IFSCA Bulletin Jan-Mar 2026

Q4 BULLETIN JAN-MAR | FY 2025-26 International Financial Services Centres Authority (IFSCA)IFSCA BULLETIN Q4 FY 2025–26 (Jan–Mar 2026) INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)DISCLAIMER AND CONTACT INFORMATION The IFSCA Bulletin is a quarterly publication of the Division of Economic Policy and Analysis (EPA) of International Financial Services Centres Authority (IFSCA). The EPA Division gratefully acknowledges the valuable support and data inputs provided by various Divisions and Departments of IFSCA in the preparation of this Bulletin. This edition of the Bulletin has been prepared and compiled by Shri Nabeel Ahmad Saad, Deputy General Manager; Shri Jayanta Devnath, Manager; and Shri Rajiv Malesiddappa Vivekananda, Assistant Manager. The Division also acknowledges the assistance of Ms. Udisha Sharma (Former Young Professional), Shri Chaitanya Purohit (Young Professional), and Ms. Cerin Elsa Joji (Intern, EPA) for their support in the preparation of this edition. The analyses, statistics, and insights presented in this Bulletin are based on information sourced from periodic regulatory filings, official submissions by regulated entities (REs), and other credible data sources available with IFSCA. Figures presented in graphs and charts may be subject to rounding. Accordingly, totals may not exactly match the sum of individual components. While due care has been exercised to ensure the accuracy, completeness, and reliability of the information, certain data may be revised from previous publications owing to updates, reclassifications, or late submissions by reporting entities. IFSCA accepts no responsibility for any inadvertent errors, omissions, or consequences arising from the use of this publication. The summaries of circulars, regulations, notifications, public consultations, and other regulatory updates presented in this Bulletin are provided for general reference and ease of understanding only. They do not constitute legal or regulatory advice and are not a substitute for the official texts. Readers are advised to refer to the official versions published on the official website of IFSCA for the authoritative and most current text, which shall prevail in case of any discrepancy. In the case of signed articles, the views expressed are those of the respective author(s), who bear responsibility for the content. Reproduction or citation of material from this publication is permitted, subject to due acknowledgement of IFSCA as the source. The PDF version of this Bulletin is freely available for download in the Publications section of the official website of IFSCA: https://ifsca.gov.in. IFSCA welcomes feedback, suggestions, and comments to strengthen the analytical value and coverage of future editions. The correspondence may be addressed to: dept-epa@ifsca.gov.in, with the subject line “IFSCA Bulletin”. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)EVOLUTION OF GIFT IFSC AND ROLE OF IFSCA ____________________________________________________________________________________ The setting up of the International Financial Services In furtherance of the Union Budget announcement, Centre (IFSC) in Gujarat International Finance Tec-City RBI vide FEM (IFSC) Regulations, 2015 dated March 02, (GIFT City), Gandhinagar, Gujarat, represents a 2015, notified that units in IFSC would be ‘person landmark financial sector reform which is aimed at resident outside India’ from the perspective of Foreign creating a new international financial jurisdiction Exchange Management Act. This special dispensation within India for undertaking full range of international enabled transactions to be carried out in foreign financial services business. currencies without capital control restrictions. Parallelly, domestic financial sector regulators namely RBI, SEBI and IRDAI notified the initial set of enabling business regulations for GIFT IFSC. Concept and Scope of IFSC An IFSC is a jurisdiction that provides financial services to both residents as well as non-residents and facilitates cross-border financial transactions in foreign currencies. Although physically located within India, the IFSC is treated as a “non-resident” zone under FEMA and operates with a distinct regulatory and economic framework that aligns with Designed as a hub for global financial and technology international best practices. services, GIFT IFSC provides a specialised ecosystem for conducting international financial transactions GIFT IFSC functions as a gateway for a wide range of from within India. financial activities including banking, capital markets, insurance, asset management, leasing, and FinTech, Historical Evolution of IFSC among other allied services. GIFT City was conceptualised in 2007 as a futuristic The framework is designed to promote innovation, world class city to cater to the global-scale financial attract global capital, and enable institutions to and technology services. operate in a liberalised and globally competitive environment. To leverage the inherent strengths of a new and rising India, Government of India in the year 2015 set up and About IFSCA operationalised the maiden IFSC in GIFT City, Gujarat. The Hon’ble Finance Minister in Union Budget 2015- To accelerate the pace of growth and benchmark IFSC 16 announced the following: with global financial centres, the Government of India enacted another pathbreaking legislation in 2019 to “While India produces some of the finest financial establish a unified regulator for the IFSC – the minds, including in international finance, they have International Financial Services Centres Authority few avenues in India to fully exhibit and exploit their (IFSCA). The Authority began operations in 2020, strength to the country’s advantage. GIFT in Gujarat transitioning the jurisdiction to a unified regulatory was envisaged as International Finance Centre that structure. would actually become as good an International Finance Centre as Singapore or Dubai, which, The IFSCA Act confers in IFSCA the powers of RBI, SEBI, incidentally, are largely manned by Indians. The PFRDA, and IRDAI under 15 Central Statutes, albeit proposal has languished for years. I am glad to confined to the limited scope of IFSCs. This announce that the first phase of GIFT will soon institutional reform significantly streamlined the become a reality…” governance of financial services within the IFSC. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)EVOLUTION OF GIFT IFSC AND ROLE OF IFSCA Role and Mandate of IFSCA Long-Term Tax Certainty IFSCA is the unified regulator responsible for the In the Union Budget for 2026–27, the Hon’ble Finance regulation and development of financial products, Minister announced long-term tax certainty for IFSC financial services, and financial institutions within businesses, extending the tax holiday from 10 IFSCs in India. consecutive years out of 15 to 20 consecutive years out of 25, followed by a concessional tax rate of 15% Besides, IFSCA’s mandate extends beyond traditional thereafter. This announcement is a major boost in regulation to include the development of a robust and providing clarity and certainty for long-term investors globally competitive financial ecosystem. It seeks to and large investments. IFSCA expects that long-term ensure that the IFSC operates in accordance with investors in large assets such as aircraft and ships, international standards while fostering innovation and infrastructure, etc., will enhance the scale and scope efficiency. Its spirit is expressed in its motto: of their investments in India through GIFT IFSC. Significance and Outlook आ नो भद्राः क्रतवो यन्त ुववश्वताः। (Let noble thoughts come to us from all directions) The establishment of GIFT IFSC and IFSCA marks a transformative step in India’s financial sector IFSCA’s Vision development. By creating a specialised jurisdiction with a unified regulatory framework, India has taken To position GIFT IFSC as a leading well-regulated a strategic step toward integrating with the global Global Financial Centre with stable, efficient and financial system while retaining operations within its sustainable financial markets and technology own borders. As the ecosystem continues to evolve, ecosystem, for achieving the Vision of Viksit GIFT IFSC is expected to play an increasingly important Bharat@2047 (a developed India by 2047) expressed role in attracting international investment, fostering by the Hon'ble Prime Minister of India in 2022. innovation and serve as a key pillar in India's march towards Viksit Bharat@2047. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)IFSC BUSINESS HIGHLIGHTS Total IFSCA Registrations/ Authorisations 1213* Banking Assets Cumulative Banking Cumulative Transactions Derivatives Trade (including NDF) 111.00 Bn 176.08 Bn 109.33 Bn USD ($) USD ($) USD ($) Banking Sector (Outstanding as on Mar 2026) Avg. Monthly Debt Listings on Aggregate Open Turnover of IFSC Exchanges Interest of all IFSC Exchanges Derivatives Contract 112.49 Bn 2281.36 Mn 14.02 Bn USD ($) USD ($) USD ($) Capital Markets (during Q4 2025-26) (as on Mar 2026) FMEs | Schemes Cumulative Cumulative Commitments Funds Raised Raised (Non-Retail) (Non-Retail) 217 | 360 39.09 Bn 19.51 Bn USD ($) Fund Management Total Sustainable ESG Debt Listings ESG Fund Credit by Banks on IFSC Exchanges Investments Made 6.25 Bn 616.36 Mn 27.22 Mn USD ($) USD ($) Sustainable Finance (during Q4 2025-26) (as on Mar 2026) Insurance Firms | Premium written Premium transacted Intermediaries by IFSC Insurance by IFSC Insurance Office (IIO) Intermediary Office 36 | 34 USD ($) USD ($) Insurance Sector (as on Mar 2026) Aircraft Lessors | Aviation Assets Number of Ships Ship Lessors Leased Leased 35 | 36 373 37 Aircraft/ Ship Leasing (as on Mar 2026) )lanoisivorp( )lanoisivorp( (during Q4 2025-26) (during Q4 2025-26) (during Q4 2025-26) USD ($) (as on Mar 2026) (as on Mar 2026) (as on Mar 2026) USD ($) (during FY 2025-26) 202.30 Mn 131.71 Mn (during Q4 2025-26) (during Q4 2025-26) (as on Mar 2026) (as on Mar 2026) * Including 66 In-Principle/ Provisional RegistrationsCONTENTS 1 CONTENTS _____________________________________________________________________________ CHAIRPERSON’S DESK....................................................................................................................................................2 OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES...............................................................................4 IFSC –BUSINESS TRENDS..............................................................................................................................................7 POLICY AND REGULATORY UPDATES.....................................................................................................................17 PUBLIC CONSULTATION................................................................................................................................................24 REPORTS AND PUBLICATIONS..................................................................................................................................28 ENFORCEMENT AND REGULATORY ACTIONS.....................................................................................................29 EVENTS AND OUTREACH ACTIVITIES....................................................................................................................30 ARTICLE: CROSS-BORDER PAYMENT SERVICES IN IFSC.................................................................................45 ARTICLE: MODERNISING TRADE FINANCE..........................................................................................................52 DATA AND STATISTICS..................................................................................................................................................56 ABBREVIATIONS..............................................................................................................................................................72 FIGURES AND IMAGES...................................................................................................................................................75 LIST OF TABLES................................................................................................................................................................77 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)2 CHAIRPERSON’S DESK CHAIRPERSON’S DESK ____________________________________________________________________________________ GIFT IFSC: EMERGING AS INDIA'S GLOBAL TREASURY HUB Over the past decade, the global financial landscape The continued expansion of the financial market has undergone a profound transformation as segments in the IFSC significantly enhances the multinational corporations (MNCs) and financial availability of funding sources, risk management institutions increasingly seek integrated and efficient instruments, and financial services that treasury mechanisms for managing liquidity, funding, and centres rely upon. As a result, GRCTCs operating within financial risks across multiple jurisdictions. In this the IFSC ecosystem benefit from a comprehensive context, Global/ Regional Corporate Treasury Centres financial ecosystem that supports capital mobilisation, (GRCTCs) have emerged as strategic platforms that liquidity management, and hedging activities. centralise treasury operations, facilitate optimal capital allocation, support M&A transactions, enable In many corporate structures, particularly those sophisticated financial risk management practices, and involving large-scale infrastructure or renewable contribute to enterprise-wide initiatives such as ESG, energy investments, treasury centres play a critical role supply-chain resilience, and digital transformation. in mobilising and allocating capital across multiple special purpose vehicles (SPVs). By pooling resources at GRCTCs typically undertake a wide range of treasury the group level, treasury centres can raise capital more functions including intra-group financing, liquidity and efficiently from co-investors, financial institutions, and cash management, capital optimisation, foreign capital markets, and subsequently allocate funds to exchange management, and in some cases risk project entities within the group. Such platform-based mitigation through hedging and derivative instruments. financing structures are often more cost-effective and They also support group-wide financial compliance and operationally efficient than stand-alone project strategic treasury planning. financing models. Owing to the incentives provided by the Government Corporate companies are using a common finance of India, recently expanded permissible activities by company vehicle for issue of debt securities, raise IFSCA and the general growing ease of doing business group borrowings, effect cash pooling, and manage (EoDB), GIFT IFSC ecosystem is rapidly evolving as a hub liquidity in GIFT IFSC. Treasury centres in GIFT IFSC are for treasury centres. As of March 2026, IFSCA has consolidating funding activity that would traditionally authorised nine (9) GRCTCs encompassing large have required multiple offshore SPVs across foreign corporate groups across wide industry segments jurisdictions. In a recent case, Bonds issued by a including technology, manufacturing, oil & gas etc. Treasury centre in GIFT IFSC backed by corporate guarantees from both the Indian operating entity and Recent data further illustrates the growing dynamism the overseas-listed parent, attracted orders of over of GRCTC activities within the IFSC ecosystem. As of USD 2 Bn from a globally diversified investor base March 2026, the total credit outstanding by treasury across Asia, EMEA, and the United States, with centres stood at USD 5.61 Bn, compared to USD 4.03 proceeds earmarked for refinancing group debt and Bn in the previous quarter, reflecting the increasing eligible green projects. The transaction demonstrates scale and adoption of treasury centre operations within how a well-functioning treasury centre at GIFT IFSC can the IFSC. simplify corporate structures, mobilise international capital at finer pricing, and channel funding towards GRCTCs typically mobilise funds through multiple renewable energy and infrastructure investments, channels, including loans from parent entities, precisely the role envisaged for GRCTCs within the IFSC borrowings from banks, and access to capital markets. ecosystem. In many cases, treasury centres also facilitate capital pooling from institutional investors such as pension Treasury centres also enable group entities to funds, sovereign wealth funds (SWFs), and other long- undertake centralised hedging strategies for underlying term investors to support large-scale group exposures within SPVs and holding companies. investments and infrastructure projects. Through the use of derivative instruments and structured financial products, GRCTCs can manage IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)CHAIRPERSON’S DESK 3 currency, interest rate, and commodity risks more The adoption of advanced treasury management effectively at a consolidated level. systems, APIs and analytics tools has enabled GRCTCs to provide real-time payments and insights into cash Drawing on global learnings, IFSCA is also working with positions, funding needs and risk exposures. At the Government of India towards enabling commodity same time, IFSCA also expects key IBUs to develop and related financial products and services that offer digital treasury solutions for corporate customers complement treasury functions. Vision for Viksit that work in tandem with in-house technology tools Bharat@2047 requires Indian companies to access developed by the treasury centres. capital, financial services, and commodity related financial products efficiently. IFSCA expects the treasury centres to adopt robust risk management frameworks. In an era of heightened The regulatory framework governing GRCTCs in the market volatility, geopolitical uncertainty, and cyber- IFSC has been continually refined to align with threats, treasury teams are on the front lines of international best practices while supporting business enterprise risk management. GRCTCs are now scalability. Initially introduced in June 2021 through the responsible for managing FX, interest rate and framework for Finance Companies/ Finance Units counterparty risk, including developing and executing (FC/FU) undertaking the activity of GRCTCs, the IFSCA hedging strategies, monitoring exposures, and Framework for FC/FU undertaking the activity of ensuring compliance with internal risk policies. GRCTCs 20251 notified in April 2025 provides greater Compliance with the IFSCA’s AML & CFT guidelines, KYC clarity and operational flexibility. requirements, and sanctions regulations is now a core part of the treasury mandate. Treasury teams are also Under the current framework, registered Finance expected to carry out scenario analysis and stress Companies and Finance Units in the IFSC may testing to mitigate risks of potential disruptions and undertake a comprehensive range of treasury activities. ensure liquidity under adverse conditions. These include factoring and forfaiting, advisory services, buying and selling of derivatives etc. in Launch of the Foreign Currency Settlement System addition to borrowing and liquidity management.2 (FCSS) by CCIL IFSC Limited, a subsidiary of The Clearing Corporation of India Ltd. (CCIL) has enabled intra-bank Beyond the direct benefits to corporate groups, settlements of transactions between IBUs in real-time GRCTCs also contribute meaningfully to the broader (less than 5 secs). With ten (10) IBUs becoming IFSC ecosystem. By centralising treasury activities, members and another seven (7) IBUs likely to become these centres promote greater financial efficiency, members of FCSS, real-time movement of cash, critical reduce operational redundancies, and attract for GRCTCs, is a reality in IFSC. The CCIL IFSC will also specialised talent in areas such as risk analytics, cash explore settlements of cross-border payments forecasting, structured finance, and global fund between Domestic India and foreign jurisdictions. management. The presence of sophisticated treasury operations also strengthens linkages with banks, Enabling both domestic and multinational corporations capital markets, and other financial service providers to centralise and optimise their treasury operations within the IFSC. from Indian soil can help GIFT IFSC emerge as a preferred destination for global treasury centres. International experience demonstrates that strong treasury hubs not only enhance corporate financial Shri K. Rajaraman performance but also contribute to job creation and Chairperson, IFSCA talent development in high-skilled financial services, facilitate cross-border capital flows, and drive innovation in risk management practices. IFSCA expects to work with IBUs, technology service providers, Foreign Universities in GIFT IFSC, and industry bodies to build a robust pipeline of entry- and mid-level talent for treasury functions. 1 IFSCA, GRCTC Framework, dated Apr 04, 2025 2 Ibid (Section on Permissible Activities) IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)4 OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES _____________________________________________________________________________________ Executive Summary Against this challenging backdrop, India remained relatively resilient. The IMF revised its real GDP The fourth quarter of FY 2025–26 was shaped by a growth forecast for India to 6.5% for FY 2026–27, an sharp external shock, the West Asia conflict and the upward revision of 0.1 percentage point from its resulting disruption to the Strait of Hormuz, set earlier January 2026 estimate6 , underpinned by a against a relatively resilient domestic backdrop. strong carry-over momentum from FY 2025–26 and Global energy prices surged and the IMF revised its resilient domestic demand. Domestic inflation 2026 world growth outlook down to 3.1%; even so, remained moderate, with CPI inflation7 at 3.4% in India's growth, inflation, and external-sector March 2026. indicators held up well. CPI inflation remained moderate at 3.4% in March 2026, the IMF nudged 2. Labour Market Developments8 India's FY27 growth forecast up to 6.5%, services exports lifted total exports to a record USD 860 Bn, India's labour market remained broadly stable during and Forex reserves remained comfortable at USD Jan–Mar 2026. According to PLFS, the Labour Force 709.8 bn as of the week ending 13 March 2026. In Participation Rate (LFPR) for persons aged 15+ years financial markets, robust domestic-investor flows and stood at 55.5%, marginally lower than 55.8% in the record SIP contributions cushioned a record monthly preceding quarter; rural and urban LFPR were 58.2% FPI outflow, while the 10-year G-Sec yield rose in and 50.2%, respectively. Female LFPR held broadly sympathy with global energy and inflation risk. steady at 34.7% (against 34.9% earlier), while the Worker Population Ratio (WPR) was 52.8%, with 1. Macroeconomic Status urban WPR at 46.9%. Urban unemployment eased to 6.6% from 6.7%, even as rural unemployment edged Geopolitical tensions continue to weigh heavily on up to 4.3% from 4.0%. global trade, with the West Asia conflict, under way since late February 2026, emerging as the most Notably, the share of regular wage and salaried consequential disruption. The de-facto closure of the employees in rural areas rose to 15.5% from 14.8% of Strait of Hormuz, a critical artery for global energy the previous quarter, alongside higher rural flows, triggered a surge in oil prices; India's crude employment in the secondary and tertiary sectors, basket averaged around USD 114.5 per barrel in April signalling a gradual structural shift away from 2026, sharply higher than pre-conflict levels. agriculture. Overall, employment conditions remained steady through the quarter, supported by In response, the Government of India rolled out a ongoing formalisation, broadly stable workforce series of calibrated measures to insulate the economy participation, and continued momentum in economic from energy and supply-chain shocks. 3 The activity. Government also called for fuel conservation and discretionary curbs on travel and non-essential 3. External Sector & Foreign Trade9 imports, in order to ease pressure on the country's foreign-exchange reserves from surging global energy India's external sector exhibited resilience in Q4 FY prices.4 2025–26, even as global headwinds weighed on merchandise performance. Merchandise exports Globally, the IMF's April 2026 World Economic during March 2026 declined to USD 38.92 Bn from Outlook 5 estimated that the world economy USD 42.05 Bn a year ago, while imports also eased to expanded by 3.4% in 2025 and projected growth to USD 59.59 Bn from USD 63.74 Bn, narrowing the moderate to 3.1% in 2026 under its reference scenario, monthly merchandise trade deficit to USD 20.67 Bn. with global headline inflation expected to rise to 4.4%. 3 DEA, Monthly Economic Review, April 2026 7 DEA, Monthly Economic Review, April 2026 4 PIB, Press Release with PRID 2259798 8 PIB, Press Release with PRID 2259797 5 IMF, World Economic Outlook, April 2026 9 PIB, Press Release with PRID 2252272 6 IMF, World Economic Outlook, Jan 2026 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES 5 For the full year FY 2025–26, merchandise exports deposits rose sharply by 31.4% year-on-year to INR registered a modest growth of 0.93% to USD 441.78 38.45 lakh crore, indicating stronger transaction- Bn, while merchandise imports rose more sharply to balance liquidity, while time deposits expanded by USD 774.98 Bn from USD 721.20 Bn, widening the 10.6% year-on-year to INR 234.11 lakh crore, annual merchandise trade deficit to USD 333.19 Bn reflecting continued preference for term savings.11 from USD 283.50 Bn in FY 2024–25. 5.2 Insurance Services exports, however, provided a significant offset at an est. USD 418.31 Bn for FY 2025–26, up India’s life insurance sector recorded strong growth in 7.94% over the previous year, expanding the services FY 2025–26, with New Business Premium (NBP) rising trade surplus to USD 213.89 Bn from USD 188.84 Bn. 15.7% year-on-year to a record INR 4.59 lakh crore, On a combined merchandise and services basis, total compared with INR 3.97 lakh crore in FY 2024–25. exports for FY 2025–26 grew 4.22% to USD 860.09 Bn, The sector crossed the INR 4 lakh crore mark for the while total imports rose 6.47% to USD 979.40 Bn, first time, reflecting broad-based growth across both leaving an overall trade deficit of USD 119.30 Bn Life Insurance Corporation of India and private against USD 94.66 Bn in FY 2024–25. For March 2026, insurers.12 the combined trade deficit narrowed to USD 2.44 Bn from USD 3.55 Bn a year earlier, reflecting broad- On the non-life side, gross direct premium based moderation in both goods and services imports. underwritten as of March 2026 stood at INR 3.36 lakh crore, up 9.2% year-on-year from INR 3.08 lakh crore 4. Foreign Exchange Reserves10 in the corresponding period last year, indicating steady expansion in the general insurance market.13 Notwithstanding external pressures, India's Forex 5.3 Asset Management reserves remained comfortable at USD 709.8 Bn as of the week ending 13th March 2026, providing over eleven (11) months of import cover and equivalent to The domestic asset-management industry continued around 95% of external debt outstanding. The buffer to expand on a year-on-year basis. By end-March 2026, continues to serve as a critical macroeconomic shock- mutual-fund assets under management stood at INR absorber against external volatility. 73.73 lakh crore, up 12.2% from INR 65.74 lakh crore a year earlier. Assets under management in the Portfolio Management Services (PMS) industry 5. Financial Sector Developments reached INR 41.4 lakh crore in February 2026.14 5.1 Banking The Domestic Institutional Investors (DIIs) continued to be net buyers in the equity segment, with monthly Aggregate bank deposits grew by 13.5% year-on-year net inflows of INR 1.43 lakh crore in March 2026, to INR 262.30 lakh crore in FY 2025–26, reflecting acting as a critical buffer against FPI outflows.15 SIP steady deposit mobilisation. Borrowings declined by contributions reached a record INR 0.32 lakh crore in 12.3% year-on-year to INR 8.07 lakh crore as of 31 March 2026, up 7.5% month-on-month; SIP assets March 2026, indicating that banks relied less on under management stood at INR 15.11 lakh crore, borrowed funds and more on deposits to support representing approximately 20.5% of total industry their operations. Bank credit expanded by 16.1% year- AUM.16 on-year in FY 2025–26, outpacing deposit growth and reflecting stronger lending demand across the 5.4 Capital Markets banking system. Domestic capital markets remained active during FY Broad money (M3) increased by 13.0% year-on-year 2025–26. A total of 109 mainboard IPOs mobilised INR to INR 314.66 lakh crore as of 31 March 2026, 1.77 lakh crore, while 257 SME IPOs raised INR 11,588 supported by growth in both deposits and currency crore. Overall equity issuance stood at INR 4.51 lakh holdings. Currency with the public increased by 11.4% crore during FY 2025–26. year-on-year to INR 40.68 lakh crore. Demand 10 DEA, Monthly Economic Review, March 2026 14 SEBI Bulletin, April 2026 11 RBI, Weekly Statistical Supplement (April 2026) 15 ibid 12 IRDAI, First Year Premium of Life Insurers 16 AMFI Monthly Note, March 2026 13 IRDAI, Flash Figures of Non-life Insurers IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)6 OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES The debt market remained an important source of 7. Overall Outlook finance, with issuances totaling INR 9.11 lakh crore, of which private placements accounted for nearly 98.7% The near-term outlook is shaped by two opposing of debt capital raised. forces. On the downside, the duration and intensity of the West Asia conflict, the trajectory of crude prices, During March 2026, FPIs turned net sellers in the and the path of FPI flows remain key risks; a sustained Indian market, withdrawing INR 1.26 lakh crore across rise in energy prices could feed into both inflation and asset classes, marking the steepest monthly sell-off on the trade deficit, while pressure on the rupee could record. The outflow reflected a combination of complicate monetary management.19 domestic macroeconomic pressures and elevated global geopolitical uncertainty. Reflecting these On the upside, India's macro fundamentals remain pressures, India's 10-year G-Sec yield rose to 7.04%, comparatively strong: domestic demand has held up, its highest level since mid-2024.17 services exports continue to grow at near double-digit rates,20 the foreign-exchange buffer is healthy at over 6. Monetary Policy 11 months of imports,21 and domestic institutional and retail flows have demonstrated their capacity to In its April 2026 review, the RBI's Monetary Policy absorb sizeable foreign outflows.22 Committee (MPC) held the policy repo rate under the liquidity adjustment facility unchanged at 5.25% with With the IMF projecting India to remain the fastest- a neutral stance, balancing the upside inflation risk growing major economy in FY 2026–27, 23 the from the Strait of Hormuz disruption against medium-term growth story remains intact even as contained, below-target CPI prints. The decision policy continues to navigate a more demanding offered policy continuity at a time of heightened external environment. external volatility and reinforced the framework's flexibility to respond as the energy-price trajectory evolves.18 17 SEBI Bulletin, April 2026 21 DEA, Monthly Economic Review, March 2026 18 RBI, Monetary Policy Statement, April 2026 22 SEBI Bulletin, April 2026 19 Ibid. 23 Hindustan Times News 20 PIB, Press Release with PRID 2252272 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)IFSC – BUSINESS TRENDS 7 IFSC – BUSINESS TRENDS ____________________________________________________________________________________ During the fourth quarter of FY 2025-26, the number The gross outstanding customer credit grew to USD of registrations/ authorisations granted by IFSCA 76.14 Bn in Mar 2026, building on USD 74.18 Bn in Dec increased to 1213 as of Mar 2026, up from 1114 in Dec 2025 and USD 70.08 Bn in Sep 2025, indicating 2025, reflecting a sustained expansion of the IFSC sustained growth in both asset base and credit activity ecosystem. These figures, which include in-principle throughout the latest quarter. and provisional approvals, underscore the strengthening pipeline of institutions choosing to As of Mar 2026, inter-branch/ inter-bank placements establish operations in GIFT IFSC and reinforce the by IBUs rose to USD 22.24 Bn, up from USD 20.39 Bn steady institutional deepening observed throughout in Dec 2025 and USD 20.5 Bn in Sep 2025, marking the the year. strongest quarter of the year for placements. Growth of IFSCA Registrations Over Time Outstanding trade finance stood at USD 13.5 Bn, 1213 easing from USD 14.79 Bn in Dec 2025, while gross 1200 1114 1034 investment in securities increased to USD 6.85 Bn 1000 939 from USD 6.28 Bn over the same period. r 865 e b m 800 u The movements indicate a quarter in which IBUs N n 600 modestly increased inter-branch/ inter-bank i t n placements and securities holdings even as trade u o 400 finance exposures moderated, consistent with the C broader expansion of the IBU asset base noted above. 200 0 IBUs -Outstanding Trade Finance, Gross Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Investment in Securities and Inter-Branch/ Inter-Bank Placements Figure 1: Growth of IFSCA Registrations/ 30 Authorisations (including in-principle/ provisional approvals) n 22.24 o 20.5 20.39 illiB 20 19.29 19.33 Banking D S U 13.2 13.98 15.43 14.79 13.5 n As of Mar 2026, IBUs reported total outstanding i t n 10 assets of USD 111 Bn, up from USD 106.33 Bn in Dec u o m 5.39 4.69 5.96 6.28 6.85 2025 and USD 100.14 Bn in Sep 2025, reflecting A continued balance sheet expansion. 0 IBUs -Total Assets, Outstanding Customer Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Credit and ECB Exposure Inter-Branch/ Inter-Bank Placement 120 111 Outstanding Trade Finance 106.33 100.14 Gross Investment in Securities n o 100 88.51 93.85 illiB D 80 59.6 65.17 70.08 74.18 76.14 SecF ui rg itu iere s 3 a: n I dB U Ins t e- r T -Bra rd ae n cF hin / a Inn tc ee r-, BIn av ne ks Ptm lae cn et m in e nts S U 60 n i t n 40 27.5 33.36 36.28 38.76 41.18 A res a co hf e dM Ua Sr D2 80 .2 96 8, B nto , t ca ol mc pu as rt eo dm te or Ud Se Dp 8o .s 6i 3ts B nin i nI B DU ecs u o 2025 and USD 7.93 Bn in Sep 2025. m A 20 Retail deposits showed growth, increasing to USD 1.72 0 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Bn, significantly higher than USD 1.32 Bn in the previous quarter. Corporate deposits showed a Total Assets Customer Credit ECB marginal dip, easing to USD 7.26 Bn from USD 7.31 Bn in Dec 2025. Figure 2: IBUs - Assets over Time with Outstanding Customer Credit and ECB Exposure IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)8 IFSC – BUSINESS TRENDS and infrastructure at 15%, broadly maintaining the Deposits Growth in IBUs sectoral distribution seen in earlier quarters. 10 8.98 8.63 Sector-wise Credit Exposure of IBUs 7.93 n 8 7.31 7.44 o illiB D 6 6.71 7.31 7.26 1I 4n .f 5r 1a %. S U 6.03 6.18 Other n Sectors i t n 4 Services 13.72% u 52.59% o m 1.72 A 2 1.28 1.27 1.23 1.32 Manuf. 19.19% 0 Total Customer Deposits (Retail + Corporate) Figure 6: Sector-wise Credit Exposure of IBUs as of March 2026 Retail Deposits Corporate Deposits The notional value of IBU derivatives outstanding Figure 4: Deposits Growth in IBUs stood at USD 193.24 Bn as of Mar 2026, compared to USD 204.60 Bn in Dec 2025. As of Mar 2026, the country-wise exposure of IBUs Derivatives Outstanding of IBUs (Notional) remained largely concentrated in India, accounting for 75.95% of total exposure. Other major jurisdictions were the USA (6.14%), the UK (2.80%), and Singapore 205 199 200 (2.58%). Stable Indian exposure around the three- 200 195 192 193 quarters mark indicates continued domestic-linked credit activity. 84 82 Country-wise Exposure of IBUs (in %) n150 89 88 80 78 o 100 illiB 10.56 10.7 11.86 10.25 D 90 1.93 1.84 2.28 S U 80 522 ... 8423 7 9 622 ... 1206 8 3 222 ... 876 31 2 622 .. 1. 58 8 4 n i t n100 50 47 43 43 42 5.44 u 52 o m 70 A 28 28 28 50 26 29 60 25 50 28 34 45 46 39 44 0 40 76.92 76.99 74.54 75.95 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 30 20 Others FCY Interest Rate Derivatives 10 INR Interest Rate Derivatives FCY-FCY Derivatives 0 FCY-INR Derivatives Oct-25 Nov-25 Dec-25 Mar-26 India USA Singapore UK Netherlands Others Figure 7: Derivatives Outstanding of IBUs Figure 5: Country-wise Exposure of IBUs As of Mar 2026, ODI outstanding of IBUs stood at USD 853 Mn, broadly unchanged from USD 878 Mn in Dec In Q4 of FY 2025–26, the services sector continued to 2025, having moderated from higher levels seen account for the largest share of IBU credit exposure at earlier in the year. around 53% of the total, with manufacturing at 19% IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)IFSC – BUSINESS TRENDS 9 Capital Markets ODI Outstanding of IBUs (Notional) 1,291 In Q4 of FY 2025–26, a total of over 7.22 Mn contracts, 1250 1,174 62 73 with a traded value of USD 337.46 Bn, were traded on 64 73 the stock exchanges in GIFT IFSC, representing the n o1000 340 878 883 909 853 highest quarterly traded value of FY 2025–26. illiM D 750 347 74 33 439 4 23 97 258 7 IFSC Stock Exchanges -Quarterly Traded Value S 400 U 353 n i t n 500 360 351 346 350 298 337 u o 817 300 276 269 273 m A 250 689 402 449 490 421 n o illiB D 22 05 00 S U 150 0 n Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 i t n 100 u Government Securities Corporate Bond o 50 m A Commercial Paper Pass Through Certificate 0 Q4 24-25 Q1 25-26 Q2 25-26 Q3 25-26 Q4 25-26 Figure 8: ODI Outstanding of IBUs Figure 10: IFSC Stock Exchanges - Traded Value IBU trade finance disbursements maintained a strong IFSC Stock Exchanges -No. of Contracts and consistent growth trajectory, underscoring robust business momentum and expanding client 10 9 participation. For the full year FY 2025–26, cumulative s n 8 6.75 6.63 7.22 trade finance transactions reached USD 50.67 Bn, o 7 6.05 5.99 reflecting healthy portfolio performance. illiM 6 n 5 i t 4 Trade Finance Disbursements by IBUs n u 3 o C 2 60 1 50.67 0 50 46.62 Q4 Q1 Q2 Q3 Q4 n 24-25 25-26 25-26 25-26 25-26 o illiB40 35.09 Figure 11: IFSC Stock Exchanges – No. of Contracts D 29.55 S30 U Active demat accounts held with the IFSC depository n 20.09 I t n20 were at around 69,270 as of Mar 2026, broadly u unchanged from around 69,280 in Dec 2025. o m A10 Active Demat Accounts with the Depository at IFSC 0 FY 22 FY 23 FY 24 FY 25 FY 26 80 69.22 69.25 69.28 69.27 Figure 9: Trade Finance Transactions Booked by IBUs 65.23 s d 60 n a s u o h T 40 n I t n u o 20 C 0 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Figure 12: Demat Accounts in IFSC IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)10 IFSC – BUSINESS TRENDS Cumulative debt listed on IFSC Stock Exchanges cumulative commitments raised reaching USD 39.09 reached USD 70.31 Bn as of Mar 2026, a rise from USD Bn, up from USD 32.13 Bn in the previous quarter. 68.03 Bn at end of Dec 2025. Cumulative Commitments, Funds Raised and Debt Listed on the IFSC Exchanges Investments Made (Non-Retail Schemes) 39.09 80 40 66.6 68.03 70.31 65.1 65.13 n n o illiB 60 15.43 15.43 15.73 16.19 16.81 o illiB D 30 26.30 19.51 D S U 20 S U n 40 n i t 14.88 12.27 19.67 i t n u n o u o 49.67 49.7 50.87 51.84 53.5 m 10 7.01 m A 11.37 20 A 5.89 0 Q3 Q4 Q1 Q2 Q3 Q4 0 24–25 24–25 25–26 25–26 25-26 25-26 Q4 Q1 Q2 Q3 Q4 24–25 25–26 25–26 25-26 25-26 Cumulative Commitments Non-ESG Labelled ESG Labelled Cumulative Funds Raised Figure 13: Cumulative Debt Listings at IFSC Cumulative Investments Fund Management Figure 15: Trends of Fund Management Activity Cumulative funds raised also increased to USD 19.51 In Q4 of FY 2025–26, the number of Fund Bn from USD 17.34 Bn in Q3 FY 2025–26, while Management Entities (FMEs) in the IFSC increased to cumulative investments made reached USD 19.67 Bn 217, up from 202 in the previous quarter. The number from USD 15.58 Bn, pointing to sustained growth of schemes registered also expanded to 360 from 327 momentum and deepening investor participation in in Q3. The broad-based growth underscores the the fund management space. continued expansion and deepening of the fund management ecosystem within the GIFT IFSC. No. of Investors by Scheme Type 9594 10000 Registered FMEs and Schemes 400 360 327 8000 305 3438 r 300 272 6721 e b m 229 217 u N n 200 162 177 194 202 t n u o 6000 1239 i t n u o C r o t s 4 27 53 53 C 100 e 3583 3773 v 4000 n 3257 I 3002 2576 2,559 0 1,957 Q4 Q1 Q2 Q3 Q4 2000 1180 1508 24–25 25–26 25–26 25-26 25-26 1503 1611 1,273 962 1025 1,100 FMEs Funds/ Schemes 0 434 469 526 646 722 772 Figure 14: Registered FMEs and Schemes Dec-24Mar -25 Jun-25 Sep-25 Dec-25 Mar-26 In Q4 of FY 2025–26, non-retail fund management VC (incl. Category Category Retail Angel) I & II AIFs III AIFs Schemes activity in the IFSC continued to expand, with Figure 16: No. of investors by Type of Scheme IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)IFSC – BUSINESS TRENDS 11 The number of investors across fund schemes in the The significant quarterly rise highlights the continued IFSC increased significantly to 9594 as of Mar 2026, expansion of the insurance sector within the IFSC. compared to 6721 in Dec 2025. This was driven mainly by marked rise of investor participation in In Q4 of FY 2025–26, written premiums by IFSC retail schemes with 3,438 investors, up significantly Insurance Offices (IIOs) stood at USD 202.3 Mn, from 1,239 in Dec 2025. The consistently rising recovering from USD 157.38 Mn in Q3 and reflecting investor participation across Category I, II, III as well as renewed business momentum. Premiums transacted retail schemes reflects growing retail and institutional by IIIOs held broadly steady at USD 131.71 Mn in Q4, interest in the IFSC fund ecosystem. compared to USD 134.9 Mn in the prior quarter. Premium Transacted by In Q4, the diaspora-linked fund investments stood at IFSC Insurance Offices (IIOs) & IFSC Insurance USD 747.27 Mn, reflecting a steady growth from USD Intermediary Offices (IIIOs) 536.2 Mn in Q2 and USD 630.13 Mn in Q3. 400 357 Indian Diaspora-Linked Fund 334 n 800 Investments 747.3 o illiM300 111 292 132 n o illiM D 600 536.2 630.1 D S U n i t n200 11 38 00 146 246 135 S U 400 u o100 104 157 202 n i t m A 50 43 n 0 u 200 o Q4 Q1 Q2 Q3 Q4 m A 24–25 25–26 25–26 25-26 25-26 0 IFSC Insurance Intermediaries (IIIOs) Premium Sep-25 Dec-25 Mar-26 IFSC Insurance Offices (IIOs) Premium Figure 17: Diaspora-Linked Fund Investments in IFSC Figure 19: Written/ Transacted Premium Note: Funds raised from the NRI/ OCI investor category as reported by FMEs. In Q4 of FY 2025–26, direct insurance business by IIOs recorded a gross written premium of USD 15.38 Mn, Insurance up from USD 9.25 Mn in the previous quarter and gross premium of reinsurance business rose from USD 148.13 Mn to USD 186.93 Mn, reflecting traction in As of Mar 2026, the number of IFSC Insurance Offices both sectors. (IIOs) rose sharply to 36, up from 24 in Dec 2025 and 22 in Sep 2025. Insurance Intermediary Offices (IIIOs) Insurance Business at IFSC also grew, from 31 in Dec 2025 to 34 in Mar 2026. 246 No. of Insurance Entities in IFSC n o 250 80 80 illiM 202 200 70 D 70 70 S U 157 n 150 r e 60 55 60 i m 236 b 52 u m u N 50 45 47 34 50 im e r 100 148 187 n i t n u o C 34 00 27 28 30 31 34 00 P n e t t ir W 50 452 8 45 60 34 73 20 36 20 s s o 0 5 4 6 11 9 15 r Q3 Q4 Q1 Q2 Q3 Q4 10 18 19 22 24 10 G 24–25 24–25 25–26 25–26 25-26 25-26 0 0 Direct Insurance Business Reinsurance Business Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 IFSC Insurance Intermediaries (IIIOs) Figure 20: Direct Insurance and Reinsurance Business IFSC Insurance Offices (IIOs) Figure 18: Growth of Insurance Entities in IFSC IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)12 IFSC – BUSINESS TRENDS Finance Company aircraft leasing and USD 60.10 Mn for ship leasing, for a combined total of USD 674.95 Mn. The data indicates continued IBU support for leasing activity As of Mar 2026, the IFSC aircraft leasing ecosystem within the IFSC zone. recorded a total of 373 assets, comprising 203 aircraft, 84 engines, 85 APUs, and 1 Aviation Training Cumulative Financing Simulation Device (ATD), the latter making its first Received from IBUs by Leasing Entities appearance in the asset base this quarter, as against 686.0 675.0 700 370 total assets in Dec 2025. Aviation Assets Growth 600 400 373 n o 500 d e 303 illiM s a D 400 e L s t e s s A n 23 00 00 196 203 S U n i t n u o 300 199.7 305.7 328.3 614.9 614.9 o it a 134 m A 200 234.6 257.2 iv A 80 85 85 100 128.6 f 100 o .o N 63 84 84 0 71.1 71.1 71.1 71.1 60.1 53 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 0 Ship Leasing Aircraft Leasing Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Total Aircraft Engines APU Figure 23: Financing Received from IBUs by Leasing Entities Figure 21: Growth of Aviation Assets Leased from IFSC As of Mar 2026, ITFS transactions in IFSC reached 2,487 in number, with a total value of USD 105.75 Mn. Note: Mar-26 total 373 includes 1 ATD, the first such asset. This marks an increase from 2,106 transactions valued As of Mar 2026, a total of 37 ships had been leased by at USD 87.37 Mn in Dec 2025 and 1,849 transactions ship leasing entities in the IFSC, compared to 34 in Dec worth USD 73.91 Mn in Sep 2025. The data reflects 2025 and 28 in Sep 2025. The steady rise in leased sustained quarterly growth in trade financing activity vessels highlights growing participation and continued facilitated through the ITFS platforms in IFSC. development of the ship leasing segment within the ITFS -Trade Financing Activity IFSC. 120 3500 Assets Leased by Ship Leasing Entities 105.75 40 37 100 3000 34 87.37 s s n 2500 n d e 30 28 16 o illiM 80 73.91 2487 o it c a s a e L s p ih S f o .o 20 11 08 12 33 13 16 D S U n i t n u o m 46 00 44.35 6 13 6. 12 76 1849 2106 112 050 000 000 s n a r T f o r e b m u N 10 21 A N 18 15 8 10 20 779 500 0 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 0 0 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Indian Flagged Ships Foreign Flagged Ships Number of Transactions Value of Transactions Figure 22: Assets Leased by Ship Leasing Entities Figure 24: Transactions facilitated through ITFS As of Mar 2026, the financing extended by IBUs to platforms leasing entities in IFSC stood at USD 614.85 Mn for IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)IFSC – BUSINESS TRENDS 13 As of Mar 2026, Treasury Centres (GRCTCs) reported FinTech, TechFin and Ancillary loans and advances of USD 5.61 Bn and total investments of USD 0.23 Bn. This represents a As of Mar 31, 2026, there were 6 entities under the significant increase in the lending portfolio from USD Sandbox framework, with 46 cumulative exits. 4.03 Bn in Dec 2025, indicating strong growth in GRCTCs’ lending activity during the latest quarter. FinTech -Sandbox Entities & Exits GRCTCs -Loans & Advances and Investments 60 52 50 50 50 50 50 50 6 0.23 6 r e b 40 n 5 m 23 o illiB D S 4 0.23 0.23 u N n i t 30 38 42 43 46 U 0.08 n 44 n 3 0.14 5.61 u o 20 i t C 27 n u 2 4.03 10 o m A 1 2.33 2.73 3.12 12 8 7 6 0 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 0 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Number of Entities Exited from Sandbox Loans & Advances Investments Number of Sandbox Entities Figure 25: GRCTCs - Loans & Advances, and Figure 27: FinTech Sandbox Entities and Exits Investments As of Mar 2026, the number of entities providing As of Mar 2026, Core Finance Companies in IFSC financial support services, including TechFin, Ancillary reported loans & advances of USD 44.21 Mn, up from Services, BATF and GIC in the IFSC rose to 149 from USD 33.72 Mn in Dec 2025, indicating renewed 143 in Dec 2025. This increase highlights accelerating lending momentum during the latest quarter. interest in the TechFin and Ancillary framework and Investments moderated to USD 58.9 Mn after showing growing diversification within the IFSC ecosystem. rapid rise in the previous quarter. Growth of Financial Support Service (FSS) Investments, Loans & Advances Entities (including in-principle approvals) Core Finance Companies 160 149 143 120 133 4 140 4 11 119 3 10 112 10 100 33.7 120 53 3 3 t 100 n 80 44.2 u n o o C 80 illiM D 60 y t it n E 60 120 129 134 S U 106 111 n I 40 81.0 40 58.9 18.5 20 20 7.7 0 15.6 6.7 11.3 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 0 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 GIC BATF Service Providers Investments Loans & Advances TechFin & Ancillary Service Providers Figure 26: Core Finance Companies - Loans & Figure 28: Growth of Financial Support Service Entities Advances, and Investments in GIFT IFSC IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)14 IFSC – BUSINESS TRENDS Metals and Commodities Payment Services The number of participants on the India International There are a total of 2330 payment accounts as at the Bullion Exchange (IIBX) continued to rise steadily. end of FY 2025-2026. Qualified Jewellers (QJ) increased from 197 as of Dec Payment Accounts in IFSC 2025 to 214 by Mar 2026, while Qualified Suppliers (during the Quarters) (QS) remained stable at 45 over the same period. 1800 Participants on Bullion Exchange (IIBX) 1599 1600 700 230 s 1400 596 t 600 n u 1200 o r e b 500 c c A 1000 m u N n i t n u o C 234 000 000 2 30 74 32 916 2 42 05 2 44 52 3 43 57 f o r e b m u N 468 000 000 6 582 423 1 1369 200 98 100 167 177 185 197 214 0 2 8 95 0 Q4 Q1 Q2 Q3 Q4 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 2024-252025-262025-262025-262025-26 Store E-Money Not Store E-Money Valid India UAE CEPA TRQ Holders Figure 30: Payment Accounts in IFSC Qualified Suppliers The net number of payment accounts during the Qualified Jewellers quarter stood at 1,599, a sharp rise from 623 in Dec Figure 29: Participants on IIBX 2025, reflecting rapid scaling of payment account activity through the year and underscoring strong A significant new development in Q4 was the momentum in payment account onboarding and the emergence of a third participant category — Valid deepening of the payment ecosystem within the IFSC. India UAE CEPA Tariff Rate Quota (TRQ) Holders — Quarterly Trend in No. of with 337 entities joining the IIBX platform for the first Transactions in Payment Accounts time. This category had recorded zero participants through all of FY 2025–26 up to Dec 2025, as the 17500 15922 Directorate General of Foreign Trade (DGFT) had not s n allocated TRQ under the India-UAE Comprehensive o 15000 it Economic Partnership Agreement (CEPA) until after c a s Dec 2025. With the allocation now in place, 337 n 12500 a r entities were notified as valid TRQ holders by IFSCA in T f o 10000 Q4, marking their first appearance on the exchange. r e b m 7500 15150 As a result, the total participant base on IIBX u N expanded sharply to 596 in Mar 2026, comprising 214 5000 QJs, 45 QSs, and 337 TRQ Holders, compared to 242 3887 in Dec 2025 when only the QJ and QS categories were 2500 active. This structural expansion of the participant 613 3702 22 base reflects the deepening integration of the IIBX 0 ecosystem with India's bilateral trade frameworks. Q1 Q2 Q3 Q4 2025-26 2025-26 2025-26 2025-26 USD AED GBP EUR Figure 31: No. of Transactions in Payment Accounts Note: EUR (4 transactions) and GBP (2 transactions) are not depicted in the chart due to their nascent scale but are included in the total. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)IFSC – BUSINESS TRENDS 15 The total number of transactions in payment accounts, Cross border & Intra-IFSC Money Transfer primarily denominated in USD and AED, across the IFSC surged to 15,922 during the quarter, marking a 18000 more than fourfold increase from 3,887 in Dec 2025 15850 16000 and reflecting significant growth in payment account 1348 activity over the year. 14000 774 s n o USD-denominated transactions continued to account it 12000 c a for the majority of payment account activity, followed s n a 10000 by AED transactions, while EUR- and GBP- r T f denominated transactions remained limited in o 8000 r volume. e b 13158 m 6000 u N The cumulative number of transactions in payment 3884 4000 accounts across all currencies — USD, AED, EUR, and GBP — stood at 20,444 for FY 2025–26. 2000 2991 612 16 0 570 Jun-25 Sep-25 Dec-25 Mar-26 Currency wise share of transactions in Payment Accounts (Value) Outward Cross-border Inward Cross-border Other Cross-border Intra-IFSC Figure 33: Money Transfer Transactions USD 94% 6% Merchant acquisition service transactions in the IFSC AED surged to 13,998 for Q4 FY 2025-26, up from 3,235 in Q3 2025-26 and 538 in Q2 2025-26, reflecting a robust growth through the year. Merchant Acquisition Service (Transactions) Figure 32: Currency-wise Transaction Value 16000 13998 In the payment accounts, USD-denominated 14000 766 transactions dominated, valued at USD 44.4 Mn (94%), s n12000 followed by AED at USD 2.74 Mn (6%), with small o it c amounts recorded in EUR and GBP as well. a10000 s n a r T 8000 In Q4 of FY 2025–26, total cross-border and intra-IFSC f money transfer transactions surged to 15,850, up o r 6000 13226 e b sharply from 3,884 in Q3 of FY 2025-26. Inward cross- m u 4000 3235 border transactions dominated, followed by intra-IFSC N transfers, with limited outward cross-border 2000 538 3050 transactions. 20 0 Jun-25 Sep-25 Dec-25 Mar-26 Total cumulative number of Cross-border and Intra- IFSC Money Transfer transactions (all currencies i.e., USD AED GBP EUR USD, AED, EUR and GBP) for FY 2025-2026 is 20,362. Figure 34: Merchant Acquisition Service Transactions Note: EUR (4) & GBP (2) transactions are not depicted in the chart due to their nascent scale but are included in the total. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)16 IFSC – BUSINESS TRENDS USD-denominated transactions continued to lead, Office of Administrator & SEZ while AED transactions rose by 4x, and EUR transactions made their first appearance, indicating In the fourth quarter of the FY 2025–26, the SEZ Unit an early broadening of currency participation in Approval Committee (UAC) approved 109 new unit merchant payment activity. applications, marking a further increase and reflecting sustained activity during the period. Total cumulative number of Merchant Acquisition Service transactions (all currencies i.e., USD, AED, EUR and GBP) for FY 2025-2026 is 17,791. Cumulative New Unit Applications Approved value of Merchant Acquisition Service transactions till 120 109 March 2026 stood at USD 27.38 Mn for USD 105 transactions and USD 2.74 Mn for AED transactions. 100 94 93 81 r Merchant Acquisition Service e b 80 m (Share of Transactions Value) u N n 60 i t n u 40 o C 9% USD 20 91% AED 0 Q4 Q1 Q2 Q3 Q4 24-25 25-26 25-26 25-26 25-26 Figure 36: New Unit Applications approved during the Figure 35: Currency-wise share of Merchant quarter Acquisition Service Transactions Values IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)POLICY AND REGULATORY UPDATES 17 POLICY AND REGULATORY UPDATES __________________________________________________________________________________ Banking recognising the post graduate degree in FinTech and STEM qualifications (in addition to other disciplines specified in the regulations). Directions to IBUs pertaining to SWIFT-related operational b) Experience requirement for appointment of PO and requirements CO having a graduate degree has been reduced from ten (10) to five (5) years. Feb 26, 2026 c) Permitting a common PO for entities holding multiple registrations i.e. broker dealer, clearing member, The circular has been issued to address delays depository participant, investment adviser, custodian experienced by non-bank regulated entities in the and distributor. However, entities holding multiple IFSC in receiving funds in their accounts with IBUs. registrations as mentioned above shall be subject to Such delays have arisen, inter alia, due to remittances appointment of a separate vertical head for its routed through the SWIFT network that are intended distribution activities. for the Nostro accounts of IBUs but are inadvertently credited to the Nostro accounts of the bank in d) Rationalising the net worth requirement for a onshore India. custodian in IFSC to USD 1 Mn. e) Introduction of a unified registration framework to To ensure uniform identification, efficient routing, and permit the entities to undertake multiple activities seamless processing of cross-border transactions under the CMI Regulations. involving IBUs via the SWIFT network, all IBUs are hereby directed to adhere, inter alia, to the following: Directions for obtaining International Securities a) IBUs shall ensure that the name associated with their Identification Numbers (ISINs) SWIFT Bank Identifier Code (BIC) clearly reflects their from a recognised depository in presence in GIFT IFSC by including the words “GIFT IFSC IFSC Banking Unit” in the BIC name (e.g., XX Bank Ltd. – GIFT IFSC Banking Unit). Feb 06, 2026 b) IBUs shall identify the messages related to their BIC that are currently being received by the BIC of their In order to develop a holistic regulatory and onshore India operations and ensure that their SWIFT supervisory ecosystem in IFSC, IFSCA vide its circular systems are configured with appropriate routing rules dated Feb 06, 2026, mandated units operating in IFSC so that such messages are identified and to obtain International Securities Identification automatically routed to the correct IBU BIC for Numbers (ISINs) from depositories recognised by processing. IFSCA for dematerialisation of securities and other permitted financial products instead of domestic Capital Markets depositories. Further, the existing units that have already obtained IFSCA (Capital Market ISINs from the domestic Indian depositories have Intermediaries) (Amendment) been mandated to obtain new ISINs from IFSC- Regulations, 2026 recognised depositories by 31st Aug 2026. It has also been clarified that issuers may continue to avail the Jan 07, 2026 services of International Central Securities Pursuant to the representations received from the Depositories for issuance and listing of debt securities market participants, amendments were made in the and other financial products under the IFSCA Listing IFSCA (Capital Market Intermediaries) Regulations, Regulations, 2024. 2025 which includes: In order to ease the process of obtaining new ISINs, a) Eligibility criterion for Principal Officer (PO) and IFSC-recognised depositories have been mandated to Compliance Officer (CO) has been broadened by coordinate with domestic depositories to create a IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)18 POLICY AND REGULATORY UPDATES standardised transition process, issue guidance and Fund Management FAQs, and submit a compliance report to IFSCA by 30th Sep 2026. Procedure and clarification on Format of Net Worth Certificate filing of scheme application under and Checklist for conducting Audit Third-Party Fund Management of GAPs Arrangement Feb 12, 2026 Jan 16, 2026 Regulatory Framework for Global Access in the IFSC The Authority has specified and clarified the process (“GAP Circular”) dated Aug 12, 2025, in particular in order to streamline the process of filing of clauses 13 and 14 which, inter-alia, provides the applications by the Registered Fund Management requirement of maintaining minimum net worth by Entities (FMEs) authorised to launch schemes on GAPs and other broker dealers accessing global behalf of third parties. markets on proprietary basis through GAPs. The format of the net worth certificates to be submitted One-time window to extend the by GAPs and other broker dealers accessing global validity of the Placement markets on proprietary basis through GAPs is Memorandum specified through this circular. Jan 27, 2026 Further, clause 49 of the GAP Circular mandates GAPs and Introducing Broker (IBs) to get its Global Access In response to the turbulent geopolitical environment activities audited annually. In this regard, it was and the requirement of a higher degree of flexibility directed that the annual audit shall be conducted, with the FMEs to tackle the fundraising timelines, through a peer reviewed member of the Institute of which are dependent on market forces, IFSCA, under Chartered Accountants of India (ICAI) or the Institute the IFSCA (Fund Management) (Amendment) of Company Secretaries of India (ICSI) or the Institute Regulations, 2026, accorded the flexibility to the FMEs of Cost Accountants of India (ICMAI), by relying upon to obtain multiple extensions of the validity of the the indicative checklist of documents specified placement memorandum (PPM). through this circular. Simultaneously, as a one-time measure, IFSCA issued Unified Registration for multiple a circular on Jan 27, 2026, providing a window of 03 Capital Market Activities under the (three) months to the FMEs to obtain extension of IFSCA (Capital Market validity of PPMs of such Venture Capital (VC) Schemes Intermediaries) Regulations, 2025 and Restricted Schemes where the PPMs have expired. (Master Key) IFSCA (Fund Management) (Amendment) Regulations, 2026 Feb 13, 2026 IFSCA has permitted units in the IFSC to apply for a Jan 27, 2026 Master Key for undertaking multiple capital market intermediary activities, such as Broker Dealer, Clearing In pursuit of developing a robust, transparent, and Member, Credit Rating Agency, Custodian, Debenture globally competitive fund management ecosystem in Trustee, Depository Participant, Distributor, ESG GIFT-IFSC, IFSCA continued to actively engage with Ratings and Data Products Provider, Investment stakeholders through structured consultations, Adviser and Investment Banker. This allows a unit to including round-table discussions, industry conclaves, make a single application to file under SWIT portal for and other focused interactions. Further, IFSCA undertaking one or multiple activities permitted organises Chintan Shivir with market participants under the IFSCA (Capital Market Intermediaries) across several sectors, wherein interactions were also Regulations, 2025. The circular came into effect from held with senior leaders from fund management Feb 16, 2026. industry, which provided with the inputs for further improvement of the regulatory framework, and the IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)POLICY AND REGULATORY UPDATES 19 need for clarity of the regulatory intent for some of Support for Alternative Trade the provisions. Instruments under Export Promotion Mission (EPM) – NIRYAT Based on the feedback received and subsequent PROTSAHAN internal analysis, a Consultation Paper on the review of certain provisions of the IFSCA (Fund Management) Mar 19, 2026 Regulations, 2025 was issued on Oct 17, 2025, inviting The Government of India has, vide Trade Notice No. public comments on proposed amendments. 25/2025-26 dated Feb 20, 2026, issued by Directorate General of Foreign Trade (DGFT), announced the After considering inputs from a wide spectrum of captioned Scheme on a pilot basis. Export factoring stakeholders and following detailed internal arrangements, including both recourse and non- deliberations, certain priority areas, such as eligibility recourse factoring, and denominated in Indian Rupees criteria for Key Managerial Personnel (KMP), validity or freely convertible foreign currencies, entered of placement memorandum, and appointment of between eligible MSMEs (involved in international custodian, were taken up for immediate amendment. value chains) and RBI or IFSCA regulated entities shall These amendments were approved by the Authority be supported under this scheme. during the meeting held on Dec 22, 2025, and notified in the Official Gazette in Jan 2026, as the IFSCA (Fund Under the scheme, all IBUs and FC/FUs - undertaking Management) (Amendment) Regulations, 2026. activity of factoring shall extend the benefits under the scheme, in the form of interest subvention or Finance Company equivalent cost support on the export factoring interest cost element, to eligible MSME exporters, in accordance with the provisions of the Scheme. Notification on enabling ‘Oilfield Equipment’ as a financial product in IFSC Insurance Jan 05, 2026 IFSCA (Registration of Insurance Business) (Amendment) The Authority in exercise of its power under Section Regulations, 2026 12 of the IFSCA Act, has specified operating lease, including any hybrid of operating and financial lease, Jan 05, 2026 in respect of ‘oilfield equipment’ as a financial product. The definition of ‘oilfield’ and ‘oilfield equipments’ IFSCA was in receipt of representation from Lloyd’s shall be the same as defined under Oilfields London about expanding the definition of Service (Regulation and Development) Act, 1948 and Companies of Lloyd’s IFSC as provided in IIO Notification No.3/2017-Central Tax (Rate), dated June Regulations. 28, 2017 (Part II, Section 3, Sub-section (i),under G.S.R. 675(E)) respectively. Upon examination of the request, it was noted that as per the extant definition, only Managing Agents of Requirement for a Finance Lloyd’s or Indian Company can establish Lloyd’s Company/ Finance Unit (FC/FU) to Service Company. Thus, expanding of said definition have a website/ webpage enabling establishment of Service Company by Member of Lloyd’s Syndicate which may be a body Feb 03, 2026 corporate or Indian Person was also considered. The circular specifies the requirement for a FC/FU which are providing services to clients other than their group entities, to maintain a dedicated website/ webpage, which shall mandatorily display certain particulars viz. entity details, its product or services offerings, grievance redressal mechanism, contact details of the KMP of the FC/FU and overview of the GIFT IFSC ecosystem. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)20 POLICY AND REGULATORY UPDATES Pension Informed by experience from the earlier FinTech Entity (FE) Framework, global FinTech developments, and stakeholder feedback, the Framework introduces Notification of IFSCA (Pension multiple sandbox mechanisms, including the Fund) Regulations, 2026 Regulatory Sandbox, Innovation Sandbox, Inter- Operable Regulatory Sandbox, and Overseas Mar 30, 2026 Regulatory Referral arrangements, covering a wide range of financial sector activities. The quarter witnessed a key regulatory milestone It incorporates key enhancements such as expanded with the notification of the IFSCA (Pension Fund) eligibility to include individuals affiliated with duly Regulations, 2026. The regulations establish a recognised academic institutions, incubators, and comprehensive framework for pension products and accelerators, a two-stage digital application, and pension service providers operating from GIFT IFSC approval process through the Single Window IT and are expected to position GIFT City as a leading System (SWIT), and provisions for market exploration global hub for long-term retirement savings and of developed solutions within IFSC. pension-related financial services. The Framework also broadens the scope of testing to Key Features of the Pension Regulations are: all financial products and services regulated by IFSCA, while ensuring a structured, time-bound, and a) Voluntary pension schemes may be offered to transparent process for innovation and individuals above 18 years of age across jurisdictions, experimentation. subject to applicable laws. b) Subscribers are provided flexibility to choose Financial Support Services between “Active Choice” investment options and “Auto Choice” life-cycle based investment options. IFSCA (BATF) (Amendment) c) The framework introduces an innovative healthcare- Regulations 2026 focused feature permitting allocation of up to 10% of contributions into a separate sub-account for medical Jan 05, 2026 emergencies and insurance-related needs. d) Pension Fund Managers are permitted to invest Amendment was carried out in IFSCA (BATF) across domestic and international markets, subject to Regulations, 2024 for deletion of sub-regulation (12) prudential investment norms and regulatory of IFSCA (BATF) Regulations, 2024, which mandates safeguards. prior requirement of office space of minimum carpet e) The framework prescribes governance, disclosure, area of 60 Sq. ft per employee for a BATF Service risk management, and subscriber protection Provider to operate from GIFT IFSC. The amendment measures to ensure operational transparency and to remove such requirement is aimed to reduce entry financial security. barrier as the mandatory office space requirements raise fixed costs, discourage new entrants, and may FinTech and Payments hinder growth of BATF ecosystem in IFSC. This would promote ease of doing business, improve competitiveness, and support development of IFSCA FinTech Sandbox Framework professional services ecosystem at GIFT IFSC. Mar 16, 2026 Frequently asked questions (FAQs) On IFSCA (Global in-house centres) Regulations, 2025 IFSCA FinTech Sandbox Framework provides a Feb 13, 2026 structured & regulator-facilitated testing environment to foster innovation in financial services by enabling the testing of FinTech solutions within IFSC. The FAQs on revamped IFSCA (GIC) Regulations, 2025, aims to provide a detailed explanation on operating IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)POLICY AND REGULATORY UPDATES 21 models, indicative list of permissible services, Committee on Payment and Settlement Systems (CPSS) compliance requirements for existing GICs, and clarity and IOSCO. The PFMIs were issued by the CPMI and on transfer of employees and work contract from IOSCO in April 2012. These were issued to enhance India. safety and efficiency in payment, clearing, settlement, and recording arrangements, and more broadly, to Metals and Commodities limit systemic risk and foster transparency and financial stability. Enabling eligible SEZ Units and IIBX is designated as a Market Infrastructure Advance Authorisation holders to Institution (MII) for oversight considering its systemic import gold or silver through IIBX importance in the GIFT IFSC regulated by IFSCA. As such, IIBX is subject to regulation and supervision Jan 02, 2026 within the PFMI framework, necessitating its adherence to PFMI requirements. Reference Circular: Amendment to Circular on Import of Gold or Silver by Qualified Jewellers and valid India-UAE In view of the above, IIBX is accorded the status of CEPA TRQ holders through IIBX QCCP. IFSCA issued a circular on 2nd Jan 2026, relaxing the eligibility criteria for import of gold or silver through AML & CFT IIBX by SEZ units holding valid letter of approval and having export of jewellery as one of their authorised Modifications under the operations, and Advance Authorised holders. International Financial Services Centres Authority (Anti Money After issuance of the abovementioned Circular, the Laundering, Counter-Terrorist Consolidated Circular dated 10th Oct 2025 was also Financing and Know Your updated and issued on the same date. Customer) Guidelines, 2022 The updation of the consolidated circular on issuance Jan 02, 2026 of any circular ensures clarity, uniformity, and ease of reference for stakeholders by placing all applicable Amendatory Circular was issued consolidating all requirements for bullion imports through IIBX at one circulars and incorporating updates in line with RBI place and facilitating broader participation in the KYC Master Direction 2016, Government Directives bullion market in the IFSC. and changes as suggested by market participants. Grant of Qualifying Central The periodicity of Re-KYC for Resident Indian Counterparty (QCCP) status to IIBX customers is made in line with domestic regulators operating in GIFT IFSC (RBI). Also, necessary modifications were included in the Guidelines to ascertain source of fund for Mar 25, 2026 prevention of Roundtripping risk. India International Bullion Exchange (IFSC) Limited Frequently Asked Questions [IIBX] has been granted recognition by IFSCA under (FAQs) on International Financial the Securities Contracts (Regulation) Act, 1956 (SCRA), Services Centres Authority (Anti read with the IFSCA Act and IFSCA (Bullion Market) Money Laundering, Counter- Regulations, 2025, to function as both a Bullion Terrorist Financing And Know Your Exchange and a Bullion Clearing Corporation in the Customer) Guidelines, 2022 GIFT IFSC. Jan 05, 2026 The bullion clearing corporation has qualified as a QCCP being regulated by IFSCA under the IFSCA Act, The FAQs issued on Jan 05, 2026, on V-CIP primarily 2019, SCRA and Rules, Regulations and guidelines clarify the eligibility conditions, onboarding made thereunder. IIBX is continuously governed by safeguards, and operational requirements for rules and regulations that align with the Principles for onboarding NRIs through Video-based Customer Financial Market Infrastructures (PFMIs) issued by the IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)22 POLICY AND REGULATORY UPDATES Identification Process (V-CIP) under the IFSCA AML/ CFT/ KYC Guidelines, 2022. Further, FATF updated its list of “Jurisdictions under Increased Monitoring”, adding Kuwait and Papua New The questions focus on aspects such as eligibility of Guinea, while reiterating that regulated entities may NRIs for V-CIP, acceptable jurisdictions, Aadhaar and continue legitimate trade and business transactions OTP requirements, verification of current address, with the listed jurisdictions subject to appropriate conditions for opening accounts in debit freeze/ risk-based measures. inactive mode, verification of first credit transactions, reliance on CKYC records, alternative onboarding Office of Administrator (IFSCA) methods, responsibilities of regulated entities for customer due diligence, geo-tagging and timestamp requirements in video recordings, cybersecurity Public Notice No. 09/2025-26 - standards, and restrictions on use of generic Execution of BLUT by SEZ communication platforms for V-CIP. Developers/ Units Overall, the FAQs aim to provide operational clarity to Mar 05, 2026 regulated entities on conducting secure, risk-based, Public Notice No. 09/2025-26 dated 05.03.2026 - In and compliant remote onboarding of NRI customers. pursuance of Instruction No. 123 dated 23.02.2026 of the Department of Commerce issued on the Registration for availing of Online captioned subject in supersession of instruction No. 2 PAN Verification services to IFSC dated 24.03.2006 regarding execution of BLUT by SEZ REs Developers/ Units. Feb 09, 2026 Office Of Administrator (IFSCA) - All IFSC Units onboarding clients are required to verify Open House Series for Regulated the Permanent Account Number (PAN), wherever Entities on SEZ Compliance in GIFT available, of their clients as part of the onboarding IFSC process. The IFSC Units are required to access the issuer database to verify the PAN details of their Mar 09 2026 clients. The Office of the Administrator (IFSCA) commenced In this regard, the IFSC Units have now been granted structured series of total 14 Open House Sessions access for availing online PAN verification through the starting from Jan 06, 2026, for IFSCA REs as part of its Protean portal. All the IFSC Units which are required ongoing efforts to strengthen stakeholder to verify the PAN details shall register under the newly engagement and enhance clarity on SEZ compliance created “IFSCA Registered Entities” category on the within GIFT IFSC. Protean portal to avail the PAN verification services. More than 230 entities from various sectors such as Financial Action Task Force (FATF) Aircraft & Ship Leasing, Finance Companies, FMEs, High risk and other monitored CMIs, Banking Entities, Insurance Entities, TechFin & jurisdictions – February 13, 2026 Ancillary Service Providers, Payment Service Providers & Global In-House Centres (GICs) participated. Mar 06, 2026 Detailed discussions were held on procedural The press release highlights the latest public requirements, documentation standards, timelines statements issued by the FATF on Feb 13, 2026, for approvals, periodic reporting obligations, and regarding jurisdictions with strategic AML/CFT operational aspects across the life cycle of REs. In deficiencies. FATF has called for countermeasures, addition to SEZ-specific compliance matters, various targeted financial sanctions, and enhanced due other issues pertaining to regulatory requirements diligence measures in relation to Democratic People's and other issues under applicable laws were discussed. Republic of Korea, Iran, and Myanmar under the category of “High-Risk Jurisdictions subject to a Call for Action”. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)23 Public Notice No. 10/2025-26 applicable to entities undertaking or intending to dated 27.03.2026 - Penalties for undertake permissible activities in IFSC. various non-compliances of SEZ provisions The Circular categorises fees into Application, Licence/ Registration/ Recognition/ Authorisation, Mar 27, 2026 Recurring, Activity-based, Processing, and other regulatory fees & charges, while also prescribing Strict penal action under the provision of Rule 54(2) of timelines, payment mechanisms, and compliance SEZ Rules, 2006 read with the provisions of Foreign requirements. Trade (Development and Regulations) Act, 1992 for various non-compliances of SEZ provisions such as The Circular was necessitated to consolidate and delay in filing Application for LOA extension/ Renewal rationalise the existing fee framework, provide of LOA/ Extension of deadline for submission of Lease greater clarity and consistency in fee applicability, and Deed, etc. and higher penalty shall be imposed for align the fee structure with the evolving regulatory such continued non-compliances, instead of minimum landscape and business models across various sectors penalty as was imposed so far. regulated by IFSCA. This circular is applicable for FY 2026-27 and onwards. Others Amendment to the Circular titled “Guidelines on Cyber Security and IFSCA (PRC) (Amendment) Cyber Resilience for Regulated Regulations 2026 Entities in IFSCs” Jan 05, 2026 Mar 10, 2026 The circular introduces certain amendments to the IFSCA issued the Performance Review Committee previously issued cyber security guidelines. Under the (Amendment) Regulations, 2026 on 5th Jan 2026 to revised framework, entities have been classified into amend the 2022 regulations. The amendment two categories for the purpose of availing exemption changes the committee composition requirement for a period of three years. from "up to two independent experts" to "at least two independent experts from relevant fields", with the Entities falling under the first category are eligible for aim of ensuring stronger expert participation in the exemption, subject to, inter alia, the adoption of the committee. The regulations came into effect from the cyber security framework of their parent or holding date of their publication in the Official Gazette. entity, provided such parent or holding entity is regulated by a regulator or government authority in Fee structure for the entities its jurisdiction. Such entities are also required to undertaking or intending to submit cyber audit report. undertake permissible activities in IFSC or persons seeking guidance Entities under the second category are granted under the Informal Guidance exemption subject to the submission of a self- Scheme certification confirming adequate cybersecurity measures proportionate to their risk exposure. Mar 02, 2026 The Authority issued the Fee Circular dated March 02, 2026, prescribing a comprehensive fee structure IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)24 PUBLIC CONSULTATION PUBLIC CONSULTATION _____________________________________________________________________________________ Banking Remote booking refers to the practice of booking transactions through an entity (branch or subsidiary) based in a different location from where the business Consultation paper on “Guidance is being conducted. In practice, remote booking is Framework on sustainable undertaken in a variety of models across deposits and sustainable lending organisations/ locations varying by business area/ and investments” asset class. Jan 21 – Feb 10, 2026 The Authority proposes to issue a circular laying down its directions on remote booking arrangements of a IFSCA issued the “Guidance framework on Sustainable Bank of which its IBU is a part. and Sustainability linked lending by financial institutions (Guidance framework)” on April 26, 2022, Capital Markets which provided guidance to entities (IBUs and FC/FUs) in IFSC for lending towards green/ social/ sustainable projects/ purposes including short-term financing in Consultation Paper on Guidelines such areas. for Algorithmic Trading on the Stock Exchanges Taking into account the increasing momentum seen in the sustainable lending sector, stakeholder feedback Jan 21 - Feb 11, 2026 and alignment with international best practices, the modified Circular titled ‘Framework for sustainable The consultation paper was issued to seek comments deposits and sustainable lending and investments' is and suggestions from the market participants and being issued. wider public on the proposed guidelines for algorithmic trading on the stock exchanges in IFSC. The modified circular enables IBUs to offer The aim of this consultation paper was to seek a ‘sustainable deposits’ as a distinct product offering. balance between the benefits of algorithmic trading The funds raised from these deposits may be used by with the need to safeguard the capital market against IBUs to invest in eligible sustainable products (such as systemic risks and ensure market integrity. The ESG labelled debt securities, among others) and to guidelines envisaged by IFSCA seek to promote provide loans for such activities/ projects classified transparency, accountability, and mitigate risks posed under green or social category under the framework. by the use of algorithms for trading on the stock exchanges. Further, the modified circular provides guidelines to IBUs and FCs on sustainable investment activities, Consultation – Draft International sustainable trade finance, investment in sustainable Financial Services Centres products. Authority (Electronic Trading Platform) Regulations, 2026 Public Consultation on Draft circular on Participation of IFSC Feb 24 - Mar 18, 2026 Banking Units (IBUs) in remote booking arrangements (RBA) The objective of this public consultation is to seek comments/ views/ suggestions from the public on the Jan 22 – Feb 13, 2026 proposed regulations of the Authority on setting up and operation of Electronic Trading Platforms (ETPs) in The objective of this public consultation is to seek IFSCs. comments/ views/ suggestions from the public on the proposed directions of the Authority on the “remote ETP shall mean an electronic system, located in IFSC, booking” arrangements of banks licensed by the through which offers for exchange, sale or purchase of Authority to set up an IBU and participation of IBUs in one or more eligible instrument/s is regularly made by the remote booking arrangements (RBA) of its parent trading members and which, on such offer being bank. accepted, may enable the clearing and settlement of IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)PUBLIC CONSULTATION 25 such eligible instruments between such trading Consultation Paper on IFSCA members through such electronic system or (Prohibition of Market Abuse in otherwise. Securities Markets) Regulations, 2026 While an applicant for authorisation as an ETP must set up a company in IFSC, entities already holding Mar 06 – 27, 2026 similar authorisation in certain jurisdictions are proposed to be permitted to set up in IFSC as a branch IFSCA issued a consultation paper proposing the of the said entity. IFSCA (Prohibition of Market Abuse in Securities Markets) Regulations, 2026 to provide a regulatory The regulations also lay down the requirements for framework for prevention of market abuse in the grant of authorisation including track record and IFSC. These regulations propose to replace the financial soundness, relevant experience of Key existing SEBI regulations on insider trading and unfair Management Personnel (KMP), quality of risk trade practices in IFSC. management, validity of business plan and ability to satisfy the net-worth requirements. The regulations The draft regulations on prohibition of market abuse also lay down that the requirements that the entity in securities market have been prepared taking into would be required to follow post grant of consideration the IOSCO Principles 10-12 (Principles authorisation and during the process of operating the relating to Enforcement) and the global best trading platform. practices in various jurisdictions such as Singapore, Hong Kong, DIFC, UK and the European Union. Further, cryptocurrencies or tokens, by whatever name called, shall not be eligible to be traded on the Following have, inter-alia, been proposed in the ETPs. IFSCA (Prohibition of Market Abuse in Securities Markets) Regulations, 2026 are as under: Consultation Paper on the Regulatory Framework for Rights • Definition of Connected Person, material non- Issues by Listed Entities In the IFSC public information, Insider etc. • Communication or procurement of material non- public information Mar 06 – 27, 2026 • Trading while in possession of material non- public information • Disclosure by insiders trading in securities IFSCA issued a consultation paper proposing a • Prohibition of certain dealings in securities regulatory framework for rights issue by listed entities • Prohibition of Manipulative, Fraudulent and on the recognised stock exchanges in the IFSC. Unfair Trade Practices • Deemed manipulative, fraudulent or unfair trade Following has, inter-alia, been proposed in the practice regulatory framework for the rights issue by the listed • Defenses for Market Manipulation and Insider entities on the recognised stock exchanges in the IFSC: Trading • Institutional mechanism and code of conduct for • Eligibility Criteria prevention of Insider Trading and Market Abuse • Conditions for making rights issue • Record Date Consultation Paper on the • Disclosures in the letter of offer Regulatory Framework For • Pricing Preferential Issues and Qualified • Issuance conditions and procedures Institutions Placements • Credit of right entitlements • Renunciation of right entitlements Mar 06 - 27, 2026 • Procedure of allotment • Post issue responsibilities IFSCA issued a consultation paper proposing a regulatory framework for Preferential Issue and The objective of the proposed framework is to Qualified Institutions Placement (QIP) by the listed provide listed companies with a mechanism for entities on the recognised stock exchange in the IFSC. raising capital through rights issue in a fast track and streamlined manner. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)26 PUBLIC CONSULTATION Following has, inter-alia, been proposed in the Finance Company regulatory framework for Preferential Issue and QIP are as follows: Public Consultation on draft • Definition of the Qualified Institutional Buyer guidelines on capital relief and • Eligibility criteria for Preferential Issue and QIP prudential requirements for • Conditions for Preferential Issue and QIP factoring transactions for FC/FUs • Disclosure requirements • Pricing related requirements Mar 11 – 31, 2026 • Timeline for allotment of securities The consultation paper proposed guidelines to The objective of the proposed framework is to provide recognise credit risk mitigation techniques for listed companies with a mechanism for raising capital providing capital relief for factoring transactions through a fast-track, cost-effective, and streamlined undertaken by Finance Companies and Finance Units process, simultaneously ensuring transparency, fair operating in IFSC. pricing, and protecting the interests of shareholders. Additionally, these draft guidelines incorporate Consultation paper on proposed prudential requirements such as exposure norms and Amendments in CMI Regulations NPA recognition. The proposed guidelines on capital and Master Circular with respect relief are aligned with Basel III framework and to Credit Rating Agencies recognises credit risk mitigation obtained through arrangements - such as those offered by members Mar 16 – Apr 05, 2026 within the FCI network and other similar institutions for capital relief. IFSCA issued a consultation paper proposing amendments in IFSCA (Capital Market Intermediaries) Consultation Paper on proposed Regulations, 2024 and Master Circular pertaining to regulatory framework for Trust Credit Rating Agencies (CRA) on the following areas: and Company Service Providers (TCSP) and Special Purpose • Withdrawal of Ratings Vehicles (SPVs) for Leasing • Record Keeping by CRAs Activities in IFSC • Disclosure of Private Ratings • Permissible Activities for CRA Mar 17 – Apr 06, 2026 • Dissemination of Ratings The objective of this public consultation was to seek The objective of the consultation paper was to align comments/ views/ suggestions from the public on the regulations and circulars pertaining to CRAs in line Authority’s proposed regulatory framework for TCSPs with global best practices and enhance ease of doing under IFSCA (TAS) Regulations, 2025 and SPVs under business while maintaining the integrity and the IFSCA (Finance Company) Regulations, 2021 independence of credit rating processes. (TCSP–SPV Framework). The framework proposes that the SPV would function as the asset-owning and leasing entity, while the TCSP would provide a range of ancillary and fiduciary services. This arrangement is intended to enable efficient transaction structuring, operational continuity, and robust governance while ensuring clear segregation between financial and ancillary service activities. The proposed framework also envisages a proportionate regulatory approach for such SPVs, recognising their limited and transaction-specific role, alongside strong oversight of TCSPs in areas such as client due diligence, transparency, and AML/CFT compliance. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)PUBLIC CONSULTATION 27 Insurance regulatory framework enabling Financial Institutions in IFSC to engage IFSC Financial Advisers for rendering or soliciting financial services under Section Consultation paper on proposed 3(1)(e)(xiii) of the IFSCA Act, 2019. IFSCA (Managing General Agents) Regulations, 2026 The proposed framework also seeks to strengthen investor protection from the advisory stage and align Mar 13 - Apr 03, 2026 IFSC regulatory architecture with globally accepted financial advisory standards, thereby facilitating greater participation of retail and NRI investors in the The objective of this consultation paper was to seek GIFT IFSC ecosystem. comments from the public and stakeholders on the proposal to establish a comprehensive framework for Others registration, operation, and supervision of Managing General Agents (MGAs) in the IFSC through proposed IFSCA (MGAs) Regulations, 2026. Consultation Paper on Alignment of the Default List of Authorised Financial Support Services Services approved by the Department of Commerce with SAC Classification under the Goods Consultation paper on the draft and Services Tax (GST) Regime International Financial Services Centres Authority (IFSC Financial Jan 27 – Feb 16, 2026 Advisers) Regulations, 2026 The objective of the consultation paper was to seek Feb 24 - Mar 16, 2026 comments, views, and suggestions from stakeholders and the general public on the proposal to align the The consultation paper sought comments and Default List of Authorised Services approved by the suggestions from market participants, stakeholders, Department of Commerce for Special Economic Zone and the public on the proposed IFSCA (IFSC Financial (SEZ) Units with the Services Accounting Code (SAC) Advisers) Regulations, 2026. The draft regulations aim classification prescribed under the GST regime. to establish a structured, institution-anchored IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)28 REPORTS AND PUBLICATIONS REPORTS AND PUBLICATIONS _____________________________________________________________________________________ Financial Support Services Dubai, Hong Kong, and the United Kingdom explicitly recognise and regulate financial advisers as a critical component of their financial ecosystem. In this Report of the Internal Working context, the Working Group observed that the Group on Creation of Regulatory absence of a dedicated framework for advisory Ecosystem for Independent services at GIFT IFSC creates regulatory gaps at the Financial Advisers (IFAs) at GIFT- investor engagement stage and limits the IFSC development of a comprehensive advisory architecture. Feb 13, 2026 To address these gaps, the Working Group The Internal Working Group constituted by IFSCA recommended establishment of a Qualified Financial under the chairmanship of Shri K. Mahipal Reddy, Institution (QFI) anchored supervision model, Executive Director, consist of various industry experts wherein GIFT IFSC Financial Advisers (GIFAs) would as members, submitted its report on 13th Feb 2026 to be recognised, onboarded, and supervised through the Chairperson, IFSCA recommending establishment regulated Financial Institution operating in GIFT IFSC. of a regulatory framework for Independent Financial Advisers (IFAs) at GIFT IFSC with the objective of The framework also proposes creation of a Central developing a globally aligned, transparent, and Registry along with issuance of a Unique Registration investor-centric advisory ecosystem. Number (URN) for each adviser to ensure transparency, portability, and effective regulatory oversight. The proposed framework envisages open- architecture and cross-product advisory services across capital markets, insurance, banking, and other financial products through a unified registration structure supported by sector-specific endorsements. The recommendations further include fit-and-proper criteria, qualification and continuing professional development requirements, fiduciary and disclosure obligations, prohibition on handling client funds, grievance redressal mechanisms, and provisions for mutual recognition with recognised overseas jurisdictions. The report highlights the evolving nature of financial services, where advisory-led and relationship-driven The Working Group has also recommended a phased engagement is becoming increasingly important, implementation approach to facilitate gradual particularly for NRIs, globally mobile professionals, market development, operational scalability, and and retail and mass affluent investors seeking access future regulatory refinement. to cross-border financial products and international investment opportunities. The report concludes that formal recognition and regulation of advisory services would contribute The Working Group observed that while GIFT IFSC has towards strengthening investor protection, developed a strong institutional and wholesale enhancing retail participation, improving market ecosystem, the growing retail segment requires a transparency, and positioning GIFT IFSC as a more structured advisory framework to support deeper resilient, inclusive, and globally competitive market participation and investor outreach. international financial centre aligned with the statutory mandate of IFSCA. The report also highlights that the leading international financial centres such as Singapore, IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)ENFORCEMENT AND REGULATORY ACTIONS 29 ENFORCEMENT AND REGULATORY ACTIONS _____________________________________________________________________________________ S. No. Entity Type Nature of Lapse/ Violation Action/ Status Non-compliance with the requirements under the IFSCA Issuance of Show Insurance (Insurance Intermediary) Regulations, 2021 such as non- 1 Cause Notice to one Intermediary payment of applicable fees and non-commencement of entity business operations. Non-compliances with the requirements under the IFSCA Issuance of Show Finance (Finance Company) Regulations, 2021 such as non-payment 2 Cause Notice to two Companies of fees, failure to deploy personnel, failure to display entities Certificate of Registration (CoR) at the registered premises. Non-compliance with the requirements under the IFSCA Fund Issuance of Show (Fund Management) Regulations, 2022 and 2025 including 3 Management Cause Notice to four failure to appoint dedicated Key Managerial Personnels Entities entities (KMPs). Non-compliance with the requirements under the IFSCA (Capital Market Intermediaries) Regulations, 2021 and 2025 Issuance of Show Capital Market 4 such as non-submission of quarterly reports, conducting Cause Notice to Intermediaries unregistered business activity, non-payment of applicable seven entities fees. Violations pertaining to provisions of the IFSCA (Finance Finance Company) Regulations, 2021 such as non-commencement Order Issued to one 5 Company of business, failure to display CoR, non-deployment of entity resources and non-payment of fees. Violations pertaining to provisions of the IFSCA (Capital Capital Market Market Intermediaries) Regulations, 2021 and 2025 such as Orders issued to two 6 Intermediary non-payment of late submission fees, lack of infrastructure entities and manpower commensurate with business etc. Office of Administrator (IFSCA) Order-in-Original Broker Dealer, Non-compliance of the provisions of Rule 22(3) of SEZ No. 06/2025-26 7 Distributor, Rules, 2006 by non-submission of Annual Performance dated 17.02.2026 FME Report (APR) in prescribed timeline. issued to one entity Order-in-Original Non-compliance of the provisions of Rule 22(3) of SEZ No. 05/2025-26 8 FinTech Rules, 2006 by non-submission of APR in prescribed dated 17.02.2026 timeline. issued to one entity IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)30 EVENTS AND OUTREACH ACTIVITIES EVENTS AND OUTREACH ACTIVITIES ____________________________________________________________________________________ Development Activities Strengthening India–Nepal Financial Collaboration at GIFT IFSC Wharton University & Ahmedabad Jan 20, 2026 University Student Delegation Visit to IFSCA HQ IFSCA Dr. Biswo Nath Poudel, Governor of Nepal Rastra Bank, Jan 02, 2026 led a delegation to IFSCA HQ, where Dr. Praveen IFSCA HQ Trivedi, ED and Dr. Dipesh Shah, ED with other senior officials shared insights on the regulatory ecosystem A delegation of distinguished faculty members and at GIFT IFSC, avenues for IFSCA–NRB collaboration, students from Wharton University and Ahmedabad and emerging opportunities for Nepali financial University visited IFSCA HQ as part of the global institutions within India’s international financial immersion programme on India’s maiden IFSC. services ecosystem. Figure 37: Dr. Dipesh Shah, ED, IFSCA interacted with the university students Figure 39: Dr. Dipesh Shah, ED, IFSCA presenting a memento to Governor of Nepal Rastra Bank GIFT IFSC delegation visit to World IFSCA Hosts FinTech Startups Under Economic Forum (WEF) 2026 GIFT City Always-On Accelerator Jan 19-23, 2026 Davos, Switzerland Feb 06, 2026 IFSCA HQ Shri Ashutosh Sharma, CGM, IFSCA, along with the GIFT City delegation, engaged with senior leaders at IFSCA hosted an interactive session at its HQ on 5th Feb the Annual Meeting 2026 of WEF in Davos, discussing 2026 with 16 FinTech startups from GIFT City Always- collaboration opportunities and highlighting GIFT On Accelerator Program under IFIH. IFSC’s growing role as a global financial hub. Figure 40: Shri Ashutosh Sharma, CGM, IFSCA other Figure 38: Shri Ashutosh Sharma, CGM, IFSCA IFSCA officials interacted with FinTech Startups interacted with leading financial institutions to showcase Business opportunities in GIFT IFSC IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)EVENTS AND OUTREACH ACTIVITIES 31 Shri Ashutosh Sharma, CGM, IFSCA shared insights on IFSCA’s mandate, onboarding framework for IFSC entities, startup engagement mechanisms, and key compliance expectations for FinTechs and financial institutions. Canadian University Delegation Visits IFSCA HQ Feb 06, 2026 IFSCA HQ IFSCA hosted a delegation of Presidents and Vice- Chancellors (VCs) from leading Canadian universities Figure 43: EoL signing ceremony between at its headquarters as part of the QS – Universities IFSCA and FCA Canada Mission to India for a roundtable discussion and exploring opportunities for foreign universities in GIFT IFSC. Figure 44: Shri K. Rajaraman, Chairperson, IFSCA and other officials discussed GIFT IFSC opportunities with the UK Financial Institutions Figure 41: Shri K. Rajaraman, Chairperson, IFSCA interacting with leading Canadian Universities MoU between IFSCA & FSA (Norway) representatives Feb 13, 2026 Virtual IFSCA and Finanstilsynet, Norway signed an MoU on 13 Feb 2026 to strengthen regulatory cooperation, information sharing, and collaboration in financial markets, FinTech, and supervisory best practices. Figure 42: Shri K. Rajaraman, Chairperson, IFSCA and other officials with Canadian Universities delegation Exchange of Letters (EoL) between IFSCA & FCA (UK) Feb 11, 2026 IFSCA HQ IFSCA and the Financial Conduct Authority (FCA), UK signed an EoL on 11 Feb 2026 to strengthen regulatory Figure 45: MoU signing ceremony between IFSCA and cooperation, information sharing, and collaboration FSA (Norway) on innovation, FinTech, and supervisory best practices. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)32 EVENTS AND OUTREACH ACTIVITIES IFSCA participation in Moneycontrol regulatory cooperation, information sharing, and collaboration on innovation and FinTech. Mutual Fund Summit Participation in Airline Economics Feb 17, 2026 Growth Frontiers India 2026 Ahmedabad, Gujarat Feb 24, 2026 New Delhi, India IFSCA participated in Airline Economics’ Growth Frontiers India 2026 in New Delhi. Dr. Dipesh Shah, ED highlighted GIFT IFSC’s growing role in aircraft leasing and aviation finance. IFSCA jointly organised Roundtable discussion with Ministry of New and Figure 46: Dr. Dipesh Shah, ED, IFSCA and Shri Renewable Energy (MNRE) Pradeep Ramakrishnan, ED, IFSCA interacting during a panel discussion Feb 28, 2026 Dr. Dipesh Shah, ED (Development) and Shri GIFT City Club, Gandhinagar Pradeep Ramakrishnan, ED (Capital Markets) represented the Authority at the Moneycontrol IFSCA, in collaboration with MNRE, convened a Mutual Fund Summit 2026, highlighting GIFT roundtable at GIFT City on mobilising international IFSC’s vision and regulatory support for the mutual capital for India’s 500 GW renewable energy target. fund industry. The discussion brought together policymakers, IFSCA attended Airbus Aircraft regulators, multilaterals, and financiers to explore investments in renewable energy and climate Financing Workshop 2026 infrastructure. Feb 23, 2026 Mumbai, India IFSCA representatives attended the Airbus Aircraft Financing Workshop 2026 in Mumbai, highlighting GIFT IFSC’s growing role in aircraft leasing, financing, and Bankruptcy Remote SPV development. Figure 48: Chaired by Shri S. K. Sarangi, Secretary, MNRE the roundtable explored global investments in MoU between IFSCA and MFSA (Malta) renewable energy and climate infrastructure Feb 24, 2026 Virtual Figure 47: MoU exchange between IFSCA and MFSA Figure 49: Dr. Dipesh Shah, ED highlighted GIFT IFSC’s role in advancing sustainable finance and India’s clean IFSCA and Malta Financial Services Authority (MFSA) energy goals signed an MoU on 24 Feb 2026 to strengthen IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)EVENTS AND OUTREACH ACTIVITIES 33 IFSCA presence in Gujarat SemiConnect Conference 2026 Mar 01, 2026 Mahatma Mandir, Gandhinagar Dr. Dipesh Shah, ED, IFSCA, delivered the keynote address at Panel 3 of Gujarat SemiConnect Conference 2026 held at Mahatma Mandir Convention Centre, highlighting opportunities for financing India’s semiconductor industry through the GIFT IFSC. Figure 51: Dr. Dipesh Shah, ED, IFSCA with the GIFT City Conference 2.0 by CFA delegation from New Zealand Society India IFSCA Talent Vista Summit 2.0 Mar 06, 2026 GIFT City, Gandhinagar Mar 19, 2026 GIFT City, Gandhinagar The CFA Society organised “GIFT City Conference 2.0” at GIFT City focusing on cross-border investments, IFSCA organised the 2nd edition of the Talent Summit fund structuring, and evolving intermediary 2026 at GIFT City on the theme “Shaping Global Talent ecosystem in GIFT IFSC. Shri K. Rajaraman, for India and the World”, aimed at strengthening Chairperson and Dr. Dipesh Shah, ED highlighted GIFT industry-academia collaboration and building globally IFSC’s role in onshoring offshore investments and competitive talent for India’s international financial enabling innovative financial products. ecosystem. The summit was attended by Shri Harsh Sanghavi, Hon’ble Deputy Chief Minister, Gujarat; Dr. P. K. Mishra, Principal Secretary to the Prime Minister; Shri Uday Kotak, Chairman, GIFT City Company Limited; Shri K. Rajaraman, Chairperson, IFSCA; and Shri Sanjay Kaul, MD & CEO, GIFT City Company Limited. Figure 50: Shri K. Rajaraman, Chairperson, IFSCA delivered Keynote address High-level delegation from New Zealand visited GIFT IFSC Mar 07, 2026 IFSCA HQ IFSCA welcomed a high-level delegation from New Zealand at GIFT IFSC, led by Hon. Chris Bishop, Figure 52: A moment from the Plenary Session of Minister for Housing, Minister for Infrastructure and IFSCA Talent Vista Summit 2026 Leader of the House. Shri Sanghavi highlighted GIFT City as a platform to IFSCA officials briefed the delegation on GIFT IFSC’s fulfil the global aspirations of Indian youth, while Dr. growth as India’s international financial hub. Mishra underscored GIFT IFSC’s emergence as a global Discussions highlighted opportunities for New financial ecosystem aligned with the vision of Viksit Zealand institutions in banking, asset management, Bharat 2047. FinTech, and sustainable finance. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)34 EVENTS AND OUTREACH ACTIVITIES Official Visit to Canada Mar 23-25, 2026 Toronto, Canada An IFSCA delegation led by Shri K. Rajaraman, Chairperson, visited Toronto to engage with regulators, financial institutions, and investors, promoting opportunities at GIFT IFSC. Figure 53: Shri Harsh Sanghavi, Hon’ble Deputy Chief Minister of Gujarat shared the vision of GIFT IFSC and stressed how the GIFT IFSC helps Indian youth to pursue global careers in India with world-class opportunities and infrastructure in place Shri Kotak presented a roadmap for positioning GIFT City among the world’s leading financial hubs, highlighting its key strengths and growth potential. Shri Rishad Premji, Executive Chairman, Wipro Limited shared perspectives on talent and innovation, and the programme also featured remarks by Dr. Dipesh Shah, Figure 55: Shri K. Rajaraman, Chairperson, IFSCA with ED, IFSCA. The summit concluded with industry- senior officials of Ontario Securities Commission academia interactions, paving the way for future collaborations, employment commitments, and the Key meetings with the Ontario Securities Commission launch of new specialised programmes at GIFT IFSC. and Toronto Stock Exchange focused on regulatory cooperation, capital market innovation, and Representatives from Deutsche enhancing Canadian participation in GIFT IFSC. Bundesbank visited GIFT IFSC The delegation also held strategic engagements with Mar 20, 2026 major financial institutions including Sun Life Financial, IFSCA HQ Manulife, Brookfield Asset Management, Fairfax Financial Holdings, and Marval Capital. Discussions Ms. Irmela von Schenck, Consul and Representative of centered on opportunities across asset management, the Deutsche Bundesbank in India, visited the IFSCA insurance, pension products, global capability centres HQ at GIFT IFSC. During the interaction, Dr. Dipesh (GCCs), cross-border risk transfer, and India-linked Shah, ED, IFSCA, shared key insights on the advantages investment strategies through GIFT IFSC as a gateway of GIFT IFSC. for global capital. Figure 54: Senior IFSCA officials with representatives from Deutsche Bundesbank Figure 56: IFSCA delegation at Toronto Stock Exchange IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)EVENTS AND OUTREACH ACTIVITIES 35 IFSCA, in collaboration with the Consulate General of Key meetings were held with senior leadership of India in Toronto and support from ICICI Bank and State JPMorgan Chase, Morgan Stanley, BlackRock, Bank of India (SBI), also organised business Blackstone Inc., and VanEck, focusing on roundtables, networking receptions, and an opportunities in cross-border banking, fund international conference on opportunities for management, alternative investments, and capital Canadian financial institutions in India’s maiden IFSC. markets through GIFT IFSC. Figure 57: IFSCA delegation led by Shri K. Rajaraman, Chairperson, during a roundtable interaction with leading universities and colleges in Toronto The visit additionally included roundtables with Figure 59: IFSCA delegation met Ms. Samara Cohen, universities, colleges, Indian diaspora members, and Global Head of Market Development for BlackRock in institutional stakeholders, highlighting opportunities New York to discuss fund management opportunities and the growing ecosystem in GIFT IFSC for foreign universities, talent development, and deeper India-Canada trade and investment linkages The delegation met senior officials at Nasdaq to through the GIFT IFSC. explore exchange collaboration and capital market opportunities. IFSCA also joined a roundtable co- Official Visit to United States of hosted by Nasdaq and the US-India Business Council, America (USA) showcasing GIFT IFSC’s regulatory strength and growing opportunities across banking, insurance, Mar 25-27 , 2026 fintech, and asset management. New York City, USA The delegation also engaged with universities, the An IFSCA delegation led by Shri K. Rajaraman, Indian diaspora, and industry leaders to explore Chairperson, conducted a series of strategic opportunities in education, talent development, engagements in New York City to showcase GIFT IFSC maritime finance, and ship leasing, further as a leading gateway for India-linked global financial strengthening GIFT IFSC’s position as India’s global services. financial hub. Figure 58: Shri K. Rajaraman, Chairperson, IFSCA, addressing the financial institutions and the Indian Figure 60: GIFT IFSC Conference held at CGI, New diaspora on the opportunities at GIFT York IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)36 EVENTS AND OUTREACH ACTIVITIES Banking IFSCA highlighted the opportunities for MSMEs in GIFT IFSC during the Awareness Workshop for MSMEs organised by the Ministry of MSME, Government of Regulatory Dialogue with IFSC Banking India, in collaboration with the Government of Kerala. Units (IBUs) Shri Samuel Wesley, Manager, delivered a session on trade finance instruments such as factoring, forfaiting, Jan 27, 2026 and supply chain finance offered by IBUs and finance GIFT City, Gandhinagar companies, role of ITFS platforms, benefits of During the programme, supervisory perspectives procuring ECBs from IFSC-based entities, and the were shared on governance standards, risk recent policy initiative enabling the inclusion of management, operational and manpower substance, foreign currency factoring for MSMEs facilitated by and digital interface expectations, alongside key IFSCA regulated entities under the Interest Subvention observations from supervisory assessments. Scheme (NIRYAT PROTSAHAN). Exporters Outreach Event HSBC India Loan Summit 2026 Feb 10, 2026 Mar 12, 2026 Mumbai Tiruppur, Tamil Nadu Shri K. Rajaraman, Chairperson, IFSCA, delivered a IFSCA participated in the Loan Summit where Ms. keynote address in the outreach event organised by Riddhi Bhandari, GM, IFSCA, gave an overview of the Mjunction Services Limited (Joint Venture Of Sail & evolution of the banking ecosystem in GIFT IFSC. The Tata Steel) in collaboration with Tiruppur Exporters presentation focused on opportunities for foreign Association, GlomoPay, Credlix and other REs at banks in GIFT IFSC. Tiruppur engaging exporters on trade finance opportunities through GIFT IFSC. In his address, FIEO - Outreach Session on Advance Chairperson outlined how GIFT IFSC is positioned as a Trade Finance Solution Through key enabler achieving India’s ambitious target of USD Export Factoring 2 Tn exports by 2030 by providing accelerated access to credit through ITFS platforms and supporting trade Mar 17, 2026 instruments offered by IBUs and Finance Companies Kanpur, Uttar Pradesh in IFSC, risk mitigation tools and globally integrated financial services. IFSCA participated in an event organised by Credlix, in collaboration with FEDERATION OF INDIAN EXPORT ORGANISATIONS (FIEO), M1 NXT, Glomo & Kotak Mahindra Bank at Kanpur, engaging exporters on trade finance opportunities through GIFT IFSC. Ms. Riddhi Bhandari, GM, IFSCA, highlighted the achievements of IFSCA REs and updated the recent enablements which places GIFT IFSC as a preferred jurisdiction for Indian exporters to undertake their foreign currency banking and leverage GIFT-IFSC’s Figure 61: Shri K. Rajaraman, Chairperson, IFSCA financing solutions to reduce payment risk, unlock delivering a virtual address at the Outreach Event innovative trade finance solutions and support their Composite Awareness Workshop for ambition to expand globally. MSMEs under the Raising and Accelerating MSME Performance (RAMP) Programme Feb 20, 2026 Kochi, Kerala IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)EVENTS AND OUTREACH ACTIVITIES 37 Capital Markets Unlocking IFSC and GIFT City: Listings, Funds, Trade Finance and Emerging Professional Opportunities Jan 05, 2026 Salem, Tamil Nadu The one-day conference on “Unlocking IFSC and GIFT City: Listings, Funds, Trade Finance and Emerging Professional Opportunities” held in Salem, was jointly Figure 62: Shri Arjun Prasad, GM, IFSCA with other organised by IFSCA, The Institute of Company event participants Secretaries of India (ICSI), and India International Exchange (IFSC) Ltd. IFSCA - Sri Lanka Regulatory Dialogue Shri K. Rajaraman, Chairperson, IFSCA delivered a Feb 05, 2026 keynote address outlining GIFT IFSC’s role as India’s IFSCA HQ (Virtual) gateway to global finance, focusing on regulatory evolution, innovation, NRI participation, and its Shri Pradeep Ramakrishnan, ED, and Shri Arjun Prasad, contribution to the Viksit Bharat @2047 vision. GM, held a virtual meeting with key stakeholders from Sri Lanka, including Dr. Harshana Sooriyapperuma Shri Pradeep Ramakrishnan, ED, IFSCA, highlighted (Secretary, Ministry of Finance, Planning and the opportunities in raising finance through GIFT City Economic Development), Senior Prof. D.B.P.H. and threw light on aspects such as Listing, Funds, and Dissabandara (Chairman, SEC, Sri Lanka), Mr. Dimuthu Global Access. Abeyesekera (Chairman, Colombo Stock Exchange), & Shri Sathyaraj CM, GM, IFSCA presented opportunities Ms. Devika Lal, Counsellor (Economic & Commerce), for professionals under TechFin, Ancillary Services, High Commission of India in Colombo. BATF, and GIC frameworks. Supported by DSP and M1 Next, the event attracted around 100+ professionals, The discussions centred on strengthening cross- investors, and entrepreneurs from multiple South border financial market linkages between India and Sri Indian cities. Lanka. Key areas of focus included opportunities within GIFT IFSC, the listing of debt instruments, with The global initiative promotes investor education and an emphasis on enhancing international market protection. The theme for 2025 was “Technology and connectivity and facilitating capital flows. Digital Finance, Artificial Intelligence, and Fraud and Scam Prevention”. Technical Conclave on Cyber Security & Quantum Technologies for the GIFT IFSC as a Gateway for Global Financial Sector Capital and Foreign Listings Feb 12, 2026 Jan 22, 2026 Gandhinagar, Gujarat Mumbai, India The Conclave was organised by IFSCA in collaboration Shri Arjun Prasad, GM, IFSCA, delivered a Special with the Centre for Development of Telematics (C-DOT) Address at the event organised by CFMIP, ICAI on the on Feb 12, 2026, at GIFT City. The conclave brought topic “GIFT IFSC as a Gateway for Global Capital and together cyber security professionals of various Foreign Listings”. Shri Prasad shared insights about financial institutions to discuss the cybersecurity the recent developments in GIFT IFSC, updates on resilience of financial sector in the wake of emerging capital market activities and opportunities for technological advancements, especially the quantum international listings (debt and equity) for Indian computing. A session was conducted by Shri Praveen corporates based on globally benchmarked Kamat, GM & CISO on the Guidelines on Cyber regulations. Security and Cyber Resilience issued by IFSCA. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)38 EVENTS AND OUTREACH ACTIVITIES Global Securities Markets Conclave 2.0 Bilateral Meeting with H.E. Mr. Gilles Roth, Minister of Finance, Luxembourg Feb 26-27, 2026 on the sidelines of GSMC 2.0 GIFT City, Gandhinagar Feb 26, 2026 IFSCA in collaboration with MIIs in IFSC: NSE GIFT City, Gandhinagar International Exchange (NSE IX), India International Exchange (India INX), NSE International Clearing Corporation (NSE ICC), India International Clearing Corporation (India ICC), India International Depository (IIDI) and India International Bullion Exchange (IIBX) organised the 2nd edition of the Global Securities Market Conclave (GSMC 2.0) at GIFT City, Gujarat. The Conclave brought together regulators, policymakers, international exchanges, fund managers, intermediaries, multilateral institutions, FinTech innovators, and market participants from India and abroad. The conclave aimed to explore the theme of "Global Capital Flows: Navigating Cross-Border Investments in the age of Artificial Intelligence". GSMC 2.0 was conceived as a strategic platform to deliberate upon evolving global securities market landscape and to Figure 64: Shri K. Rajaraman, Chairperson, IFSCA in further strengthen the positioning of GIFT IFSC as a discussion with H.E. Mr. Gilles Roth, Minister of globally competitive financial centre. Finance, Luxembourg IFSCA hosted a high-level delegation led by H.E. Mr. Gilles Roth, Minister of Finance, Luxembourg, for a bilateral meeting on the sidelines of GSMC 2.0. The discussions centered on fostering robust Regulatory Cooperation and exploring strategic collaboration opportunities between the two international financial centers. The dialogue paved the way for enhanced cross-border financial services, sustainable finance initiatives, and shared regulatory excellence. Roundtable Discussion on Global Trends in Asset Management - Side Figure 63: (L to R) Shri Injeti Srinivas, former Event of GSMC 2.0 Chairperson IFSCA; Shri V. Anantha Nageswaran, Chief Economic Advisor; Shri K. Rajaraman, Chairperson, IFSCA, and H.E. Mr. Gilles Roth, Minister Feb 26, 2026 of Finance, Luxembourg at inauguration of GSMC 2.0 GIFT City, Gandhinagar The discussions over two days were centred around A closed-door roundtable discussion on “Global deepening IFSC capital markets, enhancing global Trends in Asset Management” was convened on Feb connectivity, strengthening sustainable finance 26, 2026. The session was organised by Bloomberg, in frameworks, fostering innovation, and ensuring partnership with Indian Venture and Alternate Capital regulatory agility. Association (IVCA), under the aegis of IFSCA. The roundtable, held alongside the GSMC 2.0 brought together senior asset managers, institutional IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)EVENTS AND OUTREACH ACTIVITIES 39 investors, policymakers, and regulators to deliberate Insurance on key structural shifts shaping the global asset management industry. Global Reinsurance Summit 3.0 Jan 19, 2026 Mumbai, India IFSCA, IRDAI and GIFT Co. Ltd. jointly hosted the 3rd edition of the annual flagship event “IFSCA-IRDAI- GIFT-City Global Reinsurance Summit (GRS)” under aegis of Ministry of Finance, Government of India in Mumbai on 19th Jan 2026 under the theme "Unlocking India's Re-insurance Potential". Figure 65: Shri K. Rajaraman, Chairperson, IFSCA conducting the roundtable discussion with participants IOSCO’s Asia-Pacific Regional Conference Mar 02-04, 2026 Sydney, Australia A delegation of IFSCA Officials attended the Figure 67: Shri K. Rajaraman, Chairperson, IFSCA and conference, organised under the auspices of IOSCO. Shri K. Mahipal Reddy, ED, IFSCA at GRS 3.0 During the conference, the officials exchanged ideas pertaining, inter alia, to financial regulation, with The summit aimed to bring relevant stakeholders to a other regulators of Asia-Pacific Region. As part of the common platform where representatives from conference, a meeting of enforcement directors of insurance and reinsurance industry deliberated on regulators from Asia-Pacific Region was also held on contemporary developments, emerging risks, and the 2nd March 2026, wherein discussions were held over evolving global re-insurance landscape. enforcement priorities, challenges and best practices. Figure 66: Shri Pradeep Ramakrishnan, ED, IFSCA, at IOSCO’s Asia-Pacific Regional Conference Figure 68: Shri K. Mahipal Reddy, ED, IFSCA delivering an address at GRS 3.0 It provided an opportunity for the delegates to interact with senior officials of IFSCA, IRDAI and GIFT City. Various panels discussed strategic avenues for IIOs, developing ILS/CAT Bonds framework in GIFT IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)40 EVENTS AND OUTREACH ACTIVITIES IFSC and opportunities for Direct Insurance Business Fintech and Payments from GIFT IFSC. Global Financial Innovation Network India Rendezvous 2026 (GFIN) Quantum Roundtable 2026 Jan 19-21, 2026 Mumbai, India Jan 27, 2026 Virtual Senior Officials from the Department of Insurance and Pensions, IFSCA participated in the following sessions IFSCA participated virtually as a Project Partner in the organised during the India Rendezvous 2026: GFIN Quantum Roundtable held under the GFIN Quantum Project. During the roundtable, IFSCA • Fireside Chat: Building Trusted Global representatives shared its initiatives and approach in Reinsurance Hubs — Regulatory Insights and the areas of quantum security and quantum Learnings innovation. IFSCA Officials also highlighted key • Reinsurance and the Volatile Global Landscape – Role of India in the Global Reinsurance Supply learnings on the adoption of emerging technologies in Chain financial services. IFSCA Payments Forum 2026 Feb 13, 2026 GIFT City, Gandhinagar IFSCA hosted the Payments Forum 2026 in GIFT-IFSC in February 2026, bringing together representatives from various section such banking, capital markets, insurance, fund management, payment services, FinTech and academia to deliberate on strengthening the payments and settlement ecosystem at GIFT IFSC. Figure 69: Shri K. Mahipal Reddy, ED, IFSCA during India Rendezvous 2026 During these sessions, the IFSCA officials highlighted the evolving insurance and reinsurance ecosystem at GIFT IFSC and briefed participants on regulatory framework, growth opportunities, and initiatives undertaken to strengthen IFSC as a global insurance and re-insurance hub. 25th Global Conference of Actuaries Feb 23, 2026 Figure 70: Shri Supriyo Bhattacharjee, CGM, IFSCA Mumbai, India delivering an address at Payments Forum 2026 Shri K Rajaraman, Chairperson, IFSCA delivered a Participation of IFSCA in India AI keynote address under the theme of “Actuarial Impact Summit Pathways to Viksit Bharat – Managing Risks for Inclusive Social and Economic Growth” at the 25th Feb 16 & Feb 20, 2026 Global Conference of Actuaries organised by Institute New Delhi of Actuaries of India. The address highlighted that the actuarial profession stands at the heart of India's IFSCA participated in a panel discussion titled "Inside transformation journey, with significant opportunities India's Frontier Lab and its Global South Impact" at the for actuarial professionals to serve global clientele India AI Impact Summit 2026, on sharing critical from GIFT IFSC insurance and ancillary ecosystem. insights on how India's DPDP Act and Rules 2025 can unlock secure cross-border data corridors, the need IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)EVENTS AND OUTREACH ACTIVITIES 41 for India to transition from a data consumer to a Program at GIFT City and was organised by the GIFT sovereign data processor with indigenous foundation International FinTech Institute (GIFT IFI). models, and the importance of democratising AI for inclusive, grassroots-level solutions in alignment with During the session, IFSCA representatives provided an the Summit's theme of "Sarvajana Hitaya, Sarvajana overview of the Sandbox framework, the FinTech Sukhaya" (Welfare for All, Happiness for All). Entity (FE) Framework, 2022, including its four categories of sandboxes, and highlighted various use cases tested under the IFSCA Sandbox. The session concluded with an interactive Q&A segment. Financial Support Services ICAI WOFA 2026 - Session on “Growing GCC and Outsourcing Business from Tier-2/ Tier-3 Cities” Feb 01, 2026 Figure 71: Shri Joseph Joshy, CGM, IFSCA Greater Noida, India during AI Impact Summit A session on “Growing GCC and Outsourcing Business Shri Praveen Kamat, GM & CISO also participated in a from Tier-2/ Tier-3 Cities” highlighted the rising panel discussion on 20th Feb 2026 organised by The importance of smaller cities in India’s services Dialogue on “Embedded Governance for AI in Finance” ecosystem, driven by cost efficiencies, talent at India AI Impact Summit 2026. The discussion availability, and improving infrastructure. covered various regulatory, policy and industry perspectives on embedding governance within AI- It underscored the role of IFSCA in enabling cross- driven financial architecture. border service delivery, regulatory clarity, and global market access. The discussion also emphasised policy support through TechFin, Ancillary Services, and GIC frameworks, along with the need for skilling and ecosystem development to integrate emerging cities into global value chains. Session on “Expanding Business Horizons at GIFT IFSC: GCCs, Leasing, Insurance & Allied Financial Services” Feb 13, 2026 Figure 72: Shri Praveen Kamat, GM, IFSCA during the India AI impact summit IFSCA HQ IFSCA Session on FinTech Sandbox A virtual session on “Expanding Business Horizons at GIFT IFSC: GCCs, Leasing, Insurance & Allied Financial Framework at Arun Jaitley National Services” provided an overview of opportunities Institute of Financial Management under the GIC, BATF, and TechFin & Ancillary Services (AJNIFM) Immersion Programme (TAS) frameworks of IFSCA. The session highlighted how GICs can leverage IFSC for cross-border service Feb 19, 2026 delivery, operational efficiency, and regulatory clarity. GIFT International FinTech Institute, GIFT City It outlined the scope of BATF services in enabling bookkeeping, accounting, taxation, and financial IFSCA delivered a session for around 60 participants, crime compliance functions for global clients. The TAS comprising mid-career officers and professionals from framework was discussed as a key enabler for a wide AJNIFM. The session was conducted as part of range of support services, fostering a robust AJNIFM’s 5-day Academic & Industry Immersion ecosystem for financial and professional services. The IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)42 EVENTS AND OUTREACH ACTIVITIES session emphasised simplified regulations, global The IFSCA Academy facilitated a podcast interaction market access, and the growing role of GIFT IFSC as a between the Chairperson, IFSCA and the Director of hub for integrated financial services and outsourcing NISM, which was recorded on 21st Jan 2026. The activities. initiative was aimed at promoting knowledge sharing Others and highlighting the evolving regulatory landscape of GIFT IFSC. The podcast helped IFSCA reach the masses with a total viewership of around 4 Lakhs as on 31st Open House for SEZ Units - to May 2026. strengthen stakeholder engagement and enhance clarity on SEZ compliance Visit of Students from Gujarat National within GIFT IFSC Law University (GNLU), Gandhinagar Jan 06, 2026 Jan 27, 2026 IFSCA HQ IFSCA HQ The Office of the Administrator (IFSCA) commenced IFSCA Academy hosted a study visit of students from structured series of total 14 Open House Sessions GNLU as part of its outreach and academic starting from Jan 06, 2026, for IFSCA REs as part of its engagement initiatives. The visit was conducted in ongoing efforts to strengthen stakeholder two batches of 40 students each where the students engagement and enhance clarity on SEZ compliance were given an overview of regulatory architecture and within GIFT IFSC. ecosystem in the IFSC. IFSCA Chintan Shivir 2026 Jan 29-30, 2026 Abu Road, Rajasthan IFSCA conducted two-day team building program for its officials during the Annual Chintan Shivir 2026 organised in Jan 2026 at Abu Road, Rajasthan. Figure 73: Shri Praveen Trivedi, ED, during the Open House for SEZ Units NISM Masterclass 27: Unified Regulations" make things simpler for businesses (Podcast) Jan 21, 2026 IFSCA HQ The program comprised various sessions with an objective to strengthen collaboration, interpersonal effectiveness, and team cohesion among employees of the Authority. The program focused on key areas such as team bonding, communication, emotional intelligence, and improving team dynamics. It included a series of facilitated activities, group exercises, and discussions designed to build trust, enhance coordination, and promote a culture of Figure 74: Shri K. Rajaraman, Chairperson, interacting collaboration and mutual support within the with NISM Director during the Podcast Session organization. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)EVENTS AND OUTREACH ACTIVITIES 43 To strengthen the communication and presentation capabilities of officers, IFSCA Academy organised a training programme on High Impact Presentation Skills in collaboration with Dale Carnegie India. The programme was conducted over two batches in an interactive format. The training focused on enhancing communication skills, audience engagement, and professional Figure 75: Shri K. Rajaraman, Chairperson, IFSCA, presentation delivery. The sessions included practical delivering an address (right) and IFSCA Officials (left) exercises and feedback-based learning, aimed at attending a session during the Chintan Shivir 2026 improving the overall executive presence and confidence of the participants. Indo-Swiss Blockchain Forum 2026 MoU with Indian Institute of Corporate Feb 11, 2026 Affairs (IICA) Gandhinagar, Gujarat Feb 20, 2026 Shri Praveen Kamat, GM & CISO, participated in a IFSCA HQ panel discussion organised as part of the Indo-Swiss Blockchain Forum hosted by Rashtriya Raksha IFSCA and IICA signed an MoU to formalise University (RRU) at GIFT City, Gandhinagar. collaboration in areas relevant to the IFSC ecosystem. The MoU was signed by Shri K. Rajaraman, The panelists included experts from RBI and Chairperson, IFSCA, and Shri Gyaneshwar Kumar Singh, University of Zurich Blockchain Center. The panel Director General, IICA. The collaboration focuses on deliberated on application of blockchain technology in areas such as corporate law, ESG, sustainable finance, the financial sector and engaged with stakeholders, and cross-border transactions, and includes joint including representatives from other regulatory training programmes, research, and knowledge bodies and financial institutions. initiatives. The MoU aims to strengthen institutional capacity and promote sound governance practices within IFSC. Figure 76: Shri Praveen Kamat, GM, IFSCA during the Indo-Swiss Blockchain Forum 2026 Figure 77: MoU Exchange between IFSCA and IICA The IFSCA officials shared valuable insights on IFSCA's robust regulatory architecture, and the various Interview with The FynPrint on IFSCA initiatives undertaken to enhance capital flows and (Pension Fund) Regulations, 2026 facilitate investments into India through the GIFT IFSC. Feb 26, 2026 Training Programme on High Impact IFSCA HQ Presentation Skills In Feb 2026, Shri K. Mahipal Reddy, ED, IFSCA Feb 16-19, 2026 participated in an interview with The FynPrint regarding the IFSCA (Pension Fund) Regulations, 2026 IFSCA HQ and the emerging opportunities in the pension sector IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)44 EVENTS AND OUTREACH ACTIVITIES within GIFT IFSC. The interview also led to illustrations discussion explored emerging business models, on IFSCA’s regulatory framework for facilitating dollar- regulatory considerations and evolving landscape of denominated pension products through GIFT IFSC real estate tokenization in India. which was featured in The FynPrint magazine. Launch of Various Certificate Courses by ICSI during GSMC 2.0 Feb 26, 2026 GIFT City, Gandhinagar During GSMC 2.0, a Certificate course on Corporate Governance in IFSC was soft-launched, developed in collaboration with ICSI. The course aims to strengthen Figure 79: Shri Praveen Kamat, GM, IFSCA during IIM domain knowledge and promote best practices in Bangalore – CREDAI Business Leadership Program corporate governance within the IFSC ecosystem. Alumni Meet 2026 ICSI further, inter alia, announced the launch of Training on Regulatory Capacity Certification Course on “Regulatory Framework for Building and Enforcement Capital Market Intermediaries in IFSC” and “Regulatory Framework for fund management in IFSC: AIFs and Retail Schemes”. Mar 16-17, 2026 IFSCA HQ The IFSCA Academy conducted second edition of the Training Programme on Enforcement on 16-17 March 2026 at the IFSCA Headquarters. The sessions were led by eminent experts: Dr. M. S. Sahoo (Former Chairperson, IBBI; Former WTM, SEBI) and Shri J. Ranganayakulu (Former ED, SEBI). Figure 80: Shri K. Rajaraman, Chairperson, IFSCA with the training instructors and a batch of participants Figure 78: Chairperson Shri K. Rajaraman and other The programme covered key aspects of enforcement, senior officials during launch of certification courses including regulatory processes, case handling, adjudication principles, and practical insights drawn IIMB - CREDAI Business Leadership from real-world regulatory experience. Through Program Alumni Meet 2026 interactive sessions and discussions, the programme aimed to enhance the officers’ ability to undertake Mar 14, 2026 effective enforcement actions, translating into Bengaluru, India effective regulatory outcomes. Shri Praveen Kamat, GM, IFSCA moderated a panel discussion on “Tokenization in Real Estate”. The IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)ARTICLE: CROSS-BORDER PAYMENT SERVICES IN IFSC 45 ARTICLE: CROSS-BORDER PAYMENT SERVICES IN IFSC _____________________________________________________________________________________ GIFT IFSC: A Globally Benchmarked Home for Cross-Border Payment Services India’s first International Financial Services Centre (IFSC) offers global payments firms a unified regulator, foreign-currency operations, no transaction caps, and principle-based regulation aligned with the world’s leading frameworks. Shri Supriyo Bhattacharjee Shri Jayanta Devnath Executive Director & Head, Department of Banking Manager, Department of Development supriyo.b@ifsca.gov.in j.devnath@ifsca.gov.in REMITTANCE COST GAP ECOSYSTEM MOMENTUM USD 135 Bn 6.5% → 2.5% > USD 110 Bn +370% Q-o-Q India's personal Global avg vs Banking assets Growth in IFSC remittance inflow, cheapest digital booked at GIFT IFSC, payment transaction FY 2024-25 corridors As on March 2026 value, Q4 FY 2025-26 Headline figures behind India's cross-border payments opportunity. Why this Matters Now Cross-border payments are entering a new phase of structural change. Real-time settlement, programmable money, embedded finance, and digitally-native cross-border experiences are reshaping the operating environment for payments firms and the expectations of their customers. India, one of the fastest-growing major economies in the world sits at the centre of this transformation. India is the world’s largest recipient of personal remittances, with over USD 135 Bn received in FY 2024-2524, and one of the most active digital payments markets globally25. India’s remittance and services-trade flows have, accordingly, become a focal point in international policy and industry discussions on the future of cross-border payments. The conversations at Money 20/20 Asia in Bangkok in late April this year, where cross-border payments featured prominently across three days of sessions, also underlined how the global industry now sees India’s remittance and services- trade flows as one of the defining cross-border payments opportunities of the coming decade. Beyond personal remittances, the broader cross-border opportunity around India is substantial: services exports of over USD 400 Bn in FY 2025-2626, consisting of a fast-growing trade volume in IT and consulting, an outbound traveller and education segment running to tens of billions of dollars annually and an Indian e-commerce and digital-exporter base increasingly serving the global customers. The next phase of this value creation lies in upgrading the infrastructure and generating new opportunities that supports it. 24 Reserve Bank of India, Press Release - PRID 60727 (personal remittances received in FY 2024-25). 25 Press Information Bureau, Press Release - PRID 2257087 (UPI as World’s Largest Real-Time Payments Platform). 26 Press Information Bureau, Press Release - PRID 2252272 (Services Exports for FY 2025-26). IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)46 ARTICLE: CROSS-BORDER PAYMENT SERVICES IN IFSC It is in this context that the IFSC based in GIFT City (GIFT IFSC) has assumed its present role. The IFSCA (Payment Services) Regulations, 202427 enables global firms to establish themselves as Payment Service Providers (PSPs) and serve customers in India and worldwide from a single, unified regulatory perimeter. The Global Outlook and India’s Opportunity The scale of the cross-border payments opportunity is now well established. McKinsey estimates global cross-border payment flows at approximately USD 179 Tn in 202428, while the cross-border payment services market is projected to grow from around USD 222 Bn in 2025 to USD 336 Bn by 203129. Officially recorded remittances to low and middle-income countries (LMICs) were estimated to cross USD 685 Bn in 2024, with India alone accounting for more than 18% of the flow30. The global average cost of sending USD 200 remains around 6.5%, while the cheapest digital providers in highly competitive corridors can already deliver transfers at below 2.5%31. The arithmetic of that gap is material. On India’s approximately USD 135 Bn inbound remittance corridor, every 100-basis point reduction in transaction costs releases about USD 1.35 Bn annually back to senders and recipients. Bringing the costs closer to those of the cheapest digital corridors could therefore unlock roughly USD 5 Bn in value each year on this corridor alone.32 Closing that gap, in alignment with India’s G20 Roadmap commitments, is among the more significant commercial opportunities GIFT IFSC has been designed to support. The size of India’s remittance corridor has roughly doubled in a decade and now consistently exceeds FDI inflows. Behind it stands a strong Indian diaspora of around 19 Mn people33 across the GCC, the United States, the United Kingdom, Canada, Singapore and Australia. Five distinct flows, all addressable by IFSC PSPs, illustrate the breadth: personal remittances; services exports; merchant flows from Indian e-commerce and digital exporters; outbound education and travel spending; and the FCY savings, investment and on-demand-payment needs of the diaspora. Each maps cleanly onto one or more of the five authorised payment services that PSPs are permitted to offer. How GIFT IFSC Complements India’s Existing Channel Architecture India’s existing cross-border architecture (the Money Transfer Service Scheme, Rupee Drawing Arrangements, the Payment Aggregator Cross-Border authorisation, and Authorised Dealer banks under RBI supervision) has built much of the infrastructure handling the USD 135 Bn corridor and will continue to serve specific user segments effectively. What the GIFT IFSC adds is a complementary option for the Next-Gen cross-border products: foreign-currency-native, digitally-first, programmable, and operating without a regulatory mandated per-transaction caps thereby allowing transactions where higher ticket sizes are relevant. In practice, a global payments firm at GIFT IFSC needs to integrate with India’s domestic payment systems (UPI, NEFT, IMPS, and the broader AD-bank network) for last-mile rupee delivery, while the IFSC layer adds upstream what is needed to run a regulated, FCY, digital-native cross- border payments business under a single regulator. 27 IFSCA, Payment Services Regulations 2024 (Consolidated Regulations). 28 McKinsey & Company, How banks can win back lower-value cross-border payments business (April 2025). 29 Mordor Intelligence, Cross-Border Payments Market Analysis (2025-2031) (February 2026). 30 World Bank, In 2024, Remittance Flows to LMICs Are Expected to Reach $685 Bn (Ratha, Plaza and Kim, Dec 2024). 31 World Bank, Remittance Prices Worldwide, Q1 2025 32 Illustrative estimate: every 100 bps (1%) reduction on India’s ~USD 135 Bn inbound remittance flows yields ~USD 1.35 Bn in annual savings; reducing costs from ~6.5% to ~2.5% implies ~USD 5 Bn (= 4 x 1.35) unlocked annually. 33 Times of India, India’s tops global remittance charts with inflow from its 19 Mn diaspora IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)ARTICLE: CROSS-BORDER PAYMENT SERVICES IN IFSC 47 GIFT City: a Planned Home for International Finance The Gujarat International Finance Tec-City (GIFT City), based in Gandhinagar, is India’s first operational smart city and home of the country’s only IFSC. The 886-acre greenfield campus hosts the IFSC Special Economic Zone (SEZ) alongside a Domestic Tariff Area (DTA), with plug-and-play infrastructure and single-window clearances that compress the time-to-operate for a regulated financial services entity. Inspired by the vision of the Hon’ble Prime Minister of India, GIFT IFSC is being developed as a world- class hub where finance and technology converge to serve not only the nation’s aspirations, but also the needs of the global economy. “The vision is to create a world-class finance and IT zone for India to provide services not only to India but to the entire world.” — HON'BLE PRIME MINISTER OF INDIA The banking assets booked from GIFT IFSC have crossed USD 110 Bn as of March 2026. The ecosystem includes almost all major global banks, alongside a deep base of Indian banks, fund managers, FinTechs, leasing platforms (aircraft and ship), global treasury centres (GRCTCs) and professional services firms. Over USD 23 Bn in External Commercial Borrowing (ECB) flows were routed through IFSC channels in FY 2025-26, reflecting a meaningful share of India’s external borrowing being initiated from the financial centre. In the Union Budget 2026, the tax holiday on business income for IFSC units was extended from ten consecutive years out of fifteen to twenty (20) consecutive years out of twenty-five (25)34, with a concessional 15% rate thereafter and continued exemptions from STT, CTT, GST and stamp duty on permitted activities. For payments firms, where investments in technology, compliance and customer trust are made over multi-decade horizons, this fiscal certainty is a relevant consideration in capital- allocation decisions. What makes GIFT IFSC Structurally Different for Payments Firms GIFT IFSC is a clearly demarcated zone within the Indian sovereign territory that is treated, for the purposes of IFSC business, as a deemed non-resident jurisdiction. Foreign Jurisdiction Dimension GIFT IFSC (India) DTA (India) (Rest of the World) Jurisdiction Offshore Non-Resident Offshore Non-Resident Onshore Resident Respective international 15 specified currencies Currency INR-denominated currency (INR not permitted) Tax Offshore Tax holiday (Tax Resident) Taxes as applicable Law (FEMA) Resident’s jurisdiction Indian jurisdiction with carve-outs Indian jurisdiction Regulators Different per jurisdiction IFSCA (unified regulator) RBI, SEBI, IRDAI, PFRDA Jurisdictional comparison: GIFT IFSC vs. foreign IFCs vs. India DTA. 34 Government of India, Union Budget 2026 – Budget Speech (February 1, 2026). IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)48 ARTICLE: CROSS-BORDER PAYMENT SERVICES IN IFSC Entities are persons resident outside India under the Foreign Exchange Management Act (FEMA) and conduct business in foreign currency. The combination of Indian sovereign authority, IFSCA’s unified regulatory architecture and offshore-equivalent operating treatment is unusual globally. Five (5) attributes of this design especially matter to payments firms: • Unified regulator: IFSCA is the single regulator across financial sectors including banking, capital markets, insurance, pensions and payments for the IFSC. A PSP in GIFT IFSC engages with one authority across all licensing, supervision and policy interactions. • Foreign-currency operations: Business is conducted in fifteen specified freely convertible foreign currencies, with no requirement to convert to or operate in Indian rupees. • No transaction caps: There are no per-transaction value limits on the IFSC leg of any payment service, enabling seamless processing of high-value transactions. • Multi-decade fiscal certainty: The enhanced Budget 2026 tax framework mentioned above, together with continued transaction-tax exemptions, gives payments firms long-term planning horizons. • Local FCY settlement: The Foreign Currency Settlement System (FCSS), launched at Global Fintech Fest (GFF) 2025 by the Hon’ble Union Finance Minister, replaces correspondent banking for inter-IBU foreign-currency transactions. Settlements that previously took 24-36 hours via correspondent banking are now complete in approximately 5-6 seconds for inter-IBU USD obligations. With an operational FCSS, the GIFT IFSC stands alongside a select group of jurisdictions including Hong Kong and Tokyo, where FCY can be settled locally rather than through offshore intermediaries.35 Each of these attributes can be found elsewhere on its own. Their combination, within a single jurisdiction adjacent to Indian hinterland, with access to a deep Indian talent pool and a competitive cost base relative to other Asian financial centres, is the distinguishing feature of GIFT IFSC. For a payments firm, the practical implication is a more streamlined operating model and a clearer path to scale. The IFSCA Payment Services Framework The IFSCA (Payment Services) Regulations, 2024 establish a principle-based framework benchmarked against the leading regimes of Singapore, the United Kingdom (UK) and the European Union (EU). The framework has been designed to be familiar in its structure to international firms, while being fine-tuned to the requirements of an international financial centre attached to one of the world’s largest economies. The PSP authorisation entitles the holder to provide any combination of the five services as mentioned below. The Authority has laid down a clear policy framework governing PSP participation in international payment systems, providing predictability for firms seeking membership of global rails for both inbound and outbound flows from IFSC.36 FIVE (5) AUTHORISED PAYMENT SERVICES ( under a single PSP authorisation) 01 02 03 04 05 Account E-money Cross-Border Merchant Escrow Issuance Issuance Money Transfer Acquisition Service including e-money in 11 specified inbound, outbound, payment held at IBU (Unit) account issuance currencies both legs offshore aggregation or IBC (Company) The five (5) permitted services under IFSCA (Payment Services) Regulations, 2024. 35 IFSCA Press Releases “IFSCA hosts Payments Forum 2026 to strengthen global payments ecosystem at GIFT-IFSC”, dated 13 Feb 2026 and “Hon’ble Finance Minister launches the Foreign Currency Settlement System”, dated 7 Oct 2025 36 IFSCA Circular “Participation of PSPs in international payment systems”, dated 6th June 2025. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)ARTICLE: CROSS-BORDER PAYMENT SERVICES IN IFSC 49 Supervisory Safeguards: AML/CFT and Customer Protection The PSPs in IFSC need to comply with the IFSCA AML/CFT framework. As reporting entities under the PMLA 2002, they are governed by the IFSCA (AML, CFT and KYC) Guidelines37, 2022, which require risk- based customer due diligence, sanctions screening, originator-and-beneficiary information consistent with FATF Recommendations38, and suspicious-transaction reporting to FIU-IND. On customer protection and prudential conduct, the Payment Services Regulations mandate safeguarding of customer funds via escrow at an IBU, transparent pricing, and time-bound grievance redressal. Authorisation depends on fit-and-proper (FPR) promoters and key persons, prescribed net- worth thresholds, an enterprise-wide cybersecurity and resilience framework39, and periodic returns subject to inspection. IFSCA also maintains bilateral cooperation arrangements with peer regulators. Business Models that Map onto the GIFT IFSC Framework A range of payments business models map onto the GIFT IFSC framework. Two illustrations follow, each addressing a different segment of the cross-border payments opportunity, and each authorised under a single PSP licence. USE CASE A: Cross-Border Remittance Hub Funds collected abroad › pooled at IBU escrow › INR credit to beneficiary in India (settled via NEFT / IMPS / UPI). Local rails USD settle INR credit NEFT/ IMPS/ UPI Sender › IFSC-PSP › IBU › AD-I Bank › Beneficiary abroad GIFT City Escrow account India India, INR A digital-native cross-border remittance firm, of the kind that today serves the India corridor through partnerships with domestic banks and exchange houses, can establish itself directly as an IFSC-PSP holding a Cross-Border Money Transfer authorisation. Funds collected from the sender abroad through local rails such as ACH, Faster Payments or SEPA etc. are pooled in an escrow account at an IFSC Banking Unit (IBU), and the IBU’s domestic correspondent (parent AD-I bank) handles the last-mile INR credit to the beneficiary’s Indian bank account. The PSP retains end-to-end ownership of customer experience, KYC, sanctions screening and FX, and operates under unified IFSCA regulation for the IFSC leg. USE CASE B: NRI Dollar Wallet with On-Demand Remittance NRI parks USD at IBU (tax-free interest) › triggers INR remittance via IFSC-PSP, settled in real time through FCSS. Fund account Remit instruct INR credit NEFT/ IMPS/ UPI NRI › IBU Savings / FD › IFSC-PSP › AD-I Bank › Family abroad USD, earns interest FX + trigger India India, INR A wealth-and-payments firm serving the NRI segment can build something the existing channel architecture cannot offer at all. The addressable flow is large: beyond personal remittances, the Indian 37 IFSCA Guidelines, IFSCA (AML, CFT and KYC) Guidelines, 2022, as amended from time to time. 38 FATF Recommendations, as updated from time to time. 39 IFSCA, “Guidelines on Cyber Security and Cyber Resilience for Regulated Entities in IFSCs”, Circular dated March 10, 2025, as amended by Circular No. IFSCA-CSD0MSC/1/2026-DCS dated March 10, 2026. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)50 ARTICLE: CROSS-BORDER PAYMENT SERVICES IN IFSC diaspora channels billions of dollars annually into Indian financial markets through NRE and FCNR deposits40, mutual funds and equities. NRIs can already open foreign currency savings accounts and fixed deposits (FD) at IBUs in GIFT City, earning 2.5 to 5% per annum on USD balances, with interest tax-free in India for non-residents. The proposal is to allow an IFSC-PSP to layer a remittance trigger on top of these IBU accounts: the NRI parks dollars in GIFT City, earns interest, and initiates INR remittances to family in India on demand via the PSP’s digital app at transparent exchange rates, settled in real time through the FCSS. The customer retains dollar optionality, earns yield, avoids FX timing risk and removes friction. The PSP earns on FX spread and transaction fees; the IBU earns on deposits. Setting Up: a Clear, Time-Bound Pathway The authorisation process in IFSC is designed to be predictable and time-bound. A prospective applicant (typically a parent or group company outside India, though Indian companies may also apply subject to FEMA considerations on overseas direct investment) submits an application to IFSCA in the format prescribed by the Authority’s circular41 dated 6 February 2024. The applicant company in IFSC need not exist at filing; the parent or group company files, and the IFSC subsidiary is incorporated after in-principle approval.42 Application, authorisation, recurring and processing fees applicable to PSPs are published by category in IFSCA’s fee circulars43, providing transparency on the cost of entry and ongoing supervision before an applicant commits resources to the IFSC pathway. 01 02 03 04 05 06 Entity › Application › FPR + Net- › In-Principle › Final › Ongoing Formation to IFSCA via SWIT worth Approval Authorisation Supervision in IFSC SEZ System demonstrate from IFSCA CoA issued maintain & report The six-step setup pathway for a PSP at GIFT IFSC. On the customer-onboarding side, IFSC-PSPs benefit from progressive integration with India’s digital identity and KYC stack: Video-based Customer Identification Process (VCIP), e-KYC Setu, DigiLocker (including passport access), CKYCR 2.0 and PAN verification through the Protean portal. The extension of VCIP to foreign nationals is under active consideration, a development with direct relevance to PSPs onboarding NRIs, OCIs and global users from a GIFT IFSC base.44 What the Early Data Shows The infrastructure is in place. Payment Services Regulations 2024 have laid the framework, and the FCSS is operational. As of 31st March 2026, four (4) PSPs have been authorised by IFSCA at GIFT IFSC. Twelve (12) entities have also been granted in-principle authorisations till March 2026. The early indicators are encouraging. Payment accounts more than tripled in a single quarter (+219%), and transaction value rose close to fivefold (+370%) over the same three months. 40 Business Standard, Inflows in NRI deposits increases nearly 10% in FY25, shows RBI data 41 IFSCA, Circular titled “Format and manner of seeking authorisation as PSP”, dated 6 Feb 2024 42 IFSCA, FAQs on IFSCA (Payment Services) Regulations, 2024 43 IFSCA Circular on Fee Structure 44 IFSCA Press Release, Payments Forum 2026 to strengthen global payments ecosystem at GIFT-IFSC, 13 Feb 2026 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)ARTICLE: CROSS-BORDER PAYMENT SERVICES IN IFSC 51 Metric As on Dec 2025 As on Mar 2026 Quarterly Growth Payment Accounts in GIFT IFSC 731 2,330 +219% Transaction Value (in USD Mn) 10.03 47.14 +370% IFSCA Authorised Entities 3 PSPs 4 PSPs45 Steady GIFT IFSC Payments Ecosystem Concluding Observations Looking ahead, the GIFT IFSC offers a regulatory environment in which firms can operate a foreign- currency, regulator-supervised, digitally-native payments business connected directly to the world’s largest remittance and services-trade market, on terms not, in their combination, available from any other jurisdiction. Firms already serving the corridor offshore may consider relocating relevant operations to the IFSC, and firms building products that depend on the structural attributes described above may find GIFT IFSC well-suited to those requirements. Engagements from prospective applicants are welcome. Disclaimer: The views expressed are those of the authors and do not necessarily reflect the official position of IFSCA or the Government of India. The article is for general information and is not a substitute for the IFSCA (Payment Services) Regulations, 2024. *** 45 Besides the four (4) entities that received final authorisations, twelve (12) additional entities had been granted in- principle authorisations by IFSCA as of March 2026. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)52 ARTICLE: MODERNISING TRADE FINANCE ARTICLE: MODERNISING TRADE FINANCE _____________________________________________________________________________________ Modernising Trade Finance in India: Alternative Trade Instruments under EPM and the Role of IFSCA Shri Supriyo Bhattacharjee Shri Lobhas Prakash Khairnar Executive Director & Head, Department of Banking Manager, Department of Banking supriyo.b@ifsca.gov.in lobhas.khairnar@ifsca.gov.in India’s export strategy is entering a decisive phase, underpinned by ambitious targets and a rapidly evolving global trade landscape. With total exports (merchandise and services) crossing USD 860 Bn in FY 2025-26, India has set its sights on achieving USD 2 Tn in exports by 203046. This aspiration is further supported by an expanding network of Free Trade Agreements and deeper integration into global value chains, positioning India as a key player in international trade. As highlighted in a recent trade finance study undertaken by the Directorate General of Foreign Trade47, the ability to sustain and scale this export momentum is closely linked to the efficiency of the underlying trade finance ecosystem. Globally, the trade finance gap is estimated to exceed USD 2.5 Tn48 , disproportionately affecting small and medium enterprises. In India, similar structural challenges persist, particularly in ensuring timely and affordable access to working capital for exporters. While the country has a well-established institutional framework for trade finance, the system continues to rely on traditional, bank-led instruments that are often collateral-intensive and documentation-heavy. As a result, only about 11% of MSME having access to formal credit, while 28% of Indias total exports being supported by export credit. In an increasingly dynamic trade environment—where supply chains are fragmented, payment cycles are extended and competitiveness hinges on availability of financing sources—there is a growing need to transition towards more flexible, transaction-based financing solutions. This transition is particularly important in the context of the trends observed in factoring internationally where data from FCI shows that between 2016 and 2023, while Indias domestic factoring volumes increased by 27%, international factoring declined by 14%. Furthermore, 94% of India’s total factoring activity remains domestic in nature, with only 6% relating to cross border transactions49. India accounts for less than 1% of the global factoring market and has only 11 factoring companies, compared to approximately 2,000 in China, 600 in Brazil, and 250 in Germany50. The need for development of international factoring is particularly significant because of its demonstrated trade multiplier effects. WTO research indicates that a 10% increase in international factoring can boost a country’s trade by 1%51, underscoring the strategic importance of strengthening alternative trade finance instruments in India. It is in this context that the Government of India, as part of the Export Promotion Mission52 (EPM), has introduced a focused initiative through Trade Notice No. 25/2025–26 dated 20 February 2026, launching 46 Press Release Page | Press Information Bureau 47 DGFT_Trade_Finance_Study Report.pdf 48 ADB Global Trade Finance Gap Survey (ADB Brief 378) - Dec 2025 49 DGFT_Trade_Finance_Study Report.pdf 50 Ibid. 51 WTO: Global Value Chain Development report 2021 52 Export Promotion Mission (GoI) IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)ARTICLE: MODERNISING TRADE FINANCE 53 support for alternative trade instruments under Niryat Protsahan. The initiative represents a strategic step towards modernising India’s trade finance ecosystem. Export Promotion Mission (EPM) A Government of India initiative to strengthen the export ecosystem through an integrated framework covering finance, logistics, market access, and compliance. EPM operates through two pillars: • Niryat Protsahan: Financial support focused on improving access to affordable export finance and promoting innovative trade instruments. • Niryat Disha: Non-financial support focused on market access, standards, branding, and export readiness. Box 1: Brief on Export Promotion Mission Reorienting Trade Finance: The Case for Alternative Instruments At its core, the initiative recognises a shift in global trade finance from balance sheet-based lending to transaction-based liquidity solutions. Exporters today operate in environments where speed, flexibility, and risk-sharing are as critical as access to credit itself. Alternative trade instruments—such as factoring, forfaiting, and supply chain financing—enable exporters to monetise receivables, reduce dependence on collateral, and improve cash flow cycles. These instruments are widely used in global trade but have remained underutilised in India. One of the major reasons for this has been the relative policy asymmetry between conventional export credit and factoring-based financing. Under existing export credit schemes, exporters can avail interest subvention benefits of 2–3% on loans, significantly reducing borrowing costs. Comparable support was not available for trade finance vide alternative trade instruments factoring transactions53, thus making them relatively expensive despite its operational advantages. Addressing this policy skew was therefore essential to incentivise adoption of alternative trade finance instruments. The EPM initiative seeks to bridge this gap by introducing targeted support for such instruments and by creating an enabling framework for wider market participation. Key Features of the initiative The Trade Notice operationalises support for alternative trade finance instruments (with a focus on Export Factoring) under the Niryat Protsahan pillar through a comprehensive framework. The key features of this enablement are: 1. Target Beneficiaries: The scheme is directed towards MSME exporters engaged in international value chains, enabling improved access to timely, cost-effective, and globally integrated trade finance solutions. 53 DGFT_Trade_Finance_Study Report.pdf IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)54 ARTICLE: MODERNISING TRADE FINANCE 2. Eligible Instruments and Structure: The scheme covers export factoring (both recourse and non- recourse), allowing exporters to assign receivables to access immediate liquidity. 3. Eligible Factors/ Financing Entities: Export factoring transactions must be undertaken through regulated financial entities (factors), including: • Banks and NBFC-Factors registered with RBI, and • Entities regulated by the International Financial Services Centres Authority (IFSCA). 4. Interest Subvention: An interest subvention of 2.75% is provided on financing availed, subject to a cap of INR 50 lakh per exporter per financial year, reducing the effective cost of funds. 5. Currency Flexibility: Financing may be availed in INR or freely convertible foreign currencies. 6. Targeted Coverage: Applicability is linked to notified sectors/tariff lines, ensuring focused support to segments with higher financing constraints. 7. Digital Process and Monitoring: Eligible exporters are required to obtain a Unique Identification Number (UIN) and route transactions through authorised factors, with digital processing of claims ensuring transparency and efficiency. Role of IFSCA A key feature of the initiative is the integration of factoring entities regulated by IFSCA. By enabling transactions through entities in IFSCs, the enablement extends trade finance beyond domestic channels into global markets. Importantly, for the first time, the scheme offers interest subvention on financing availed in foreign currency alongside financing availed in INR. IFSCA has issued a circular operationalising the provisions of the Trade Notice, enabling its implementation within the IFSC ecosystem54. This integration provides multiple advantages to MSMEs inter-alia access to global liquidity, foreign currency financing, and advanced risk structuring, including cross-border and non-recourse factoring. It also fosters innovation and institutional depth through a globally aligned regulatory environment. Emerging transaction data already reflects growing momentum of the trade finance ecosystem in IFSC. IFSC Banking Units (IBUs) have demonstrated increasing engagement in trade finance activities, with outstanding trade finance disbursed by IBUs standing at USD 13.5 Bn as of March 31, 2026. In parallel, Finance Companies (FCs) undertaking factoring activity operating in IFSCs have cumulatively financed trade finance transactions worth USD 85.72 Mn, indicating growing participation in alternative trade finance. Meanwhile, transactions on the International Trade Financing Services Platform (ITFS) rose from USD 44.36 Mn in FY 2024–25 to USD 61.4 Mn in FY 2025–26—a year-on-year increase of approximately 38%. Taken together, these trends indicate the growing role of GIFT IFSC as a bridge between Indian exporters and international capital markets. More broadly, they support a structural transition in trade finance— from collateral-based lending towards cash flow-based financing models, and from domestically confined 54 IFSCA Circular dated March 19, 2026, titled ‘Support for Alternative Trade Instruments under Export Promotion Mission (EPM) – NIRYAT PROTSAHAN’ IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)ARTICLE: MODERNISING TRADE FINANCE 55 systems towards globally integrated financing frameworks. Such a transition will be critical if India is to expand its currently limited share in the global factoring market. Conclusion To conclude, as India deepens its engagement with global markets, the effectiveness of its trade finance ecosystem will play a defining role in sustaining export growth. Market access alone is no longer sufficient; the ability to finance trade efficiently and competitively is equally critical. The introduction of support for alternative trade instruments under EPM represents a timely and structural intervention. By encouraging the adoption of modern financing tools and leveraging the enablement of GIFT IFSC, the initiative addresses long-standing gaps in liquidity, flexibility, and global integration. If implemented at scale and supported by continued institutional and regulatory alignment, this framework has the potential to transform trade finance from a constraint into a strategic enabler— strengthening India’s position in global trade and supporting the next phase of its export growth story. Disclaimer: The views expressed are those of the authors and do not necessarily reflect the official position of IFSCA or the Government of India. *** IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)56 DATA AND STATISTICS DATA AND STATISTICS ____________________________________________________________________________________ Licenses/ Registrations/ Authorisations by IFSCA Table 1: Number of Licenses/ Registrations/ Authorisations issued by IFSCA (As on Quarter End) Segment Category Dec 2025 Mar 2026 IFSC Banking Unit (IBU) 35 37 Banking Global Administrative Office (GAO) 2 2 Payment Service Provider (PSP) 3 4 Payment Services Payment System Operator (PSO) 1 1 Aircraft Leasing (AL) Entity 34 35 Ship Leasing (SL) Entity 29 36 Global/ Regional Corporate Treasury Centre (GRCTC) 4 9 Finance Company (FC) Finance Company – Core (Excluding GRCTCs) 8 8 International Trade Financing Services (ITFS) Platform 4 4 Finance Company – Non-Core (other than AL, SL, ITFS) 1 1 Market Infrastructure Institution (MII) 5 5 Broker Dealer 92 92 Clearing Member 24 24 Depository Participant 10 10 Registered Distributor 19 23 Investment Adviser 5 6 Custodian 6 7 Capital Markets Debenture Trustee 4 4 Credit Rating Agency (CRA) 2 2 Investment Banker 6 7 Global Access Provider (GAP) 6 9 Research Entity 1 1 KYC Registration Agency (KRA) 0 1 ESG Ratings and Data Products Provider (ERDPP) 0 1 Fund Management Entity (FME) 202 217 Fund Management AIFs/ Schemes 327* 360 Insurance/ Reinsurance Entity (IIO) 24 36 Insurance Insurance Intermediary (IIIO) 31 34 BATF Service Providers 7 10 Financial Support TechFin and Ancillary Service (TAS) Provider 116 120 Services Global In-House Centre (GIC) 3 4 Market Infrastructure Institution (MII) 2 2 Metals and Commodities Bullion Intermediary 23 23 Vault Manager 3 3 FinTech Sandbox Entity (Limited Use Authorisation)55 7 6 Foreign University International Branch Campus (IBC) 2 3 Final Licenses/ Registrations/ Authorisations 1048* 1147 In-Principle/ Provisional Approvals across sectors (as on Mar 31, 2026) 66 66 Total Licenses/ Registrations/ Authorisations56 1114* 1213 * Data corrected/ revised from previous publication(s). 55 46 entities have exited FinTech sandbox 56 Including in-principle/ provisional approvals IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)DATA AND STATISTICS 57 Banking Table 2: Number of Operational IBUs Particulars As on Sep 2025 As on Dec 2025 As on Mar 2026 No. of Operational IBUs 32 34 35 Table 3: Assets of IBUs As on Month End Jan 2026 Feb 2026 Mar 2026 Particulars Amount (in USD Mn) Investments 6283.34 6640.48 6845.25 Sovereign securities 2407.39 2540.62 2812.2 Corporate Bonds 3015.04 3242.58 3234.57 Other investments 860.91 857.28 798.48 Trade Finance 13603.21 14364.73 13507.9 Commercial Loans 59968.4 60807.98 61822.99 External Commercial Borrowing (ECB) 39130.92 39864.79 41180.98 Commercial Loans other than ECB 20837.48 20943.19 20642.01 Retail loans 100.75 101.37 74.17 Other loans 792.68 760.49 731.03 Inter-bank/ Inter-branch placements 17904.12 17920.48 22235.67 Others 5834.31 6308.26 5784.38 Total 104486.81 106903.8 111001.4 Table 4: Liabilities of IBUs As on Month End Jan 2026 Feb 2026 Mar 2026 Particulars Amount (in USD Mn) Customer deposits 8605.57 8787.1 8986.76 Inter-bank/ Inter-branch borrowings 74595.32 76480.71 80472.18 Bilateral Borrowings 9625.44 10032.48 10444.98 Multilateral Borrowings 703.72 704.1 747.8 MTN Borrowings and other debt instruments 2246.53 2538.09 1759.85 Others 8710.23 8361.31 8589.82 Total 104486.81 106903.8 111001.4 Table 5: Customer Deposits in IBUs As on Month End Jan 2026 Feb 2026 Mar 2026 Deposits (in USD Mn) Demand Time Demand Time Demand Time Retail deposits 896.15 429.07 922.26 498.46 1182.94 539.34 Corporate deposits 770.97 6509.38 809.12 6557.26 1249.78 6014.71 Total 1667.12 6938.45 1731.38 7055.72 2432.72 6554.05 Table 6: Resident and Non-Resident (NR) deposits in IBUs Accounts held by Accounts held by Month Category Accounts held by Non-Resident Non-Residents Ended (With amount in USD Mn) Resident Indians Indians (NRIs) (Other Countries) No. of accounts 498 15799 287 Retail Amount 4.3 1264.94 55.98 Jan 2026 No. of accounts 2498 778 3319 Corporate Amount 1621.12 953.06 4706.17 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)58 DATA AND STATISTICS Accounts held by Accounts held by Month Category Accounts held by Non-Resident Non-Residents Ended (With amount in USD Mn) Resident Indians Indians (NRIs) (Other Countries) No. of accounts 604 17162 291 Retail Amount 7.79 1364.43 48.5 Feb 2026 No. of accounts 2547 813 3388 Corporate Amount 1726.31 1187.29 4452.78 No. of accounts 875 20280 294 Retail Amount 25.42 1649.38 47.48 Mar 2026 No. of accounts 2740 798 3529 Corporate Amount 1517.85 1045.35 4701.29 Table 7: Derivative Outstanding of IBUs (Notional) Amount in USD Mn As on Month End Jan 2026 Feb 2026 Mar 2026 FCY-INR Derivatives (to be settled in FCY) 45588.67 38897.21 43982.66 FCY-FCY Derivatives (to be settled in FCY) 27933.31 28626.26 28003.2 INR Interest Rate Derivatives (to be settled in FCY) 43187.24 43151.84 41770.51 FCY Interest Rate Derivatives (to be settled in FCY) 82364.63 80393.29 78232.4 Others 1196.67 1341.19 1246.65 Total 200270.5 192409.8 193235.4 Table 8: ODI Outstanding of IBUs As on Month End Jan 2026 Feb 2026 Mar 2026 Total ODI amount (in USD Mn) 882.87 908.88 853.46 Table 9: Industry-Wise Credit Exposure of IBUs As on Month End Jan 2026 Feb 2026 Mar 2026 Sector Industries Amount Outstanding (in USD Mn) Auto Components 384.19 366.22 321.28 Automobile 712.96 670.65 484.91 Capital Goods 588.98 552 467.3 Cement and Cement Products 1110.26 1157.38 1093.65 Electronic Systems 2354.1 2486.42 2293.45 Food Processing 1716.89 1622.7 1591.02 Glass and Glassware 57.86 63.76 47.43 Iron & Steel 1459.97 1862 2052.73 Manufacturing Laminates/ Plywood/ Boards 19.94 15.52 15.79 Leather and Leather Products 3.85 4.24 3.91 Medical and Medical Equipment 168.34 160.25 164.44 Metals 2261.24 2193.81 1914.06 Paper and Packaging 110.88 103.93 104.43 Petrochemicals 5185.74 4964.16 4490.34 Plastic and Plastic Products 147.89 161.44 135.49 Textiles and Apparels 212.28 191.57 182.07 Vehicles, Vehicle Parts, and Transport 387.09 496.56 530.59 Equipment Banking and Finance 17062.22 16548.1 16052.14 Services Clearing Corporation 1.44 1.44 1.44 E ducation 51.14 50.83 53.79 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)DATA AND STATISTICS 59 As on Month End Jan 2026 Feb 2026 Mar 2026 Sector Industries Amount Outstanding (in USD Mn) Financial Services 1870.7 1910.85 1899.63 Healthcare 520.26 535.24 512.63 IT and Software Industry 682.89 632.35 674.9 Logistics 186.6 272.6 296.82 NBFC 18469.87 19208.59 20201.6 Professional Services 76.82 126.36 73.92 Retail and e-commerce 423.73 424.19 404.22 Telecommunication 2613.34 2580.71 2450.22 Tourism & Hospitality 331.32 332.24 302.2 Trade/Distributor 522.27 599.14 637.71 Construction 1120.56 1200.12 1275.37 Mining 689.98 738.2 890.6 Oil and Gas 3096.78 3183.25 2908.01 Infrastructure Ports and Shipping 1023.78 1017.85 956.42 Power Sector 3212.74 3368.06 3675.62 Renewable Energy 1832.16 1871.86 2257.04 Roads and Highways 60.71 60.16 58.74 Agriculture and 509.75 518.74 446.93 Forestry Aviation 860.33 899.38 899.12 Chemicals 1932.84 1978.15 1793.53 Jewelry 520.9 484.57 508.35 Paints 120.91 112.95 107.29 Pharmaceuticals 1288.2 1517.07 1539.36 Other Sectors 5663.87 5142.56 6066.85 Total 81628.6 82388.17 82837.34 Table 10: Country-Wise Exposure of IBUs Jan 2026 Feb 2026 Mar 2026 %age of Total %age of Total %age of Total Country Name Country Name Country Name Exposure Exposure Exposure India 75.60 India 74.50 India 75.95 USA 5.82 USA 6.30 USA 6.14 Mauritius 2.67 United Kingdom 2.97 United Kingdom 2.80 Netherlands 2.60 Netherlands 2.88 Singapore 2.58 UAE 2.57 Mauritius 2.66 UAE 2.34 United Kingdom 2.36 UAE 2.39 Mauritius 2.32 Singapore 2.21 Singapore 2.18 Netherlands 2.28 Hong Kong 0.98 Hong Kong 0.83 Hong Kong 0.87 Ireland 0.78 Ireland 0.78 Ireland 0.58 Bahrain 0.60 Bahrain 0.46 Japan 0.45 Others 3.80 Others 4.03 Others 3.69 Table 11: Trade Finance Transaction Booked by IBUs Month Ended Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Trade Finance Transaction Booked (USD Bn) 20.09 29.55 35.09 46.62 50.67 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)60 DATA AND STATISTICS Capital Markets Table 12: Turnover of IFSC Stock Exchanges Traded Value (in USD Mn) Month Jan 2026 Feb 2026 Mar 2026 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 Futures 2,062,682 105,483.71 1,978,548 101,808.36 2,767,344 130,024.41 6,808,574 337,316.48 Index Options 59,166 33 59,588 28.10 53,892 82.05 172,646 143.53 Depository 87,618 0.72 96,286 0.68 62,634 0.46 246,538 1.86 Receipts on US stocks Total 2,209,466 105,518 2,134,422 101,837 2,883,870 130,107 7,227,758 337,462 Table 13: Aggregate Open Interest (OI) of all Derivative Contracts on IFSC Stock Exchanges As on last trading day of the Open Interest Value month (No. of contracts) (in USD Mn) Jan 2026 317,361 16,126.62 Feb 2026 309,933 15,677.46 Mar 2026 311,918 14,016.35 Table 14: Demat Accounts with Depositories in IFSC During Q2 2025-26 During Q3 2025-26 During Q4 2025-26 As on Mar 2026 Particulars (Accounts Opened) (Accounts Opened) (Accounts Opened) (Active Accounts) Total No. of Accounts 43 39 24 69,270 Table 15: Settlement by Clearing Corporations in IFSC Name of Avg. Daily Settlement57 Value Highest Settlement Value58 for Month Clearing Corporation (in USD) the Month (in USD) India International Jan 2026 26,113 65,130 Clearing Corporation Feb 2026 10,441 28,067 (IFSC) Limited Mar 2026 7,864 31,582 Derivatives: 3,08,965 Derivatives: 1,160,101 Cash: Jan 2026 Cash: 10,213 27,335 NSE IFSC Clearing Derivatives: 16,92,820 Cash: Feb 2026 Derivatives: 3,03,494 Cash: 9,775 Corporation Limited59 30,610 Derivatives: 2,377,272 Mar 2026 Derivatives: 1,022,038 Cash: 4,262 Cash: 11,297 Table 16: Number of Accounts on India INX Global Access60 Quarterly Growth Cumulative Figures Particulars Q2 Q3 Q4 As on Sep As on Dec As on Mar 2025–26 2025–26 2025–26 30, 2025 31, 2025 31, 2026 No. of Accounts 495 0 41 6003 6003 6044 57 Average Daily Settlement Value = Total Settlement value for the Month / Total number of trading days. 58 Highest Settlement Value for the Month = Highest Pay-in Amount in single settlement in a month. 59 Cash values refer to settlement statistics in Depository Receipts on US Stocks. 60 This data pertains to global access being provided through India INX Global Access only. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)DATA AND STATISTICS 61 Table 17: Trading through India INX Global Access (Traded Value in USD Mn) Quarterly Growth (2025-26) Cumulative Figures (as on Quarter End) Entity Type Particulars Q2 Q3 Q4 Sep 2025 Dec 2025 Mar 2026 Equity, ETFs, Funds, LRS (Residents) 9.06 13.20 10.13 40.36 53.56 63.69 Bonds, & other products Equity, ETFs, Funds, and 343.01 52.44 120.63 1,125.29 1,177.73 1,298.36 IFSC Entities other products Derivatives Products 958.22 568.34 832.84 36,970.92 37,539.26 38372.10 Equity, ETFs, Funds, and Non-Residents 4.37 5.38 0.02 66.37 71.74 71.76 other products Outside IFSC Derivatives Products 0.04 0.08 0.00 183.21 183.29 183.29 Total (in USD Mn) 1,314.70 639.44 963.62 38,386.15 39,025.58 39,989.20 Table 18: Trading in Global Exchanges through India INX Global Access (During Jan – Mar 2025-26) Total trading value Trading in Derivatives Trading in non-derivatives Exchange (in USD Mn) (in USD Mn) (in USD Mn) CME 310.79 310.79 0.00 COMEX 277.68 277.68 0.00 NYMEX 70.09 70.09 0.00 CBOE 69.38 69.38 0.00 NASDAQ 60.48 0.00 60.48 NYSE 47.27 0.00 47.27 IPE 45.28 45.28 0.00 EUREX 27.98 27.98 0.00 CBOT 20.58 20.58 0.00 ARCA 16.15 0.00 16.15 Others 17.94 11.06 6.88 Total 963.62 832.84 130.78 Table 19: Cumulative Debt Listings at IFSC Exchanges Particulars As on Sep 30, 2025 As on Dec 31, 2025 As on March 31, 2026 Cumulative debt listings (in USD Bn) 66.6 68.03 70.31 Table 20: Listings of Debt Securities at IFSC Exchanges (During Jan – Mar 2025-26) Listing Date Amount S. No. Name of the issuer Labels (mm/dd/yyyy) (USD Mn) 1 Export-Import Bank Of India 1/13/2026 - 500.00 2 Export-Import Bank Of India 1/13/2026 - 500.00 3 Annapurna Finance Pvt Ltd 1/16/2026 - 20.00 4 Annapurna Finance Pvt Ltd 1/16/2026 - 5.00 5 CreditAccess Grameen Limited 1/16/2026 - 30.00 6 ReNew Treasury IFSC Private Limited 2/4/2026 Green 600.00 7 Muthoot Finance Limited 2/6/2026 - 600.00 8 DFCC Bank PLC 2/27/2026 Green - Blue 0.43 9 DFCC Bank PLC 2/27/2026 Green - Blue 0.09 10 DFCC Bank PLC 2/27/2026 Green - Blue 2.73 11 DFCC Bank PLC 2/27/2026 Green - Blue 0.88 12 DFCC Bank PLC 2/27/2026 Green - Blue 5.16 13 DFCC Bank PLC 2/27/2026 Green - Blue 0.44 14 Alliance Finance Company PLC 3/12/2026 Social 4.22 15 Alliance Finance Company PLC 3/12/2026 Social 2.41 16 CreditAccess Grameen Limited 3/30/2026 - 10.00 Total (in USD Mn) 2281.36 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)62 DATA AND STATISTICS Fund Management Table 21: Number of Registered FMEs and Funds in IFSC61 Particulars As on Sep 30, 2025 As on Dec 31, 2025 As on Mar 31, 2026 FMEs62 194 202 217 Funds63 310 327 360 Table 22: Snapshot of Fund Management Activities in IFSC (Non-Retail Schemes) Cumulative Data as on Mar 31, 2026 (Amount in USD Mn) Investments Investments Total Type of No. of Commitments into Foreign Funds raised Investments made into India Investments Schemes Schemes raised Jurisdictions (A) (A+B)64 (B) VC Schemes (incl. Angel) 17 242.89 109.42 93.48 61.02 27.64 88.65 Category I & II AIFs 109 17,404.53 11,172.34 10,882.70 9,242.13 781.25 10,023.38 Category III AIFs 208 21,439.64 8,227.93 8,689.16 6,057.68 781.03 6,838.71 Total 334 39,087.05 19,509.69 19,665.35 15,360.83 1,589.91 16,950.74 Table 23: Trends of Fund Management Activity (Non-Retail Schemes) Amount in USD Mn Particulars Q4 Q1 Q2 Q3 Q4 FY 2024-25 FY 2025–26 FY 2025–26 FY 2025–26 FY 2025–26 Cumulative commitments raised 15,742.47 22,110.50 26,302.03 32,133.47 39,087.05 Cumulative funds raised 7,957.20 10,492.76 12,270.72 17,347.05 19,509.69 Table 24: Snapshot of Fund Management Activities (Retail Schemes) Snapshot of Fund Management activities as on Mar 31, 2026 (Retail Schemes) Cumulative Data Activity during the quarter Data as at the end of quarter No. of (in USD Mn) (in USD Mn) (in USD Mn) Schem Type of Investments Total es Investment Schemes Funds Redempti Funds Redempti Avg. into Foreign Investment Author s into India raised ons raised ons AUM Jurisdictions s ised (A) (B) (A+B)65 Retail 10 45.61 0.037868 32.48 0.037818 35.70 14.27 26.54 40.81 Table 25: Portfolio Management Services (PMS) as of March 31, 2026 Type of Services No of Investors AUM (in USD Mn) Discretionary & Non- Discretionary PMS 239 958.96 Advisory Services 99 432.48 Total 338 1391.44 61 The number of registrations is being considered for the FME and Funds count 62 Excluding in-principle approvals 63 Excluding surrendered funds 64 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. 65 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. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)DATA AND STATISTICS 63 Table 26: Investors Data for IFSC Funds Number of Investors for IFSC Funds Type of Scheme As on Sep 30, 2025 As on Dec 31, 2025 As on Mar 31, 2026 VC Schemes (including Angel Schemes) 646 722 772 Category I and II AIFs 1273 1503 1611 Category III AIFs 2559 3257 3773 Retail Schemes 255 1239 3438 Total 4733 6721 9594 Metals and Commodities Table 27: Participants on IIBX (as on end of Quarter) Participants Jun 2025 Sep 2025 Dec 2025 Mar 2026 Qualified Jewellers 177 185 197 214 Clients 127 133 145 161 Special Category Clients 50 52 52 53 Qualified Suppliers 39 40 45 45 Clients 35 36 41 41 Special Category Clients 2 2 2 2 QS IFSC 2 2 2 2 Valid India UAE CEPA TRQ Holders66 0 0 0 337 Total 216 225 242 596 Table 28: Regulated Entities/ Intermediaries on IIBX (as on end of Quarter) Regulated Entities (REs) on IIBX Jun 2025 Sep 2025 Dec 2025 Mar 2026 Trading Members 7 7 6 6 Trading Cum Self Clearing Members 3 3 3 3 Trading Cum Clearing Members 8 9 12 12 Professional Clearing Members 2 2 2 2 Vault Managers 3 3 3 3 Total 23 24 26 26 Table 29: SPOT Segment of IIBX During Q2 2025-26 During Q3 2025-26 During Q4 2025-26 Traded Traded Traded Traded Traded Traded Product Value Volume Value (USD Volume Value Volume (USD Mn) (in kg) Mn) (in kg) (USD Mn) (in kg) LBMA 1 kg Gold 995 0.00 0.00 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 0.00 0.00 36.30 275.00 48.01 299.00 UAE GD 100 gm Gold 999 8.78 72.60 3.73 29.60 0.81 5.00 UAEGD TRQ 1 kg Gold 995 0.00 0.00 0.00 0.00 13.59 88.00 UAEGD TRQ 100 gm Gold 999 0.00 0.00 0.00 0.00 22.96 147.00 Total (Gold) 8.78 72.60 40.03 304.60 85.37 539.00 UAEGD CEPA Silver Grains 0.00 0.00 0.00 0.00 0.00 0.00 UAEGD Silver Grains 0.00 0.00 0.00 0.00 0.00 0.00 66 Since DGFT didn’t allocate TRQ for FY 2025–26 until Dec 31, 2025, no entity was notified as ‘Valid India UAE CEPA TRQ Holders’ by IFSCA during FY 2025–26 up to Dec 2025. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)64 DATA AND STATISTICS During Q2 2025-26 During Q3 2025-26 During Q4 2025-26 Traded Traded Traded Traded Traded Traded Product Value Volume Value (USD Volume Value Volume (USD Mn) (in kg) Mn) (in kg) (USD Mn) (in kg) 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 0.00 0.00 0.00 0.00 Total (Silver) 0.00 0.00 0.00 0.00 0.00 0.00 Table 30: Futures Segment of IIBX During Q2 2025-26 During Q3 2025-26 During Q4 2025-26 Traded Traded Traded Product Type Traded Value Traded Value Traded Value Volume Volume Volume (in USD) (in USD) (in USD) (in kg) (in kg) (in kg) GOLD1KGFUTMAR26 0.00 0.00 0.00 0.00 42.00 6537492.39 GOLD1KGFUTAUG25 2.00 214045.09 0.00 0.00 0.00 0.00 GOLD1KGFUTOCT25 2.00 215772.55 0.00 0.00 0.00 0.00 Total (GOLD Futures) 4.00 429817.64 0.00 0.00 42.00 6537492.39 SILVER30KGFUTSEP25 60.00 72541.63 0.00 0.00 0.00 0.00 SILVER30KGFUTOCT25 60.00 72830.98 0.00 0.00 0.00 0.00 Total (SILVER Futures) 120.00 145372.61 0.00 0.00 0.00 0.00 Table 31: OTC Transactions (Forwards) in IFSC During Q3 2025-26 During Q4 2025-26 Commodity Type Traded Volume Traded Value Traded Volume Traded Value (in kg) (in USD Mn) (in kg) (in USD Mn) Gold 39986 5366.14 32017.08 5063.51 Silver 577 0.91 26847.45 74.65 Table 32: OTC Transactions (Options) in IFSC Monthly Figures – Volume in Kg During Q4 2025-26 Commodity Type Jan 2026 Feb 2026 Mar 2026 Volume in Kg Gold 0 200 1100 1300 Silver 0 0 0 0 Table 33: OTC Transactions (Swap) in IFSC Monthly Figures – Volume in Kg During Q4 2025-26 Commodity Type Jan 2026 Feb 2026 Mar 2026 Volume in Kg Gold 1240.14 1707.25 96.67 3044.06 Silver 0 0 0 0 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)DATA AND STATISTICS 65 Sustainable Finance Table 34: Cumulative ESG labelled Debt Listings at IFSC Exchanges (in USD Bn) Particulars As on Jun 30, 2025 As on Dec 31, 2025 As on Mar 31, 2026 Cumulative ESG labelled debt listings 15.73 16.19 16.81 Table 35: Listings of ESG labelled Debt Securities at IFSC Exchanges (During the latest Quarter) Listing Date S. No. Name of the issuer Labels Amount (in USD Mn) (mm/dd/yyyy) 1 ReNew Treasury IFSC Private Limited 2/4/2026 Green 600.00 2 DFCC Bank PLC 2/27/2026 Green – Blue 0.43 3 DFCC Bank PLC 2/27/2026 Green – Blue 0.09 4 DFCC Bank PLC 2/27/2026 Green – Blue 2.73 5 DFCC Bank PLC 2/27/2026 Green – Blue 0.88 6 DFCC Bank PLC 2/27/2026 Green – Blue 5.16 7 DFCC Bank PLC 2/27/2026 Green – Blue 0.44 8 Alliance Finance Company PLC 3/12/2026 Social 4.22 9 Alliance Finance Company PLC 3/12/2026 Social 2.41 Total 616.36 Table 36: Overall Sustainable Financing by IBUs (During the latest Half-year) During H2 (Oct–Mar) of FY 2025–26 Cumulative Medium / Short Term Loans (in USD Mn) Classification in FY 25-26 Long Term Loans Working Capital/ Trade Finance Others (in USD Mn) (in USD Mn) Supply Chain Finance Green 1102.55 586.14 5.65 0 2924.26 Social 974.69 342.32 20.9 0 2221.63 Sustainable 125.36 59.7 0 0 448.95 Sustainability Linked 141.31 0 0 0 188.17 Others 164.12 0 0 0 467.53 Total 2508.03 988.16 26.55 0 6250.55 Note: The FY 2025–26 cumulative sustainable financing figure incorporates reclassification adjustments by an IBU, including addition of USD 3.81 Mn and exclusion of USD 36.27 Mn, resulting in a net difference of USD 32.46 Mn from the aggregate of half-yearly figures. Table 37: Sector-wise Classification of Sustainable Financing by IBUs During H2 (Oct–Mar) of FY 2025–26 Sector (List is Indicative) Amount (in USD Mn) No. of Transactions Renewable Energy 1490.36 509 Energy Efficiency 372.49 36 Pollution Prevention and Control 21.8 61 Sustainable Water and Wastewater Management 1.3 19 Clean Transportation 42.36 30 Climate Change Adoption 0 0 Green Buildings 4.29 1 Affordable Basic Infrastructure 0 0 Affordable Housing 159.92 4 Food Security and Sustainable Food Systems 60.06 63 Social Project as per Framework 530.75 5 Sustainable Project as per Framework 13.84 13 Health Care 46.22 114 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)66 DATA AND STATISTICS During H2 (Oct–Mar) of FY 2025–26 Sector (List is Indicative) Amount (in USD Mn) No. of Transactions Social Education 0 0 Social Loan 70 1 MSME 195.24 1543 Others 514.1 1201 Total 3522.73 3600 Table 38: Snapshot of ESG Funds in IFSC Snapshot of ESG Schemes as on Mar 2026 No. of ESG Cumulative Data (in USD Mn) Schemes Commitments raised Funds raised Investments made 3 85.75 30.60 27.22 Insurance Table 39: Number of IIOs and IIIOs (as on Quarter End) S. No. Particulars As on Dec 2025 As on Mar 2026 IFSC Insurance Offices (IIOs) 24 36 Life Insurance Company 08 08 1 General Insurance Company 04 04 Health Insurance Company 02 02 Reinsurance Company 10 22 IFSC Insurance Intermediary Offices (IIIOs) 31 34 Insurance Broker 26 28 2 Corporate Agent 04 05 Surveyor and Loss Assessor 01 01 Third Party Administrator 00 00 Total 55 70 Table 40: Written/ Transacted Premium by IIOs and IIIOs67 Written/ Transacted Premium (in USD Mn) Particulars FY FY Quarterly Growth for FY 2025-26 2024-25 2025–26 Q1 Q2 Q3 Q4 IFSC Insurance Offices (IIOs) 162.10* 648.68 42.75* 246.24* 157.38 202.3 IFSC Insurance Intermediary Offices (IIIOs) 411.36 481.36 103.5 111.25 134.9* 131.71 * Data corrected/ revised from previous publication(s). Table 41: Direct Insurance Business (Life and General)68 Gross Written Premium (in USD Mn) Class of Business FY FY Quarterly Growth for FY 2025-26 2024-25 2025–26 Q1 Q2 Q3 Q4 Engineering 0 0.213 0.213 0 0 0 Fire 2.78 2.185 1.322 0 0.863 0 Health + PA 6.99 17.021 2.327 6.418 3.966 4.31 Trade Credit 0.33 1.037 0.113 0.176 0.456 0.292 67 Unaudited data 68 Ibid IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)DATA AND STATISTICS 67 Gross Written Premium (in USD Mn) Class of Business FY FY Quarterly Growth for FY 2025-26 2024-25 2025–26 Q1 Q2 Q3 Q4 Marine Cargo 0.02 0.037 0 0.004 -0.01 0.043 Marine Hull 0.06 0 0 0 0 0 Life 3.98 19.434 1.574 3.458 3.772 10.63 Aviation 0.79* 0.78 0 0.48 0.2 0.1 Other Misc. 0.01 0.008 0.007 0 0.001 0 Total 14.96* 40.716 5.556 10.536* 9.248 15.375 Table 42: Reinsurance Business69 Gross Written Premium (in USD Mn) Class of Business FY FY Quarterly Growth for FY 2025-26 2024-25 2025–26 Q1 Q2 Q3 Q4 Engineering 9.43 14.457 1.06 5.021 3.02 5.356 Fire 46.718 163.444 5.96 71.572 39.404 46.508 Health + PA 47.795 293.449 13.69 77.82 81.418 120.521 Liability 1.633 7.068 -0.162 4.18 2.117 0.933 M Cargo 4.507 5.823 0.878 1.525 1.292 2.128 M Hull 3.759 4.061 0.684 0.752 0.821 1.804 Motor 22.26 56.165 12.86 22.24 7.496 13.569 WC/EL 0.03 0.023 0.003 0.01 0.01 0 Aviation 0 1.603 0.02 0.221 0.685 0.677 Trade Credit 0.002 1.9 0 1.2 0.5 0.2 Crop 0 36 0 40.4 7.1 -11.5 Life 0 10.7 0 8.7 1.2 0.8 Other Misc. 10.99 13.272 2.206 2.067 3.068 5.932 Total 147.13* 607.96 37.199* 235.708* 148.131 186.928 * Data corrected/ revised from previous publication(s). Table 43: Claims Data (Retail/ Reinsurance)70 Q3 FY 2025–26 Q4 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 11,450 45.67 57,489 122.71 New Claims registered 96,864* 101.83* 87,505 117.74 Claims settled 50,673 24.78 89,621 66.19 Claims rejected 152 0.01 5,102 0.31 Claims outstanding at the end 57,489* 122.71* 50,271 173.94 * Data corrected/ revised from previous publication(s). 69 Unaudited data 70 Unaudited data. No. of Claims and Claim amount includes for retail insurance business and reinsurance recoveries. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)68 DATA AND STATISTICS Finance Company Table 44: Finance Companies/ Finance Units in IFSC As on Mar 31, 2026 Registrations S. No. Business Segment/ Category Final Registrations (incl. in-principle/ provisional) 1 Aircraft Leasing (AL) Entity 35 5 2 Ship Leasing (SL) Entity 36 3 3 Global/ Regional Corporate Treasury Centre (GRCTC) 9 2 4 Finance Company – Core (Excluding GRCTCs) 8 1 5 International Trade Financing Services (ITFS) Platform 4 0 6 Finance Company – Non-Core (other than AL, SL, ITFS) 1 0 Total 93 104 Table 45: Assets Leased by Aircraft/ Ship Leasing Entities in IFSC (as on end of quarter) Type of asset Jun 2025 Sep 2025 Dec 2025 Mar 2026 Aviation Assets Leased Aircraft 98 134 196 203 Engines 70 84 89 84 Aircraft Auxiliary Power Units (APU) 85 85 85 85 Aviation Training Simulation Device (ATD) 0 0 0 1 Total 253 303 370 373 Ship Assets Leased Ships 23 28 34 37 Table 46: Total Financing Received from IBUs by Leasing Entities of IFSC (in USD Mn) Particulars As on Jun 2025 As on Sep 2025 As on Dec 2025 As on Mar 2026 Aircraft Leasing Entities 234.61 257.17 614.85 614.85 Ship Leasing Entities 71.10 71.10 71.10 60.10* * IBU financing for Ship Leasing reduced from Dec 2025 to Mar 2026 due to pre-prepayment. Table 47: Transactions Financed by ITFS Platforms Particulars As on Jun 2025 As on Sep 2025 As on Dec 2025 As on Mar 2026 Number of Transactions 1617 1849 2106 2487 Value of Transactions (in USD Mn) 63.26 73.91 87.37 105.75 Table 48: Business Details of Treasury Centres (GRCTCs) Particulars As on Jun 2025 As on Sep 2025 As on Dec 2025 As on Mar 2026 Loans & Advances (in USD Mn) 2725.54 3122.50 4028.29 5609.12 Total Investments (in USD Mn) 78.31 233.09 234.45 234.4 Table 49: Business Details of Core Finance Companies (e.g. Lending, Export Financing) Particulars As on Jun 2025 As on Sep 2025 As on Dec 2025 As on Mar 2026 Loans & Advances (in USD Mn) 11.26 18.46 33.72 44.21 Total Investments (in USD Mn) 0.00 15.58 80.97 58.9 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)DATA AND STATISTICS 69 FinTech, Payments & Financial Support Services (FSS) Table 50: FinTech (Sandbox) Ecosystem in IFSC As on As on As on As on S. No. Particulars Jun 2025 Sep 2025 Dec 2025 Mar 2026 Number of Sandbox Entities 12 08 07 06 1 Innovation Sandbox 09 05 05 05 Regulatory Sandbox 03 03 02 01 2 Number of Entities exited from Sandbox 38 42 43 46 Total Count 50 50 50 52 Table 51: Number of Operational PSPs As on Quarter End Jun 2025 Sep 2025 Dec 2025 Mar 2026 Number of Payment Service Providers (PSPs) 03 03 03 03 Table 52: Payment Accounts and Transactions As on Quarter End Jun 2025 Sep 2025 Dec 2025 Mar 2026 Number of Payment Accounts 10 108 731 2330 Transactions in Payment Accounts (Amount in USD Mn) 0.10 2.40 10.03 47.14 Table 53: Payment Account Issuances Jan 2026 Feb 2026 Mar 2026 Number of Payment Accounts Storing Not storing Storing Not storing Storing Not storing e-money e-money e-money e-money e-money e-money As at the beginning of the 642 89 1067 172 1507 261 reporting period Issued/ opened during the 425 83 440 89 507 58 reporting period Closed during the reporting period 0 0 0 0 3 0 As at the end of the reporting 1067 172 1507 261 2011 319 period Table 54: Payment Accounts during the quarters During the Quarter Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Number of Payment Accounts 2 8 98 623 1599 Table 55: Number of Transactions in Payment Accounts Quarter Wise Quarter USD AED GBP EUR Total (For Quarter) Q1 2025-26 20 2 0 0 22 Q2 2025-26 613 0 0 0 613 Q3 2025-26 3702 185 0 0 3887 Q4 2025-26 15150 766 2 4 15922 Total (For FY 2025-26) 19485 953 2 4 20444 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)70 DATA AND STATISTICS Table 56: Number of Cross-Border & Intra-IFSC Money Transfer Transactions Quarter Wise Outward Inward Other Quarter Intra-IFSC Total Cross-border Cross-border Cross-Border Q1 2025-26 7 5 2 2 16 Q2 2025-26 4 514 0 94 612 Q3 2025-26 209 2991 192 492 3884 Q4 2025-26 570 13158 774 1348 15850 Total (For FY 2025-26) 790 16668 968 1936 20362 Table 57: Number of Merchant Acquisition Service Transactions during each Quarter of FY 2025-2026 Quarter USD AED GBP EUR Total Q1 2025-26 18 2 0 0 20 Q2 2025-26 538 0 0 0 538 Q3 2025-26 3050 185 0 0 3235 Q4 2025-26 13226 766 2 4 13998 Total (For FY 2025-26) 16832 953 2 4 17791 Table 58: Month-Wise FCSS Transactions in IFSC Months Number of transactions Amount (in USD) Oct 2025 10 1,00,008.0 Nov 2025 08 2,90,693.0 Dec 2025 18 2,31,271.0 Jan 2026 10 35,187.0 Feb 2026 14 40,49,236.4 Mar2026 19 25,14,887.9 Total 79 72,21,283.3 Table 59: Number of Entities for Financial Support Services (including GICs) As of Mar 2026 Authorisations S. No. Business Segment/ Category Final Authorisations (incl. in-principle/ provisional) 1 BATF Service Providers 10 11 2 TechFin and Ancillary Service Providers 120 134 3 Global In-House Centres (GIC) 4 4 Total 134 149 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)DATA AND STATISTICS 71 Office of Administrator (IFSCA) Table 60: Approvals by SEZ UAC (prior to issue of IFSCA Registrations/ Authorisations) During Cumulative Figures as on Quarter End Particulars Q4 2025–26 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Unit Approval Committee (UAC) Meetings 13 58 71 84 97 New Unit Applications considered 111 438* 543* 636* 747 New Unit Applications approved 109 435* 540 633* 742 LOA issued 109 435* 540 633* 742 * Data corrected/ revised from previous publication(s). Note: The difference between the number of applications considered and LOAs issued, if any, is attributable to units whose applications were either withdrawn, deferred, or deferred and subsequently approved in the following UAC meetings. Table 61: Types of Requests and Approvals Type of Request During Q3 2025-26 During Q4 2025-26 For FY 2025–26 Physical BLUT 78 148 423 LOA Extension 53 77 283 Commencement 97 81 301 Exit 19 16 44 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)72 ABBREVIATIONS ABBREVIATIONS ____________________________________________________________________________ Abbreviation Full Form ADB Asian Development Bank AED United Arab Emirates (UAE) dirham AIF Alternative Investment Fund AJNIFM Arun Jaitley National Institute of Financial Management AML Anti-Money Laundering APU Auxiliary Power Unit ASSOCHAM Associated Chambers of Commerce and Industry of India AUM Assets Under Management Authority International Financial Services Centres Authority BATF Book-keeping, Accounting, Taxation and Financial Crime Compliance Services BFSI Banking, Financial Services, and Insurance BLUT Bond-Cum-Legal Undertaking Bn Billion BOT Build-Operate-Transfer CAD Current Account Deficit CEPA Comprehensive Economic Partnership Agreement CFT Combating the Financing of Terrorism CGM Chief General Manager CISO Chief Information Security Officer CKYCR Central KYC Records Registry CMI Capital Market Intermediary COB Conduct of Business CoR Certificate of Registration CPI Consumer Price Index DEA Department of Economic Affairs DGFT Directorate General of Foreign Trade DGM Deputy General Manager DIFC Dubai International Financial Centre DPDP Digital Personal Data Protection (Act) DRs Depository Receipts DTC Depository Trust Company ECB External Commercial Borrowing ED Executive Director EFTA European Free Trade Association EoDB Ease of Doing Business EPA Economic Policy and Analysis EPM Export Promotion Mission ERDPP ESG Ratings and Data Products Provider ESG Environmental, Social and Governance ETF Exchange-Traded Fund ETP Electronic Trading Platform FATF Financial Action Task Force FC/FU Finance Company/ Finance Unit FCNR Foreign Currency Non-Resident (account) FCSS Foreign Currency Settlement System FCY Foreign Currency FDI Foreign Direct Investment FEMA Foreign Exchange Management Act FIU Financial Intelligence Unit IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)ABBREVIATIONS 73 FME Fund Management Entity FPI Foreign Portfolio Investment FSC Financial Supervisory Commission (Taiwan) FX Foreign Exchange FY Financial Year GAO Global Administrative Office GCC Global Capability Centre GDP Gross Domestic Product GFIN Global Financial Innovation Network GIC Global In-house Centre GIFT Gujarat International Finance Tec-City GM General Manager GRCTC Global/ Regional Corporate Treasury Centre GST Goods and Services Tax GWP Gross Written Premium H1 First half of the year IAIS International Association of Insurance Supervisors IBC International Branch Campus IBU IFSC Banking Unit ICAI Institute of Chartered Accountants of India ICC International Chamber of Commerce ICSD International Central Securities Depository ICSI Institute of Company Secretaries of India IFSC International Financial Services Centre IFSCA International Financial Services Centres Authority IIBX India International Bullion Exchange IICA Indian Institute of Corporate Affairs IIIO IFSC Insurance Intermediary Office IIO IFSC Insurance Office IIT Indian Institute of Technology IMF International Monetary Fund IMPS Immediate Payment Service India INX India International Exchange (IFSC) Limited IOSCO International Organization of Securities Commissions IPO Initial Public Offering IRDAI Insurance Regulatory and Development Authority of India ISIN International Securities Identification Number IT Information Technology ITFS International Trade Financing Services KMP Key Managerial Personnel KRA KYC Registration Agency KYC Know Your Customer LFPR Labour Force Participation Rate LOA Letters of Approval LRS Liberalised Remittance Scheme MFSA Malta Financial Services Authority MII Market Infrastructure Institution Mn Million MNC Multinational Corporation MNRE Ministry of New and Renewable Energy MoU Memorandum of Understanding MPC Monetary Policy Committee (RBI) MSME Micro, Small, and Medium Enterprises IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)74 ABBREVIATIONS MTN Medium-Term Note NBFC Non-Banking Financial Company NEFT National Electronic Funds Transfer NISM National Institute of Securities Markets (SEBI) NPA Non-Performing Asset NRE Non-Resident External (account) NRI Non-Resident Indian NSE IFSC NSE IFSC Limited NSO National Statistics Office ODI Offshore Derivative Instrument OECD Organisation for Economic Co-operation and Development OTC Over-the-Counter PIB Press Information Bureau PID Public Interest Director PIO Person of Indian Origin PLFS Periodic Labour Force Survey PMI Purchasing Managers’ Index PMLA Prevention of Money Laundering Act PMS Portfolio Management Services PRID Press Release ID PSP Payment Service Provider PSS Payment and Settlement System Q1 First Quarter QIP Qualified Institutional Placement QJ Qualified Jeweller QS Qualified Supplier RBI Reserve Bank of India RRU Rashtriya Raksha University RTC Regional Treasury Centre SEBI Securities and Exchange Board of India SEZ Special Economic Zone SPV Special Purpose Vehicle SWIFT Society for Worldwide Interbank Financial Telecommunication TAS TechFin and Ancillary Services TCSP Trust and Company Service Provider Tn Trillion TRQ Tariff Rate Quota UAC Unit Approval Committee UAE United Arab Emirates UK United Kingdom UPI Unified Payments Interface USA United States of America USD United States Dollar VC Venture Capital WEF World Economic Forum WTO World Trade Organization Note: This list includes certain abbreviations that have featured in the Bulletin over the preceding quarters and are retained here for continuity and ease of reference; accordingly, some entries may not be referenced within the present edition. IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)FIGURES AND IMAGES 75 FIGURES AND IMAGES ____________________________________________________________________________ Figure 1: Growth of IFSCA Registrations/ Authorisations (including in-principle/ provisional approvals) ................. 7 Figure 2: IBUs - Assets over Time with Outstanding Customer Credit and ECB Exposure .......................................... 7 Figure 3: IBUs - Trade Finance, Investment in Securities and Inter-Branch/ Inter-Bank Placements ......................... 7 Figure 4: Deposits Growth in IBUs .............................................................................................................................. 8 Figure 5: Country-wise Exposure of IBUs .................................................................................................................... 8 Figure 6: Sector-wise Credit Exposure of IBUs as of March 2026 ............................................................................... 8 Figure 7: Derivatives Outstanding of IBUs .................................................................................................................. 8 Figure 8: ODI Outstanding of IBUs .............................................................................................................................. 9 Figure 9: Trade Finance Transactions Booked by IBUs ................................................................................................ 9 Figure 10: IFSC Stock Exchanges - Traded Value ......................................................................................................... 9 Figure 11: IFSC Stock Exchanges – No. of Contracts ................................................................................................... 9 Figure 12: Demat Accounts in IFSC ............................................................................................................................. 9 Figure 13: Cumulative Debt Listings at IFSC .............................................................................................................. 10 Figure 14: Registered FMEs and Schemes ................................................................................................................ 10 Figure 15: Trends of Fund Management Activity ...................................................................................................... 10 Figure 16: No. of investors by Type of Scheme ......................................................................................................... 10 Figure 17: Diaspora-Linked Fund Investments in IFSC .............................................................................................. 11 Figure 18: Growth of Insurance Entities in IFSC ........................................................................................................ 11 Figure 19: Written/ Transacted Premium ................................................................................................................. 11 Figure 20: Direct Insurance and Reinsurance Business ............................................................................................ 11 Figure 21: Growth of Aviation Assets Leased from IFSC ........................................................................................... 12 Figure 22: Assets Leased by Ship Leasing Entities .................................................................................................... 12 Figure 23: Financing Received from IBUs by Leasing Entities ................................................................................... 12 Figure 24: Transactions facilitated through ITFS platforms ...................................................................................... 12 Figure 25: GRCTCs - Loans & Advances, and Investments ........................................................................................ 13 Figure 26: Core Finance Companies - Loans & Advances, and Investments ............................................................ 13 Figure 27: FinTech Sandbox Entities and Exits .......................................................................................................... 13 Figure 28: Growth of Financial Support Service Entities in GIFT IFSC....................................................................... 13 Figure 29: Participants on IIBX .................................................................................................................................. 14 Figure 30: Payment Accounts in IFSC ........................................................................................................................ 14 Figure 31: No. of Transactions in Payment Accounts ................................................................................................ 14 Figure 32: Currency-wise Transaction Value ............................................................................................................. 15 Figure 33: Money Transfer Transactions ................................................................................................................... 15 Figure 34: Merchant Acquisition Service Transactions ............................................................................................. 15 Figure 35: Currency-wise share of Merchant Acquisition Service Transactions Values ............................................ 16 Figure 36: New Unit Applications approved during the quarter .............................................................................. 16 Figure 37: Dr. Dipesh Shah, ED, IFSCA interacted with the university students ....................................................... 30 Figure 38: Shri Ashutosh Sharma, CGM, IFSCA interacted with leading financial institutions to showcase Business opportunities in GIFT IFSC ........................................................................................................................................ 30 Figure 39: Dr. Dipesh Shah, ED, IFSCA presenting a memento to Governor of Nepal Rastra Bank .......................... 30 Figure 40: Shri Ashutosh Sharma, CGM, IFSCA other IFSCA officials interacted with FinTech Startups ................... 30 Figure 41: Shri K. Rajaraman, Chairperson, IFSCA interacting with leading Canadian Universities representatives 31 Figure 42: Shri K. Rajaraman, Chairperson, IFSCA and other officials with Canadian Universities delegation ........ 31 Figure 43: EoL signing ceremony between IFSCA and FCA ...................................................................................... 31 Figure 44: Shri K. Rajaraman, Chairperson, IFSCA and other officials discussed GIFT IFSC opportunities with the UK Financial Institutions ................................................................................................................................................. 31 Figure 45: MoU signing ceremony between IFSCA and FSA (Norway) ..................................................................... 31 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)76 LIST OF TABLES Figure 46: Dr. Dipesh Shah, ED, IFSCA and Shri Pradeep Ramakrishnan, ED, IFSCA interacting during a panel discussion.................................................................................................................................................................. 32 Figure 47: MoU exchange between IFSCA and MFSA ............................................................................................... 32 Figure 48: Chaired by Shri S. K. Sarangi, Secretary, MNRE the roundtable explored global investments in renewable energy and climate infrastructure ............................................................................................................................ 32 Figure 49: Dr. Dipesh Shah, ED highlighted GIFT IFSC’s role in advancing sustainable finance and India’s clean energy goals .......................................................................................................................................................................... 32 Figure 50: Shri K. Rajaraman, Chairperson, IFSCA delivered Keynote address ......................................................... 33 Figure 51: Dr. Dipesh Shah, ED, IFSCA with the delegation from New Zealand ........................................................ 33 Figure 52: A moment from the Plenary Session of IFSCA Talent Vista Summit 2026 ............................................... 33 Figure 53: Shri Harsh Sanghavi, Hon’ble Deputy Chief Minister of Gujarat shared the vision of GIFT IFSC and stressed how the GIFT IFSC helps Indian youth to pursue global careers in India with world-class opportunities and infrastructure in place............................................................................................................................................... 34 Figure 54: Senior IFSCA officials with representatives from Deutsche Bundesbank ................................................ 34 Figure 55: Shri K. Rajaraman, Chairperson, IFSCA with senior officials of Ontario Securities Commission............. 34 Figure 56: IFSCA delegation at Toronto Stock Exchange ........................................................................................... 34 Figure 57: IFSCA delegation led by Shri K. Rajaraman, Chairperson, during a roundtable interaction with leading universities and colleges in Toronto ......................................................................................................................... 35 Figure 58: Shri K. Rajaraman, Chairperson, IFSCA, addressing the financial institutions and the Indian diaspora on the opportunities at GIFT ......................................................................................................................................... 35 Figure 59: IFSCA delegation met Ms. Samara Cohen, Global Head of Market Development for BlackRock in New York to discuss fund management opportunities and the growing ecosystem in GIFT IFSC .................................... 35 Figure 60: GIFT IFSC Conference held at CGI, New York ........................................................................................... 35 Figure 61: Shri K. Rajaraman, Chairperson, IFSCA delivering a virtual address at the Outreach Event .................... 36 Figure 62: Shri Arjun Prasad, GM, IFSCA with other event participants ................................................................... 37 Figure 63: (L to R) Shri Injeti Srinivas, former Chairperson IFSCA; Shri V. Anantha Nageswaran, Chief Economic Advisor; Shri K. Rajaraman, Chairperson, IFSCA, and H.E. Mr. Gilles Roth, Minister of Finance, Luxembourg at inauguration of GSMC 2.0 ......................................................................................................................................... 38 Figure 64: Shri K. Rajaraman, Chairperson, IFSCA in discussion with H.E. Mr. Gilles Roth, Minister of Finance, Luxembourg .............................................................................................................................................................. 38 Figure 65: Shri K. Rajaraman, Chairperson, IFSCA conducting the roundtable discussion with participants ........... 39 Figure 66: Shri Pradeep Ramakrishnan, ED, IFSCA, at IOSCO’s Asia-Pacific Regional Conference ............................ 39 Figure 67: Shri K. Rajaraman, Chairperson, IFSCA and Shri K. Mahipal Reddy, ED, IFSCA at GRS 3.0 ....................... 39 Figure 68: Shri K. Mahipal Reddy, ED, IFSCA delivering an address at GRS 3.0 ........................................................ 39 Figure 69: Shri K. Mahipal Reddy, ED, IFSCA during India Rendezvous 2026 ............................................................ 40 Figure 70: Shri Supriyo Bhattacharjee, CGM, IFSCA delivering an address at Payments Forum 2026 ..................... 40 Figure 71: Shri Joseph Joshy, CGM, IFSCA during AI Impact Summit ....................................................................... 41 Figure 72: Shri Praveen Kamat, GM, IFSCA during the India AI impact summit ....................................................... 41 Figure 73: Shri Praveen Trivedi, ED, during the Open House for SEZ Units ............................................................. 42 Figure 74: Shri K. Rajaraman, Chairperson, interacting with NISM Director during the Podcast Session ................ 42 Figure 75: Shri K. Rajaraman, Chairperson, IFSCA, delivering an address (right) and IFSCA Officials (left) attending a session during the Chintan Shivir 2026 .................................................................................................................... 43 Figure 76: Shri Praveen Kamat, GM, IFSCA during the Indo-Swiss Blockchain Forum 2026 .................................... 43 Figure 77: MoU Exchange between IFSCA and IICA .................................................................................................. 43 Figure 78: Chairperson Shri K. Rajaraman and other senior officials during launch of certification courses ........... 44 Figure 79: Shri Praveen Kamat, GM, IFSCA during IIM Bangalore – CREDAI Business Leadership Program Alumni Meet 2026 ................................................................................................................................................................ 44 Figure 80: Shri K. Rajaraman, Chairperson, IFSCA with the training instructors and a batch of participants .......... 44 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)LIST OF TABLES 77 LIST OF TABLES ____________________________________________________________________________ Table 1: Number of Licenses/ Registrations/ Authorisations issued by IFSCA (As on Quarter End) ......................... 56 Table 2: Number of Operational IBUs ....................................................................................................................... 57 Table 3: Assets of IBUs .............................................................................................................................................. 57 Table 4: Liabilities of IBUs ......................................................................................................................................... 57 Table 5: Customer Deposits in IBUs .......................................................................................................................... 57 Table 6: Resident and Non-Resident (NR) deposits in IBUs ...................................................................................... 57 Table 7: Derivative Outstanding of IBUs (Notional) .................................................................................................. 58 Table 8: ODI Outstanding of IBUs ............................................................................................................................. 58 Table 9: Industry-Wise Credit Exposure of IBUs ....................................................................................................... 58 Table 10: Country-Wise Exposure of IBUs ................................................................................................................ 59 Table 11: Trade Finance Transaction Booked by IBUs ............................................................................................... 59 Table 12: Turnover of IFSC Stock Exchanges ............................................................................................................. 60 Table 13: Aggregate Open Interest (OI) of all Derivative Contracts on IFSC Stock Exchanges .................................. 60 Table 14: Demat Accounts with Depositories in IFSC ............................................................................................... 60 Table 15: Settlement by Clearing Corporations in IFSC ............................................................................................. 60 Table 16: Number of Accounts on India INX Global Access ...................................................................................... 60 Table 17: Trading through India INX Global Access (Traded Value in USD Mn) ........................................................ 61 Table 18: Trading in Global Exchanges through India INX Global Access (During Jan – Mar 2025-26) .................... 61 Table 19: Cumulative Debt Listings at IFSC Exchanges ............................................................................................. 61 Table 20: Listings of Debt Securities at IFSC Exchanges (During Jan – Mar 2025-26) ............................................... 61 Table 21: Number of Registered FMEs and Funds in IFSC ........................................................................................ 62 Table 22: Snapshot of Fund Management Activities in IFSC (Non-Retail Schemes) ................................................. 62 Table 23: Trends of Fund Management Activity (Non-Retail Schemes) ................................................................... 62 Table 24: Snapshot of Fund Management Activities (Retail Schemes) ..................................................................... 62 Table 25: Portfolio Management Services (PMS) as of March 31, 2026 ................................................................... 62 Table 26: Investors Data for IFSC Funds .................................................................................................................... 63 Table 27: Participants on IIBX (as on end of Quarter) ............................................................................................... 63 Table 28: Regulated Entities/ Intermediaries on IIBX (as on end of Quarter)........................................................... 63 Table 29: SPOT Segment of IIBX ................................................................................................................................ 63 Table 30: Futures Segment of IIBX ............................................................................................................................ 64 Table 31: OTC Transactions (Forwards) in IFSC ......................................................................................................... 64 Table 32: OTC Transactions (Options) in IFSC............................................................................................................ 64 Table 33: OTC Transactions (Swap) in IFSC ................................................................................................................ 64 Table 34: Cumulative ESG labelled Debt Listings at IFSC Exchanges (in USD Bn) ..................................................... 65 Table 35: Listings of ESG labelled Debt Securities at IFSC Exchanges (During the latest Quarter) ........................... 65 Table 36: Overall Sustainable Financing by IBUs (During the latest Half-year) ......................................................... 65 Table 37: Sector-wise Classification of Sustainable Financing by IBUs ..................................................................... 65 Table 38: Snapshot of ESG Funds in IFSC .................................................................................................................. 66 Table 39: Number of IIOs and IIIOs (as on Quarter End) .......................................................................................... 66 Table 40: Written/ Transacted Premium by IIOs and IIIOs ........................................................................................ 66 Table 41: Direct Insurance Business (Life and General) ............................................................................................ 66 Table 42: Reinsurance Business ................................................................................................................................ 67 Table 43: Claims Data (Retail/ Reinsurance) ............................................................................................................. 67 Table 44: Finance Companies/ Finance Units in IFSC ............................................................................................... 68 Table 45: Assets Leased by Aircraft/ Ship Leasing Entities in IFSC (as on end of quarter) ........................................ 68 Table 46: Total Financing Received from IBUs by Leasing Entities of IFSC (in USD Mn) ........................................... 68 Table 47: Transactions Financed by ITFS Platforms .................................................................................................. 68 Table 48: Business Details of Treasury Centres (GRCTCs) ......................................................................................... 68 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)78 LIST OF TABLES Table 49: Business Details of Core Finance Companies (e.g. Lending, Export Financing) ........................................ 68 Table 50: FinTech (Sandbox) Ecosystem in IFSC ........................................................................................................ 69 Table 51: Number of Operational PSPs ..................................................................................................................... 69 Table 52: Payment Accounts and Transactions ......................................................................................................... 69 Table 53: Payment Account Issuances ...................................................................................................................... 69 Table 54: Payment Accounts during the quarters ..................................................................................................... 69 Table 55: Number of Transactions in Payment Accounts Quarter Wise ................................................................... 69 Table 56: Number of Cross-Border & Intra-IFSC Money Transfer Transactions Quarter Wise ................................. 70 Table 57: Number of Merchant Acquisition Service Transactions during each Quarter of FY 2025-2026 ............... 70 Table 58: Month-Wise FCSS Transactions in IFSC ..................................................................................................... 70 Table 59: Number of Entities for Financial Support Services (including GICs) ......................................................... 70 Table 60: Approvals by SEZ UAC (prior to issue of IFSCA Registrations/ Authorisations) ......................................... 71 Table 61: Types of Requests and Approvals .............................................................................................................. 71 IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY 2nd & 3rd Floor, PRAGYA Tower, Block 15, Zone 1, Road 1C, GIFT SEZ, GIFT City, Gandhinagar, Gujarat – 382 050 Website: https://www.ifsca.gov.in/ IFSCA BULLETIN | Q4 FY 2025–26 (Jan–Mar 2026)INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY