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BULLETIN
Q2 2025-26 | JUL-SEP
International Financial Services
Centres Authority (IFSCA)IFSCA
BULLETIN
JUL-SEP 2025
INTERNATIONAL FINANCIAL
SERVICES CENTRES AUTHORITY
IFSCA BULLETIN | JUL-SEP 2025Disclaimer and Contact Information
The IFSCA Bulletin is published by the Division of Economic Policy and Analysis (EPA), International
Financial Services Centres Authority (IFSCA).
The analyses, statistics, and insights presented herein are based on information sourced from
periodic regulatory filings, official submissions by regulated entities, and other credible data
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errors, omissions, or consequences arising from its use.
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of the IFSCA website: https://ifsca.gov.in
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coverage of future editions. Correspondence may be addressed to: dept-epa@ifsca.gov.in.
IFSCA BULLETIN | JUL-SEP 2025CONTENTS 1
CONTENTS
_____________________________________________________________________________
CHAIPERSON’S DESK............................................................................................................2
IFSC BUSINESS HIGHLIGHTS .................................................................................................4
TABLES.................................................................................................................................5
FIGURES AND IMAGES...........................................................................................................7
ABBREVIATIONS..................................................................................................................10
OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES.......................................................12
GIFT IFSC -TRENDS AND HIGHLIGHTS .................................................................................14
POLICY AND REGULATORY UPDATES....................................................................................22
REPORTS AND PUBLICATIONS .............................................................................................27
PUBLIC CONSULTATION ......................................................................................................28
ENFORCEMENT AND REGULATORY ACTIONS........................................................................31
EVENTS AND OUTREACH ACTIVITIES....................................................................................32
DATA AND STATISTICS..........................................................................................................50
IFSCA BULLETIN | JUL-SEP 2025CHAIRPERSON’S DESK 2
IFSCA AT FIVE: KEY CONTRIBUTIONS AND FUTURE COMMITMENTS
The second quarter marks a milestone in IFSCA’s onshore rather than through foreign jurisdictions.
journey as we complete five years since October IBUs have facilitated over USD 54 billion of foreign
2020 as India’s unified financial regulatory currency loans and USD 15.43 billion of trade
authority for IFSCs. finance, supporting the expansion of Indian
corporates while reducing external intermediation
In a relatively short period, India’s maiden IFSC at costs.
GIFT City has emerged as a trusted platform for
cross-border finance and a symbol of India’s Capital markets at GIFT IFSC have expanded with
aspiration to be a leading voice in the global the implementation of unified listing regulations,
financial system. Guided by principle-based with USD 66.6 billion of debt securities listed on
regulations and risk-based supervision, IFSCA is IFSC-based exchanges. The monthly turnover on
committed to ensure world-class regulatory and IFSC exchanges stood at over USD 89 billion in
supervisory standards that balance innovation with September 2025. The average daily turnover of
safeguards and agility with accountability. NIFTY derivative contracts on NSE IX during the
same month was USD 4.02 billion and open interest
Upholding core values of integrity, commitment, on IFSC exchanges as on September 30, 2025, was
excellence, teamwork, collaboration, USD 14.3 billion.
accountability, and respect, we remain rooted in
Funds and asset management activities have
our motto: आ नो भद्राः क्रतवो यन्तु ववश्वताः which
flourished, with 194 Fund Management Entities
means “Let noble thoughts come to us from all
(FMEs) registering 310 funds and securing
directions”.
cumulative investor commitments exceeding USD
26 billion. Insurance and reinsurance segments are
Five Years of Steady Progress
also taking shape, offering foreign currency
products tailored for the Indian diaspora.
The mandate of IFSCA has always been two-fold i.e.,
to regulate with integrity and to develop with vision.
Meanwhile, aircraft and ship leasing activities are
Guided by this principle, the Authority has always
steadily positioning GIFT IFSC as an emerging hub
made serious efforts to introduce globally
in Asia. As of September 30, 2025, a total of 303
benchmarked regulations and frameworks,
aviation assets have been leased including 134
simplified taxation regimes, and innovation-
aircrafts, 84 engines, and 85 Auxiliary Power Units
friendly policies. These measures have instilled
(APUs). Further, 28 ships have also been leased
trust among global and domestic participants,
through GIFT IFSC as of September 30,2025.
while steadily building an ecosystem that is
resilient, competitive, and future-ready.
Innovation has remained a key focus area for the
Authority. The recently notified TechFin and
Over the past five years, GIFT IFSC has witnessed
Ancillary Services (TAS) Framework has expanded
remarkable growth. In banking, 35 IFSC Banking
the scope of financial support services to
Units (IBUs) of both Indian and foreign origin have
encompass emerging domains such as artificial
been set up, with cumulative assets crossing USD
intelligence (AI), blockchain, Regulatory
100 billion as of September 30, 2025.
technology (RegTech), cloud computing, and
cybersecurity, among others.
GIFT IFSC is contributing to India’s growth by
enabling global capital to be intermediated
IFSCA BULLETIN | JUL-SEP 2025CHAIRPERSON’S DESK 3
GIFT IFSC is home to ESG-labelled bonds worth priorities, National Manufacturing Mission,
USD 15.73 billion, aligning with India’s Net Zero National Renewable Energy Mission, etc., has
2070 vision. A framework for transition bonds was engaged IFSCA’s attention and we are working on
issued in Q2 FY25–26. creating enabling regulations.
Further, as on September 2025, two foreign Building on the strong foundation laid in recent
universities have been granted registration, and two years and continuing to deliver on the progress
others have received in-principle approvals, to achieved, we will advance key initiatives such as
establish their International Branch Campuses developing GIFT IFSC as a hub for Intellectual
(IBCs) in GIFT IFSC. Property (IP) ownership and monetisation,
establishing a commodity trading ecosystem,
At the same time, the GIFT IFSC is also becoming a introducing a framework for Insurance-Linked
major platform for the Indian diaspora, with NRI Securities (ILS), and enabling portable, tax-efficient
deposits of about USD 1.1 billion and diaspora- retirement solutions for NRIs and global citizens,
linked fund investments estimated at USD 536.2 among others. These efforts align with our broader
million as on September 30, 2025. vision to “onshoring the offshore” and build GIFT
IFSC into a modern, innovation-driven International
The Road Ahead: New Frontiers of Growth Financial Centre (IFC) that contributes
meaningfully to India’s growth journey.
As we step into the next phase, our focus will be on
strengthening GIFT IFSC’s integration with India’s The progress of GIFT IFSC belongs to all who have
economy while elevating its position in global contributed to its growth and IFSCA will continue to
finance. Serving as a capital raise platform for affirm its role as a trusted regulator and proactive
realising the national goals such as USD 2 trillion developer, working hand in hand with the
exports by 2030, Insurance for All by 2047, National stakeholders to make GIFT IFSC a key pillar in
Ship Building Mission, National Infrastructure realising the vision of Viksit Bharat@2047.
Shri K. Rajaraman
Chairperson, IFSCA
IFSCA BULLETIN | JUL-SEP 2025IFSC BUSINESS
HIGHLIGHTS
1034*
Total IFSCA Registrations
Banking Assets Cumulative Banking Cumulative
Transaction Derivatives trade
(including NDF)
USD ($) 100.14 Bn USD ($) 142.98 Bn USD ($) 70.07 Bn
Banking Sector (as on Sep 30, 2025)
Avg. Monthly Cumulative Debt Aggregate Open
Turnover (IFSC Listing on Exchanges Interest of all
Exchanges) Derivatives Contract
89.67 Bn 66.6 Bn 14.3 Bn
USD ($) USD ($) USD ($)
(upto Sep 2025) (As on Sep 30, 2025) Capital Market
No of Fund No. of Funds/ Total Commitments
Management Entities Schemes Registered Raised
194 310 26.30 Bn
USD ($)
Fund Management
Total Sustainable Cumulative ESG No. of Debt Listings
Credit by Banks labelled Debt Listing on IFSC Exchanges
on IFSC Exchanges
2.76 Bn 15.73 Bn 6
USD ($) USD ($)
Sustainable Finance (as on Sep 2025) (During Jul-Sep 2025)
No. of Insurance Premium written Premium transacted
Firms | by IFSC Insurance by IFSC Insurance
Intermediaries Office Intermediary Office
22 | 30
USD ($) USD ($)
Insurance Sector (as at end of Sep 2025)
No. of Registered No. of Aviation No. of Ships Leased
Aircraft | Ship Assets Leased
Lessors
37 | 34 303 28
Aircraft/ Ship Leasing (as on Sep 30, 2025)
)lanoisivorp( )lanoisivorp(
(During July-Sep 2025) (During Jul-Sep 2025)
(During Jul-Sep 2025)
(upto Sep 2025) (upto Sep 2025) (upto Sep 2025)
(During Apr-Sep 2025)
210.07 Mn 111.47 Mn
(During Jul-Sep 2025) (During Jul-Sep 2025)
(as on Sep 30, 2025) (as on Sep 30, 2025)
* Including In-Principle/ provisional registrationsTABLES 55
TABLES
____________________________________________________________________________
Table 1: Licenses/ Registrations/ Authorisations issued by IFSCA..............................................50
Table 2: Approvals by SEZ UAC (prior to issue of IFSCA authorizations)......................................51
Table 3: Number of IBUs.........................................................................................................51
Table 4: Assets of IBUs...........................................................................................................51
Table 5: Liabilities of IBUs.......................................................................................................51
Table 6: Customer Deposits in IBUs (in USD Mn)......................................................................52
Table 7: Resident and Non-Resident deposits in IBUs (in USD Mn).............................................52
Table 8: Derivative Outstanding of IBUs (in USD Mn) (Notional)..................................................52
Table 9: ODI Outstanding of IBUs (in USD Mn)..........................................................................52
Table 10: Industry-wise Credit Exposure of IBUs.......................................................................52
Table 11: Country-wise Exposure of IBUs.................................................................................54
Table 12: IFSC Stock Exchanges Turnover (Traded Value in USD Mn)..........................................54
Table 13: Aggregate Open Interest (OI) of all Derivatives Contracts on IFSC Stock Exchanges......54
Table 14: Demat Accounts Opened by the Depository ..............................................................54
Table 15: Settlement by Clearing Corporations in GIFT IFSC......................................................55
Table 16: Number of Accounts on India INX Global Access.......................................................55
Table 17: Trading through India INX Global Access (Traded Value in USD Mn)..............................55
Table 18: Trading in Global Exchanges through India INX Global Access (Jul-Sep 2025)...............55
Table 19: Cumulative Debt Listings at IFSC Exchanges (in USD Bn)............................................56
Table 20: Listings of Debt Securities at IFSC Exchanges (During Jul-Sep 2025)............................56
Table 21: Number of FMEs and Funds......................................................................................56
Table 22: Snapshot of Fund Management Activities (Non-Retail Schemes).................................56
Table 23: Snapshot of Fund Management Activities (Retail Schemes)........................................57
Table 24: Investors Data for IFSC Funds...................................................................................57
Table 25: Trends of Fund Management Activity (Non-Retail Schemes)........................................57
Table 26: Portfolio Management Services (PMS) as on Sep 30, 2025 ..........................................57
Table 27: Participants on IIBX..................................................................................................57
Table 28: Regulated Entities (REs)/ Intermediaries on IIBX.........................................................58
Table 29: SPOT Segment of IIBX...............................................................................................58
Table 30: Futures Segment of IIBX...........................................................................................58
Table 31: Cumulative ESG labelled Debt Listings at IFSC Exchanges (in USD Bn)........................59
Table 32: Listings of ESG labelled Debt Securities at IFSC Exchanges (During Jul-Sep 2025)........59
Table 33: Overall Sustainable Financing by IBUs.......................................................................59
Table 34: Sector-wise Classification of Sustainable Financing by IBUs.......................................59
Table 35: Snapshot of ESG Funds in GIFT IFSC.........................................................................60
Table 36: Number of IIOs and IIIOs..........................................................................................60
Table 37: Written/ Transacted Premium by IIOs and IIIOs..........................................................60
Table 38: Line of Business-wise Direct Insurance Business (Life and General)............................60
Table 39: Line of Business-wise Re-insurance Business............................................................61
Table 40: Claims Data (Retail/ Re-insurance)...........................................................................61
Table 41: Finance Companies/ Finance Units (during Jul-Sep 2025)...........................................61
Table 42: Assets Leased by AOL/ Ship Leasing Entities .............................................................61
Table 43: Total Financing Received from IBUs by Leasing Entities of GIFT IFSC (in USD Mn) .........62
IFSCA BULLETIN | JUL-SEP 2025TABLES 66
Table 44: Transactions Financed by ITFS Platforms...................................................................62
Table 45: Business details of GRCTCs .....................................................................................62
Table 46: Business details of Core Finance Companies (e.g. Lending, Export Financing) .............62
Table 47: FinTech (Sandbox) Ecosystem in IFSC........................................................................62
Table 48: Number of Operational PSPs....................................................................................62
Table 49: Number of Payment Accounts..................................................................................62
Table 50: Number of Entities for Financial Support Services (including GICs).............................63
IFSCA BULLETIN | JUL-SEP 2025FIGURES AND IMAGES 77
FIGURES AND IMAGES
____________________________________________________________________________
Figure 1: Shri K. Rajaraman, Chairperson, IFSCA chairing a Chintan Shivir 2025 session with Indian
and foreign banks to strengthen the IFSC banking ecosystem for Viksit Bharat@2047.................32
Figure 2: A Chintan Shivir 2.0 session being Chaired by the Chairperson, IFSCA with FMEs at IFSCA
HQ........................................................................................................................................32
Figure 3: Shri K Rajaraman, Chairperson, IFSCA addressing a Chintan Shivir 2.0 session for Finance
Company ecosystem at IFSCA HQ..........................................................................................32
Figure 4: Shri K. Rajaraman, Chairperson, IFSCA highlighting GIFT IFSC’s pivotal role in shaping a
global fund management hub under the new IFSCA regulations................................................33
Figure 5: Shri K. Rajaraman, Chairperson, IFSCA discussing reforms, growth, and GIFT City’s role in
Viksit Bharat@2047 ...............................................................................................................33
Figure 6: Shri K. Rajaraman, Chairperson, IFSCA highlighting GIFT IFSC’s growing opportunities for
insurance intermediaries during the event...............................................................................33
Figure 7: Shri K. Rajaraman, Chairperson, IFSCA addressing IFS officers on India’s global rise and
GIFT IFSC’s role in economic diplomacy..................................................................................34
Figure 8: IFSCA delegation led by Chairperson, IFSCA visited Taiwan Stock Exchange to explore
avenues of mutual cooperation ..............................................................................................34
Figure 9: IFSCA delegation led by Shri K. Rajaraman, Chairperson, IFSCA visited the Central Bank of
Taiwan..................................................................................................................................34
Figure 10: Dr. Dipesh Shah, ED, IFSCA presented banking & investment opportunities in GIFT IFSC,
followed by an engaging Q&A with global financial leaders........................................................34
Figure 11: ITA, TABF, BA and IFSCA jointly organized a conference on the theme ‘Business
Opportunities for Taiwanese Institutions in India's maiden IFSC at GIFT City..............................35
Figure 12: Embassy of India, Tokyo & IFSCA hosted a global conference on ‘Business Opportunities
for Japanese Institutions in India's maiden IFSC at GIFT City’....................................................35
Figure 13: A delegation led by Shri K. Rajaraman, Chairperson, IFSCA, accompanied by Ms. Debjani
Chakrabarti, Minister (Economic & Commercial), EoI Tokyo met Mr. Hideki Ito, Commissioner JFSA
............................................................................................................................................35
Figure 14: Shri K. Rajaraman, Chairperson, IFSCA & Dr. Dipesh Shah, ED, IFSCA addressed a group
of young entrepreneurs and students from Japan.....................................................................35
Figure 15: Prof. Wang Wei-Chung, Director of Taiwan Education Center, NTHU, led a delegation to
GIFT IFSC to explore academic and institutional collaborations................................................36
Figure 16: Dr. Dipesh Shah, ED, IFSCA showcasing emerging business opportunities for ICAI
delegation in GIFT IFSC..........................................................................................................36
Figure 17: Shri K. Rajaraman, Chairperson, IFSCA at the 2nd GCC Summit organized by ICAI,
highlighting opportunities for Chartered Accountants in GIFT IFSC............................................36
Figure 18: During IFSCA’s visit to Australia, KPMG hosted an interaction where Shri K. Rajaraman,
Chairperson, IFSCA shared India’s growth story and GIFT IFSC’s role in global finance ...............37
Figure 19: Shri K. Rajaraman, Chairperson, IFSCA interacting with Indian diaspora, NRI community,
and ICAI members, hosted by Consulate General, Melbourne...................................................37
Figure 20: Shri Armstrong Pame, Joint Secretary, Min. of Education led a delegation to GIFT IFSC to
explore its emerging higher education ecosystem....................................................................37
Figure 21: IFSCA and GIFT City jointly hosted Israel’s Finance Minister H.E. Bezalel Smotrich, who
discussed strengthening the India–Israel partnership during his visit.........................................38
IFSCA BULLETIN | JUL-SEP 2025FIGURES AND IMAGES 88
Figure 22: An Israeli delegation visited GIFT City to explore opportunities in Banking, Payments &
FinTech, and Asset Management, fostering India–Israel collaboration in financial innovation.......38
Figure 23: Dr. Dipesh Shah, ED, IFSCA highlighting the pivotal role of GIFT IFSC in advancing India’s
global financial ambitions......................................................................................................38
Figure 24: Shri Ashutosh Sharma, CGM, IFSCA highlighting the emerging opportunities in ship
leasing and financing through GIFT IFSC..................................................................................39
Figure 25: IFSCA delegation led by Shri Ashutosh Sharma, CGM, IFSCA held a productive meeting
with senior officials of Intesa Sanpaolo at their Frankfurt office.................................................39
Figure 26: Shri K. Rajaraman, Chairperson, IFSCA delivering address at Banking Assurance
Professionals of IFSC Banking units........................................................................................40
Figure 27: Officers from the Banking Supervision division during the Annual Conference for
Assurance Professionals of IBUs.............................................................................................40
Figure 28: IFSCA delegation led by Shri Pradeep Ramakrishnan, ED, IFSCA being welcomed at NSE,
Mumbai................................................................................................................................40
Figure 29: Shri Praveen Kamat, GM, IFSCA being felicitated at the at the Members Outreach
Programme hosted by The Council of EU Chambers of Commerce in India................................40
Figure 30: Shri Pradeep Ramakrishnan, ED, IFSCA, being felicitated at the hybrid session on Global
Access and regulatory compliance by NSE IX...........................................................................41
Figure 31: Shri Pradeep Ramakrishnan, ED, IFSCA, delivering an address at the 8th Annual Conclave
on Corporate Bond Market, organised by ASSOCHAM..............................................................41
Figure 32: Shri Pradeep Ramakrishnan, ED, IFSCA at the FICCI LEADS 2025 conference.............41
Figure 33: Shri Pradeep Ramakrishnan, ED, IFSCA and Shri Arjun Prasad, GM, IFSCA, during the
session on Global Access Providers........................................................................................42
Figure 34: Shri Praveen Kamat, GM, IFSCA at the interactive session with broker-dealers hosted by
NSE IX...................................................................................................................................42
Figure 35: Shri Pradeep Ramakrishnan, ED, IFSCA, delivering the keynote address at the IVCA CAT -
III Summit 2025.....................................................................................................................42
Figure 36: Shri Pradeep Ramakrishnan, ED, IFSCA delivering an address at the Cafealt Conference
2025.....................................................................................................................................43
Figure 37: Shri Mahipal Reddy, ED, IFSCA delivering an address at the 24th IBAI foundation day ..43
Figure 38: Shri Mahipal Reddy, ED, IFSCA delivering the address at the 24th IBAI foundation day.43
Figure 39: Shri k. Rajaraman, Chairperson, IFSCA being welcomed at IIT Gandhinagar................44
Figure 40: Shri Joseph Joshy, CGM, IFSCA delivering an insightful presentation at the outreach
session in Bengaluru..............................................................................................................45
Figure 41: IFSCA officials with the participants at the outreach session in Bengaluru..................45
Figure 42: IFSCA delegation led by Shri Mahipal Reddy, ED, IFSCA at the IFSCA-ICSI Conference.45
Figure 43: Shri Sathyaraj C.M., GM, IFSCA delivering an address at the IFSCA-ICSI Conference...45
Figure 44: Shri Mahipal Reddy, ED, IFSCA delivering an address at the IFSCA-ICSI Conference....46
Figure 45: Shri Mahipal Reddy ED, IFSCA and Shri Sathyaraj C.M., GM, IFSCA participating in the
outreach session hosted by The Hyderabad Branch of SIRC of ICAI ...........................................46
Figure 46: A moment from the outreach session hosted by The Hyderabad Branch of SIRC of ICAI
............................................................................................................................................46
Figure 47: Shri Mahipal Reddy, ED, IFSCA delivering an address at the IFSCA - ICSI joint outreach
programme...........................................................................................................................47
Figure 48: Shri Sathyaraj C.M., GM, IFSCA delivering an address at the CTA Unleashed: India and
Australia in Action 2025..........................................................................................................47
IFSCA BULLETIN | JUL-SEP 2025FIGURES AND IMAGES 99
Figure 49: A moment from the even titled ECTA Unleashed: India and Australia in Action 2025....47
Figure 50: IFSCA officials with other participants at the Study Circle Meeting on "Client Onboarding
under IFSCA AML-CFT-KYC Guidelines” ..................................................................................48
Figure 51: IFSCA delegation at the RBI office, Mumbai..............................................................48
Figure 52: Delegation of students from Rashtriya Raksha University at IFSCA HQ.......................48
Figure 53: Shri K. Rajaraman, Chairperson, IFSCA with the experts and participants from the training
session.................................................................................................................................49
Figure 54: Shri Praveen Trivedi, ED, IFSCA addressing the Open House Meeting with Consultants
assisting GIFT IFSC Units pertaining to SEZ Compliances.........................................................49
IFSCA BULLETIN | JUL-SEP 2025ABBREVIATIONS 110 0
ABBREVIATIONS
____________________________________________________________________________
Abbreviation Full Form
AIF Alternative Investment Fund
APU Auxiliary Power Unit
ASSOCHAM Associated Chambers of Commerce and Industry of India
Authority International Financial Services Centres Authority
BATF Book-keeping, Accounting, Taxation and Financial Crime Compliance Services
BFSI Banking, Financial Services, and Insurance
Bn Billion
BPSS Board for Regulation and Supervision of Payment and Settlement Systems
CAD Current Account Deficit
CGM Chief General Manager
CMI Capital Market Intermediary
CoR Certificate of Registration
DGFT Directorate General of Foreign Trade
DGM Deputy General Manager
DRs Depository Receipts
ECB External Commercial Borrowing
ED Executive Director
EoDB Ease of Doing Business
EPA Economic Policy and Analysis
ESG Environmental, Social and Governance
FDI Foreign Direct Investment
FME Fund Management Entity
FPI Foreign Portfolio Investment
FY Financial Year
GCC Global Capability Centre
GDP Gross Domestic Product
GIC Global In-house Centre
GIFT Gujarat International Finance Tec-City
GM General Manager
GPU Graphics Processing Unit
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
IBAI Insurance Brokers Association of India
IBC International Branch Campus
IBU IFSC Banking Unit
ICAI Institute of Chartered Accountants of India
IFIH International Fintech Innovation Hub
IFSC International Financial Services Centre
IFSCA International Financial Services Centres Authority
IIBX India International Bullion Exchange
IIT Indian Institute of Technology
IOSCO International Organization of Securities Commissions
IPO Initial Public Offering
IRDAI Insurance Regulatory and Development Authority of India
IFSCA BULLETIN | JUL-SEP 2025ABBREVIATIONS 111 1
IT Information Technology
ITFS International Trade Financing Services
KYC Know Your Customer
LLM Large Language Model
LOA Letters of Approval
MII Market Infrastructure Institution
Mn Million
MoU Memorandum of Understanding
MSME Micro, Small, and Medium Enterprises
NBFC Non-Banking Financial Company
NPCI National Payments Corporation of India
NRI Non-Resident Indian
ODI Offshore Derivative Instrument
OTC Over-the-Counter
PID Public Interest Director
PIO Person of Indian Origin
PMI Purchasing Managers’ Index
PRB Payments Regulatory Board
PSP Payment Service Provider
PSS Payment and Settlement System
Q1 First Quarter
RBI Reserve Bank of India
RRU Rashtriya Raksha University
SBI State Bank of India
SEBI Securities and Exchange Board of India
SEZ Special Economic Zone
TAS TechFin and Ancillary Services
UAE United Arab Emirates
UK United Kingdom
UPI Unified Payments Interface
USA United States of America
USD United States Dollar
VC Venture Capital
IFSCA BULLETIN | JUL-SEP 2025OVE RVIEW OF INDIAN ECONOMY AND OTHER UPDATES 112 2
OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES
_____________________________________________________________________________________
Macroeconomic Status Foreign Trade and Capital Flows
India’s macroeconomic backdrop in the quarter Amid global trade uncertainty, services exports
ending September 2025 remained stable and growth- continued to record double-digit growth, while real
supportive. The RBI projected real GDP growth of 7% exports of goods and services grew 6.3% in Q1 FY
for Q2 FY 2025–26, building on the strong momentum 2025–266.
from 7.8% in Q11.
During H1 FY 2025–26, India’s total exports (goods
The current account deficit (CAD) narrowed sharply and services) grew 4.4% YoY to USD 413.3 billion,
to 0.2% of GDP in Q1 FY 2025–26, down from 0.9% a with services exports rising 6.1% to USD 193.2 billion.
year earlier, supported by resilient services exports This represents the highest value of services exports
and robust remittances of USD 35.3 billion, recorded in H1 of any fiscal year since 2000. The
reaffirming India’s position as the world’s largest resulting net services surplus of USD 95.5 billion
recipient of private remittances2. helped narrow the overall trade deficit to USD 59.5
billion, a 2.3% reduction compared to H1 FY25.7
Inflation remained contained. The prices of non-
food and non-fuel items were stable, with core Capital flows remained encouraging. Gross FDI
inflation at 4.6% in September 2025.3 inflows reached USD 37.7 billion during Apr–Jul 2025,
while net inflows rose to USD 10.8 billion. The major
Services activity continued to expand robustly, with contributors were Singapore, USA, Mauritius, UAE,
the PMI services reading at 60.9 in September 2025, and Netherlands, which together accounted for
well above the 50-mark threshold separating around 76% of total FDI8.
expansion from contraction.4
After a sharp rise in July 2025, net FDI moderated in
India’s labour market also demonstrated positive August amid weaker global investment sentiment.
momentum, as per Periodic Labour Force Survey Net FDI surged to USD 5 billion in July, the highest
(PLFS) and other official data, reflecting rising labour level in over three years. However, in August, gross
force participation, employment growth in industry FDI inflows eased to USD 6 billion, resulting in a
and services, and strong hiring sentiment.5 moderation in net inflows. Meanwhile, FPI recorded
net outflows, driven by equity withdrawals amid a
This favourable macroeconomic environment global risk-off phase.9
continues to support the expansion of GIFT IFSC,
which is emerging as a preferred jurisdiction for Foreign Exchange Reserves
cross-border finance and a gateway for global capital
and innovation-driven financial services.
As of October 10, 2025, India’s foreign exchange
reserves stood at USD 697.8 billion. At this level, the
reserves provide an import cover of 11.3 months and
1 PIB 6PIB
2 PIB 7 DEA Monthly Economic Review (September)
3 DEA Monthly Economic Review (September) 8 PIB
4 DEA Monthly Economic Review (September) 9 DEA Monthly Economic Review (September)
5 DEA Monthly Economic Review (September)
IFSCA BULLETIN | JUL-SEP 2025OVE RVIEW OF INDIAN ECONOMY AND OTHER UPDATES 113 3
are sufficient to cover approximately 93.7% of India’s September 2025 to revitalize India’s shipbuilding and
total external debt as of the end of June 2025.10 maritime ecosystem.14
Financial Sector Developments Further, on the eve of the “Samudra Se Samriddhi –
Transforming India’s Maritime Sector” event in
September 2025, twenty-seven MoUs worth over Rs.
Liquidity in the banking system remained in surplus
66,000 crores were exchanged between public and
during the current financial year. As of September 19,
private stakeholders, State Governments, and
2025, the net durable liquidity surplus stood at ₹5.2
international partners. These agreements mark a
lakh crore, reinforcing the transmission of the policy
major collaborative push to strengthen India’s
repo rate cuts to the lending rates of the Scheduled
maritime infrastructure and shipbuilding
Commercial Banks (SCBs).11
ecosystem.15
In the domestic capital markets, a total of 186 IPOs
Digital and Technology Initiatives
(Mainboard & SME) were issued, raising ₹71,085
crore during FY 2025–26 as on September 30, 2025.
Overall, equity issuances mobilised ₹2,02,478 crore, The India AI Mission, with an estimated budget of
while the debt-market mobilisations stood at over Rs. 10,000 crores for five years, represents a
₹5,04,486 crore.12 foundational step toward strengthening national AI
capabilities by focusing on data, talent, and
Sovereign Ratings of India adoption. As of September 15, 2025, the mission
plans to deploy 38,000+ GPUs through a federated
compute network, develop India-specific LLMs, and
India witnessed three sovereign rating upgrades in
establish an anonymised, consent-based public
2025, reflecting strengthened macroeconomic
dataset platform, placing data at the centre as a key
fundamentals and improved investor confidence.
enabler for innovation, scalability, and governance
Morningstar DBRS initiated the cycle in May 2025 by
in a diverse, multilingual nation.16
raising India’s rating to BBB (from BBB (low)). This
was followed by S&P Global Ratings in August 2025,
Other Developments
which upgraded India to BBB, marking the country’s
first such upgrade in 18 years. Subsequently, in
September 2025, Japan’s Rating and Investment As of September 30, 2025, India’s total installed
Information Inc. (R&I) raised India’s rating to BBB+ electricity capacity crossed 500 GW mark, with
(Stable), making it the third sovereign upgrade of the nearly 51% is sourced from non-fossil fuels. This
year.13 milestone reflects the nation’s transition toward
cleaner energy.17
Maritime Sector
The GST Council recommended a comprehensive
reform package, including rate rationalisation with a
Recognizing the strategic and economic importance
simplified two-slab tax structure (5% and 18%) and
of the maritime sector, the Union Cabinet, chaired by
targeted rate reductions for labour-intensive sectors
the Hon’ble Prime Minister, approved a
such as agriculture, healthcare, and MSMEs, aiming
comprehensive package of Rs. 69,725 crores in
to enhance compliance and affordability.18
10 DEA Monthly Economic Review (September) 15 PIB
11 DEA Monthly Economic Review (September) 16 NITI Aayog’s Report on AI
12 SEBI Statistics 17 PIB
13 PIB 18 PIB
14 PIB
IFSCA BULLETIN | JUL-SEP 2025GIFT IFSC - TRENDS AND HIGHLIGHTS 114 4
GIFT IFSC - TRENDS AND HIGHLIGHTS
____________________________________________________________________________________
Global Financial Centres Index (GFCI) Banking
In GFCI 38 (September 2025)19, GIFT City improved its As on September 2025, IBUs reported total assets of
global ranking to 43, up from 46 in March 2025 and USD 100.14 billion, up from USD 93.85 billion in Jun
continues its steady upward trajectory reflecting 2025 and USD 88.51 billion in March 2025, reflecting
strengthening competitiveness, regulatory maturity, continued balance sheet expansion.
and growing international recognition of the IFSC
Outstanding customer credit (gross) also increased
ecosystem.
steadily, reaching USD 70.08 billion in September
2025 compared to USD 65.17 billion in June 2025 and
USD 59.60 billion in March 2025.
Office of Administrator and SEZ
The data indicates sustained growth in both asset
In Q2 FY25–26, the SEZ Unit Approval Committee
base and credit activity through the latest quarter.
(UAC) approved 105 new unit applications, with an
equal number of 105 LOAs issued, marking the As on September 2025, total customer deposits in
highest quarterly activity in the period. IBUs reached USD 7.93 billion, up from USD 7.44
billion in June 2025 and USD 7.31 billion in March
2025.
Corporate deposits continued to drive overall growth,
increasing to USD 6.71 billion, while retail deposits
stood at USD 1.23 billion, slightly lower than the
previous quarter.
19 Long Finance
IFSCA BULLETIN | JUL-SEP 2025GIFT IFSC - TRENDS AND HIGHLIGHTS 115 5
The latest period reflects steady expansion in derivative positions over the quarter, reflecting
corporate deposit mobilisation, contributing to the cautious trading sentiment among market
overall rise in customer deposits. participants.
As on September 2025, the country-wise exposure of
IBUs remained largely concentrated in India,
accounting for 77.15% of total exposure. Other major
jurisdictions were USA (4.95%), UAE (3.14%),
Singapore (2.78%), and UK (2.41%). Compared with
July 2025 and August 2025, India’s share continued to
edge upward, indicating sustained domestic-linked
credit exposure in the latest month.
As on September 2025, the Offshore Derivative
Instrument (ODI) outstanding of IBUs stood at USD
1.11 billion, marking a notable increase from USD
835.12 million in August 2025 and USD 784.54 million
in July 2025. The rise in September reflects renewed
activity and higher offshore investment exposures
through IBUs after a period of subdued levels earlier
in the quarter.
In Q2 2025–26, the sector-wise credit exposure of
IBUs was led by the Services sector, at USD 118.39
billion, followed by Manufacturing (USD 44.73 billion)
and Infrastructure (USD 25.78 billion).
Other key sectors included Chemicals (USD 5.45
billion) and Pharmaceuticals (USD 4.04 billion), while
exposures to Aviation, Agriculture and Forestry, and
Jewelry remained relatively smaller. Total credit
exposure during the quarter stood at USD 216.37
billion.
Capital Markets
In Q2 FY25-26, a total of around 6.05 million
contracts of value USD 269.03 billion were traded on
the stock exchanges in GIFT IFSC.
As on September 2025, the notional value of
derivative outstanding of IBUs stood at USD 198.55
billion, showing a marginal decline from USD 199.32
billion in August 2025 and USD 209.28 billion in July
2025. The data indicates a gradual moderation in
IFSCA BULLETIN | JUL-SEP 2025GIFT IFSC - TRENDS AND HIGHLIGHTS 116 6
Compared to the previous quarter, this reflects a
moderation from 6.63 million contracts with traded
value of USD 297.93 billion. However, the activity
remains within the typical range observed over the
past year.
Fund Management
As on September 30, 2025, the number of active In Q2 FY25–26, the number of Fund Management
demat accounts in IFSC stood at 69,254, showing a Entities (FMEs) in the IFSC increased to 194, up from
marginal increase from 69,224 as on June 30, 2025. 177 in the previous quarter, while the number of
Overall, the demat account activity remained stable schemes rose to 310 from 272. The steady growth in
with modest growth in the latest quarter. both FMEs and schemes underscores the continued
expansion and deepening of the fund management
ecosystem within the GIFT IFSC.
The number of listings of debt securities on IFSC In Q2 FY25–26, non-retail fund management activity
exchanges has been varying. The total listing of debt in the IFSC continued to expand, with cumulative
securities stood at 10 issuances in Q3 FY24–25, 9 commitments raised reaching USD 26.30 billion, up
issuances in Q4 FY24–25 and declined to 2 issuances from USD 22.11 billion in the previous quarter.
in Q1 FY25–26. Activity picked up again in Q2 FY25–
26, with 6 new listings. Cumulative funds raised also increased to USD 12.27
billion from USD 10.49 billion in Q1 FY25–26. The data
underscores sustained growth momentum and
deepening investor participation in the fund
management space.
IFSCA BULLETIN | JUL-SEP 2025GIFT IFSC - TRENDS AND HIGHLIGHTS 117 7
As on September 30, 2025, the number of investors
across fund schemes in the IFSC saw notable growth.
Out of total sustainable financing by IBUs of USD 2.76
billion, Green financing accounted for the largest
• Venture Capital (including Angel) schemes
share at USD 1,262.63 million, followed by Social
increased to 646 investors from 526 in June 2025
(USD 883.72 million) and Sustainable (USD 263.89
• Category I & II AIFs rose to 1,273 from 1,100, and
million) instruments. Sustainability-linked and other
Category III AIFs grew to 2,559 from 1,957.
instruments contributed USD 46.87 million and USD
• Additionally, Retail Schemes commenced
303.18 million, respectively.
operations during the quarter, attracting 255
investors.
The data reflects expanding investor participation
across all fund categories.
Cumulative ESG-labelled debt listings on IFSC
exchanges reached USD 15.73 billion till September
2025, rising slightly from USD 15.43 billion in the
preceding quarter of June 2025.
Sustainable Finance
In H1 FY25–26, total sustainable credit extended by
IBUs stood at USD 2,760 million, slightly lower than
the USD 2,950 million recorded in H2 FY24–25 but
significantly higher than USD 1,549 million in H1
FY24–25. The latest period reflects sustained
momentum in sustainable financing activity within
IFSC.
IFSCA BULLETIN | JUL-SEP 2025GIFT IFSC - TRENDS AND HIGHLIGHTS 118 8
Insurance
As on September 2025, the number of IFSCA
Insurance Offices (IIOs) increased to 22, up from 19
in June 2025 and 18 in March 2025.
In Q2 FY25–26, premiums transacted by IFSCA
Insurance Intermediary Offices (IIIOs) stood at USD
111.47 million, compared to USD 103.50 million in
the previous quarter.
While marginally higher quarter-on-quarter, the figure
remains below the peak of USD 125.60 million
Similarly, Insurance Intermediary Offices (IIIOs) rose recorded in Q4 FY24–25, indicating steady but
to 30, compared with 28 in Jun 2025 and 27 in March moderated intermediary activity during the latest
2025. The consistent quarterly rise highlights the quarter.
continued expansion of the insurance sector within
the IFSC.
In Q2 FY25–26, Direct Insurance Business by IIOs
recorded a gross written premium of USD 10.55
million, nearly doubling from USD 5.56 million in the
In Q2 FY25–26, written premium by IFSCA Insurance previous quarter. This marks the highest quarterly
Offices (IIOs) surged to USD 210.07 million, a sharp premium to date, reflecting strong growth
rise from USD 43.53 million in the previous quarter. momentum in direct insurance underwriting activity
within the IFSC.
This marks the highest quarterly premium recorded
so far, reflecting strong growth in insurance business
activity at the IFSC.
IFSCA BULLETIN | JUL-SEP 2025GIFT IFSC - TRENDS AND HIGHLIGHTS 119 9
In Q2 FY25–26, Re-insurance business at the IFSC expansion in aircraft and engine leasing activity
recorded a significant rise, with gross written within the IFSC.
premium reaching USD 199.52 million, up sharply
from USD 37.97 million in the previous quarter. This
substantial increase indicates a strong rebound in re-
insurance activity and expanding participation of
global reinsurers within the IFSC.
As on Sep 2025, a total of 28 ships had been leased
by ship leasing entities in the IFSC, compared to 23 in
June 2025 and 18 in March 2025. The steady rise in
leased vessels highlights growing participation and
continued development of the ship leasing segment
In Q2 FY25–26, IIOs reported a total of 75,930 new within the IFSC.
claims amounting to USD 25.97 million. During the
quarter, 67,050 claims were settled, 188 were
rejected, and 17,229 claims remained outstanding at
the end.
As on September 2025, cumulative financing
extended by IBUs to leasing entities in IFSC stood at
USD 257.17 million for aircraft leasing and USD 71.10
million for ship leasing. The data indicates sustained
growth in IBU support for aircraft leasing activity
The total value of outstanding claims stood at USD within the IFSC.
42.47 million, reflecting a significant increase from
the opening balance of USD 33.67 million, indicating
higher claims activity during the quarter.
Finance Company
As on September 2025, the IFSC aircraft leasing
ecosystem recorded a total of 303 assets, comprising
134 aircrafts, 84 engines, and 85 APUs. This marks a
substantial increase from 253 total assets in June
As on September 2025, ITFS transactions in IFSC
2025 and 242 in March 2025, reflecting rapid
reached 1,849 in number, with a total value of USD
IFSCA BULLETIN | JUL-SEP 2025GIFT IFSC - TRENDS AND HIGHLIGHTS 220 0
73.91 million. This marks an increase from 1,617
transactions valued at USD 63.26 million in Jun 2025
and 779 transactions worth USD 44.35 million in
March 2025. The data reflects sustained quarterly
growth in trade financing activity facilitated through
ITFS platforms in the IFSC.
As on September 2025, Core Finance Companies
reported loans and advances of USD 18.46 million
and total investments of USD 15.58 million. This
marks a rise from USD 11.26 million and nil
investments, respectively, in June 2025, indicating
renewed lending momentum and portfolio
diversification during the latest quarter.
As on September 2025, Global/Regional Corporate
Treasury Centres (GRCTCs) reported loans and
advances of USD 3,122.50 million and total
investments of USD 233.09 million. This represents
an increase from USD 2,725.54 million and USD
78.31 million, respectively, in June 2025. The data
highlights strong growth in GRCTC’s lending portfolio
and a sharp rise in investments during the latest
quarter.
FinTech, TechFin and Ancillary
As on September 30, 2025, a total of 05 entities were
operating under the Innovation Sandbox and 03
entities under the Regulatory Sandbox, while 42
entities had exited from the sandbox framework.
IFSCA BULLETIN | JUL-SEP 2025GIFT IFSC - TRENDS AND HIGHLIGHTS 221 1
The number of regulated entities (REs) and
intermediaries on IIBX stood at 24 as on September
30, 2025. The data indicates steady strengthening of
As on September 30, 2025, the number of TechFin
the regulated ecosystem on the exchange.
and Ancillary Services (TAS) entities (including GIC) in
the IFSC rose to 133, compared to 91 in June 2025
and 88 in March 2025. This increase highlights
accelerating interest in the TechFin and Ancillary
framework and growing diversification within the
IFSC ecosystem.
Metals and Commodities
The number of participants on the India International
Bullion Exchange (IIBX) continued to rise steadily.
Qualified Jewellers increased from 153 as on
December 31, 2024, to 185 by September 30, 2025,
while Qualified Suppliers grew from 33 to 40 over the
same period. The data reflects a consistent
expansion in the participant base across both
categories.
IFSCA BULLETIN | JUL-SEP 2025POLICY AND REGULATORY UPDATES 222 2
POLICY AND REGULATORY UPDATES
_____________________________________________________________________________________
Banking in control, periodic reporting, cyber security and
cyber resilience and surrender of registration.
Circular on Opening of an
Regulatory Framework for
account of a person resident in
Global Access in the IFSC
India
Aug 12, 2025
Aug 13, 2025
IFSCA issued a circular specifying the revised norms,
Clarification was issued to the IBUs that the term
requirements and regulatory framework for global
“foreign currency account with a bank outside India”
access. The circular provides a comprehensive set of
used in the Foreign Exchange Management (Foreign
norms for Global Access Providers, and Introducing
Currency Accounts by a Person Resident in India)
Brokers covering aspects such as authorisation
Regulations, 2015 dated January 14, 2015 (as
process, minimum net worth requirements,
amended) shall include an account opened with an
permitted products, client onboarding and
IBU in any of the specified foreign currencies.
protection measures, compliance with KYC, AML &
CFT requirements, segregation of clients’ funds,
robust risk management, quarterly reporting and
annual audit.
Capital Markets
The regulatory framework for Global Access is aimed
Master Circulars on Capital
at facilitating cross-border trading in securities and
Market Intermediaries (CMIs) in
other permitted financial products on the stock
IFSC
exchanges in foreign jurisdictions in a transparent,
regulated, competitive and efficient manner.
Aug 05, 2025
Extension of deadline for
With an aim to promote ease of doing business by
implementing revised norms for
providing a one-stop reference for all circulars and
guidelines, IFSCA issued master circulars for the principal officer and
following categories of CMIs: compliance officer for Capital
Market Intermediaries (CMIs)
• Credit Rating Agencies (CRAs)
• Debenture Trustees Sep 04, 2025
• Distributors
• ESG Ratings and Data Products Providers IFSCA issued a circular stipulating revised norms for
• Investment Advisers appointment of principal officer and compliance
• Investment Bankers and officer by CMIs.
• Research Entities
The existing CMIs operating in the IFSC were required
The master circulars provide details on various to meet the revised requirements on or before
operational aspects, inter-alia, such as registration October 01, 2025. This has now been extended to
process, validity of registration, permissible activities, December 31, 2025, for all the CMIs to ensure
governance, code of conduct, KYC, AML and CFT continuity in operations and promote ease of doing
guidelines, outsourcing, complaint handling, change business.
IFSCA BULLETIN | JUL-SEP 2025POLICY AND REGULATORY UPDATES 223 3
Regulatory Framework for Fund Management
Global Access in the IFSC -
Amendments Third-Party Fund Management
Services in IFSC
Sep 12, 2025
Jul 24, 2025
IFSCA issued a circular introducing amendments in
“Regulatory Framework for Global Access in the
In its endeavour to position GIFT IFSC as a global hub
IFSC”. Introducing Brokers in IFSC will have the
for fund management activities, IFSCA has
option to either open bank account(s) with an IBU or
introduced a framework for Third-Party Fund
open account(s) with a PSP in the IFSC for payments
Management Services, also popularly known as
/ movement of funds.
‘platform play’. The framework is aimed at enhancing
operational flexibility and promoting global
IFSCA (CMI) Regulations, 2025 - connectivity within the fund management ecosystem.
Further, to operationalise this framework, IFSCA has
Extension of deadline for
also issued a Circular dated Sep 8, 2025, prescribing
compliance with revised net
the fee structure applicable to FMEs that intend to
worth requirements
offer third-party fund management services in the
IFSC.
Sep 12, 2025
IFSCA through a circular extending the timeline from
Guidelines on Ascertaining Key
October 01, 2025, to December 31, 2025 regarding
Managerial Personnel (KMP)
the compliance related to the revised minimum net
Eligibility in accordance with
worth requirements.
Regulation 7 of The IFSCA (Fund
Management) Regulations,
Clarification on the listing of 2025
convertible debt securities on
recognised stock exchanges in Jul 25, 2025
the IFSC
Following the introduction of the new Fund
Management Regulations, there have been a number
Sep 18, 2025
of industry queries regarding the eligibility criteria for
With an objective to clarify regarding listing of Principal Officers (POs) and Compliance Officers
convertible debt securities on recognised stock (COs) for FMEs. Accordingly, based on the CVs
exchanges in the IFSC, IFSCA issued a circular. The received and the nature of the enquiries made by
circular clarifies that the procedure, manner, and FMEs, it has been decided to issue a brief set of
conditions specified for the listing of debt securities ‘Guidelines for Ascertaining KMP Eligibility’ under
in the IFSCA (Listing) Regulations, 2024, shall mutatis Regulation 7 of the IFSCA (Fund Management)
mutandis apply to the convertible debt securities Regulations, 2025. These guidelines are being placed
which are in the nature of foreign currency in the public domain for the benefit and guidance of
convertible bonds (FCCBs) or similar instruments, FMEs. The guidelines are intended to provide clarity
until their conversion, for the purpose of listing on on the eligibility of KMPs and to assist FMEs in making
recognised stock exchanges in the IFSC. informed hiring decisions. This initiative also aims to
enhance transparency and support FMEs through a
consistent framework.
IFSCA BULLETIN | JUL-SEP 2025POLICY AND REGULATORY UPDATES 224 4
Sustainable Finance Finance Company
Circular on Framework for
Circular on 'Guidance on
Transition Bonds
submission of requests
pertaining to changes requiring
Jul 29, 2025
prior approval/ intimation to the
Authority'
IFSCA recognises the pivotal role of ESG labelled
debt securities (Green Bonds, Social Bonds,
Jul 01, 2025
Sustainability Bonds, Sustainability-linked Bonds) in
financing sustainable development and transition to
The circular aims to promote uniformity and facilitate
a low-carbon economy.
ease of doing business. It outlines the procedures to
In line with this, a regulatory framework for Green, be followed by the regulated Finance Companies
Social, Sustainability and Sustainability-linked (FCs) for seeking prior approval from the Authority in
Bonds was initially brought in by IFSCA as part of various scenarios along with detailing the required
IFSCA (Issuance & Listing of Securities) Regulations, documents for each type of request.
2021 and subsequently subsumed in the IFSCA
(Listing) Regulations, 2024.
Circular on 'Onboarding of
Based on the recommendations of the Expert certain categories of the
Committee on Climate Finance, approaches Regulated Entities (REs) to the
adopted by the various jurisdictions/ institutions,
Central Registry for registration
comments received on the Consultation Paper on
and satisfaction of assignment
Framework for Transition Bonds issued by IFSCA on
of receivables transactions'
April 08, 2025, further examination by IFSCA and
keeping in mind the needs of developing countries
Aug 07, 2025
such as India, IFSCA has issued the “Framework for
Transition Bonds”.
The circular directs all REs mentioned therein to
onboard themselves with the Central Registry of
The said framework is intended to enable issuers
Securitisation, Asset Reconstruction and Security
specifically from hard-to-abate sectors to raise
Interest of India (CERSAI).
capital and list their securities at IFSC, while
committing to a credible transition plan and making
This requirement aligns with Section 19 of the
enhanced disclosures to ensure interests of the
Factoring Regulation Act, 2011, and Regulation 6 of
investors are protected. The key aspects of the
the IFSCA (Registration of Factors and Registration of
proposed framework are as under:
Assignment of Receivables) Regulations, 2024,
a. Entity level requirements of transition plan which mandate the registration and satisfaction of
b. Alignment with Recognised Taxonomies/ receivables assignment transactions with the Central
Technology Roadmap Registry.
c. Mechanism for External Review
d. Disclosure Requirements (based on ICMA’s Climate
Furthermore, the circular provides guidance on
Transition Finance Handbook)
accessing relevant user manuals on the CERSAI
portal and specifies contact details for onboarding
assistance.
IFSCA BULLETIN | JUL-SEP 2025POLICY AND REGULATORY UPDATES 225 5
Payment and Settlement This comprehensive regulation will encompass
Ancillary Services, TechFin services, and activities
permitted to be outsourced by REs of the respective
IFSCA (Payments Regulatory
financial sector regulators.
Board) Regulations, 2025
The objective is to promote ease of doing business by
Sep 12, 2025 providing a common platform for entities providing
ancillary services and information technology (IT)
The amendments to Section 3 of the Payment and support services to institutions belonging to BFSI
Settlement Systems Act, 2007 (PSS Act, 2007) segment.
undertaken through the Finance Act, 2017 has been
The proposed single regulatory framework will enable
brought into effect from May 9, 2025, with the issue of
service providers under a unified registration process,
the Gazette Notification dated May 06, 2025, by
thereby further enhancing operational convenience
Department of Financial Services (DFS), Government
within GIFT IFSC.
of India.
As a result of such amendment, the erstwhile Board Transition to IFSCA (TechFin
for Regulation and Supervision of Payment and and Ancillary Services)
Settlement Systems (BPSS) has been replaced with Regulations, 2025
the Payments Regulatory Board (PRB) as the body
through which IFSCA shall exercise the powers, Jul 31, 2025
perform the functions and discharge the duties
conferred on it under the PSS Act, 2007. The circular was issued to provide manner and
requirement for Transition to IFSCA (TechFin and
In pursuance of the above, the Authority notified the Ancillary Services) Regulations, 2025 by the existing
IFSCA (Payments Regulatory Board) Regulations, entities authorised under the IFSCA Ancillary
2025 (IFSCA-PRB Regulations), which was published Services Framework, 2021 and Framework for
on September 12, 2025 in the Official Gazette. FinTech Entity in the International Financial Services
Centres (IFSCs), 2022 as amended from time to time.
The IFSCA-PRB Regulations provide for the eligibility
and tenure of nominated members, code of conduct
of Board members (including a declaration of fidelity
and secrecy), meetings of the board and quorum,
Metals and Commodities
delegation of powers, power of the board to
constitute committees and invite persons etc.
IFCA Circular on Market Access
through Authorized Persons on
Bullion Exchange
TechFin & Ancillary Services
Sep 11, 2025
International Financial Services
IFSCA, through its Market Access Circulars dated
Centres Authority (TechFin and
October 14, 2020 and April 29, 2022, permitted IFSC
Ancillary Services) Regulations,
stockbrokers and broker-dealers to offer market
2025
access to investors via Authorized Persons in India
and abroad.
Jul 08, 2025
IFSCA BULLETIN | JUL-SEP 2025226 6
Now, IFSCA has issued a circular extending the Circular on Amendment to the
applicability of the abovementioned Market Access IFSCA Operating Guidelines on
Circulars to the Bullion Exchange and Bullion Trading
Bullion Exchange, Bullion
Members to expand the reach of the bullion market in
Clearing Corporation, Bullion
IFSC and broaden market participation.
Depository and Vault Manager –
Eligibility Criteria of Bullion
This will allow the members of IIBX to use the
Trading Member
Authorized Persons route for sourcing Qualified
Suppliers (QSs) from overseas as well as Qualified
Sep 22, 2025
Jewellers (QJs) and Valid India-UAE TRQ Holders from
the Domestic Tariff Area (DTA).
IFSCA made amendments in the Operating
Guidelines for the eligibility criteria for membership
of the Bullion Exchange, Trading Members to relax the
minimum experience requirements of employee of
bullion trading member.
In this regard, the requirement of having at least one
employee with a minimum of three years’ experience
and sound knowledge in the precious metals industry
has been revised to “Trading members shall have at
least one employee who possesses not less than two
years of experience in dealing in securities or foreign
exchange or precious metals.”
IFSCA BULLETIN | JUL-SEP 2025REPORTS AND PUBLICATIONS 227 7
REPORTS AND PUBLICATIONS
_____________________________________________________________________________________
Report of Working Group to Report of the Expert Committee
study Alternate Risk Transfer on ‘Positioning GIFT IFSC as
(ART) arrangements Global Commodity Trading
Hub’
Jul 30, 2025
Aug 01, 2025
The Working Group (WG) was set up by IFSCA in the
light of the growing trend of catastrophic events IFSCA had constituted an Expert Committee on
driven by climate change and urbanization. The WG Positioning GIFT IFSC as a Global Commodity Trading
under the Chairpersonship of Shri G. Srinivasan, MD Hub in May 2024. The Expert Committee was tasked
and CEO of Galaxy Health Insurance Company with examining the enablement of commodity trading
Limited (and former CMD of the New India Assurance in IFSC and related aspects which will facilitate
Company) with other industry experts in the field of business integration of IFSC financial ecosystem with
Alternate Risk Transfer (ART) arrangements was set global trade flows, capitalize on integration
up to study the feasibility of exploring the issuance of opportunities with major commodity hubs and
insurance-linked securities, especially catastrophe attract global investment flows into IFSC, and make
bonds, from India’s maiden financial service centre, recommendations in this regard.
the GIFT IFSC.
The key terms of reference of the WG, inter alia,
included advising IFSCA in structuring ART along with
study of the regulatory framework/ process in other
jurisdictions, reviewing of current practices prevalent The Expert Committee submitted its report on August
in global jurisdictions, and examining the offer of ART 01, 2025 and provided strategic recommendations
solutions within India and International jurisdictions. aimed at building a world-class trading ecosystem in
GIFT IFSC.
The WG deliberated and examined the regulatory and
institutional frameworks of peer jurisdictions like IFSCA is examining the recommendations made by
Bermuda, Singapore and Hong Kong. GIFT IFSC and the Expert Committee and take up the proposals with
IFSCA – with right mix of conducive regulatory the Government of India and other agencies within
framework and enabling ecosystem for development the next few months.
of financial instruments [such as Insurance Linked
Securities (ILS)] can be an attractive hub for ILS.
IFSCA BULLETIN | JUL-SEP 2025PUBLIC CONSULTATION 228 8
PUBLIC CONSULTATION
_____________________________________________________________________________________
Banking Consultation Paper on
appointment of Public Interest
Public Consultation on Circular Directors (PIDs) on the
on Internet Banking Services to Governing Board of Market
Clients of IBUs - Review Infrastructure Institutions (MIIs)
Sep 22 - Oct 13, 2025 Jul 11 - Aug 02, 2025
The objective of this consultation paper was to seek MIIs play a crucial role in supporting the trading,
clearing, and settlement of securities. The effective
comments/ views/ suggestions from the public on
management and supervision of these institutions
the various types of internet banking services namely
Information service, Interactive information require a diverse set of expertise across finance,
technology, legal, management, and administration.
exchange service and Transactional service that IBUs
The governing board of an MII is responsible for
need to provide for ease of banking for the customers
of the IBU. overseeing its strategic direction, governance, risk
management, and ensuring efficient operations. To
ensure that the board possesses the necessary skills
and a balanced mix of expertise, the Authority issued
Capital Markets
a consultation paper addressing the appointment of
PIDs to the governing board of MIIs. The consultation
Consultation Paper on Master paper covers the process of appointment/
Circulars for Capital Market reappointment, performance review, and knowledge
Intermediaries (CMIs) in the upgradation requirements for PIDs.
IFSC
Consultation Paper for
Jul 11 - Jul 21, 2025 reporting and clearing of Over-
The-Counter (OTC) Derivatives
The objective of this consultation paper was to seek
in IFSC
comments and suggestions from the public and
stakeholders on the proposed master circulars for
Jul 15 - Aug 05, 2025
the following categories of CMIs in the IFSC:
IBUs are permitted to issue OTC derivatives with
• Credit Rating Agencies (CRAs) foreign exchange, interest rate, and credit as
• Debenture Trustees
underlying assets. Further, registered entities having
• Distributors
foreign portfolio investor (FPI) license from SEBI can
• ESG Ratings and Data Products Providers
issue ODI with listed securities in domestic India as
• Investment Advisers
underlying.
• Investment Bankers and
• Research Entities.
The Authority received representation from market
participants on permitting issuance of OTC
derivatives on securities listed on stock exchanges in
IFSC and foreign jurisdictions. In order to benchmark
the opportunities available to financial entities in
foreign jurisdictions, the Authority sought feedback
IFSCA BULLETIN | JUL-SEP 2025PUBLIC CONSULTATION 229 9
on draft guidelines on reporting and clearing of OTC based on feedback received from FinTech entities,
derivatives with the following as underlying – 1) equity market participants, and other stakeholders through
and bonds listed on stock exchanges in IFSC and extensive interactions and representations to
foreign jurisdictions, and 2) index, equity and bond establish a comprehensive regulatory structure for
derivatives listed on foreign stock exchanges. FinTech Sandbox Entities aspiring to access IFSCA’s
Sandbox(es).
The proposed framework aims to promote innovation
Fund Management in financial services by introducing structured
innovation facilitators such as the Regulatory
Consultation Paper for Sandbox, Innovation Sandbox, Interoperable
Framework on Stewardship Regulatory Sandbox, and Overseas Regulatory
Code in IFSC Referral Mechanism(s). These enablers are designed
to support FinTech activities across diverse segments,
Aug 06 - Aug 27, 2025 including Banking, Capital Markets, Insurance, and
Funds, as well as technology-driven FinTech and
Over the years, the number of businesses and TechFin use cases related to financial products,
intermediaries in the IFSC has increased manifold. services, and institutions regulated or proposed to be
There have been almost 170 unique listings of bonds regulated within the IFSC.
on the IFSC (out of which ESG themed bonds are
around 40) raising more than 65 billion USD.
Others
Further, with more than 180 Fund Management
Entities (FMEs) managing more than 275 funds in the
IFSC (almost 50 Bn USD to be raised as per the private Consultation Paper on the
placement documents), the pace of growth of Proposed Modification to the
investment through the IFSC has only been frenetic. International Financial Services
Centres Authority (Anti Money
In this juncture, there is an imperative need that these
Laundering, Counter-Terrorist
investments by investors are managed with proper
Financing and Know Your
governance, engagement and adequately monitored.
Customer) Guidelines, 2022
To give a fillip to investor protection, IFSCA has
published the consultation paper on Framework on
Jul 10 - Aug 01, 2025
Stewardship Code in IFSC.
The consultation paper sought feedback on the
proposed Video based Customer Identification
Process (V-CIP) for NRIs, including suggestions for
FinTech & Payments
alternative modalities that could enhance the
process. It also aimed to identify potential challenges
Consultation Paper on Draft
in implementing the V-CIP and explore ways to
IFSCA FinTech Sandbox
address them.
Framework
Sep 19 - Oct 10, 2025
IFSCA issued a consultation paper on the Draft
FinTech Sandbox Framework on September 19, 2025,
IFSCA BULLETIN | JUL-SEP 2025PUBLIC CONSULTATION 330 0
Request for Feedback / Consultation Paper on
Comments / Suggestions for proposed IFSCA (Performance
Review of IFSCA (Global In- Review Committee)
House Centres) Regulations, (Amendment) Regulations,
2020 2025
Aug 05 - Aug 30, 2025 Aug 28 - Sep 17, 2025
The GIC regulations issued by IFSCA have the The objective of this consultation paper was to seek
potential to place GIFT IFSC in the leagues of leading comments/ views/ suggestions from the public on
FinTech cities and Capability Centres generating the proposed amendments to International Financial
significant employment opportunities. With an Services Centres Authority (Performance Review
intend to have more effective GIC ecosystem in GIFT Committee) Regulations, 2022.
IFSC and to adopt the international best practices,
the general public, market participants and
stakeholders were requested to forward their
comments / suggestions.
IFSCA BULLETIN | JUL-SEP 2025ENFORCEMENT AND REGULATORY ACTIONS 331 1
ENFORCEMENT AND REGULATORY ACTIONS
_____________________________________________________________________________________
Press Release on Regulatory action(s) Regulation) Act, 1992 for non-compliance with the
submission of APRs and delayed renewal of LOA. The
against certain FMEs
document emphasizes adherence to statutory
deadlines and accountability for operational
Reiterating its commitment to maintain high
reporting by SEZ units.
regulatory standards and ensuring a robust and
transparent regulatory ecosystem in GIFT IFSC,
Show Cause Notice to an FME
IFSCA issued a Press Release on July 18, 2025
informing of initiation of appropriate regulatory
IFSCA issued a show cause notice to an FME on
action(s) against 9 FMEs in IFSC due to the continued
account of non-compliance with the requirements
instances of non-compliance observed by them
under the IFSCA (Fund Management) Regulations,
across multiple surprise visits undertaken by the
2021.
Authority.
Show Cause Notice to a BATF entity
This was also intended to sensitise the FMEs to
maintain functional offices in IFSC and ensure
A show-cause notice dated September 10, 2025 was
presence of the Key Managerial Personnel (KMP) in
issued to a BATF entity by the Administrator, IFSCA,
accordance with the provisions of the IFSCA (Fund
for continuing business operations and issuing
Management) Regulations, 2025.
invoices after the expiry of its LOA dated September
13, 2023, which had lapsed on September 12, 2024.
Show Cause Notice to a Capital Market
Intermediary (CMI)
The unit applied for LOA extension only on March 27,
2025—six months after expiry of LOA, claiming the
The Office of Administrator (IFSCA) issued a show-
delay was due to a misunderstanding of SEZ validity
cause notice dated August 29, 2025 to a CMI for
rules. The Unit also admitted to having raised invoice
multiple regulatory lapses under the SEZ Rules, 2006.
in January 2025 after the expiry of LOA on September
The unit, which held a Letter of Approval (LOA) valid
12, 2025.
until November 10, 2024, applied for renewal 252
days late, well beyond the two-month pre-expiry
The case was deliberated in the 59th UAC meeting,
period mandated by Rule 19(6A) (1).
where the unit’s admission of operating post-LOA
expiry led to the decision to issue this show-cause
Additionally, the company failed to submit its Annual
notice.
Performance Reports (APRs) for the financial years
2019–20 to 2023–24 within the required timelines,
The Administrator directed the entity to explain why
only furnishing them during its renewal request
penalties should not be imposed under Section 11(2)
process.
of the Foreign Trade (Development and Regulation)
Act, 1992, read with Rule 54(2) of the SEZ Rules, 2006.
The matter was reviewed in the 67th Unit Approval
Committee (UAC) meeting, where it was decided to
The notice underscores that conducting operations
issue a show-cause notice under Rule 54(2) of the
or rendering services without a valid LOA constitutes
SEZ Rules. The notice called upon the company to
a regulatory violation and is subject to penal action
justify within 15 days why penal action should not be
under SEZ and trade laws.
initiated under the Foreign Trade (Development and
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 332 2
EVENTS AND OUTREACH ACTIVITIES
_____________________________________________________________________________________
Developmental Activities
Chintan Shivir 2.0
Jul – Sep 2025
GIFT City, Gujarat, India
IFSCA, in its continued pursuit of excellence and
innovation in financial regulation, convened Chintan
Shivir 2.0, a series of high-level roundtable
interactions. The initiative comprised over 22
sessions with growing participation from Figure 2: A Chintan Shivir 2.0 session being Chaired by the Chairperson,
IFSCA with FMEs at IFSCA HQ
international institutions, investors, and universities.
The deliberations spanned the full breadth of GIFT
Chaired by the Chairperson, IFSCA, the initiative IFSC’s ecosystem including banking, capital markets,
served as a strategic dialogue platform to engage with insurance, reinsurance, fund management, aircraft &
key stakeholders across the financial services ship leasing, bullion exchange, sustainable finance,
spectrum and co-create a future-ready, globally GICs, education & skill development, ancillary &
competitive IFSC framework. professional services, and payment & FinTech
infrastructure.
Discussions emphasized structural reforms, ease of
doing business, digital transformation, fund
innovation, trade finance, risk management, and
global connectivity—reinforcing IFSCA’s principle
that effective regulation should enable growth,
cultivate innovation, and remain responsive to
market needs.
Figure 1: Shri K. Rajaraman, Chairperson, IFSCA chairing a Chintan Shivir
2025 session with Indian and foreign banks to strengthen the IFSC
banking ecosystem for Viksit Bharat@2047
The sessions reflected IFSCA’s commitment to
participatory governance and agile regulation. They
aimed to facilitate open dialogue, capture actionable
insights, and align GIFT IFSC’s ecosystem with global
best practices and supporting India’s long-term
economic vision of Viksit Bharat@2047.
Stakeholders collaboratively identified regulatory
Figure 3: Shri K Rajaraman, Chairperson, IFSCA addressing a Chintan
and operational challenges, explored emerging Shivir 2.0 session for Finance Company ecosystem at IFSCA HQ
opportunities, and contributed to shaping a
Several ideas from Chintan Shivir 2.0 are already
transparent, efficient, and innovation-driven
being implemented through new regulations and
international financial hub.
policy initiatives. IFSCA continues to drive inclusion,
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 333 3
innovation, and global integration building not just a GIFT City’s role in Viksit Bharat@2047, and IFSCA’s
financial centre, but a lasting legacy of excellence regulatory initiatives and the growth journey. Other
and leadership that positions India at the forefront of senior IFSCA officials participated in the expert panel
international finance. discussions.
Investing in India – The GIFT Advantage
Jul 03, 2025
GIFT City, Gujarat, India
At this event hosted by Kotak Mahindra Bank at GIFT
City Club, the Chairperson, IFSCA highlighted that
India is building a globally competitive fund
management ecosystem and GIFT IFSC is at its core.
With the IFSCA (Fund Management) Regulations,
2025, the Authority redefined innovation, investor
Figure 5: Shri K. Rajaraman, Chairperson, IFSCA discussing reforms,
protection, and EoDB aligning with global hubs like growth, and GIFT City’s role in Viksit Bharat@2047
Singapore and Ireland.
Unlocking GIFT: IBAI Meet of Brokers
Jul 03, 2025
GIFT City, Gujarat, India
The Chairperson IFSCA, addressed the gathering at
the event organized by the Insurance Brokers
Association of India (IBAI) – GIFT City Chapter at Hotel
Grand Mercure in GIFT City.
Figure 4: Shri K. Rajaraman, Chairperson, IFSCA highlighting GIFT IFSC’s
pivotal role in shaping a global fund management hub under the new
IFSCA regulations
Figure 6: Shri K. Rajaraman, Chairperson, IFSCA highlighting GIFT IFSC’s
Driving Innovation & Efficiency in GIFT City
growing opportunities for insurance intermediaries during the event
Jul 03, 2025 In his remarks, the Chairperson highlighted the
GIFT City, Gujarat, India
significant opportunities available in GIFT IFSC for
insurance intermediaries, emphasizing its growing
role as a global hub for insurance and reinsurance
The Chairperson, IFSCA and other senior officials
activities.
participated in the event hosted by Bloomberg. The
Chairperson spoke on India’s economic reforms,
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 334 4
IFSCA Chairperson addressed in orientation
of Indian Foreign Service (IFS) probationer
officers and officers from Bhutan at
Rashtriya Raksha University (RRU)
Jul 03, 2025
Gandhinagar, India
The Chairperson, IFSCA addressed the IFS
probationer officers and officers from Bhutan during
their one-week orientation at RRU, Gandhinagar.
Figure 8: IFSCA delegation led by Chairperson, IFSCA visited Taiwan Stock
Exchange to explore avenues of mutual cooperation
In Taipei, the delegation engaged with leading media,
the Taiwan Stock Exchange, and the Central Bank of
Taiwan, discussing collaboration in FinTech,
exchange operations, and financial stability.
Interactions with Taiwanese universities highlighted
opportunities to set up International Branch
Campuses (IBCs) at GIFT IFSC.
Figure 7: Shri K. Rajaraman, Chairperson, IFSCA addressing IFS officers
on India’s global rise and GIFT IFSC’s role in economic diplomacy
The Chairperson spoke on the session on “India's
Strategic Rise in the Global Economic and Financial
Order - Building Bharat of the future” and highlighted
the role of GIFT IFSC and how it can be leveraged as
part of economic diplomacy and global financial hub.
Figure 9: IFSCA delegation led by Shri K. Rajaraman, Chairperson, IFSCA
visited the Central Bank of Taiwan
Official Visit to Taiwan
Jul 14-15, 2025
Taiwan & Japan
An IFSCA delegation led by the Chairperson, IFSCA,
along with Shri Manharsinh Yadav, DG, India Taipei
Association (ITA), visited Taiwan and Japan to
strengthen financial, regulatory, and academic
partnerships and to showcase opportunities at GIFT
IFSC.
Figure 10: Dr. Dipesh Shah, ED, IFSCA presented banking & investment
opportunities in GIFT IFSC, followed by an engaging Q&A with global
financial leaders
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 335 5
The delegation also met Mr. Ken Chikada, Director
General, Bank of Japan, to explore inter-regulatory
cooperation and macro-financial management,
where Dr. Dipesh Shah, ED, IFSCA, presented
opportunities for Japanese universities at GIFT IFSC.
The visit concluded with interactive sessions at the
Embassy of India with leading universities,
reinforcing GIFT IFSC’s role as a global hub for
finance, investment, and education.
Figure 11: ITA, TABF, BA and IFSCA jointly organized a conference on the
theme ‘Business Opportunities for Taiwanese Institutions in India's
maiden IFSC at GIFT City
The delegation also participated in a Standard
Chartered Bank conference, a networking lunch with
Mr. Lin Po-feng, Chairperson, Third Wednesday Club,
and a joint IFSCA–ITA–TABF–BA conference,
emphasizing tax incentives, trade finance, GCC
Figure 13: A delegation led by Shri K. Rajaraman, Chairperson, IFSCA,
benefits, ITFS, and factoring opportunities.
accompanied by Ms. Debjani Chakrabarti, Minister (Economic &
Commercial), EoI Tokyo met Mr. Hideki Ito, Commissioner JFSA
Official Visit to Japan
Event under Learn in Bharat initiative
Jul 16-18, 2025
Japan
Aug 21, 2025
GIFT City, Gujarat, India
In Japan, the delegation met Mr. Moriyuki Iwanaga,
Group COO, Japan Exchange Group (JPX), for Chairperson, IFSCA & Dr. Dipesh Shah, ED, IFSCA
discussions on capital market collaboration, cross- addressed a group of young entrepreneurs &
border listings, and innovation. The Embassy of India, students from Japan at the event hosted by Next
Tokyo, and IFSCA co-hosted a conference on Bharat Ventures, under Learn in Bharat initiative, the
‘Business Opportunities for Japanese Institutions in opportunities for startups in GIFT IFSC were
India’s maiden IFSC at GIFT City’, addressed by the highlighted.
Chairperson, IFSCA and H.E. Shri Sibi George,
Ambassador of India to Japan.
Figure 14: Shri K. Rajaraman, Chairperson, IFSCA & Dr. Dipesh Shah, ED,
IFSCA addressed a group of young entrepreneurs and students from
Japan
Figure 12: Embassy of India, Tokyo & IFSCA hosted a global conference on
‘Business Opportunities for Japanese Institutions in India's maiden IFSC
at GIFT City’
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 336 6
Taiwan Education Center Delegation Visit
Aug 22, 2025
IFSCA HQ
A three-member delegation led by Professor Wang,
Wei-Chung, Director, Taiwan Education Center,
National Tsing Hua University, visited GIFT IFSC. The
purpose of the visit was to explore the Foreign
University Opportunity for Taiwanese institutions at
GIFT IFSC and to identify avenues for collaboration
with institutions based in GIFT City.
Figure 16: Dr. Dipesh Shah, ED, IFSCA showcasing emerging business
opportunities for ICAI delegation in GIFT IFSC
GCC Summit by ICAI
Aug 29, 2025
GIFT City, Gujarat, India
Chairperson, IFSCA and Dr. Dipesh Shah, ED, IFSCA
attended the 2nd Edition of the GCC Summit
Figure 15: Prof. Wang Wei-Chung, Director of Taiwan Education Center, organized by the Institute of Chartered Accountants
NTHU, led a delegation to GIFT IFSC to explore academic and institutional
of India (ICAI).
collaborations
Visit of ICAI Delegation to GIFT City
Aug 29, 2025
GIFT City, Gujarat, India
An ICAI delegation comprising Chartered
Accountancy professionals visited GIFT City to
understand the emerging financial and business
landscape at GIFT IFSC.
During the interaction, Dr. Dipesh Shah, ED, IFSCA,
Figure 17: Shri K. Rajaraman, Chairperson, IFSCA at the 2nd GCC Summit
along with other senior officials, highlighted the
organized by ICAI, highlighting opportunities for Chartered Accountants in
diverse professional opportunities available for GIFT IFSC
Chartered Accountants across sectors such as
The event highlighted the important role of Chartered
banking, asset management, insurance, and FinTech.
Accountants and the growing opportunities for CA
professionals in GIFT IFSC.
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 337 7
Official Visit to Australia Group. These meetings explored collaboration in
fund management, reinsurance, and capital market
Sep 01-05, 2025
participation through GIFT IFSC, positioning it as a
Australia gateway for global investors to access India’s growth
opportunities.
A delegation led by Chairperson, IFSCA along with Dr.
Praveen Trivedi, ED, IFSCA undertook an extensive Further engagements included interactions with the
outreach program across Australia, engaging with key Financial Advice Association Australia, ICAI
regulatory, academic, and financial institutions. The members, the Indian diaspora, and industry leaders
visit included insightful discussions with the Tertiary at conferences and forums in Melbourne and Sydney.
Education Quality and Standards Agency (TEQSA)
and the University of Melbourne, focusing on The visit also featured an MoU signed between IFSCA
regulatory best practices in higher education and and the Australian Securities and Investments
exploring opportunities for establishing IBCs at GIFT Commission (ASIC) to enhance financial cooperation.
IFSC. Across multiple events, the delegation highlighted
GIFT IFSC’s role as a global financial hub,
encouraging Australian investors and institutions to
participate in India’s expanding financial ecosystem.
Visit of Delegation from Ministry of Education
and UGC
Sep 08, 2025
IFSCA HQ
Figure 18: During IFSCA’s visit to Australia, KPMG hosted an interaction
where Shri K. Rajaraman, Chairperson, IFSCA shared India’s growth story
and GIFT IFSC’s role in global finance
Figure 20: Shri Armstrong Pame, Joint Secretary, Min. of Education led a
delegation to GIFT IFSC to explore its emerging higher education
ecosystem
A delegation led by Shri Armstrong Pame, Joint
Secretary, Ministry of Education, and Dr. Archana
Figure 19: Shri K. Rajaraman, Chairperson, IFSCA interacting with Indian
diaspora, NRI community, and ICAI members, hosted by Consulate Thakur, Joint Secretary, University Grants
General, Melbourne
Commission (UGC), visited GIFT IFSC and IFSCA HQ
The delegation held a series of one-on-one meetings to gain insights into the evolving higher education
with leading Australian financial institutions and ecosystem in GIFT IFSC and discussed related policy
superannuation funds, including HESTA, UniSuper, matters with IFSCA officials. During the two-day visit,
Australian Retirement Trust (ART), and Cooper the delegation also interacted with faculty members
Investors, as well as major corporates like QBE and students at the IBCs in GIFT IFSC.
Insurance, ANZ Bank, Pacific Life Re, and Macquarie
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 338 8
Visit of Israel’s Finance Minister to GIFT City IFSCA also hosted delegations led by Mr. Ofer Golan,
Director, Payment and Settlement Systems
Sep 10, 2025
Department, Bank of Israel, and Mr. Seffy Zinger,
GIFT City, Gujarat, India Chairperson, Israel Securities Authority. Discussions
focused on the IFSCA (Payment Services)
IFSCA and GIFT City had the honour of jointly hosting Regulations 2024, FinTech innovation, and fund
Israel’s Finance Minister, H.E. Bezalel Smotrich. management opportunities at GIFT IFSC—further
Chairperson Shri K. Rajaraman briefed the visiting deepening bilateral cooperation in the global
delegation on the evolving GIFT IFSC ecosystem, financial landscape.
while the Minister emphasized the strengthening
India–Israel partnership. Jefferies 4th India Forum
Sep 16, 2025
Gurugram, Haryana, India
At the Jefferies 4th India Forum in Gurugram, Dr.
Dipesh Shah, ED, IFSCA, along with other senior
officials highlighted the pivotal role of GIFT IFSC in
advancing India’s global financial ambitions. The
discussions showcased GIFT IFSC’s evolution as a
gateway for international financial services, with key
developments in banking, capital markets, asset
management, and FinTech.
Figure 21: IFSCA and GIFT City jointly hosted Israel’s Finance Minister H.E.
Bezalel Smotrich, who discussed strengthening the India–Israel
partnership during his visit
The Israeli delegation visited GIFT City to explore
emerging opportunities across Banking, Payments &
FinTech, and Asset Management sectors. During the
visit, productive exchanges were held with industry
CXOs on areas such as sandbox initiatives,
interoperability, and adoption of global best practices
to enhance India–Israel financial collaboration.
Figure 23: Dr. Dipesh Shah, ED, IFSCA highlighting the pivotal role of GIFT
IFSC in advancing India’s global financial ambitions
The IFSCA delegation underscored the regulatory
flexibility, tax efficiency, and world-class
infrastructure that make GIFT IFSC a competitive hub
for global investors. The participation provided an
excellent platform to engage with leading fund
managers and financial institutions, further
deepening global interest in India’s first IFSC at GIFT
Figure 22: An Israeli delegation visited GIFT City to explore opportunities City.
in Banking, Payments & FinTech, and Asset Management, fostering India–
Israel collaboration in financial innovation
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 339 9
ET Infra Global Ports & Shipping Summit 2025
Sep 25, 2025
Mumbai, India
Shri Ashutosh Sharma, CGM, IFSCA along with other
senior officials, participated in the ET Infra Global
Ports & Shipping Summit 2025 held in Mumbai on
25th September 2025. During the session, Shri
Sharma highlighted the emerging opportunities in
ship leasing and financing through GIFT IFSC,
emphasizing its role in strengthening India’s maritime Figure 25: IFSCA delegation led by Shri Ashutosh Sharma, CGM, IFSCA
held a productive meeting with senior officials of Intesa Sanpaolo at their
financing ecosystem and supporting the country’s
Frankfurt office
vision to become a global maritime hub.
The deliberations also covered the role of ITFS
platforms in facilitating cross-border trade financing,
the issuance of ODIs on Indian securities in global
markets and strengthening cross-border remittances
through payment service providers.
Additionally, participants explored technology-driven
solutions for global financial institutions and the
strategic advantages of establishing GICs in GIFT
IFSC.
Figure 24: Shri Ashutosh Sharma, CGM, IFSCA highlighting the emerging
The engagement provided a valuable platform to
opportunities in ship leasing and financing through GIFT IFSC
spread awareness about GIFT IFSC and to strengthen
SIBOS 2025 conference its positioning as a global financial hub.
Sep 29-30, 2025
Frankfurt, Germany
Banking
SIBOS is the annual conference, exhibition and
networking event organised by SWIFT for the financial IFSCA’s Annual Conference for Assurance
industry. SIBOS 2025 was held at Frankfurt, Germany.
Professionals of IBUs
An IFSCA delegation comprising Shri Ashutosh
Sharma, CGM (Head - Division of Financial Markets
Jul 02, 2025
Development), Shri Amit Kumar, DGM, and Shri
GIFT City, Gujarat, India
Samuel Wesly, Manager, participated in SIBOS 2025.
IFSCA hosted the Annual Conference for Assurance
The objective of the participation was to showcase
Professionals of IFSC Banking Units (Risk,
the unique opportunities available at GIFT IFSC for
Compliance & Audit).
banks, payment service providers, and fintech
companies.
The objective of the said conference was to discuss
various aspects in Compliance from governance
Key areas of discussion included unified banking
frameworks to emerging risks and assurance best
licence, enabling trading in OTC derivatives of gold
practices.
and silver, and expanding avenues for aviation and
ship financing.
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 440 0
Figure 28: IFSCA delegation led by Shri Pradeep Ramakrishnan, ED, IFSCA
being welcomed at NSE, Mumbai
The key engagement session focused on exploring
emerging opportunities, recent capital market
Figure 26: Shri K. Rajaraman, Chairperson, IFSCA delivering address at developments, and ongoing initiatives within the GIFT
Banking Assurance Professionals of IFSC Banking units
IFSC ecosystem. Leading market intermediaries and
The conference brought together Risk, Compliance stakeholders shared valuable insights, making the
and Audit officials to share knowledge, global best discussion highly interactive and productive.
practices and understand the importance of
assurance professionals in ensuring resilience of Members Outreach Programme by The
IFSC Banking ecosystem. Council of EU Chambers of Commerce in
India
Aug 06, 2025
Ahmedabad, India
Shri Praveen Kamat, GM, IFSCA participated in a
panel discussion on “Global Deals, Local Rules:
Navigating Cross-Border M&A and FEMA in the Indian
Business Context” at the Members Outreach
Programme hosted by The Council of EU Chambers
of Commerce in India. Shri Kamat provided practical
Figure 27: Officers from the Banking Supervision division during the
Annual Conference for Assurance Professionals of IBUs insights into navigating regulatory landscape in GIFT
IFSC.
Capital Markets
Engagement with Market Intermediaries and
Stakeholders at NSE India
Jul 25, 2025
Mumbai, India
An IFSCA delegation led by Shri Pradeep
Ramakrishnan, ED, IFSCA participated in a seminar
hosted by NSE IX at NSE India Head Office, Mumbai. Figure 29: Shri Praveen Kamat, GM, IFSCA being felicitated at the at the
Members Outreach Programme hosted by The Council of EU Chambers
of Commerce in India
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 441 1
Session on Global Access and Regulatory
Compliance
Aug 25, 2025
GIFT City, Gujarat, India
A hybrid session was organised on Global Access and
Regulatory Compliance by NSE IX, that included
participants from around 100 representatives of
Broker Dealers.
During the session, Shri Pradeep Ramakrishnan, ED, Figure 31: Shri Pradeep Ramakrishnan, ED, IFSCA, delivering an address
at the 8th Annual Conclave on Corporate Bond Market, organised by
IFSCA, shared valuable insights on the revamped
ASSOCHAM
regulatory framework for global access in IFSC. Also,
other senior officials of IFSCA shed light on aspects
FICCI’s LEADS 2025 Conference
related to regulatory compliance for the capital
market intermediaries in the IFSC. Sep 10-11, 2025
New Delhi, India
Shri Pradeep Ramakrishnan, ED, IFSCA, participated
in FICCI’s LEADS 2025 Conference, wherein he
outlined how India’s IFSC has emerged as a climate
finance hub by adopting internationally accepted
taxonomies.
Figure 30: Shri Pradeep Ramakrishnan, ED, IFSCA, being felicitated at the
hybrid session on Global Access and regulatory compliance by NSE IX
8th Annual Conclave on Corporate Bond
Market
Sep 19, 2025
Mumbai, India
Figure 32: Shri Pradeep Ramakrishnan, ED, IFSCA at the FICCI LEADS
2025 conference
The 8th Annual Conclave on Corporate Bond Market,
was organised by ASSOCHAM which brought Session on Global Access Providers
together key regulators, policymakers, and market
Sep 29, 2025
leaders to deliberate on strategies for scale,
GIFT City, Gujarat, India
resilience, and greater access.
A special address was delivered by Shri Pradeep
GIFT Brokers Association hosted an interactive
Ramakrishnan, ED, IFSCA wherein he highlighted the
session on “Global Access Providers” where Shri
various developments in the debt market in the IFSC.
Arjun Prasad, GM, IFSCA and Shri Amit Prajapati,
DGM, IFSCA shared valuable insights and addressed
member queries. The session provided a platform for
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 442 2
members to clarify queries on the framework for Fund Management
Global Access Providers and related regulatory
aspects. IVCA CAT - III Summit 2025
Aug 06, 2025
Mumbai, India
Indian Venture and Alternate Capital Association
(IVCA) organized IVCA CAT - III Summit 2025 in
Mumbai.
Figure 33: Shri Pradeep Ramakrishnan, ED, IFSCA and Shri Arjun Prasad,
GM, IFSCA, during the session on Global Access Providers
Interactive Session on GIFT Nifty50 0DTE
Options
Sep 30, 2025 Figure 35: Shri Pradeep Ramakrishnan, ED, IFSCA, delivering the keynote
address at the IVCA CAT - III Summit 2025
GIFT City, Gujarat, India
Shri Pradeep Ramakrishnan, ED, IFSCA delivered a
An interactive session with broker-dealers was keynote address during the summit wherein he
hosted by NSE IX on GIFT Nifty50 Zero Days to Expiry shared insights on recent regulatory reforms and the
(0DTE) Options. Shri Praveen Kamat, GM, IFSCA emerging role of GIFT IFSC as a growing hub for
interacted with broker-dealers and provided valuable financial services. He also highlighted the growth of
insights along with NSE IX and NSE ICC management the fund management ecosystem at GIFT IFSC.
team on the regulatory framework and innovation at
Further, Shri Pavan Shah, GM, IFSCA, attended a
GIFT IFSC.
fireside chat on IFSCA at HELM: GIFT City as the Next
Frontier during the conclave and highlighted the
growth and the regulatory framework governing the
business of AIF CAT III. The key advantages and
recent initiatives of the ecosystem were also
discussed.
Cafealt Conference 2025
Aug 21, 2025
Mumbai, India
Figure 34: Shri Praveen Kamat, GM, IFSCA at the interactive session with
broker-dealers hosted by NSE IX Cafealt Conference 2025 organized by Cafemutual,
was held in Mumbai where Shri Pradeep
Ramakrishnan, ED, IFSCA and Shri Pavan Shah, GM,
IFSCA, delivered a session on 'GIFT City - A New
Frontier for Alternative Fund Platforms’.
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 443 3
As IBAI enters its 25th year, the occasion aligns with
the presence of twenty-five number of broking
entities in GIFT IFSC. Shri Reddy emphasized that
while this milestone is noteworthy, there is still
considerable room to contribute to the growth and
evolution of the insurance broking industry.
Shri Reddy further highlighted the emerging
opportunities for insurance brokers, particularly in
specialised areas such as trade credit, surety bonds,
cyber security, niche insurance products for aircraft
and ship leasing activities, Insurance Linked
Figure 36: Shri Pradeep Ramakrishnan, ED, IFSCA delivering an address
at the Cafealt Conference 2025 Securities (ILS) and other developing segments.
The session highlighted the wide-ranging
opportunities that GIFT IFSC presents and the recent
initiatives of IFSCA such as direct listing and access
to global markets through IFSC broker dealers. The
session also emphasized the growth in the fund
management ecosystem amid progressive regulatory
reforms, while also emphasising the emerging
opportunities and the role of distributors at GIFT IFSC.
Figure 38: Shri Mahipal Reddy, ED, IFSCA delivering the address at the
Insurance 24th IBAI foundation day
To reinforce this evolving insurance ecosystem, Shri
IBAI’s Foundation Day
Reddy informed that IFSCA has introduced a
July 25, 2025 regulatory framework, enabling actuarial and related
Mumbai, India financial support services to be carried out from India
for global markets.
Shri K. Mahipal Reddy, ED, IFSCA, delivered an
address during the momentous occasion of 24th
Foundation Day of IBAI.
Finance Company
Quarterly Meetings with Registered Finance
Companies – Discussion on Business
Progress, Market Challenges, and Key
Updates
Jul 02–04, 2025
IFSCA HQ
Quarterly meetings were organized with registered
Finance Companies of GIFT IFSC engaged in core,
Figure 37: Shri Mahipal Reddy, ED, IFSCA delivering an address at the 24th
IBAI foundation day aircraft and ship leasing activities to understand their
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 444 4
business progress and address any issues related to IFSCA Delegation led by the Chairperson, IFSCA
market development. visited IIT Gandhinagar. The visit aimed at gaining a
deeper understanding of the institute’s vibrant
research and innovation ecosystem and to explore
potential avenues for collaboration in areas of
FinTech education, research and innovation.
Designing Insurance Products for NRIs using Asset Tokenization Infrastructure and
IFSCA Framework Interoperability with Payment Rails for the
Web 3.0 Ecosystem and E KYC Setu system
Aug 11, 2025
IFSCA HQ Jul 10, 2025
IFSCA HQ
IFSCA, in collaboration with the India InsurTech
Association, organized a virtual session on
IFSCA, in collaboration with the National Payments
“Designing Insurance Products for NRIs Using the
Corporation of India (NPCI), organized a workshop on
IFSCA Framework”. The event brought together
“Asset Tokenization Infrastructure and
leaders from the insurance and InsurTech ecosystem
Interoperability with Payment Rails for the Web 3.0
to deliberate on the evolving needs of the NRI
Ecosystem and e-KYC Setu System” at IFSCA HQ.
segment and explore opportunities for innovation
within the IFSCA regulatory framework.
The workshop facilitated high-level discussions on
strengthening digital financial infrastructure and
Discussions focused on product and operational
cultivating innovation within the IFSC. Deliberations
challenges, enabling regulatory supports, and
focused on exploring collaborative opportunities in
avenues for co-creation and pilot initiatives aimed at
areas such as enhancing digital identity frameworks,
developing scalable and customer-centric insurance
advancing tokenization and interoperable payment
solutions for global Indians.
systems, enabling efficient cross-border
transactions, and establishing strategic institutional
Visit to Indian Institute of Technology (IIT),
linkages to support global financial connectivity and
Gandhinagar innovation.
Aug 26, 2025
Meet the Regulator
IIT Gandhinagar, Gujarat, India
Sep 24, 2025
Bengaluru, India
IFSCA, in collaboration with the GIFT International
FinTech Innovation Hub (IFIH), organized an outreach
session on September 24, 2025, in Bengaluru to
engage with the FinTech ecosystem and promote
awareness of opportunities within GIFT IFSC.
The session commenced with opening remarks
highlighting the objective of fostering collaboration
and innovation, followed by an overview of GIFT IFIH
and its initiatives. An insightful presentation was
Figure 39: Shri k. Rajaraman, Chairperson, IFSCA being welcomed at IIT
Gandhinagar delivered on the TechFin and Ancillary Services
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 445 5
Regulations, 2025, and the evolving payment Aug 27, 2025
ecosystem at GIFT IFSC, along with an invitation for
Noida, Uttar Pradesh, India
participants to share feedback on the Consultation
Paper for the Draft IFSCA FinTech Sandbox
The IFSCA-ICSI Conference on “Opportunities for
Framework.
Professional & Technology Service Providers at GIFT
IFSC” was successfully held at ICSI House, Noida,
with the enthusiastic participation of around 120
professionals.
Figure 40: Shri Joseph Joshy, CGM, IFSCA delivering an insightful
presentation at the outreach session in Bengaluru
Figure 42: IFSCA delegation led by Shri Mahipal Reddy, ED, IFSCA at the
IFSCA-ICSI Conference
The session witnessed active participation from
FinTechs, Funds, Payment Service Providers,
The conference served as a platform to create
TechFins, and the Advisory ecosystem, and
awareness about IFSCA’s TAS Regulations, BATF
concluded with an engaging Q&A and networking
regulations and GIC Regulations with exchange of
interaction.
ideas and business opportunities in the professional
and technology services domain at GIFT IFSC.
Figure 41: IFSCA officials with the participants at the outreach session in
Bengaluru
Figure 43: Shri Sathyaraj C.M., GM, IFSCA delivering an address at the
IFSCA-ICSI Conference
The outreach programme featured insightful
TechFin & Ancillary Services sessions including an address by Shri Ashish Mohan,
ICSI Secretary, Shri Manoj Kumar Purbey, ICSI
Council Member and keynote address by Shri K.
Outreach Session on Opportunities for
Mahipal Reddy, ED, IFSCA, and a presentation by Shri
Professional & Technology services providers
Sathyaraj C.M., GM, IFSCA.
at GIFT IFSC under IFSCA (BATF) Regulations,
2024 and IFSCA (TechFin and Ancillary
Services) Regulations, 2025
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 446 6
The highlight of the event was the Keynote Address by
Shri K. Mahipal Reddy, ED, IFSCA, who shared his
vision on the growing role of professional and
technology services in strengthening the GIFT IFSC
ecosystem. This was followed by a presentation by
Shri Sathyaraj C.M., GM, IFSCA, on opportunities for
Professional Services Providers at GIFT IFSC under
the IFSCA (BATF) Regulations, 2024, and IFSCA (TAS)
Regulations, 2025.
Figure 44: Shri Mahipal Reddy, ED, IFSCA delivering an address at the
IFSCA-ICSI Conference
The conference concluded with interactive
networking sessions that provided professionals an
excellent opportunity for one-on-one interactions
with IFSCA Officials.
Figure 46: A moment from the outreach session hosted by The Hyderabad
Branch of SIRC of ICAI
Outreach Session on Opportunities for
The event was attended by 76 Chartered Accountants,
Professional & Technology Services
who engaged in thought-provoking discussions and
Providers at GIFT IFSC
experience-sharing sessions with IFSC entities. The
Sep 18, 2025 evening concluded with an interactive one-on-one
networking session followed Q&A.
Hyderabad, India
IFSCA - ICSI joint Outreach Programme on
The Hyderabad Branch of SIRC of ICAI, in
collaboration with IFSCA, successfully hosted an IFSCA (TAS) Regulations, 2025 and BATF
insightful outreach session. Regulations, 2024
Sep 19, 2025
Mumbai, India
The Institute of Company Secretaries of India jointly
with IFSCA organized an outreach programme to
create awareness about the opportunities available
under the recently notified IFSCA (TechFin and
Ancillary Services) Regulations, 2025 and BATF
Regulations, 2024, at NSE Auditorium, Mumbai.
Around 101 professionals participated in the event.
The Keynote Address by Sh. K. Mahipal Reddy, ED,
Figure 45: Shri Mahipal Reddy ED, IFSCA and Shri Sathyaraj C.M., GM,
IFSCA, outlined the potential of GIFT IFSC as a global
IFSCA participating in the outreach session hosted by The Hyderabad
Branch of SIRC of ICAI financial hub.
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 447 7
The event was attended by over 300 delegates,
including representatives from Indian and Australian
multinational companies, small and medium
enterprises (SMEs), and key stakeholders and other
dignitaries.
Figure 47: Shri Mahipal Reddy, ED, IFSCA delivering an address at the
IFSCA - ICSI joint outreach programme
Further, a detailed Presentation by Shri Sathyaraj
C.M., GM, IFSCA, highlighted opportunities for
professional services providers to thrive in this
ecosystem, how TAS providers can support banking,
capital market, insurance and other niche areas of
IFSCA business ecosystem.
Figure 49: A moment from the even titled ECTA Unleashed: India and
Australia in Action 2025
The session concluded with engaging discussions
and networking, bringing together regulators, In the sidelines of the visit the IFSCA Officials had
professionals, and industry leaders to explore the meetings with the leading professional services
synergies of professional services and technology at providers in Sydney on 22nd and 24th September
GIFT IFSC. 2025.
"ECTA Unleashed: India and Australia in
Action'’, organised by the ICAI (Sydney Others
Chapter) jointly with CPA Australia
IFSCA’s participation in CISO’s Conclave at
Sep 23, 2025
Bharat NCX 2025
New South Wales, Sydney, Australia
Jul 30, 2025
New Delhi, India
The Bharat CISO’s Conclave, an integral part of
Bharat National Cybersecurity Exercise (Bharat NCX)
2025, was organized by National Security Council
Secretariat (NSCS) in collaboration with Rashtriya
Raksha University (RRU) on July 30, 2025.
Shri Praveen Kamat, CISO, Division of Cyber Security,
participated in the Conclave that saw strategic
discussions and knowledge exchange focused on
fortifying the nation’s cybersecurity framework.
Figure 48: Shri Sathyaraj C.M., GM, IFSCA delivering an address at the CTA
Unleashed: India and Australia in Action 2025
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 448 8
AML Thought Leadership Forum (IRDAI), and Securities Exchange Board of India (SEBI)
in Mumbai.
Aug 29, 2025
The delegation met with senior Officials of
GIFT City, Gujarat, India
Enforcement Departments of RBI and SEBI. During
the meeting, the Officials exchanged ideas regarding
The CGM-in-charge of the Enforcement Division of
best practices pertaining to the enforcement matters
IFSCA delivered the opening address. The address
and procedures followed by the aforementioned
highlighted the regulatory framework of IFSCA with
financial market regulators.
specific emphasis on measures related to Anti-
Money Laundering (AML) and Countering the
Financing of Terrorism (CFT).
Study Circle Meeting on "Client Onboarding
under IFSCA AML-CFT-KYC Guidelines:
Challenges vs. Expectations" organized by
ICSI Gandhinagar Chapter
Sep 11, 2025
GIFT City, Gujarat, India Figure 51: IFSCA delegation at the RBI office, Mumbai
The Division of AML & CFT, IFSCA presented the Address on ‘Regulating Cyber Risk in IFSC’ to
Customer Due Diligence-IFSCA AML/KYC/CFT RRU Masters in Economic and Financial
Guidelines, 2022 and addressed the queries raised
Crime (MFEC) Students
by various participants in the event.
Sep 18, 2025
GIFT City, Gujarat, India
A delegation of students from the Master’s
Programme in Economic and Financial Crime (MFEC),
Rashtriya Raksha University, visited IFSCA.
Shri Praveen Kamat, GM & CISO, IFSCA, addressed
the delegation and provided an overview of the
emerging regulatory framework for cyber security in
IFSC.
Figure 50: IFSCA officials with other participants at the Study Circle
Meeting on "Client Onboarding under IFSCA AML-CFT-KYC Guidelines”
Visit by IFSCA Delegation to the Offices of RBI,
SEBI, IRDAI
Sep 18-19, 2025
Mumbai, India
A delegation of IFSCA Officials undertook a visit to the
offices of Reserve Bank of India (RBI), Insurance
Figure 52: Delegation of students from Rashtriya Raksha University at
Regulatory and Development Authority of India IFSCA HQ
IFSCA BULLETIN | JUL-SEP 2025EVENTS AND OUTREACH ACTIVITIES 449 9
Shri Kamat highlighted the diversity of IFSCA’s Sahoo (Former Chairperson, IBBI and former Whole
regulated entities and the unique regulatory Time Member, SEBI) and Ms. Dharmishta
challenges this diversity entails in designing a Narendraprasad Raval (Former ED, SEBI and Senior
comprehensive cyber risk management framework. Advocate, Gujarat High Court) imparted their
The address also touched upon emerging cyber knowledge and expertise as faculties during the
threats, including the potential risks posed by programme.
Quantum Computing and the evolving need for post-
quantum cybersecurity preparedness. Open House Meeting with Consultants
assisting GIFT IFSC Units pertaining to SEZ
Capacity Building of IFSCA Officers through
Compliances
Training on Regulatory Drafting
Sep 29, 2025
Sep 22-26, 2025
IFSCA HQ
GIFT City, Gujarat, India
The office of Administrator (IFSCA) conducted an
The IFSCA Academy, a capacity building initiative of Open House meeting with consultants who are
IFSCA, organised a five-day Training Programme on assisting entities established in GIFT IFSC regarding
Regulatory Drafting for its officers from 22nd to 26th the compliances related to SEZ provisions. The
September 2025 at the IFSCA HQ and the IBCs of meeting was chaired by Shri. Praveen Trivedi,
Deakin University and the University of Wollongong in Administrator (IFSCA), along with the officials of
GIFT City. IFSCA SEZ Division.
The programme aimed to strengthen internal drafting
capacity within IFSCA by equipping officers with
practical skills in legislative interpretation,
regulation-making, and enforcement documentation.
The sessions covered a broad range of themes
related to legislative and regulatory processes,
including hands-on exercises based on real-world
scenarios emphasizing both conceptual
understanding and practical application.
Figure 54: Shri Praveen Trivedi, ED, IFSCA addressing the Open House
Meeting with Consultants assisting GIFT IFSC Units pertaining to SEZ
Compliances
The objective of the interaction was to highlight
frequent areas of non-compliance both prior to and
following the issuance of the Letter of Approval (LOA),
and to understand the operational challenges faced
by entities in adhering to SEZ provisions.
Figure 53: Shri K. Rajaraman, Chairperson, IFSCA with the experts and The meeting was attended by about 20 Consultants/
participants from the training session
Legal firms who gave valuable inputs and feedback
on the current processes and proposed certain
The training was inaugurated by the Chairperson,
avenues for improvement in both the legal and
IFSCA and conducted in two batches of 20 officers
procedural framework.
each to ensure focused participation. Three eminent
experts Shri Prem Kumar Malhotra (Former Law
Secretary, Government of India), Dr. Madhu Sudan
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 550 0
DATA AND STATISTICS
____________________________________________________________________________________
Registrations/ Authorisations by IFSCA
20
Table 1: Licenses/ Registrations/ Authorisations issued by IFSCA
Segment Category As on Sep 30, 2025
IFSC Banking Units 35
Banking
Global Administrative Office 2
Payment Service Provider 9
Payment Services
Payment Service Operator 1
Aircraft Leasing (AL) Entities 37
Ship Leasing (SL) Entities 34
Finance Company (FC) ITFS Platforms 4
FC – Core (including GRCTCs) 15
FC – Non-Core (other than AL, SL, ITFS) 1
MII 5
Broker Dealer 92
Clearing Member 23
Depository Participant 10
Registered Distributor 17
Investment Adviser 5
Capital Market
Custodian 5
Debenture Trustee 4
Credit Rating Agency 2
Investment Banker 6
Fund Management Entity 194
AIFs/ Schemes 310
Insurance/Reinsurance Entities (IIOs) 22
Insurance
Insurance Intermediaries (IIIOs) 30
BATF Service Providers21 10
Ancillary Services Providers22 88
Financial Support Services
TechFin23 23
TechFin and Ancillary Services (TAS) Providers24 9
MII 2
Metals and Commodities Bullion Intermediaries 21
Vault 3
FinTech Sandbox Limited Use Authorization25 8
GIC Global In-House Centre 3
Foreign University International Branch Campus 4
Total 1034
20 Including in-principle/ provisional approvals
21 BATF - Bookkeeping, Accounting, Taxation and Financial Crimes Compliance Services
22 Under the earlier IFSCA (Ancillary Services) Framework, 2021
23 Under the earlier Fintech Entity (FE) Framework, 2022
24 Under the new IFSCA (TAS) regulations, 2025
25 42 entities have exited FinTech sandbox
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 551 1
Office of Administrator (IFSCA)
Table 2: Approvals by SEZ UAC (prior to issue of IFSCA authorizations)
Particulars During Jul-Sep 2025 Till Sep 30, 2025
Unit Approval Committee (UAC) Meetings 13 58
New Unit Applications considered 109 582
New Unit Applications approved 105 540
LOA issued 105 540
Note: The difference between the number of applications considered and LOAs issued is attributable to 42 units whose applications
were either withdrawn, deferred, or deferred and subsequently approved in the following UAC meetings.
Banking
Table 3: Number of IBUs
Particulars As on Jun 30, 2025 As on Sep 30, 2025
No. of IBUs 32 35
Table 4: Assets of IBUs
Month ended Jul 2025 Aug 2025 Sep 2025
Particulars Amount (in USD Mn)
Investments 5222.42 4842.38 5961.16
Sovereign securities 2235.57 1860.32 2230.74
Corporate Bonds 2213.16 2017.89 2672.25
Other investments 773.69 964.17 1058.17
Trade Finance 13913.61 13620.38 15431.93
Commercial Loans 51243.97 51761.14 54035.22
External Commercial Borrowing (ECB) 33950.95 34768.17 36282.51
Commercial Loans other than ECB 17293.02 16992.97 17752.71
Retail loans 100.23 98.21 91.33
Other loans 630.55 634.16 526.09
Interbank/ Interbranch placements 17712.56 18048.98 20498.8
Others 4062.00 4313.75 3598.01
Total 92885.34 93319.00 100142.54
Table 5: Liabilities of IBUs
Month ended Jul 2025 Aug 2025 Sep 2025
Particulars Amount (in USD Mn)
Customer deposits 7341.34 7434.45 7934.67
Interbank/Interbranch borrowings 66550.49 66163.68 72441.2
Bilateral Borrowings 8496.11 9029.57 9462.5
Multilateral Borrowings 501.79 505.78 633.49
MTN Borrowings and other debt instruments 2672.34 2670.09 2343.18
Others 7323.27 7515.43 7327.5
Total 92885.34 93319.00 100142.54
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 552 2
Table 6: Customer Deposits in IBUs (in USD Mn)
Month ended Jul 2025 Aug 2025 Sep 2025
Deposits Demand Time Demand Time Demand Time
Retail deposits 829.38 354.62 767.22 350.69 855.26 370.64
Corporate deposits 668.87 5488.47 666.20 5650.34 737.29 5971.48
Total 1498.25 5843.09 1433.42 6001.03 1592.55 6342.12
Table 7: Resident and Non-Resident deposits in IBUs (in USD Mn)
Accounts
Category Accounts held by Accounts held by
Month held by
Non-Resident Non-Residents
Ended Resident
(Amount in USD Mn) Indians (NRIs) (Other Countries)
Indians
No. of accounts 190 10560 299
Retail
Amount 5.4 1116.16 62.44
Jul 2025
No. of accounts 2197 818 2803
Corporate
Amount 1552.03 982.78 3622.53
No. of accounts 247 11266 278
Retail
Amount 4.66 1057.68 55.57
Aug 2025
No. of accounts 2327 841 3008
Corporate
Amount 1599.12 894.37 3823.05
No. of accounts 272 11970 275
Retail
Amount 5.41 1161.15 59.34
Sep 2025
No. of accounts 2449 697 3162
Corporate
Amount 1589.76 764.49 4354.52
Table 8: Derivative Outstanding of IBUs (in USD Mn) (Notional)
Month ended Jul 2025 Aug 2025 Sep 2025
FCY-INR Derivatives (to be settled in FCY) 34031.48 27320.60 25979.76
FCY-FCY Derivatives (to be settled in FCY) 25148.07 24526.64 25063.54
INR Interest Rate Derivatives (to be settled in FCY) 55788.51 54750.68 55755.25
FCY Interest Rate Derivatives (to be settled in FCY) 93566.28 91706.35 90662.86
Others 742.47 1012.50 1087.68
Total 209276.81 199316.77 198549.09
Table 9: ODI Outstanding of IBUs (in USD Mn)
Month Ended Jul 2025 Aug 2025 Sep 2025
Total ODI amount 784.54 835.12 1106.19
Table 10: Industry-wise Credit Exposure of IBUs
Month ended Jul 2025 Aug 2025 Sep 2025
Sector Industries Amount Outstanding (in USD Mn)
Auto Components 204.16 201.65 210.88
Automobile 577.89 462.49 685.00
Capital Goods 351.91 515.88 240.43
Manufacturing Cement and Cement Products 1154.60 1145.62 1158.61
Electronic Systems 2258.70 2383.33 2769.52
Food Processing 836.02 842.89 835.38
Glass and Glassware 42.49 56.39 61.45
Iron & Steel 1407.71 1464.65 1398.49
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 553 3
Laminates/ Plywood/ Boards 11.80 11.18 10.65
Leather and Leather Products 7.22 4.00 4.46
Medical and Medical Equipment 164.49 170.79 171.39
Metals 1716.89 1902.30 1921.19
Paper and Packaging 83.12 95.22 97.95
Petrochemicals 5067.48 4275.85 5047.72
Plastic and Plastic Products 155.17 176.16 210.13
Textiles and Apparels 289.16 488.69 307.69
Vehicles, Vehicle Parts, and 400.15 350.48 326.46
Transport Equipment
Banking and Finance 15287.61 15129.36 15875.22
Clearing Corporation 1.44 1.44 1.44
Education 43.39 42.90 43.30
Financial Services 3591.89 3424.14 3736.47
Healthcare 116.09 126.28 565.87
IT and Software Industry 369.99 340.06 559.73
Services Logistics 63.37 91.86 109.98
NBFC 15212.58 15514.01 16633.04
Professional Services 131.38 71.57 74.60
Retail and e-commerce 295.25 396.22 460.49
Telecommunication 2439.88 2292.08 2486.80
Tourism & Hospitality 297.87 297.28 312.71
Trade/Distributor 438.69 1026.91 491.53
Construction 254.85 257.59 252.33
Mining 484.20 479.57 533.66
Oil and Gas 2332.24 2443.02 2642.30
Infrastructure Ports and Shipping 1180.71 1177.43 1126.09
Power Sector 2301.21 2877.23 2749.91
Renewable Energy 1273.36 1223.20 1434.19
Roads and Highways 713.56 19.71 25.70
Agriculture and Forestry 476.73 487.59 515.58
Aviation 462.70 601.39 685.18
Chemicals 1850.68 1735.74 1863.99
Jewelry 358.80 362.25 333.99
Paints 0.02 0.16 13.14
Pharmaceuticals 1427.43 1349.45 1266.14
Other Sectors 4352.14 4384.05 4936.41
Total 70487.02 70700.06 75187.19
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 554 4
Table 11: Country-wise Exposure of IBUs
Jul 2025 Aug 2025 Sep 2025
Country %age of total Country %age of total Country %age of total
Name exposure Name exposure Name exposure
India 76.12 India 76.76 India 77.15
USA 5.00 USA 5.54 USA 4.95
UAE 3.01 UAE 2.75 UAE 3.14
UK 2.93 UK 2.56 Mauritius 2.78
Mauritius 2.68 Singapore 2.53 Singapore 2.41
Singapore 2.50 Mauritius 2.47 UK 2.35
Netherlands 2.10 Netherlands 1.92 Netherlands 1.92
Hong Kong 1.05 Hong Kong 0.94 Bahrain 1.05
Bahrain 0.78 Bahrain 0.90 Saudi Arabia 0.57
Ireland 0.45 Ireland 0.38 Hong Kong 0.39
Others 3.38 Others 3.25 Others 3.28
Capital Markets
Table 12: IFSC Stock Exchanges Turnover (Traded Value in USD Mn)
Total for the
Month Jul 2025 Aug 2025 Sep 2025
Quarter
No. of Traded No. of Traded No. of Traded No. of Traded
Particulars
contracts Value contracts Value contracts Value contracts Value
Index
1843372 92492.45 1766191 87825.12 1769345 88649.08 5378908 268966.65
Futures
Index
27494 15.81 43738 26.71 40538 12.53 111770 55.05
Options
Depository
Receipts
290596 1.30 93284 0.64 173037 1.18 556917 3.12
on US
stocks
Total 2161462 92510.00 1903213 87852.47 1982920 88662.79 6047595 269024.82
Table 13: Aggregate Open Interest (OI) of all Derivatives Contracts on IFSC Stock Exchanges
As on last trading day of the Open Interest
Value (in USD Mn)
month (no. of contracts)
Jul 2025 241207 11991.99
Aug 2025 285554 14020.35
Sep 2025 288861 14301.47
Table 14: Demat Accounts Opened by the Depository
During Jul-Sep 2025 As on Sep 30, 2025
Particulars
(Active Accounts Count) (Active Accounts Count)
Total Number of Accounts 43 69,254
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 555 5
Table 15: Settlement by Clearing Corporations in GIFT IFSC
Average Daily Highest Settlement
Name of Clearing
Month Settlement26 Value Value27 for the Month
Corporation
(in USD) (in USD)
India International Jul 2025 13761 35859
Clearing Corporation Aug 2025 22835 68552.88
(IFSC) Limited Sep 2025 16254 37780
Derivatives: 715935 Derivatives: 2461034
Jul 2025
Cash: 10175 Cash: 23314
NSE IFSC Clearing
Derivatives: 709150 Derivatives: 1904320
Aug 2025
Corporation Limited28 Cash: 10684 Cash: 39102
Derivatives: 378117 Derivatives: 1390558
Sep 2025
Cash: 12359 Cash: 47431
29
Table 16: Number of Accounts on India INX Global Access
Q1 Q2 As on Jun 30, As on Sep 30,
Particulars
2025-26 2025-26 2025 2025
Total Number of Accounts 847 495 5524 6003
Table 17: Trading through India INX Global Access (Traded Value in USD Mn)
Q1 Q2 Till Jun 30, Till Sep 30,
Entity Type Particulars
2025-26 2025-26 2025 2025
LRS Equity, ETFs, Funds,
6.01 9.06 31.30 40.36
(Residents) Bonds, and other products
Equity, ETFs, Funds, and
151.80 343.01 896.67 1125.29
IFSC Entities other products
Derivatives Products 1039.88 958.22 35899.46 36970.92
Non- Equity, ETFs, Funds, and
3.68 4.37 62.00 66.37
Residents other products
outside IFSC Derivatives Products 0.00 0.04 183.17 183.21
Total 1201.37 1314.70 37072.61 38386.15
Table 18: Trading in Global Exchanges through India INX Global Access (Jul-Sep 2025)
Total trading value Trading in Derivatives Trading in non-derivatives
Exchange
(in USD Mn) (in USD Mn) (in USD Mn)
HKEX 245.73 245.73 -
CME 197.18 197.18 -
NYSE 196.93 6.71 190.22
SGX 185.49 185.49 -
NASDAQ 157.74 5.87 151.87
CBOT 107.41 107.41 -
COMEX 77.92 77.92 -
NYMEX 36.17 36.17 -
CBOE 23.76 23.76 -
JPMCFX 14.81 14.81 -
Others 71.57 57.22 14.35
Total 1,314.70 958.26 356.44
26 Average Daily Settlement Value = Total Settlement value for the Month / Total number of trading days.
27 Highest Settlement Value for the Month = Highest Pay-in Amount in single settlement in a month
28 Cash values refer to settlement statistics in Depository Receipts on US Stocks.
29 This data pertains to global access being provided through India INX Global Access only.
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 556 6
Table 19: Cumulative Debt Listings at IFSC Exchanges (in USD Bn)
Particulars As on Jun 30, 2025 As on Sep 30, 2025
Cumulative debt listings 65.13 66.6
Table 20: Listings of Debt Securities at IFSC Exchanges (During Jul-Sep 2025)
Sr
Name of the issuer Listing Date Labels Amount (in USD Mn)
No
1 Varthana Finance Private Limited Jul 04, 2025 - 8.00
2 Paisalo Digital Limited Jul 03, 2025 - 50.00
3 Sammaan Capital Limited Aug 29, 2025 Social 300.00
4 Aye Finance Ltd Sep 19, 2025 - 15.00
5 Muthoot Finance Limited Sep 04, 2025 - 600.00
6 SBI (acting through its London Branch) Sep 10, 2025 - 500.00
Total 1473.00
Fund Management
Table 21: Number of FMEs and Funds
Particulars As on Mar 31, 2025 As on Jun 30, 2025 As on Sep 30, 2025
FMEs30 162 177 194
Funds31 229 272 310
Table 22: Snapshot of Fund Management Activities (Non-Retail Schemes)
In USD Mn
Cumulative Data Data as on Sep 30, 2025
Investm
ents
No. of Investm Total
into
Type of Schemes Commitments Funds Investme ents into Investme
Foreign
Schemes Registered raised raised nts made India nts
Jurisdict
(A) (A+B)32
ions
(B)
VC Schemes
(including
Angel
Schemes) 18 230.53 79.83 67.86 45.87 18.59 64.46
Category I and
II AIFs 100 12564.88 6162.83 6291.38 5038.77 866.45 5905.22
Category III
AIFs 188 13506.62 6028.06 6861.95 4697.89 704.02 5401.91
Total 306 26302.03 12270.72 13221.19 9782.53 1589.06 11371.59
30 Excluding in-principle approvals
31 Excluding surrendered funds
32 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 | JUL-SEP 2025DATA AND STATISTICS 557 7
Table 23: Snapshot of Fund Management Activities (Retail Schemes)
Snapshot of Fund Management activities as on Sep 30, 2025 (Retail Schemes)
Cumulative
Activity during the quarter Data as at the end of quarter
Data
(in USD Mn) (in USD Mn)
No. of (in USD Mn)
Type
Schem Investm
of Average
es Fun Fun Investm ents into Total
Sche Assets
Authori ds Redempt ds Redempt ents into Foreign Investm
mes under
sed rais ions rais ions India Jurisdicti ents
Manage
ed ed (A) ons (A+B)33
ment
(B)
Retail
Schem 4 2.72 0 2.72 0 2.54 0 1.15 1.15
es
Table 24: Investors Data for IFSC Funds
34
No. of Investors
Type of Scheme
As on Jun 30, 2025 As on Sep 30, 2025
VC Schemes (including Angel Schemes) 526 646
Category I and II AIFs 1100 1273
Category III AIFs 1957 2559
Retail Schemes Operations not commenced 255
Total 3583 4733
Table 25: Trends of Fund Management Activity (Non-Retail Schemes)
In USD Mn
Particulars Q2 Q3 Q4 Q1 Q2
FY 2024-25 FY 2024-25 FY 2024-25 FY 2025-26 FY 2025-26
Cumulative commitments
12,134.41 14,880.99 15,742.47 22,110.50 26,302.03
raised
Cumulative funds raised 5,581.24 7,007.07 7,957.20 10,492.76 12,270.72
Table 26: Portfolio Management Services (PMS) as on Sep 30, 2025
Type of Services No of Investors AUM (in USD Mn)
Discretionary & Non- Discretionary PMS 163 1049.79
Advisory Services 70 354.36
Total 233 1404.15
Metals and Commodities
Table 27: Participants on IIBX
Participants As on Jun 30, 2025 As on Sep 30, 2025
Qualified Jewellers 177 185
Clients 127 133
‘Special category’ Clients 50 52
33 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.
34 Investors from more than 65 jurisdictions have contributed across schemes.
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 558 8
Qualified Suppliers 39 40
Clients 35 36
‘Special Category’ Clients 02 2
QS IFSC 02 2
35
Valid India UAE CEPA TRQ Holders 0 0
Table 28: Regulated Entities (REs)/ Intermediaries on IIBX
Regulated Entities As on Jun 30, 2025 As on Sep 30, 2025
Bullion Trading Members 7 7
Bullion Trading Cum Self Clearing Members 3 3
Bullion Trading Cum Clearing Members 8 9
Bullion Professional Clearing Members 2 2
Vault Managers 3 3
Table 29: SPOT Segment of IIBX
During Apr-Jun
During Jan-Mar 2025 During Jul – Sep 2025
2025
Traded Traded Traded
Product Traded Traded
Traded Value Value Volum Value
Volume (in Volume
(in USD Mn) (USD e (in (in USD
kg) (in kg)
Mn) kg) Mn)
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 0.46 5.00 0.00 0.00 0.00 0.00
UAE GD 100 gm Gold 999 0.00 0.00 0.00 0.00 8.78 72.60
UAEGD TRQ 1 kg Gold 995 1449.54 15,696.00 0.00 0.00 0.00 0.00
UAEGD TRQ 100 gm Gold 999 1503.30 16,298.00 0.00 0.00 0.00 0.00
Total (Gold) 2953.30 31999.00 0.00 0.00 8.78 72.60
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
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 Jul – Sep 2025
Traded Volume Traded Value
Product (Type)
(in kg) (in USD)
GOLD1KGFUTAUG25 (GOLD Futures) 2 2,14,045.09
GOLD1KGFUTOCT25 (GOLD Futures) 2 2,15,772.55
SILVER30KGFUTSEP25 (SILVER Futures) 60 72541.63
SILVER30KGFUTOCT25 (SILVER Futures) 60 72830.98
Total 575190.25
35 Since DGFT has not allocated TRQ for FY 2025-26, no entity has been notified as ‘Valid India UAE CEPA TRQ Holders’ by IFSCA
during FY 2025-26.
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 559 9
Sustainable Finance
Table 31: Cumulative ESG labelled Debt Listings at IFSC Exchanges (in USD Bn)
Particulars As on Jun 30, 2025 As on Sep 30, 2025
Cumulative ESG labelled debt listings 15.43 15.73
Table 32: Listings of ESG labelled Debt Securities at IFSC Exchanges (During Jul-Sep 2025)
Listing Date
Sr No Name of the issuer Labels Amount (in USD Mn)
(dd-mm-yyyy)
1 Sammaan Capital Limited 29-08-2025 Social 300.00
Total 300.00
Table 33: Overall Sustainable Financing by IBUs
During Apr – Sep 2025
Medium Short term Loans (in USD Mn)
Cumulative
/ Long
in FY 25-26
Classification Term
Working Capital/
Loans Trade Finance Others (in USD Mn)
Supply Chain Finance
(in USD
Mn)
Green 1002.98 259.64 0 0 1262.63
Social 468.81 401.14 13.77 0 883.72
Sustainable 132.95 130.94 0 0 263.89
Sustainability Linked 46.87 0 0 0 46.87
Others 303.18 0 0 0 303.18
Total 1954.79 791.72 13.77 0 2760.28
Table 34: Sector-wise Classification of Sustainable Financing by IBUs
During Apr – Sep 2025
Sector (List is Indicative) Amount No. of
(in USD Mn) Transactions
Renewable Energy 1301.29 506
Energy Efficiency 50.89 12
Pollution Prevention and Control 15.5 82
Sustainable Water and Wastewater Management 1.09 15
Clean Transportation 1.2 2
Climate Change Adoption 0 0
Green Buildings 31.98 1
Affordable Basic Infrastructure 55.82 13
Affordable Housing 24 1
Food Security and Sustainable Food Systems 91.77 63
Social Project as per Framework 79.51 3
Sustainable Project as per Framework 62.54 1
Health Care 53.29 79
Social Education 53.12 2
Social Loan 7 1
MSME 311.44 3940
Others 619.84 28
Total 2760.28 4749
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 660 0
Table 35: Snapshot of ESG Funds in GIFT IFSC
Snapshot of ESG Schemes as on Sep 30, 2025
No. of ESG Cumulative Data (in USD Mn)
Schemes Commitments raised Funds raised Investments made
3 41.75 27.72 25.58
Insurance
Table 36: Number of IIOs and IIIOs
S. No. Particulars As on Sep 30, 2025
IFSCA Insurance Offices (IIOs) 22
Life Insurance Company 07
1 General Insurance Company 04
Health Insurance Company 02
Reinsurance Company 09
IFSCA Insurance Intermediary Offices (IIIOs) 30
Insurance Broker 25
2 Corporate Agent 04
Surveyor and Loss Assessor 01
Third Party Administrator 00
36
Table 37: Written/ Transacted Premium by IIOs and IIIOs
Written/ Transacted Premium (in USD Mn)
Particulars
Q1 FY 2025-26 Q2 FY 2025-26
IFSCA Insurance Offices (IIOs) 43.53 210.07
IFSCA Insurance Intermediary Offices (IIIOs) 103.50 111.47
37
Table 38: Line of Business-wise Direct Insurance Business (Life and General)
Gross Written Premium (in USD Mn)
Class of Business
FY 2024-25 Q1 FY 2025-26 Q2 FY 2025-26
Engineering 0 0.213 0
Fire 2.78 1.322 0
Health + PA 6.99 2.327 6.418
Trade Credit 0.33 0.113 0.191
Marine Cargo 0.02 0 0.004
Marine Hull 0.06 0 0
Life 3.98 1.574 3.458
Aviation 0.78 0 0.48
Other Misc. 0.01 0.007 0
Total 14.95 5.556 10.551
36 Unaudited data
37 ibid
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 661 1
38
Table 39: Line of Business-wise Re-insurance Business
Class of Gross Written Premium (in USD Mn)
Business FY 2024-25 Q1 FY 2025-26 Q2 FY 2025-26
Engineering 9.43 1.058 5.022
Fire 47.58 5.959 71.146
Health + PA 88.95 14.457 42.138
Liability 1.63 -0.163 4.18
M Cargo 4.84 0.879 1.445
M Hull 3.88 0.684 0.752
Motor 22.26 12.861 22.24
WC/EL 0.03 0.004 0.01
Aviation 0 0.021 0.221
Trade Credit 0 0 1.2
Crop 0 0 40.4
Life 0 0 8.7
Other Misc. 10.99 2.207 2.066
Total 189.59 37.967 199.52
39
Table 40: Claims Data (Retail/ Re-insurance)
Q2 FY 2025-26
Particulars
No. of Claims Claim Amount (in USD Mn)
Claims pending at the beginning 8,537 33.67
New Claims registered 75,930 25.97
Claims settled 67,050 17.05
Claims rejected 188 0.11
Claims outstanding at the end 17,229 42.47
Finance Company
Table 41: Finance Companies/ Finance Units (during Jul-Sep 2025)
Aircraft Ship
Type of Finance Company FC (Core) FC (Non-Core)40 Total
Lease Lease
Provisional Registration Granted 3 4 2 0 9
Final CoR Granted 1 1 2 0 04
41
Registration till Sep 30, 2025 37 34 15 5 91
Table 42: Assets Leased by AOL/ Ship Leasing Entities
Type of asset As on Jun 30, 2025 As on Sep 30, 2025
Aircraft Leasing entities
Aircraft 98 134
Engines 70 84
Aircraft Auxiliary Power Units (APU) 85 85
Total 253 303
Ship Leasing entities
Ship 23 28
38 Unaudited data
39 Unaudited data. No. of Claims and Claim amount includes for retail insurance business and re-insurance recoveries
40 Other than Aircraft and Ship operating lease
41 Including provisional registrations
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 662 2
Table 43: Total Financing Received from IBUs by Leasing Entities of GIFT IFSC (in USD Mn)
Particulars As on Jun 30, 2025 As on Sep 30, 2025
Aircraft Leasing Entities 234.61 257.17
Ship Leasing Entities 71.10 71.10
Table 44: Transactions Financed by ITFS Platforms
Particulars As on Jun 30, 2025 As on Sep 30, 2025
Number of Transactions 1617 1849
Value of Transactions (in USD Mn) 63.26 73.91
Table 45: Business details of GRCTCs
Particulars As on Jun 30, 2025 As on Sep 30, 2025
Loans & Advances (in USD Mn) 2725.54 3122.50
Total Investments (in USD Mn) 78.31 233.09
Table 46: Business details of Core Finance Companies (e.g. Lending, Export Financing)
Particulars As on Jun 30, 2025 As on Sep 30, 2025
Loans & Advances (in USD Mn) 11.26 18.46
Total Investments (in USD Mn) 0.00 15.58
FinTech, Payments & TAS
Table 47: FinTech (Sandbox) Ecosystem in IFSC
Sr. No. Particulars As on Jun 30, 2025 As on Sep 30, 2025
Number of Sandbox Entities 12 08
1 In Innovation Sandbox 09 05
In Regulatory Sandbox 03 03
2 Number of Entities exited from Sandbox 38 42
Table 48: Number of Operational PSPs
Particulars As on Jun 30, 2025 As on Sep 30, 2025
Number of PSPs 03 03
Table 49: Number of Payment Accounts
Jul 25 Aug 25 Sep 25
Number of
Payment Accounts Storing e- Not storing Storing e- Not storing Storing e- Not storing
money e-money money e-money money e-money
As at the beginning
of the reporting 6 4 39 4 63 6
period
Issued / opened
during the reporting 33 0 24 2 38 1
period
Closed during the
0 0 0 0 0 0
reporting period
IFSCA BULLETIN | JUL-SEP 2025DATA AND STATISTICS 663 3
As at the end of the
39 4 63 6 101 7
reporting period
42
Table 50: Number of Entities for Financial Support Services (including GICs)
S. No. Business Segment/ Category As on Sep 30, 2025
1 BATF Service Providers43 10
2 Ancillary Services Providers44 88
3 TechFin45 23
4 TechFin and Ancillary Services (TAS) Providers46 09
5 GIC 03
Total 133
42 including in-principle approvals
43 BATF - Bookkeeping, Accounting, Taxation and Financial Crimes Compliance Services
44 Under the earlier IFSCA (Ancillary Services) Framework, 2021
45 Under the earlier Fintech Entity (FE) Framework, 2022
46 Under the new IFSCA (TAS) regulations, 2025
IFSCA BULLETIN | JUL-SEP 2025INTERNATIONAL 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 | JUL-SEP 2025INTERNATIONAL FINANCIAL
SERVICES CENTRES AUTHORITY