FY 2024-25 Q1 FY 2025-26 Engineering 0.00 0.21 Fire 2.78 1.32 Health + PA 6.99 2.33 Trade Credit 0.33 0.11 Marine Cargo 0.02 0.00 Marine Hull 0.06 0.00 Life 3.98 1.58 Aviation 0.78 0.00 Other Misc. 0.01 0.01 Total 14.96 5.56 13 Table 36: Line of Business wise Re-insurance Business Gross Written Premium (in USD Mn) Class of Business FY 2024-25 Q1 FY 2025-26 Engineering 9.43 1.06 Fire 47.58 5.96 Health + PA 88.95 14.45 Liability 1.63 -0.16 M Cargo 4.84 0.88 M Hull 3.88 0.68 Motor 22.26 12.86 WC/EL 0.03 0.01 Aviation 0.00 0.02 Other Misc 10.99 2.21 Total 189.59 37.97 11 The data is unaudited 12 ibid 13 The data is unauditedIFSCA BULLETIN | APR-JUN 2025 Current Statistics 32 14 Table 37: Claims data (Retail / Re-insurance) FY 2024-25 Q1 FY 2025-26 Particulars Claim Amount Claim Amount No. of Claims No. of Claims (in USD Mn) (in USD Mn) Claims pending at the beginning 3,060 12.32 2,257 24.76 New Claims registered 68,070 90.83 34,460 17.04 Claims settled 67,490 75.07 28,025 10.88 Claims rejected 1318 0.00 155 0.00 Claims outstanding at the end 2,322 28.08 8,537 30.92 Metals and Commodities Table 38: Participants on India International Bullion Exchange (IIBX) Participants As on Mar 31, 2025 As on Jun 30, 2025 Qualified Jewellers 167 177 Clients 118 127 ‘Special category’ Clients 49 50 Qualified Suppliers 37 39 Clients 34 35 ‘Special category’ Clients 02 02 QS IFSC 01 02 Valid India UAE CEPA TRQ Holders 441 0 Table 39: Regulated Entities/ Intermediaries on IIBX Regulated Entities As on Mar 31, 2025 As on Jun 30, 2025 Bullion Trading Members 7 7 Bullion Trading Cum Self Clearing Members 3 3 Bullion Trading Cum Clearing Members 8 8 Bullion Professional Clearing Members 2 2 Vault Managers 3 3 Table 40: Product-wise summary of trades on IIBX During FY 2023-24 During FY 2024-25 During Apr – Jun 2025 Traded Traded Traded Traded Traded Traded Product Value (USD Volume (in Value (USD Volume (in Value (USD Volume (in Mn) kg) Mn) kg) Mn) kg) LBMA 1 kg Gold 995 4.52 75.00 0.00 0.00 0.00 0.00 LBMA 100 gm Gold 999 0.00 0.00 0.00 0.00 0.00 0.00 UAE GD 1 kg Gold 995 2.22 34.00 8.46 106.00 0.00 0.00 UAE GD 100 gm Gold 999 7.24 114.80 10.97 135.50 0.00 0.00 UAEGD TRQ 1 kg Gold 995 252.91 3957.00 3471.10 40514.00 0.00 0.00 UAEGD TRQ 100 gm Gold 999 238.38 3747.40 4437.75 52317.40 0.00 0.00 Total (Gold) 505.27 7928.20 7928.28 93072.50 0.00 0.00 UAEGD CEPA SILVER GRAINS 698.48 908800.00 217.91 228060.00 0.00 0.00 UAEGD SILVER GRAINS 0.00 0.00 1.10 1100.00 0.00 0.00 SILVER GRAINS 0.00 0.00 0.00 0.00 0.00 0.00 UAEGD SILVER BAR 0.00 0.00 0.00 0.00 0.00 0.00 SILVER BAR 0.00 0.00 9.29 10020.00 0.00 0.00 Total (Silver)15 698.48 908800.00 228.31 239180.00 0.00 0.00 14 1) The data is unaudited 2) No. of Claims and Claim amount includes for retail insurance business and re-insurance recoveries 15 The trading of silver started on IIBX from December 13, 2023IFSCA BULLETIN | APR-JUN 2025 Current Statistics 33 FinTech Table 41: FinTech Ecosystem in IFSC Sr. No. Particulars Cumulative Till Jun 30, 2025 Number of Sandbox Entities 12 1 In Innovation Sandbox 9 In Regulatory Sandbox 3 2 Number of FinTech/ TechFin Entities Authorized 18 3 Number of Accelerators Authorized 2 4 Number of Entities exited from Sandbox 38 Ancillary Services 16 Table 42: Activity-wise break-up of number of ancillary services entities Core Activity As on Mar 31, 2025 As on Jun 30, 2025 Legal, Compliance and Secretarial 16 18 Auditing, Accounting, Bookkeeping and Taxation Services 13 13 Professional & Management Consulting Services 32 32 Administration, Asset Management Support Services and Trusteeship Services 27 28 Total 83 91 BATF 17 Table 43: Activity-wise break up of BATF entities authorized S. No. Core Activity No. of Authorized Entities as on Jun 30, 2025 1 Accounting Services 2 2 Bookkeeping Services 1 3 Taxation Services 2 Total 5 16 Including in-principle approvals 17 Including in-principle approvals and fresh application (other than transfer of existing Ancillary Services Entities)IFSCA BULLETIN | APR-JUN 2025 Trends 34 Trends ____________________________________________________________________________________ Figure 1: IBUs – Total Assets and Outstanding Customer Credit (Gross) 93.85 88.51 65.17 n B D 60.25 59.60 S U n i t n u o 38.24 39.42 m a S 29.38 / O 23.98 18.49 14.94 11.59 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Jun'25 Total assets Customer Credit (Gross) Figure 2: Deposits Growth in IBUs 7.44 7.31 6.18 6.03 n B D S U 4.35 n i t 3.68 n u o m a S / 2.31 O 0.85 1.67 0.29 1.28 1.27 0.77 0.64 0.67 0.29 0.00 0.08 Mar'21 Mar’22 Mar’23 Mar’24 Mar'25 Jun'25 Retail Corporate Customer (Retail + Corporate)IFSCA BULLETIN | APR-JUN 2025 Trends 35 Figure 3: Turnover on IFSC Stock Exchanges USD Bn 120.00 100.00 80.00 60.00 40.00 20.00 - 0 0 0 0 0 1 1 1 1 1 1 2 2 2 2 2 2 3 3 3 3 3 3 4 4 4 4 4 4 5 5 5 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 -r p A -n u J -g u A -tc O -c e D -b e F -r p A -n u J -g u A -tc O -c e D -b e F -r p A -n u J -g u A -tc O -c e D -b e F -r p A -n u J -g u A -tc O -c e D -b e F -r p A -n u J -g u A -tc O -c e D -b e F -r p A -n u J India INX NSE IFSC Figure 4: Growth in Number of FMEs and Schemes Figure 5: Funds Ecosystem at GIFT IFSC (in USD Bn) 300 25.00 272 250 20.00 229 200 15.00 177 162 150 10.00 120 114 100 5.00 65 50 50 0.00 Mar'23 Mar'24 Mar'25 Jun'25 0 Commitments Raised Mar'23 Mar'24 Mar'25 Jun'25 Funds Raised Total no. of FMEs Total no. of schemes Total Investments Made in Schemes 18 Figure 6: Gross Written Premium (GWP) of IIOs and IIIOs USD Mn 500 411.36 400 276 300 223.45 227 204.55 200 153.1 149 74.86 83.26 100 18.6 0 2020-21 2021-22 2022-23 2023-24 2024-25 IIOs IIIOs 18 Data for FY 2024-25 is ProvisionalINTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY 2nd & 3rd Floor, PRAGYA Tower, Block 15, Zone 1, Road 1C, GIFT SEZ, GIFT City, Gandhinagar, Gujarat – 382 355 www.ifsca.gov.in