IFSCA Bulletin Oct-Dec 2025

BULLETIN Q3 2025-26 | OCT-DEC International Financial Services Centres Authority (IFSCA)IFSCA BULLETIN OCT–DEC 2025 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY IFSCA BULLETIN | OCT-DEC 2025Disclaimer and Contact Information The IFSCA Bulletin is a quarterly publication of the Division of Economic Policy and Analysis (EPA) of the International Financial Services Centres Authority (IFSCA).

The EPA Division gratefully acknowledges the valuable support and data inputs provided by various Divisions and Departments of IFSCA in the preparation of this Bulletin.

This edition of the Bulletin has been prepared and compiled by Shri Nabeel Ahmad Saad, Deputy General Manager; Shri Jayanta Devnath, Manager; and Ms. Udisha Sharma, Young Professional.

The analyses, statistics, and insights presented in this Bulletin are based on information sourced from periodic regulatory filings, official submissions by regulated entities, and other credible data sources available with IFSCA. Figures presented in graphs and charts may be subject to rounding.

Accordingly, totals may not exactly match the sum of individual components.

While due care has been exercised to ensure the accuracy, completeness, and reliability of the information, certain data may be revised from previous publications owing to updates, reclassifications, or late submissions by reporting entities. IFSCA accepts no responsibility for any inadvertent errors, omissions, or consequences arising from the use of this publication. In the case of signed articles, the views expressed are those of the respective author(s), who bear responsibility for the content.

Reproduction or citation of material from this publication is permitted, subject to due acknowledgement of IFSCA as the source.

The PDF version of this Bulletin is freely available for download in the

Publications section of the official website of IFSCA: https://ifsca.gov.in.

IFSCA welcomes feedback, suggestions, and comments to strengthen the analytical value and coverage of future editions. Correspondence may be

addressed to: dept-epa@ifsca.gov.in, with the subject line “IFSCA Bulletin”.

IFSCA BULLETIN | OCT-DEC 2025CONTENTS 1 CONTENTS _____________________________________________________________________________ CHAIRPERSON’S DESK..........................................................................................................2 IFSC –BUSINESS HIGHLIGHTS ..............................................................................................4 OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES.........................................................5 IFSC –TRENDS AND HIGHLIGHTS...........................................................................................7 POLICY AND REGULATORY UPDATES....................................................................................15 PUBLIC CONSULTATION ......................................................................................................21 ENFORCEMENT AND REGULATORY ACTIONS........................................................................24 EVENTS AND OUTREACH ACTIVITIES....................................................................................25 ARTICLE–LISTING OF DEBT SECURITIES IN IFSC...................................................................37 DATA AND STATISTICS..........................................................................................................41 ABBREVIATIONS..................................................................................................................55 FIGURES AND IMAGES.........................................................................................................57 LIST OF TABLES ...................................................................................................................59 IFSCA BULLETIN | OCT-DEC 2025CHAIRPERSON’S DESK 2 TRADE FINANCE AS A STRATEGIC ENABLER OF INDIA’S GLOBAL TRADE AMBITIONS Trade finance remains a foundational pillar of The second intervention under Niryat global commerce. Empirical evidence Protsahan relates to collateral support for indicates that over 80% of international trade export credit, aimed at addressing collateral flows 1 are supported by trade finance constraints faced by MSME exporters and instruments, including letters of credit, supply improving access to bank finance6 . IFSCA is chain finance, factoring, and receivables- working with the Department of Commerce to based financing. Despite its systemic extend the applicability of these schemes to importance, the global trade finance gap has post-shipment financing, including bill remained at USD 2.5 Tn2 in 2025, reflecting factoring, in the IFSC.

persistent constraints in credit availability, risk mitigation, and cross-border capital A key institutional gap under IFSCA’s focus is deployment, particularly for emerging market the scale and scope of factoring services exporters and smaller firms. Additionally, this available to Indian exporters and importers.

gap is structural in nature, driven by India has fewer factoring companies (11) documentation frictions, compliance costs, compared to other countries such as China and limitations in traditional risk assessment (2,000), Germany (180), the US (250), and the models. UK (46) (2023 data). The small number of factoring companies limits the accessibility of For India, strengthening the trade finance factoring services and constrains trade finance ecosystem is central to sustaining export-led options.7 growth and deeper integration into global value chains. In FY 2024–25, India’s exports reached The GIFT IFSC enables Indian and global USD 825.25 Bn3, and the national ambition is institutions to deliver trade finance solutions to scale exports to USD 2 Tn by 2030. This with multi-currency capability, and integrated underscores the need for efficient, diversified, access to banking, insurance, capital markets, and resilient trade finance channels. Achieving and FinTech ecosystems. The IFSC framework this target requires a scalable, diversified, and offers regulatory flexibility, foreign currency globally competitive trade finance architecture capability, and cross-border capital efficiency that can efficiently intermediate cross-border that are critical for modern trade finance capital flows. intermediation in a globally integrated trading environment.

In Nov 2025, the Government of India approved the Export Promotion Mission (EPM), a As of Dec 2025, outstanding trade finance comprehensive programme with a total outlay disbursed by IFSC Banking Units (IBUs) stood of INR 25,060 crore to be implemented from FY at USD 14.79 Bn as compared to USD 13.98 Bn 2025–26 to FY 2030–31.4 The first intervention in Jun 2025. This sequential increase reflects called Niryat Protsahan (Financial Support), sustained demand for trade finance through launched on Jan 2, 2026, provides interest the IFSC channel and growing confidence in its subvention on rupee export credit and offers institutional framework. During Apr–Dec 2025, collateral guarantees.5 IBUs disbursed trade finance amounting to 1 WTO 5 DGFT 2 ADB 6 DGFT 3 PIB 7 DGFT 4 PIB IFSCA BULLETIN | OCT-DEC 2025CHAIRPERSON’S DESK 3 USD 37.78 Bn, compared to USD 46.6 Bn8 in FY Risk mitigation and resilience are integral to 2024–25. This reflects the growing role of IBUs sustainable trade growth. IFSC Insurance in supporting cross-border trade credit, Offices (IIOs) complement trade finance by structured trade loans, and risk-managed providing trade credit insurance and export- financing for exporters and importers. related risk covers, including credit risk, political risk, and non-payment risks, thereby Diversification of trade finance channels has strengthening exporter confidence and been a key area of regulatory emphasis. improving the bankability of cross-border Finance Companies operating under IFSCA’s transactions. Four IIOs in GIFT IFSC currently framework are expanding the availability of offer seven trade credit insurance products.

factoring and forfaiting solutions, supported by IFSCA intends to scale up the ecosystem with a comprehensive legal regime for assignment more global players and more products. In of receivables. IFSCA is focusing on scaling the parallel, policy initiatives to align financial number of factoring finance companies flows with sustainability objectives are registered with IFSCA. Currently, four positioning GIFT IFSC at the intersection of factoring finance companies have been trade finance and ESG-aligned capital registered by IFSCA. The notification of the deployment. There is potential for evolution of IFSCA (Registration of Factors and Registration green and sustainable trade finance products.

of Assignment of Receivables) Regulations, The ICC Principles for Sustainable Trade and 20249 has enabled global factoring companies Trade Finance10 offer a framework to assess the to participate in bidding for trade bills on ITFS sustainability of trade and trade finance. IFSCA platforms. Trade finance credit outstanding will explore alignment with these principles handled by the finance companies of the IFSC going forward.

at GIFT City amounted to approximately USD

11.68 Mn as of Dec 31, 2025, with early-stage Trade finance today is no longer a purely growth indicating increasing adoption of transactional function; it is a strategic enabler receivables-based financing and non-bank of economic integration, resilience, and intermediation, which is an important sustainable growth envisioned as part of Viksit development in light of the global shift towards Bharat @2047 Mission launched by the open-account trade. Hon’ble Prime Minister of India. Through calibrated regulation, market-led innovation, Digital market infrastructure is also reshaping and global integration, GIFT IFSC is steadily the delivery of trade finance. International strengthening its position as a globally Trade Financing Services (ITFS) platforms connected hub for trade finance, supporting operating in GIFT IFSC facilitate competitive India’s export ambitions while contributing to price discovery, faster execution, and access the efficiency and stability of international to a broader pool of global financiers through trade flows.

fully digital workflows. Trade finance volumes Shri K. Rajaraman facilitated through ITFS platforms reached Chairperson, IFSCA USD 87.37 Mn as of Dec 2025, which demonstrates the role of technology-enabled platforms in reducing information asymmetry, improving transparency, and enabling scalable, data-driven trade finance.

8 DoBS, IFSCA 10 ICC Principles 9 IFSCA Factors Regulations IFSCA BULLETIN | OCT-DEC 2025IFSC BUSINESS HIGHLIGHTS Total IFSCA Registrations/ Authorisations 1100* Banking Assets Cumulative Banking Cumulative Transactions Derivatives Trade (including NDF)

106.33 Bn 142.76 Bn 105.37 Bn USD ($) USD ($) USD ($) Banking Sector (as on Dec 31, 2025) Avg. Monthly Debt Listing on IFSC Aggregate Open Turnover (IFSC Exchanges Interest of all Exchanges) Derivatives Contract

91.44 Bn 1424 Mn 15.02 Bn USD ($) USD ($) USD ($) Capital Markets (during Oct-Dec 2025) (as on Dec 31, 2025) No. of FMEs | Funds/ Cumulative Cumulative Schemes Commitments Funds Raised Raised (Non-Retail) (Non-Retail) 202 | 313 32.13 Bn 17.34 Bn USD ($) Fund Management Total Sustainable ESG labelled Debt ESG Fund Credit by Banks Listing Investments Made on IFSC Exchanges

2.76 Bn 450 Mn 25.58 Mn USD ($) USD ($) Sustainable Finance (during Oct-Dec 2025) (as on Dec 31, 2025) No. of Insurance Premium written Premium transacted Firms | by IFSC Insurance by IFSC Insurance Intermediaries Office (IIO) Intermediary Office 24 | 31 USD ($) USD ($) Insurance Sector (as on Dec 31, 2025) No. of Registered No. of Aviation No. of Ships Leased Aircraft Lessors | Assets Leased Ship Lessors 34 | 29 370 34 Aircraft/ Ship Leasing (as on Dec 31, 2025) )lanoisivorp( )lanoisivorp( (during Oct-Dec 2025) (during Oct-Dec 2025) (during Oct-Dec 2025) USD ($) (as on Dec 31, 2025) (as on Dec 31, 2025) (as on Dec 31, 2025) USD ($) (during H1 of FY 2025-26)

157.38 Mn 141.96 Mn (during Oct-Dec 2025) (during Oct-Dec 2025) (as on Dec 31, 2025) (as on Dec 31, 2025) * Including 66 In-Principle/ Provisional RegistrationsOVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES 5 OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES _____________________________________________________________________________________

1. Macroeconomic Status The cumulative value of merchandise exports during Apr–Dec 2025 was USD 330.29 Bn, as India remains one of the world’s fastest-growing compared to USD 322.41 Bn during Apr–Dec major economies and is well positioned to 2024, registering a positive growth of 2.44%.17 sustain its growth momentum. With the ambition of attaining high middle-income status by 2047, Inflation remained well contained during the the centenary year of its independence, India is period. Headline CPI inflation moderated sharply building on strong foundations of to 1.33% (provisional, as per MoSPI) in Dec 2025, macroeconomic stability, structural reforms, compared to 4.26% in Jan 2025.18 and steady social progress.11

3. Labour Market Developments India’s real GDP growth strengthened during the India’s labour market continues to demonstrate first half of FY 2025–26. Growth accelerated to resilience alongside economic expansion.

8.2% in Q2 FY 2025–26, up from 7.8% in Q1 FY During Q2 FY 2025–26, total employment stood 2025–26 and 7.4% in Q4 FY 2024–25, reflecting at 562 million persons (aged 15 years and above), broad-based economic expansion.12 indicating the creation of approximately 8.7 lakh According to the IMF’s World Economic Outlook new jobs compared to Q1 FY 2025–26.

(Apr 2025), India, with a GDP of USD 4.18 Tn, According to the Periodic Labour Force Survey surpassed Japan to become the world’s fourth-

(PLFS) of the National Statistics Office (NSO), key largest economy.13 India is projected to overtake labour market indicators showed sustained Germany to become the third-largest economy improvement. The Labour Force Participation within the next 2.5–3 years, with GDP estimated Rate (LFPR) for persons aged 15 years and above to reach USD 7.3 Tn by 2030.14 increased to 56.1% in Dec 2025, while the

2. External Sector and Inflation unemployment rate declined to 4.8%, continuing its downward trajectory.19 India’s external sector remains resilient, supported by robust services exports and strong 4. Foreign Trade and Capital Flows inward remittances. The current account deficit

(CAD) moderated from 2.2% of GDP in Q2 FY According to UNCTAD’s Trade and Development 2024–25 to 1.3% of GDP in Q2 FY 2025–26. Report 2025, India ranks third among countries in Inward remittances increased by 10.7% year-on- the Global South in terms of diversity of trade year (YoY) during Q2 FY 2025–26. The favourable partnerships, after China and the UAE. India’s outlook for services exports, coupled with rising trade-diversification index score of 3.2 exceeds remittance inflows, is expected to keep the CAD that of all Global North economies, underscoring at modest levels during FY 2025–26.15 resilience against tariff uncertainties and evolving global trade challenges.20 Reflecting continued strength in services activity, India’s Services Purchasing Managers’ Index (PMI) The services sector continued to drive India’s stood at 58.0 in Dec 2025. Firms reported strong export performance. Services exports reached a export orders, particularly from Asia, North record USD 387.54 Bn in FY 2024–25, registering America, the Middle East, and the UK.16 a robust growth of 13.63%. This momentum 11 PIB with PRID 2209412 16 S&P Global PMI 12Ibid 17 PIB with PRID 2214961 13 DD News 18 PIB with PRID 2213736 14 PIB with PRID 156770 19 PIB Press Note Details with id 157124 15 PIB with PRID 2209412 20 PIB Press Note Details with id 157124 IFSCA BULLETIN | OCT-DEC 2025OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES 6 remained intact in the current fiscal year, with increased by around 39.5% YoY in Dec 2025, services exports rising to USD 199.03 Bn during marking one of the strongest monthly growth H1 of FY 2025–26, reflecting a 9.34% YoY rates in nearly two years. The number of increase.21 individual non-single life insurance policies sold also rose significantly, registering growth of India continued to attract sizeable capital approximately 35.5% YoY. 26 In the non-life inflows despite tightening global financial segment, gross direct premium income conditions. Gross investment inflows amounted underwritten in Dec 2025 stood at INR to 18.5% of GDP in FY 2024–25. UNCTAD data 28,437.82 crore, supported by strong growth in indicates that India remained the largest health, motor, and other general insurance recipient of gross FDI inflows in South Asia, segments.27 surpassing major Asian peers such as Indonesia and Vietnam. During Apr–Nov 2025, gross FDI The domestic capital markets activity remained inflows increased to USD 64.7 Bn, compared to buoyant. During FY 2025–26 (up to Dec 31, USD 55.8 Bn during the corresponding period of 2025), a total of 311 IPOs (Mainboard and SME) the previous year, reflecting sustained investor were issued, mobilising INR 1,69,928 crore.

confidence and the strength of India’s digital and Overall, equity and debt issuances together services-led economy.22 raised approximately INR 10.66 lakh crore, with equity issuances contributing around INR India’s external sector outlook was also 3,82,689 crore and debt market issuances supported by progress on trade agreements. The accounting for about INR 6,83,348 crore.28 India–EFTA Trade and Economic Partnership Agreement (TEPA) entered into force on Oct 1, The domestic asset management industry also 2025, strengthening market access and continued to expand. By end-Nov 2025, mutual investment cooperation between India and the fund assets under management stood at INR EFTA states (Iceland, Liechtenstein, Norway, and 80.8 lakh crore, reflecting a 23% increase since Switzerland).23 Mar 2025. Assets under management in the portfolio management services (PMS) industry

5. Foreign Exchange Reserves reached INR 40.8 lakh crore in Oct 2025.29 India’s external buffers remained strong. As of The Department of Economic Affairs (DEA) Dec 26, 2025, foreign exchange reserves stood at continued to safeguard financial stability USD 696.61 Bn, according to RBI.24 through close coordination with financial sector regulators and international institutions. This is

6. Financial Sector Developments undertaken, inter alia, through the Financial Stability and Development Council (FSDC) and Financial intermediation by the banking system its Sub-Committee (FSDC-SC), which oversee strengthened further during the period. The macro-prudential supervision of the economy money multiplier increased to 6.21 in Dec 2025 and deliberate on issues relating to financial from 5.70 a year earlier, indicating improved stability, financial sector development, inter- credit transmission and adequate systemic regulatory coordination, financial literacy, and liquidity. Outstanding credit growth of Scheduled financial inclusion. In FY 2025–26, major global Commercial Banks rose to 14.5% YoY as of Dec and domestic macroeconomic and financial 2025, compared to 11.2% in Dec 2024.25 sector developments were reviewed.30 The insurance sector recorded strong growth.

Life insurance new business premium (NBP) 21 PIB with PRID 2201284 26 https://irdai.gov.in/life 22 PIB with PRID 2219971 27 https://irdai.gov.in/non-life 23 PIB with PRID 2173964 28 SEBI Statistics 24 RBI Statistics 29 SEBI Bulletin (Dec 2025) 25 PIB with PRID 2219907 30 PIB with PRID 2215423 IFSCA BULLETIN | OCT-DEC 2025IFSC – TRENDS AND HIGHLIGHTS 7 IFSC – TRENDS AND HIGHLIGHTS ____________________________________________________________________________________ During the Oct–Dec 2025 quarter, the number of Outstanding customer credit (gross) also registrations/ authorisations granted by IFSCA increased steadily, reaching USD 74.18 Bn in Dec increased to 1,100 as of Dec 2025, up from 1,034 2025 from USD 70.08 Bn in Sep 2025 and USD in Sep 2025, reflecting the continued expansion 65.17 Bn in Jun 2025.

of the IFSC ecosystem. These figures, which IBUs -Outstanding Customer Credit (Gross) include in-principle and provisional approvals, underscore the strengthening pipeline of n institutions choosing to establish operations in o illiB 90 GIFT IFSC and reinforce the steady institutional D 74.18 S deepening observed throughout the year. U 70.08 n i t 70 65.17 Growth of IFSCA Registrations Over Time n u 59.6 o m 1200 1100 1034 A 939 50 1000 865 r Mar-25 Jun-25 Sep-25 Dec-25 e 766 b m 800 Customer Credit (Gross) u N n 600 Figure 3: IBUs - Outstanding Customer Credit (Gross) i t n u 400 The data indicates sustained growth in both o C asset base and credit activity throughout the 200 latest quarter.

0 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 As of Dec 2025, total customer deposits in IBUs Figure 1: Growth of IFSCA Registrations/ Authorisations reached USD 8.63 Bn compared to USD 7.93 Bn (including in-principle/ provisional approvals) in Sep 2025 and USD 7.44 Bn in Jun 2025.

Corporate deposits continued to drive overall growth, increasing to USD 7.31 Bn, while retail Banking deposits stood at USD 1.32 Bn, slightly higher than the previous quarter.

As of Dec 2025, IBUs reported total outstanding assets of USD 106.33 Bn, up from USD 100.14 Bn Deposits Growth in IBUs in Sep 2025 and USD 93.85 Bn in Jun 2025, 10 reflecting continued balance sheet expansion. 8.63

7.93 IBUs -Total Assets, Trade Finance and ECB 8 7.31 7.44 n o 120

106.33 illiB

7.31

100.14 D 6 6.71 n 100 88.51 93.85 S U 4.35 6.03 6.18 o illiB 80 n i t n 4 D u S U 60 36.28 38.76 o m 3.68 n 33.36 A 2 1.28 1.27 1.23 1.32 i t

27.5

0.67 n 40 u o m A 20 13.2 13.98 15.43 14.79 0 0 Customer (Retail + Corporate) Mar-25 Jun-25 Sep-25 Dec-25 Retail Total Assets Trade Finance ECB Corporate Figure 2: IBUs - Assets over Time with Outstanding Trade Figure 4: Deposits Growth in IBUs Finance and ECB Exposure IFSCA BULLETIN | OCT-DEC 2025IFSC – TRENDS AND HIGHLIGHTS 8 The latest period reflects steady expansion in In Q3 of FY 2025–26, the sector-wise credit corporate deposit mobilisation, contributing to exposure of IBUs was led by the services sector, the overall rise in customer deposits. at USD 42 Bn, i.e. over 52% of the total exposure, followed by the manufacturing sector at USD As of Dec 2025, the country-wise exposure of

16.49 Bn and the infrastructure sector at USD IBUs remained largely concentrated in India,

11.08 Bn. accounting for 74.54% of total exposure. Other major jurisdictions were the USA with 5.44% and Derivatives Outstanding of IBUs (Notional) Singapore with 2.82% exposures.

250 Country-wise Exposure of IBUs (in %) 209 205 199 199 195 199 100 200 n o 90

10.56 10.7 11.86 illiB 94 84 21 .. 29 33 21 .. 08 64 2.61 D 150 92 91 89 88

2.47 2.28 2.73 S U 80 5.89 6.13 2.82 n

5.44 i t n 100 47 70 u o 56 55 56 52 50 m 28 A 50 25 26 60 25 25 25 45 34 27 26 28 34 50 0 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 40

76.92 76.99 74.54 Others 30 FCY Interest Rate Derivatives INR Interest Rate Derivatives 20 FCY-FCY Derivatives 10 FCY-INR Derivatives 0 Figure 7: Derivatives Outstanding of IBUs Oct-25 Nov-25 Dec-25 As of Dec 2025, the notional value of derivatives India USA Singapore UK Netherlands Others outstanding of IBUs stood at USD 204.6 Bn, from USD 198.55 Bn in Sep 2025.

Figure 5: Country-wise Exposure of IBUs ODI Outstanding of IBUs (Notional) Compared with Sep 2025 and Jun 2025, India exposure continues to hover around the three- 1400 1,291 quarters mark, indicating sustained domestic- 1,174 62 linked credit activity. 1200 1,106 73 64 n 69 73 Sector-wise Credit Exposure of IBUs o illiM 1000 785 835 73 347 340 8 47 38 D S 800 33 92 325 73 Infra. U 43 73 14% n i t n 600 340 222 360 u Other o m 400 817 Services Sectors A 639 689 14% 52% 200 368 448 402 0 Manuf.

Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 20% Government Securities Corporate Bond Commercial Paper Pass Through Certificate Figure 6: Sector-wise Credit Exposure of IBUs as of Dec 2025 Figure 8: ODI Outstanding of IBUs IFSCA BULLETIN | OCT-DEC 2025IFSC – TRENDS AND HIGHLIGHTS 9 As of Dec 2025, Offshore Derivative IFSC Stock Exchanges -No. of Contracts Instrument (ODI) outstanding of IBUs stood at 8 USD 877.53 Mn, marking a decrease from USD 6.76 6.51 6.75 6.63 1,106.19 Mn in Sep 2025. s n o 6 6.05 5.99 illiM The trade finance disbursements by IBUs have n 4 continued to demonstrate strong and i t n u 2 consistent growth, reflecting sustained o C business momentum and expanding client 0 activity. For Apr-Dec 2025 (Q3 YTD), the Q2 Q3 Q4 Q1 Q2 Q3 24-25 24-25 24-25 25-26 25-26 25-26 transactions stood at USD 37.78 Bn, indicating healthy positioning of the portfolio for another Figure 11: IFSC Stock Exchanges – No. of Contracts strong year-end performance.

As of Dec 2025, the number of active demat Trade Finance Disbursements by IBUs accounts in IFSC stood at 69,280, showing a marginal increase from 69,254 as of Sep 2025.

50 46.62 Active Demat Accounts

37.78 n o 40 35.09 with the Depository at IFSC illiB

29.55 80 D 30 65.23 69.22 69.25 69.28 S s U d n 20.09 n a 60 I t 20 s u n o u o h T 40 m A 10 n I t n 20 u o 0 C FY 22 FY 23 FY 24 FY 25 Apr-Dec 0 2025 Mar-25 Jun-25 Sep-25 Dec-25 Figure 9: Trade Finance Transactions Booked by IBUs Figure 12: Demat Accounts in IFSC Overall, the demat account activity remained Capital Markets stable with modest growth in the latest quarter.

Cumulative debt raised at IFSC Stock Exchanges In Q3 of FY 2025–26, a total of 5,994,740 stood at USD 68.03 Bn as of Dec 2025, contracts, with a traded value of USD 273.16 Bn, representing a modest upward trend over the were traded on the stock exchanges in GIFT IFSC.

quarters.

IFSC Stock Exchanges -Quarterly Traded Value Debt Raised on the IFSC Exchanges 80 350 298 63.68 65.1 65.13 66.6 68.03 300 276 269 273 n n o illiB D S U 22 05 00 o illiB D S U 46 00 15.43 15.43 15.43 15.73 16.19 n i t 150 n i t n n u o 100 u o m 20 48.25 49.67 49.7 50.87 51.84 m A A 50 0 0 Q4 24-25 Q1 25-26 Q2 25-26 Q3 25-26 Q3 Q4 Q1 Q2 Q3 24–25 24–25 25–26 25–26 25-26 Figure 10: IFSC Stock Exchanges - Traded Value Non-ESG Labelled ESG Labelled Figure 13: Cumulative Debt Listings at IFSC IFSCA BULLETIN | OCT-DEC 2025IFSC – TRENDS AND HIGHLIGHTS 10 Fund Management Cumulative funds raised also increased to USD

17.34 Bn from USD 12.27 Bn in Q2 FY 2025–26.

In Q3 of FY 2025–26, the number of Fund Management Entities (FMEs) in the IFSC The data underscores sustained growth increased to 202, up from 194 in the previous momentum and deepening investor quarter. The steady growth in FMEs and schemes participation in the fund management space.

underscores the continued expansion and deepening of the fund management ecosystem As of Dec 2025, the number of investors across within the GIFT IFSC. fund schemes in the IFSC increased across categories.

Number of FMEs and Schemes 305 313 • Venture Capital (including Angel) schemes 300 272 recorded 722 investors, compared to 646 in 229 Sep 2025.

194 202 • Category I & II AIFs increased to 1,503 from 200 168 177 162 1,273.

114 120 128 • Category III AIFs rose to 3,257 from 2,559.

100 • Additionally, Retail Schemes gathered momentum during the quarter, attracting 1,239 investors.

0 Q2 Q3 Q4 Q1 Q2 Q3 24–25 24–25 24–25 25–26 25–26 25-26 The data reflects expanding investor participation across all fund categories.

No. of FMEs No. of Schemes No. of Investors by Scheme Type Figure 14: Number of FMEs and Schemes 7000 6721 In Q3 of FY 2025–26, non-retail fund management activity in the IFSC continued to expand, with cumulative commitments raised 6000 1239 reaching USD 32.13 Bn, up from USD 26.30 Bn in the previous quarter.

5000 4733 Cumulative Commitments, Funds Raised and 255 Investment Made (Non-Retail Schemes) t 35 32.13 n u o 4000 3583 3257 C 30 r o t 3002 n s e 2,559 o illiB 25 v n I 3000 2576 1,957 D 20 17.34 S U 15.74 1508 n 2000 1180 i t 15 12.13 n 15.58 u o m 10 7.96 1,273 1503 A 5.58 1000 962 1025 1,100 5

6.56

4.61 0 434 469 526 646 722 0 Q2 Q3 Q4 Q1 Q2 Q3 24–25 24–25 24–25 25–26 25–26 25-26 Dec-24 Mar -25 Jun-25 Sep-25 Dec-25 Cumulative Commitments VC (incl. Category Category Retail Angel) I & II AIFs III AIFs Schemes Cumulative Funds Raised Figure 16: No. of investors by Type of Scheme Cumulative Investments Figure 15: Trends of Fund Management Activity (Non-Retail) IFSCA BULLETIN | OCT-DEC 2025IFSC – TRENDS AND HIGHLIGHTS 11 Insurance In Q3 of FY 2025–26, premiums transacted by IFSC Insurance Intermediary Offices (IIIOs) As of Dec 2025, the number of IFSC Insurance stood at USD 141.96 Mn, compared to USD Offices (IIOs) increased to 24, up from 22 in Sep 111.47 Mn in the previous quarter.

2025 and 19 in Jun 2025. Similarly, Insurance Intermediary Offices (IIIOs) rose to 31, compared In Q3 of FY 2025–26, direct insurance business with 30 in Sep 2025 and 28 in Jun 2025. The by IIOs recorded a gross written premium of USD consistent quarterly rise highlights the 9.24 Mn, down from USD 10.55 Mn in the continued expansion of the insurance sector previous quarter.

within the IFSC.

Insurance Business at IFSC 246 No. of Insurance Entities in IFSC 250 60 60 55 52 50 47 50 45 r 41 e b m 40 38 30 31 40 n o 200 u N n i t n 30 23 25 27 28 30 illiM D S 157 u 20 20 U o n 150 C 10 15 16 18 19 22 24 10 i m u im 236 e 0 0 r P Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 n 100 e t t IFSC Insurance Intermediaries (IIIOs) ir W 148 IFSC Insurance Offices (IIOs) s s 55 o r 52 50 G 44 Figure 17: Growth of Insurance Entities in IFSC 50 In Q3 of FY 2025–26, written premiums by IFSC 52 48 46 38 Insurance Offices (IIOs) stood at USD 157.38 Mn, following higher levels in Q2. 0 4 5 4 6 11 9 Q2 Q3 Q4 Q1 Q2 Q3 Premium Transacted by IFSC Insurance Offices 24–25 24–25 24–25 25–26 25–26 25-26

(IIOs) & IFSC Insurance Intermediary Offices

(IIIOs) Direct Insurance Business Reinsurance Business 400 Figure 19: Direct Insurance and Reinsurance Business 358 In Q3 of FY 2025–26, reinsurance business at 299 n o 300 111 IFSC recorded a decline in gross written illiM premium to USD 148.13 Mn from USD 235.70 Mn D S 142 in the previous quarter.

U 200 180 n i t n 138 148 147 u o 130 246 m 100 82 96 104 A 157 55 52 50 44 0 Q2 Q3 Q4 Q1 Q2 Q3 24–25 24–25 24–25 25–26 25–26 25-26 IFSC Insurance Intermediaries (IIIOs) Premium IFSC Insurance Offices (IIOs) Premium Figure 18: Written/ Transacted Premium IFSCA BULLETIN | OCT-DEC 2025IFSC – TRENDS AND HIGHLIGHTS 12 Finance Company As of Dec 2025, the cumulative financing extended by IBUs to leasing entities in IFSC As of Dec 2025, the IFSC aircraft leasing stood at USD 614.85 Mn for aircraft leasing and ecosystem recorded a total of 370 assets, USD 71.1 Mn for ship leasing. The data indicates comprising 196 aircraft, 89 engines, and 85 APUs. sustained growth in IBU support for aircraft leasing activity within the IFSC.

Aviation Assets Growth 400 370 Cumulative Financing Received from IBUs by Leasing Entities d e s a 685.95 e 300 L 700 s 242 t e s s A 196 600 n 200 o 159 it a n o 500 iv A f 100 68 8590 85 illiM o .o N 47 89 D S U 400

305.71

328.27 614.85 67 n 0 44 i t n 300 u 199.71 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 o m 200 234.61 257.17 A Total Aircraft Engines APU 128.61 100 Figure 20: Growth of Aviation Assets Leased from IFSC

71.1 71.1 71.1 71.1 0 This marks a substantial increase from 303 total Mar-25 Jun-25 Sep-25 Dec-25 assets in Sep 2025 and 253 in Jun 2025, reflecting rapid expansion in aircraft and engine Ship Leasing Aircraft Leasing leasing activity within the IFSC.

Figure 22: Financing Received from IBUs by Leasing Entities As of Dec 2025, a total of 34 ships had been As of Dec 2025, ITFS transactions in IFSC leased by ship leasing entities in the IFSC, reached 2,106 in number, with a total value of compared to 28 in Sep 2025 and 23 in Jun 2025. USD 87.37 Mn. This marks an increase from The steady rise in leased vessels highlights a 1,849 transactions valued at USD 73.91 Mn in growing participation and continued Sep 2025 and 1,617 transactions worth USD development of the ship leasing segment within 63.26 Mn in Jun 2025.

the IFSC.

ITFS -Trade Financing Activity Assets Leased by Ship Leasing Entities 100 3500 40 n o 87.37 35 34 illiM 80 73.91 3000 s D n d 30 28 S U 63.26 2500 o it e s a e 25 23 16 n i s 60 2000 c a s n L s 18 13 n o 44.35 a r T p ih S 20 13 it c a s 40 1500 f o r f o .o N 11 05 10 18 n a r T f o 20 1617 1849 2106 1000 e b m u N 15 e 500 5 10 u 779 8 la V 0 0 0 Mar-25 Jun-25 Sep-25 Dec-25 Mar-25 Jun-25 Sep-25 Dec-25 Indian Flagged Ships Foreign Flagged Ships Number of Transactions Value of Transactions Figure 21: Assets Leased by Ship Leasing Entities Figure 23: Transactions facilitated through ITFS platforms IFSCA BULLETIN | OCT-DEC 2025IFSC – TRENDS AND HIGHLIGHTS 13 The data reflects sustained quarterly growth in total investments of USD 80.97 Mn. This marks trade financing activity facilitated through the an increase from loans & advances of USD 18.46 ITFS platforms in IFSC. Mn and total investments of USD 15.58 Mn in Sep 2025, indicating renewed lending momentum As of Dec 2025, Global/Regional Corporate and portfolio diversification during the latest Treasury Centres (GRCTCs) reported loans and quarter.

advances of USD 4.03 Bn and total investments of USD 234.45 Mn. This represents an increase from USD 3.12 Bn and USD 233.09 Mn, FinTech, TechFin and Ancillary respectively, in Sep 2025.

GRCTCs -Loans & Advances and As of Dec 31, 2025, there were 7 entities under Investments the Sandbox framework, with 43 cumulative exits.

5 FinTech -Sandbox Entities & Exits

0.23 n o 4 illiB 0.23 50 6 D 3 0.08 40 S 0.14 23 U n i t 2 4.03 30 38 42 43 n u 3.12 20 44 o m 1 2.33 2.73 27 A 10 12 8 7 0 0 Mar-25 Jun-25 Sep-25 Dec-25 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Loans & Advances Invesments Number of Entities Exited from Sandbox Number of Sandbox Entities Figure 24: GRCTCs - Loans & Advances and Investments Figure 26: FinTech Sandbox entities and exits The data indicates growth in GRCTCs’ lending portfolio and a rise in investments during the As of Dec 2025, the number of entities providing latest quarter. financial support services, including TechFin, Ancillary Services, BATF and GIC in the IFSC rose Investments, Loans & Advances to 143 in Dec 2025 from 133 in Sep 2025.

Core Finance Companies 120 Growth of Financial Support Service (FSS) Entities (including in-principle approvals) 100 160

33.72 143 133 140 4 80 119 3 10 n o 120 112 10 illiM 33 53 D 60 t n 100 88 S u U o 3 n I 40 80.97 C y t 80 3

18.46 it n E 60 106 111 120 129 20 40 82

7.73

15.58

6.65 11.26 20 0 Mar-25 Jun-25 Sep-25 Dec-25 0 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Invesments Loans & Advances GIC Figure 25: Core Finance Companies - Loans & Advances, and Investments BATF Service Providers TechFin & Ancillary Service Providers As of Dec 2025, Core Finance Companies in IFSC reported loans & advances of USD 33.72 Mn and Figure 27: Growth of Financial Support Service Entities IFSCA BULLETIN | OCT-DEC 2025IFSC – TRENDS AND HIGHLIGHTS 14 This increase highlights accelerating interest in Office of Administrator and SEZ the TechFin and Ancillary framework and growing diversification within the IFSC ecosystem. In Q3 of FY 2025–26, the SEZ Unit Approval Committee (UAC) approved 94 new unit applications, marking sustained activity during the period.

Metals and Commodities New Unit Applications Approved The number of participants on the India 120 International Bullion Exchange (IIBX) continued 105 to rise steadily. Qualified Jewellers (QJ) 100 94 94 84 increased from 153 as of Dec 2024 to 197 by Dec 81 80 2025, while Qualified Suppliers (QS) grew from 33 to 45 over the same period. The data reflects 60 a consistent expansion in the participant base across both categories. 40 Participants on Bullion Exchange (IIBX) 20 242 250 225 216 0 204 45 Q3 Q4 Q1 Q2 Q3 200 186 40 24-25 24-25 25-26 25-26 25-26 39 37 Figure 29: New Unit Applications Approved 33 150 100 197 177 185 167 153 50 0 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Qualified Jewellers Qualified Suppliers Figure 28: Participants on IIBX IFSCA BULLETIN | OCT-DEC 2025POLICY AND REGULATORY UPDATES 15 POLICY AND REGULATORY UPDATES _____________________________________________________________________________________ Banking the BR Act, which allowed nomination of only one person for this purpose.

Amendments to Module no. 16 Internet banking services to (Providing Credit) of the IFSCA clients of IBUs – Review

Banking Handbook: COB directions v6.0 Dec 29, 2025 Dec 08, 2025 The circular has been issued to prescribe specific The circular has been issued to modify the compliance requirements for the various categories restrictions placed by the Authority on providing of internet banking services offered by IBUs, namely credit by the IBUs in Banking Handbook with respect Information Services, Interactive Information

to the following: Exchange Services, and Transactional Services, as outlined in the circular titled “Internet Banking a) Advances to Directors, and Services to Clients of IBUs” dated Apr 22, 2024. b) Restrictions on Credit to Companies for Buy-back of their Securities. Further, an IBU that does not offer liability products to its customers shall be exempt from implementing the With respect to providing credit to Director of its requirements mandated in the circular with respect Parent Bank or to any related party of such Director by to Interactive information exchange service and the IBUs of the foreign banks, the restrictions have Transactional service.

been revised in alignment with the Basel norms, specifying principles to be adhered to, while granting As per the circular, an IBU that commenced loans to Director of the Banking company (parent operations prior to the date of this circular shall bank) of which it is a branch or to any related party of comply with the requirements of the circular by Jun such Director. 30, 2026.

With respect to the restrictions on Credit to The compliance requirements set out in the circular, Companies for Buy-back of their Securities by the inter alia, include:

IBUs, restrictions have been modified to permit the granting of loans to companies for the purpose of i) displaying the list of specified currencies in which buy-back of their securities, subject to compliance transactions are being offered by them to their with the laws applicable in the companies’ customers including the facility to convert among jurisdiction. such currencies Implementation of provisions of ii) the ability to view live market rates for currency the Banking Laws (Amendment) conversions including the applicable spread Act, 2025 offered to its customers Dec 12, 2025 iii) the ability to initiate payments to third parties holding accounts with another IBU or Bank The circular directs the IBUs to ensure compliance with the provisions of the Banking Laws (Amendment) iv) ability to initiate auto-schedule payouts including Act, 2025.

one-time, date based, recurring, rule-based executions, etc.

The Amendment Act, inter-alia, permits depositors to nominate up to four persons, either successively or simultaneously, to whom, in the event of the death of the sole depositor or all joint depositors, the deposit amount may be returned by the banking company.

This marks a change from the earlier provision under IFSCA BULLETIN | OCT-DEC 2025POLICY AND REGULATORY UPDATES 16 Capital Markets Disclosure requirement under Clause 39 of the circular IFSCA (Listing) (Amendment) “Regulatory Framework for Regulations, 2025 Global Access in the IFSC” Oct 13, 2025 Nov 26, 2025 IFSCA specified the key risks/ disclaimers pertaining IFSCA has notified the amendments in its IFSCA to Global Access, to be displayed by Global Access

(Listing) Regulations, 2024 in Oct 2025. The Providers or Introducing Brokers as the case may be

amendments include: at every login to their clients. a) Disclosure of financial information: As per the The risks explained in Annexure 1 of the Circular are IFSCA (Listing) Regulations, 2024, Financial inclusive but not exhaustive. Every client must information disclosed in the offer document is confirm that they have read and understood the required to be not older than one hundred thirty-five disclaimer and accept that they shall comply with its days. Based on the request of the stakeholders, this terms at all times at each login.

timeline has been extended to one hundred eighty days considering the practice followed in the Computation of liquid net worth domestic and global jurisdictions. under IFSCA (Capital Market b) Timelines for allotment and refund: The timeline for Intermediaries) Regulations, allotment of securities and refund of investors’ funds 2025 - Clarifications has been extended from five working days to eight working days, in view of the operational challenges in Dec 30, 2025 reconciliation and remittance of funds.

IFSCA issued a circular clarifying the computation of c) Post listing disclosure of financial statements: To liquid net worth under the CMI Regulations, 2025. It promote ease of doing business, listed companies was clarified that:

have been mandated for post-listing disclosures of financial statements on a half-yearly basis instead of a) Base minimum capital, interest-free deposits quarterly basis. maintained with stock exchanges/clearing corporations shall be considered as part of liquid net

Circular on Governing Board of worth. the Market Infrastructure Institutions (MIIs) b) Margins maintained with the broker dealer/clearing member/Global Access Provider/Foreign broker to be considered part of liquid net worth.

Oct 13, 2025 The governing boards of recognized MIIs comprise c) Any liability shall be excluded from the Non-Independent Directors (NIDs), Public Interest computation of liquid net worth.

Directors (PIDs) and a Managing Director. In order to ensure diversity of knowledge among directors and IFSCA (CMI) Regulations, 2025 bring transparency in appointment process of the – Extension of deadline for directors, IFSCA issued the circular on Oct 13, 2025. implementing revised norms for Principal Officer and In respect of PIDs, the circular covers the Compliance Officer qualification and experience requirements, appointment and reappointment processes, Dec 31, 2025 performance review and requirement of knowledge upgradation. The MIIs have also been clarified that IFSCA has come out with a circular extending the approval of shareholders is not required for deadline with respect to appointment of Principal appointments of PIDs.

Officer and Compliance Officer as per the eligibility IFSCA BULLETIN | OCT-DEC 2025POLICY AND REGULATORY UPDATES 17 criteria specified in the IFSCA (Capital Market validity of the expired Placement Memorandum of Intermediaries) Regulations, 2025 (CMI Regulations). schemes was issued on Jan 27, 2026.

The Authority in its meeting on Dec 22, 2025, approved certain amendments to CMI Regulations related to the appointment of Principal Officer and Finance Company Compliance Officer which were in the process of

notification.

Companies (Meetings of Board and its Powers) Amendment The new deadline for implementation is Jan 15, 2026, Rules, 2025 or earlier if the amended regulations are officially published in the Gazette before that date. The Nov 03, 2025 amendments were notified on Jan 12, 2026.

The Central Government, vide notification dated Nov 3, 2025, amended the Companies (Meetings of Board and its Powers) Rules, 2014.

Fund Management Through this amendment, the scope of the term Proposed Amendments to “business of financing industrial enterprises” has IFSCA (Fund Management), been widened to include Finance Companies Regulations, 2025 registered with the IFSCA and undertaking permitted core activities of lending and Global/Regional Dec 23, 2025 Corporate Treasury Centre, in the ordinary course of its business.

The 26th meeting of the IFSCA Authority, held on Dec Consequently, such Finance Companies are 22, 2025, approved key amendments to the IFSCA (Fund Management) Regulations, 2025 to address exempted from the applicability of section 186 of the operational challenges faced by FMEs and to Companies Act, thereby facilitating more flexible enhance ease of doing business in GIFT IFSC while lending terms/ arrangements for such entities.

safeguarding investor interests. A press release in this regard was issued on Dec 23, 2025.

Payment and Settlement The amendments include relaxation of eligibility norms for Key Managerial Personnel (KMPs) through the introduction of a certification-based alternative Foreign Currency Settlement with reduced work experience requirements and System - Notification of Bye- expansion of the scope of eligible work experience to laws, Rules and Regulations include consulting, advisory and relevant corporate roles; enhanced flexibility in the validity of Placement Oct 03, 2025 Memorandum for Venture Capital and Restricted In exercise of the powers under the Payment and Schemes by permitting multiple six-month Settlement Systems Act, 2007 and IFSCA (Payment extensions; provision of a one-time three-month and Settlement Systems) Regulations, 2024, the extension window for schemes with expired Authority had notified the Byelaws, Rules and Placement Memorandum (including certain open- Regulations prepared by CCIL IFSC Limited, as the ended schemes), along with the introduction of regulation, guideline, instruction or direction specific investor protection provisions in open-ended schemes; and grant of a 24-month migration window governing the operations of the Foreign Currency Settlement System i.e. FCSS (an authorised payment for FMEs to appoint custodians registered with IFSCA, system for settlement of transactions in foreign where required.

currency in GIFT IFSC).

The amendments to the IFSCA (Fund Management) Regulations, 2025 on the above matters were notified in the official gazette on Feb 02, 2026, and a Circular relating to the one-time window for extension of IFSCA BULLETIN | OCT-DEC 2025POLICY AND REGULATORY UPDATES 18

Circular on Foreign Currency • Recognises multiple GIC operating models, Settlement System – including Captive Centre, Build-Operate- Instructions for IFSC Banking Transfer (BOT), Joint Venture, Hybrid and other permissible models.

Units • GIC unit in IFSC can serve resident Indian entity up to 10% of its annual IFSC revenue.

Oct 07, 2025 • Requirement of Principal Officer and Compliance Officer.

Under this circular, features of FCSS viz. settlement • Removal of cap on transfer of employees. currency, operating hours of FCSS etc., were • GIC Unit can be set up by an entity of Financial specified. Further, procedure of membership of IBUs Institution Group either directly or through a in FCSS has been specified.

third-Party Service Provider.

The Authority had authorised CCIL IFSC Limited (“CIL”) under the relevant provisions of the Payment and Settlement Systems Act, 2007, and the IFSCA Metals and Commodities (Payment and Settlement Systems) Regulations, 2024 to operate a payment system known as the Import of gold or silver by Foreign Currency Settlement System (FCSS). Qualified Jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders through India International Bullion Financial Support Services Exchange (IIBX) IFSCA (Global In-House Centre) Oct 10, 2025 Regulations, 2025 IFSCA issued consolidated circular dated October 10, Dec 24, 2025 2025, on Import of gold or silver by Qualified Jewellers

(QJs) and valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders through India International Bullion Exchange The IFSCA (Global In-House Centres) Regulations,

(IIBX). The Circular, among other things, relaxed the 2020 was notified to operationalise Global In-House eligibility criteria for QJs by reducing their net worth Centres (GICs) as a financial service within the IFSC.

requirement to INR 15 crore from earlier requirement of INR 25 crore and amended the definition of ‘fit and Since its introduction, GICs have emerged as a key proper’ person, thus, broadbasing the set of entities pillar of the IFSC ecosystem, contributing that shall be eligible to access the bullion exchange significantly to employment generation and the in the IFSC for undertaking imports of gold and silver.

delivery of high-value financial and professional services. The sector’s steady growth and increasing The issuance of this circular makes it convenient for strategic relevance have reinforced the importance of the stakeholders to have access to various a robust and forward-looking regulatory framework. requirements including instructions or directions at one place.

Building on this experience, and considering the evolving role of GICs, outcomes of high-level deliberations, and the need for periodic regulatory review, IFSCA undertook a comprehensive review of the 2020 regulations.

Accordingly, the revamped GIC Regulations, 2025 have been drafted with the objective of enhancing regulatory clarity and flexibility, aligning the framework with global best practices, and further promoting ease of doing business within the IFSC.

The key aspects of the regulations are as under:

IFSCA BULLETIN | OCT-DEC 2025POLICY AND REGULATORY UPDATES 19 AML & CFT Approval (LOA). Units seeking broadbanding must first submit a ‘Free Form–Broadbanding/ Capacity Enhancement’ request on the SEZ Online portal to Modifications under the amend the Authorized Operations in their LOA, prior International Financial Services to obtaining regulatory approval from IFSCA.

Centres Authority (Anti Money Laundering, Counter-Terrorist Although IFSCA approvals are currently applied for Financing and Know Your through the CAF form on the SWIT portal, the SWIT Customer) Guidelines, 2022 system does not support auto-generation of the corresponding broadbanding request in the SEZ portal.

Oct 31, 2025 Accordingly, IFSC units are advised to independently submit the Free Form–Broadbanding request on the IFSCA has issued a circular dated October 31, 2025, SEZ Online portal immediately after filing their titled “Modifications under the International application on SWIT, upon which a revised LOA Financial Services Centres Authority (Anti Money reflecting the additional Authorized Operations will Laundering, Counter-Terrorist Financing and Know be issued after approval.

Your Customer) Guidelines, 2022”, inter alia, enabling Video-based Customer Identification Public Notice No. 05/2025–26 – Process (V-CIP) for onboarding of low-risk Non- Alignment of SEZ LOA with the Resident Indians (NRIs) from specified jurisdictions.

IFSCA Licences The circular significantly strengthens and expands the V-CIP framework by permitting secure, Oct 29, 2025 technology-driven and paperless onboarding and Public Notice No. 05/2025–26 highlights the need for periodic KYC updation through authorised officials of alignment between the Authorized Operations in SEZ the regulated entity, its regulated financial group Letters of Approval (LOA) and the entities or KRAs. It broadens the range of permissible licences/registrations granted by IFSCA. It has been identification mechanisms to include offline and observed that some IFSC units have obtained biometric Aadhaar authentication (including face additional IFSCA approvals for activities not reflected authentication), CKYCR data, DigiLocker-based in their LOA, which ideally should have been updated OVDs supported by enhanced cybersecurity, liveness, through the Broadbanding of Services process prior anti-fraud and anti–deep fake controls.

to seeking such approvals.

Overall, the framework facilitates onboarding of low- Accordingly, all IFSC units are advised to review their risk NRI customers under a pilot approach, while LOA and, wherever discrepancies exist between the enhancing customer convenience and ease of doing activities permitted under the LOA and those business without diluting regulatory safeguards.

approved by IFSCA, immediately submit a ‘Free Form–Broadbanding/ Capacity Enhancement’ request on the SEZ Online portal to update their authorized operations. Units must ensure full Office of Administrator (IFSCA) alignment of their LOA with their IFSCA licences by

31.12.2025 to avoid any adverse action for Public Notice No. 04/2025–26 – unauthorised operations under the SEZ Act.

Process of Broadbanding of Public Notice No. 06/2025–26 - Services by the Units in the Reporting of Employee Data in IFSC under SEZ Provisions MPR Sep 29, 2025 Oct 28, 2025 Public Notice No. 04/2025–26 outlines the process Public Notice No. 06/2025–26 reiterates the for Broadbanding of Services for existing IFSC units mandatory requirement for IFSC units in GIFT SEZ to approved under SEZ provisions, which refers to submit complete and accurate Monthly Performance adding new services or modifying existing services Reports (MPRs), including detailed employee/ beyond those originally approved in the Letter of employment data, on the SEZ Online portal by the 5th IFSCA BULLETIN | OCT-DEC 2025POLICY AND REGULATORY UPDATES 20 of every succeeding month, as earlier directed under Public Notice No. 07/2025–26 announces the launch Public Notice No. 03/2024-25 dated 23.12.2024. of an Open House Series (OHS) by the Office of the Administrator (IFSCA) to educate and facilitate IFSC The notice emphasizes that employment data is units on compliance with the SEZ Act, 2005 and critical for monitoring individual unit performance related rules. The series will comprise 12–15 physical and the overall development of the GIFT IFSC sessions, held twice a week (Tuesdays and Thursdays) ecosystem and reminds units that this obligation is starting from 06.01.2026, with around 50 units per enforceable under the provisions of the SEZ Act. IFSC session, grouped category-wise to address common units are strictly advised to comply with this reporting compliance issues. Sessions will be conducted in requirement, failing which any lapse or inaccuracy person at the IFSCA Headquarters, with only one will be viewed seriously and may attract appropriate authorized senior representative (PO/CO or action in accordance with law.

equivalent) per unit permitted, and consultants not Public Notice No. 07/2025–26 - allowed. The list of invited units will be published in advance on the IFSCA website and communicated Open House Series on SEZ via email along with a Google Form for confirmation, Compliance nomination of the authorized representative, and submission of specific issues for discussion, and Dec 26, 2025 units are urged to participate and cooperate to ensure effective and meaningful engagement.

IFSCA BULLETIN | OCT-DEC 2025PUBLIC CONSULTATION 21 PUBLIC CONSULTATION _____________________________________________________________________________________ Banking dematerialisation of securities and other financial products issued by entities in the IFSC jurisdiction.

The proposal was to mandate entities in the IFSC Public Consultation on jurisdiction to obtain ISINs from a depository amendment to IFSCA Banking registered with IFSCA, instead of domestic

Handbook: COB Directions on depositories, for the purpose of dematerialisation of restrictions by the Authority on securities and other permitted financial products the activity of providing credit issued by them.

Oct 16 - Nov 07, 2025 Consultation Paper on amendments to the IFSCA The objective of this consultation paper was to seek (Capital Market Intermediaries) comments/ views/ suggestions from the public on Regulations, 2025 the various types of internet banking services namely Information service, Interactive information Nov 03 - Nov 24, 2025 exchange service and Transactional service that IBUs need to provide for ease of banking for the customers IFSCA issued a consultation paper seeking of the IBU.

stakeholder feedback on proposed amendments to the IFSCA (CMI) Regulations, 2025, to improve operational efficiency and the ease of doing business in the IFSC. Key proposals included broadening the Capital Markets eligibility for Principal and Compliance Officers by recognising FinTech and STEM qualifications and Consultation Paper on Master reducing the required experience for graduates from

Circular for Stock Exchanges ten years to five years. and Clearing Corporations in the IFSC The consultation paper proposed permitting a common Principal Officer for various registrations, Oct 01 - Oct 22, 2025 provided a dedicated vertical head is appointed for distribution businesses. The consultation paper also The Stock Exchanges and Clearing Corporations have proposed a unified registration framework to allow to comply with circulars issued from time to time by entities to undertake multiple regulated activities IFSCA. Additionally, various SEBI circulars that have under a single licence.

not been superseded by any of the IFSCA circulars are also applicable to the MIIs.

Additionally, the consultation paper outlined the standardisation of the minimum net worth In the consultation paper, a Master Circular for Stock requirement for Custodians at USD 1 Mn and Exchanges and Clearing Corporations is proposed

provided clarifications on the components of liquid which supersedes all the circulars and guidelines of net worth for broker-dealers and clearing members.

SEBI and IFSCA and replaces them with a single point of reference for ease of compliance.

Consultation Paper on Regulatory Framework for Regulatory Framework for Implementation Services by Dematerialisation of securities Investment Advisers in IFSC by entities in the IFSC jurisdiction Nov 13 – Dec 03, 2025 Oct 27 - Nov 16, 2025 The objective of the consultation paper was to seek comments from the public and stakeholders on the The objective of the consultation paper was to seek draft framework for providing implementation comments from the public on the proposal for IFSCA BULLETIN | OCT-DEC 2025PUBLIC CONSULTATION 22 services by Investment Advisers (IAs) registered with audit specialists on responsible sourcing, to be IFSCA. delivered on the Bullion Exchange (IIBX).

Guidelines on Cyber Security and Cyber Resilience for the Insurance Market Infrastructure Institutions (MIIs) in IFSC Consultation Paper on Proposed IFSCA (Registration of Nov 25 – Dec 16, 2025 Insurance Business)

(Amendment) Regulations, IFSCA issued the Guidelines on “Cyber Security and 2025 Cyber Resilience for Regulated Entities in IFSCs” on Mar 10, 2025. These principle-based guidelines apply Nov 19 - Nov 29, 2025 to all regulated entities, unless exempted, based on the principle of proportionality.

The objective of this consultation paper was to seek comments/ views/ suggestions from the public on Given the systemic importance of MIIs, a differentiated and elevated baseline of cyber security the proposed amendments to the definition of and cyber resilience was proposed for the MIIs in the Service Companies of Lloyd’s IFSC as provided in consultation paper. IFSCA (Registration of Insurance Business) Regulations, 2021 (IIO Regulations).

Consultation Paper on Master

Circular for Broker Dealers and Pension Clearing Members Consultation Paper On The Nov 29 - Dec 20, 2025 Proposed IFSCA (Pension Fund) The IFSCA (CMI) Regulations, 2021 were notified in Regulations, 2025 Oct 2021, which have subsequently been replaced by the IFSCA (CMI) Regulations, 2025. Various circulars Nov 04 - Nov 25, 2025 have been issued by IFSCA under the CMI The main objective of the pension fund regulations in Regulations including for Broker Dealers and Clearing the IFSC is to establish a robust framework for long- Members.

term retirement savings, promote a secure and In addition to the circulars issued by IFSCA, various transparent environment for subscribers, and SEBI circulars that have not been superseded by any position the IFSC as a global hub for financial of the IFSCA circulars are also applicable in IFSC. services.

To facilitate ease of compliance for Broker Dealers 1. Subscribers Protection: The primary objective is to and Clearing Members, a Master Circular is proposed safeguard the interests of subscribers (Non-Resident in the consultation paper which supersedes all the Indians and foreign citizens).

circulars and guidelines of SEBI and IFSCA and

2. Regulatory Oversight: The regulations aim to create replaces them with a single point of reference. a strong regulatory framework for PFs operating within the IFSC.

Metals and Commodities 3. Operational Flexibility: The regulations seek to provide a flexible and modern framework that offers a Consultation Paper on the variety of investment options - Contribution, Multiple Proposed IFSCA Good Delivery Scheme Type, and Diverse Exit options.

Guidelines 2025

4. Global Competitiveness: By permitting Nov 28 - Dec 31, 2025 investments in a wide range of global assets and allowing for a high allocation to Indian markets, the The objective of this Consultation Paper is to permit regulations aim to make the IFSC an attractive hub for gold refined by any Indian or global refinery, by international pension funds.

adhering to best practices and audited by leading IFSCA BULLETIN | OCT-DEC 2025PUBLIC CONSULTATION 23

5. Additional Benefits: The regulations also aim to Offshore Education Centres) enhance the product's value proposition by Regulations, 2022 integrating into a healthcare benefit option.

Nov 14 – Dec 31, 2025 Foreign University The objective of this Paper was to seek feedback/ comments/ views/ suggestions from the public and Seeking comments/ market participants on any amendments or additions suggestions of the public and that are required to be made to the IFSCA (Setting up market participants on the and Operation of International Branch Campuses existing IFSCA (Setting up and and Offshore Education Centres) Regulations, 2022.

Operation of International Branch Campuses and IFSCA BULLETIN | OCT-DEC 2025ENFORCEMENT AND REGULATORY ACTIONS 24 ENFORCEMENT AND REGULATORY ACTIONS _____________________________________________________________________________________ S. No. Entity Type Nature of Lapse/ Violation Action/ Status 1 Ancillary Services Commenced operations Order-in-Original issued by Provider without valid IFSCA Administrator (IFSCA) with a penalty authorisation 2 Ancillary Services Service rendered after expiry of Order-in-Original issued by Provider LOA Administrator (IFSCA) with a penalty 3 Capital Market Non-submission of Annual Order-in-Original issued by Intermediary Performance Reports (APRs) Administrator (IFSCA) with a penalty within prescribed timelines 4 Capital Market Proprietary trades conducted Show Cause Notice issued by Intermediary after expiry of LOA Administrator (IFSCA) 5 Ancillary Services Rendering services beyond Show Cause Notice issued by Provider authorised scope to non-BFSI Administrator (IFSCA) entities 6 Finance Company Non-compliance with regulatory Show Cause Notice issued requirements under the IFSCA (Finance Company) Regulations, 2021 7 Capital Market Non-compliance with regulatory Show Cause Notices issued Intermediary (2 requirements under the IFSCA entities) (Capital Market Intermediary) Regulations, 2021 IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 25 EVENTS AND OUTREACH ACTIVITIES _____________________________________________________________________________________ Development Activities Roundtable discussions with Germany-based Financial Institutions at Consulate General of India, Frankfurt Oct 01, 2025 Frankfurt, Germany Roundtable discussions on the opportunities for Figure 31: Hon’ble Union Minister Shri Nitin Gadkari launching the India Maritime Report 2025–26.

Germany-based financial institutions in the IFSC and Trade Finance Ecosystem were jointly organised by European Journalists’ delegation visits GIFT City IFSCA and the Consulate General of India, Frankfurt.

Nov 04, 2025 The event brought together key stakeholders from GIFT City, India Germany, including representatives from major banks, insurance intermediaries, and members of A delegation of senior journalists from Europe visited Factors Chain International.

the GIFT City, where they engaged in detailed interactions on India’s vision for developing GIFT IFSC as a global financial hub.

Figure 30: IFSCA delegation led by Shri Ashutosh Sharma, CGM during a roundtable in Germany India Maritime Week 2025 Figure 32: European journalists during GIFT City visit Oct 27-31, 2025 IFSCA Chairperson Shri K. Rajaraman and Executive Mumbai, India Director Dr. Dipesh Shah shared insights on the regulatory framework, growth trajectory, and emerging opportunities at GIFT IFSC, highlighting its At India Maritime Week 2025 in Mumbai, IFSCA role in positioning India as a key player in the global actively contributed to discussions on strengthening financial ecosystem, with support from the Ministry India’s maritime finance ecosystem.

of External Affairs.

IFSCA Chairperson Shri K. Rajaraman spoke during Visit of H.E. Mr. Chris Cooter, High the Amrit Kaal session on “Innovative Mechanisms Commissioner of Canada to India to GIFT City for Ship Financing,” addressing industry leaders on emerging financing models and the growing Nov 06, 2025 importance of GIFT IFSC in supporting maritime and GIFT City, India shipping-related investments. The address highlighted the strategic role of GIFT IFSC in GIFT City was honoured to host H.E. Mr. Chris Cooter, advancing maritime finance in alignment with India’s High Commissioner of Canada to India, along with Viksit Bharat @2047 vision.

his delegation. The visit included detailed IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 26 discussions with officials from IFSCA and GIFT City on GIFT IFSC’s growing role, key policy and regulatory on the progress and evolving regulatory and business enablers, and India’s aviation leasing and financing ecosystem of the IFSC, as well as potential avenues outlook.

for collaboration and participation by Canadian financial institutions in GIFT IFSC, strengthening bilateral financial engagement between India and Canada.

Figure 35: Shri Ashutosh Sharma, CGM, IFSCA moderating a session during the Global Aviation & Air Cargo Conclave HSBC Global Wealth Summit Nov 21, 2025 Figure 33: Canadian High Commissioner H.E. Chris Cooter visiting GIFT City to explore collaboration and Canadian Hyderabad, India financial participation Andhra Pradesh Reimagining Public Finance Summit Nov 15, 2025 Visakhapatnam, India Figure 36: IFSCA Chairperson Shri K. Rajaraman highlighting NRI investment opportunities at the HSBC Global Wealth Summit in Hyderabad.

IFSCA Chairperson Shri K. Rajaraman delivered a keynote address at the HSBC Global Wealth Summit in Hyderabad on Nov 21, 2025, highlighting investment opportunities for NRIs through GIFT IFSC.

Figure 34: IFSCA Chairperson Shri K. Rajaraman delivering keynote address on GIFT IFSC's role in Viksit Bharat @2047 KPMG India session on Treasury Center Chairperson, IFSCA, Shri K. Rajaraman delivered the keynote address at the Andhra Pradesh Reimagining Nov 24, 2025 Public Finance Summit in Visakhapatnam on 15 Mumbai, India November 2025, where he highlighted the pivotal role of GIFT IFSC in realising the vision of Viksit Bharat @

2047.

PHDCCI Global Aviation & Air Cargo Conclave Nov 18, 2025 New Delhi, India Shri Ashutosh Sharma, CGM, IFSCA, moderated a panel on “From Nascent to Next: Leasing in the Figure 37: Dr. Dipesh Shah, ED, IFSCA discussing Treasury Aviation Sector & the Road Ahead” at the 11th PHDCCI Centre opportunities at IFSC Global Aviation & Air Cargo Conclave 2025, focusing IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 27 IFSCA Executive Director Dr. Dipesh Shah and other senior officials participated in a roundtable session in Mumbai. Organized in collaboration with KPMG India, the event focused on the establishment of Treasury Centers and other emerging financial opportunities within GIFT IFSC.

Asset Management Conclave Nov 24, 2025 Figure 39: IFSCA Chairperson Shri K. Rajaraman discussing Mumbai, India GIFT IFSC ecosystem with Journalists from leading national dailies IFSCA participated at the “Asset Management Visit of Premier of Cayman Islands to GIFT IFSC Conclave” in Mumbai, organized by Dovetail Capital Private Limited, to showcase the evolving investment Dec 03, 2025 landscape of GIFT IFSC to global industry leaders. IFSCA HQ, GIFT City H.E. André Ebanks, Premier of the Cayman Islands, led a high-level delegation to the IFSCA to engage in strategic discussions regarding the future of global financial services.

Figure 38: IFSCA Chairperson Shri K. Rajaraman during the Interview on GIFT IFSC’s strategic vision The event featured an interview with IFSCA Chairperson Shri K. Rajaraman on the centre's strategic direction, alongside a presentation by Executive Director Dr. Dipesh Shah regarding the hub’s macro business ecosystem and global competitiveness. Figure 40 : Cayman Islands Premier H.E. André Ebanks with IFSCA Chairperson Shri K. Rajaraman Senior Journalists with PIB India delegation and The visit focused on establishing regulatory other Leading National Dailies visited IFSCA HQ cooperation and sharing institutional best practices at GIFT City to strengthen the financial services ecosystem.

Nov 25 & 26, 2025 Launch of HSBC EY GIFT City Regulatory IFSCA HQ, GIFT City Compendium A delegation of senior journalists from leading Dec 04, 2025 national print media and electronic houses, led by Mumbai, India the Press Information Bureau (PIB) India, visited the IFSCA HQ to explore the evolution of India's first HSBC, in collaboration with EY India, has launched a International Financial Services Centre.

comprehensive compendium titled "The GIFT City

Advantage: Doing Business in India’s International The discussions centered on GIFT IFSC’s strategic Financial Services Centre (IFSC)," unveiled by DEA contribution to India’s economic trajectory and its Secretary Smt. Anuradha Thakur and IFSCA growing reputation as a competitive global financial Chairperson Shri K. Rajaraman.

gateway.

IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 28 Figure 41: Launch of HSBC and EY "The GIFT City Advantage" Figure 44: IFSCA delegation at the Consulate General of compendium by IFSCA Chairperson and DEA Secretary India, Frankfurt

IFSCA Delegation Visit to Europe: Advancing In Zurich, IFSCA deepened engagement with leading Global Engagement for GIFT IFSC global asset managers, private banks, reinsurers and wealth managers.

Dec 08-12, 2025 Frankfurt, Zurich & Netherlands IFSCA undertook a high-level official delegation visit to Germany, Switzerland and the Netherlands in December 2025, led by Chairperson Shri K.

Rajaraman, to strengthen international partnerships and promote GIFT IFSC as a globally competitive financial centre.

Figure 45: IFSCA held a Swiss Asset Management Conference in Zurich to highlight investment opportunities in GIFT IFSC IFSCA also organized a dedicated Asset Management Conference in Zurich, engaging prominent asset managers and institutional investors to discuss India- focused fund structures and cross-border investment opportunities through GIFT IFSC.

Figure 42: IFSCA officials promoting GIFT IFSC fund management opportunities to German asset managers and institutional investors during a roundtable in Frankfurt In Frankfurt, the IFSCA delegation engaged with key stakeholders across central banking, commercial banking, asset management and financial supervision.

Figure 46: NVB and the Dutch Government hosted the IFSCA delegation to strengthen international financial ties In the Netherlands, the IFSCA delegation engaged in meetings with market participants focusing on international financing, export credit, development finance and emerging market opportunities.

Figure 43: Dr. Dipesh Shah, ED, IFSCA presenting on GIFT IFSC opportunities to Indian diaspora and German stakeholders IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 29 A 50-member Dubai business delegation visited explore avenues for greater connectivity between GIFT City to explore investment opportunities in GIFT IFSC and Taiwan.

the IFSC Dec 09, 2025 GIFT City, India A 50-member Dubai business delegation, including NRI entrepreneurs and senior professionals, visited GIFT City today to explore emerging opportunities within the GIFT IFSC.

Figure 48: Shri Pradeep Ramakrishnan, ED, IFSCA at the session hosted by The Securities Investment Trust & Capital Markets Consulting Association IOSCO Growth and Emerging Markets World Investor Week Committee (GEMC) Meeting Oct 06-10, 2025 Nov 18-20, 2025 GIFT City/ Gandhinagar, India Malta, Europe IFSCA celebrated IOSCO’s World Investor Week IFSCA officials delivered a presentation on "Enabling

(WIW) 2025 during the week of October 6, 2025, in

Investments in Emerging Markets: GIFT IFSC collaboration with stock exchanges and market Perspective". participants.

Figure 49: Shri Pradeep Ramakrishnan, ED, IFSCA during a hybrid Figure 47: IFSCA Chairperson Shri K Rajaraman delivering an session for GEMC Meeting address during the World Investor Week The officials shared valuable insights on IFSCA's The global initiative promotes investor education and robust regulatory architecture, and the various protection. The theme for 2025 was “Technology and initiatives undertaken to enhance capital flows and Digital Finance, Artificial Intelligence, and Fraud and facilitate investments into India through GIFT IFSC.

Scam Prevention.” Event on the various opportunities for start-ups Official Visit to Taiwan and fund managers in the IFSC.

Oct 15, 2025 Dec 11, 2025 Taiwan, Asia Bengaluru, India A team led by Shri Pradeep Ramakrishnan, Executive Shri Pradeep Ramakrishnan, ED, IFSCA and Shri Director, IFSCA, that included officials from the Arjun Prasad, GM, IFSCA participated in an event recognized stock exchanges in GIFT IFSC, met senior organized by NSEIX in collaboration with IFSCA and officials of the FSC, Taiwan. The discussions focused HSBC in Bengaluru and shared insights on the on strengthening collaboration between IFSCA and various opportunities for start-ups and fund FSC, Taiwan to deepen capital market linkages and managers in the IFSC.

IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 30 Insurance Federation of Afro Asian Reinsurers (FAIR) 2025 Conference Oct 05-08, 2025 Mumbai, India IFSCA Official delegation participated in Federation of Afro Asian Reinsurers (FAIR) 2025 Conference in Figure 50: Shri Pradeep Ramakrishnan, ED, IFSCA in Bengaluru during an event organized by NSE IX and HSBC Bank Mumbai.

Metals and Commodities Dubai Precious Metals Conference 2025 Nov 24-25, 2025 Dubai, UAE As part of outreach initiatives, IFSCA held series of meetings on sidelines with market participants and Figure 52: Shri K Mahipal Reddy, ED, IFSCA at FAIR 2025 key industry stakeholders.

Conference Indian Management Research Conference – IIM FAIR 2025 organizers had scheduled a high-impact Ahmedabad 2025 plenary session on “Reinsurance Strategies for Expanding Insurance Access, a critical conversation Dec 05-07, 2025 supporting the Government of India and IRDAI’s Ahmedabad, India ambitious goal of “Insurance for All by 2047”. Shri K Mahipal Reddy, Executive Director, IFSCA was invited IFSCA participated in the India Management as a panellist along with other veterans of the Indian Research Conference (IMRC) 2025, held from (Re)insurance industry.

December 5–7, 2025 at IIM Ahmedabad.

Singapore Reinsurance Conference, 2025 Nov 03-06, 2025 Singapore The 21st Singapore International Reinsurance Conference (SIRC) 2025 was held under the theme of “STAYING AHEAD, FUTURE READY”. The event was attended by IFSCA representative from the Department of Insurance.

Figure 51: Shri Ramakrishnan Padmanabhan, GM, IFSCA IAIS - International Association of Insurance during Indian Management Research Conference 2025 Supervisors Annual Conference Nov 10-14, 2025 Tirana, Albania Shri K Mahipal Reddy, Executive Director, IFSCA and team, attended the IAIS - International Association of Insurance Supervisors Annual Conference, AGM and Committee Meetings held in Tirana, Albania, from IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 31 10th to 14th November 2025. The officials attended Nov 05-06, 2025 meetings of the Supervisory Forum, Policy Istanbul, Turkey Development Committee, Macroprudential Committee, Implementation and Assessment IFSCA participated in the Annual Meetings of the Committee and Executive Committee.

Technical Committee of the IOPS and the OECD/ IOPS/ IPRSA/ PMC Global Forum on Private Pensions, held in Istanbul, Türkiye, from 5–7 Nov 2025.

Figure 53: IFSCA delegation headed by Shri K Mahipal Reddy, ED, IFSCA with others at the IAIS Annual Conference Figure 55: IFSCA delegation with others during the IOPS Annual Meeting and Global Forum on Private Pensions 12th ET NOW Insurance Summit Dec 18, 2025 Finance Company Mumbai, India Samaah Shri K Mahipal Reddy, Executive Director, IFSCA addressed the audience at the 12th ET NOW Dec 17, 2025 Insurance Summit. He deliberated upon the evolving Mumbai, India role of GIFT IFSC and outlined the way forward for the insurance sector.

Figure 56: IFSCA Chairperson Shri K. Rajaraman, delivering Figure 54: Shri K Mahipal Reddy, ED, IFSCA delivering the an address at ‘Samaah’ event on trade finance address at the 12th ET NOW Insurance Summit IFSCA Chairperson participated as the keynote Shri Reddy also presented awards to the speaker at Samaah, an event organized by the M1 distinguished industry participants in recognition of Group. The event had participants ranging from their contributions to the insurance ecosystem.

Banks, NBFCs, Indian corporates and Insurance companies.

Pension Chairperson emphasised that technology platforms, in partnership with banks, can materially reduce financing risks while offering competitive pricing to Annual Meetings of the Technical Committee of customers.

the International Organisation of Pension Supervisors (IOPS) and Global Forum on Private Pensions IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 32 FinTech and Payments Innovation and Emerging Markets and Developing Economies”.

Global FinTech Festival 2025 Oct 07-09, 2025 Mumbai, India The Hon’ble Union Finance Minister launched the Foreign Currency Settlement System (FCSS) of GIFT IFSC at the Global Fintech Festival held at Mumbai on Oct 7, 2025. The FCSS system will initially settle transactions undertaken in USD with scope for adding other foreign currencies over time. With the Figure 58: IFSCA delegation at the International Association launch of FCSS, GIFT IFSC joins the ranks of a handful of Insurance Supervisors’ FinTech Forum.

of international financial centres, including Tokyo and Hong Kong, which possess the infrastructure to settle Meet the Regulator foreign currency transactions locally.

Nov 04, 2025 Pune, India Figure 57: The Hon’ble Union Finance Minister Smt. Nirmala Sitharaman launching the Foreign Currency Settlement Figure 59: Shri Joseph Joshy, CGM, IFSCA, during an System for GIFT IFSC at GFF 2025 outreach session in Pune The Union Finance Minister reaffirmed the IFSCA conducted an outreach session with the Government of India’s commitment, under the Fintech Association for Consumer Empowerment leadership of Hon’ble Prime Minister Shri Narendra (FACE) at the office of Fibe, Pune, where Modi, to fostering growth and expanding opportunities at GIFT IFSC were presented to opportunities at GIFT City. On the sidelines of the participants.

event, Smt. Sitharaman also chaired a roundtable discussion titled “GIFT IFSC: Emerging as a Financial Board Meeting of Global Financial Innovation Gateway to India” with market participants from GIFT Network (GFIN) IFSC and senior leaders of financial institutions, in Nov 10, 2025 the presence of senior officials including the Secretary, DFS, the Chairman of GIFT City, and the Singapore, Asia Chairperson of IFSCA.

International Association of Insurance Supervisors’ FinTech Forum Oct 29, 2025 Amsterdam, Netherlands IFSCA attended the International Association of Insurance Supervisors’ FinTech Forum and participated in the panel discussion on “Digital Figure 60: IFSCA delegation at the GFIN Board Meeting IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 33 IFSCA was previously elected as a Board member of The High Commissioner of India to Singapore visited GFIN. IFSCA participated in the GFIN board meeting the IFSCA booth within the India Innovation Pavilion, on the sidelines of Insights Forum 2025 and where the delegation briefed him on the major Singapore FinTech Festival 2025. During the meeting, initiatives on display.

updates were provided on GFIN’s AI Compass Project and Quantum Project. It was also agreed that the Pre-summit to India AI Impact Summit 2026 Jersey Financial Services Commission (JFSC) will host the next GFIN Annual General Meeting. Nov 20, 2025 GIFT City, India Insights Forum 2025 IFSCA delivered a keynote on the theme Nov 10-11, 2025 “Revolutionary AI Tools in FinTech: Balancing Singapore, Asia Innovation and Trust” as part of the lead-up to India AI Impact Summit 2026.

Annual Conference of FinTech Department of the Reserve Bank of India Dec 13, 2025 Mumbai, India Shri Praveen Kamat, General Manager & CISO participated in a panel discussion on Asset Figure 61: Shri Joseph Joshy, CGM, IFSCA participating in the Tokenisation at the Annual Conference of the FinTech GFIN Tokenisation Roundtable Department of RBI on Dec 13, 2025.

IFSCA delegation participated in the Insights Forum

2025. During the Insights Forum, IFSCA took part, inter alia, in the “GFIN Tokenisation Roundtable:

Global Perspectives on Evolving Frameworks” and the GFIN Board Meeting.

Singapore FinTech Festival (SFF) 2025 Nov 12-14, 2025 Singapore, Asia At SFF 2025, the India Innovation Pavilion, jointly set Figure 63: Shri T Rabi Shankar, Deputy Governor, RBI presenting a certificate of participation to Shri Praveen up by IFSCA, RBI, SEBI, and IRDAI (Bima Sugam), Kamat, GM, IFSCA. Shri Avneesh Pandey, ED, SEBI is at the showcased the regulators’ innovative initiatives.

extreme left.

IFSCA highlighted the key features of the GIFT IFSC ecosystem. MoU Signing with IIT Gandhinagar Dec 16, 2025 IFSCA HQ IFSCA signed an MoU with IIT Gandhinagar to strengthen collaboration between regulation and academia for the development of a future-ready GIFT IFSC ecosystem.

Figure 62: IFSCA delegation at the SFF 2025 IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 34 Figure 64: IFSCA Chairperson Shri K. Rajaraman with Shri Figure 66: Shri K Mahipal Reddy, ED, IFSCA, delivering an Rajat Moona, Director, IIT Gandhinagar during MoU signing address during an event in Chennai ceremony The session highlighted the regulatory framework Bharat Innovates 2026 governing BATF services, along with the newly notified TechFin and Ancillary Services (TAS) Dec 18, 2025 regulations, and the significant opportunities they IIT Gandhinagar, Gujarat create for professionals and technology service providers.

Opportunities for Professional & Technology Service Providers and Listings & Funds Ecosystem at GIFT IFSC Oct 10-11, 2025 Chennai, India IFSCA organised two conferences, first one with Figure 65: Shri Joseph Joshy, CGM, delivering an address at support of The Institute of Company Secretaries of Bharat Innovates 2026 India on 10.10.2025 and second one with support of Institute of Cost Accountants of India on Oct 11, 2025 IFSCA representative delivered an address at the for the members of professional communities.

Bharat Innovates 2026: National Basecamp hosted by the Indian Institute of Technology Gandhinagar, where around 400 startups showcased innovative solutions.

Financial Support Services Outreach Session on Opportunities for Professional & Technology services providers at GIFT IFSC under IFSCA (BATF) Regulations, 2024 Figure 67: IFSCA delegation at the conference in Chennai and IFSCA (TechFin and Ancillary Services) Regulations, 2025 These jointly hosted insightful outreach programmes held in Chennai, spotlighting “Opportunities for Oct 01, 2025 Professional & Technology Service Providers and Chennai, India Listings & Funds Ecosystem at GIFT IFSC.” A session on “Opportunities for Professional & Professional Services Ecosystem: The Growth Technology Services Providers at GIFT IFSC” was Catalyst for GIFT IFSC jointly organised by IFSCA and ICSI on Oct 01, 2025 Nov 01, 2025 at Hyderabad.

Cochin, India IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 35

GIFT IFSC: A Strategic Enabler in realising the vision of Viksit Bharat @2047 Dec 12, 2025 Bengaluru, India Figure 68: IFSCA officials at the 53rd National Convention of Company Secretaries As a part of the 53rd National Convention of Company Secretaries held on November 01, 2025, at Cochin, a special session was organized, focusing on “GIFT

IFSC: Enabling Growth and Professional Figure 70: Shri K Mahipal Reddy, ED, IFSCA delivering the keynote address in Bengaluru Opportunities for Achieving the Vision of Viksit At the 5th Edition of GCC Summit Series organised by Bharat.” ICAI in Bengaluru on 12 December 2025, Shri K.

Mahipal Reddy, Executive Director, IFSCA, delivered The session highlighted the strategic importance of the keynote address on “GIFT IFSC: A Strategic GIFT IFSC in supporting India’s long-term economic Enabler in Realising the Vision of Viksit Bharat @2047.” aspirations and its role as a global financial and professional services hub.

GIFT IFSC: India’s second engine of economic growth and opportunities for CAs, GCC and Outreach Session on Opportunities for revisiting talent migration Professional & Technology Service Providers and the Listings & Funds Ecosystem at GIFT IFSC Dec 19, 2025 Jaipur, India Dec 11, 2025 Bengaluru, India The 6th Edition of ICAI GCC Summit, organised by ICAI, was held in Jaipur on Dec 19, 2025. As part of the During the outreach session, Shri K. Mahipal Reddy, Summit, Shri Sathyaraj C.M. GM, IFSCA delivered a ED, highlighted the pivotal role of governance and presentation on “GIFT IFSC: India’s Second Engine of compliance professionals in fostering trust, Economic Growth and Opportunities for CAs, GCCs, efficiency, and sustainable growth within the IFSC and Talent Migration”, highlighting the expanding role framework.

of GIFT IFSC in enabling professionals and Global Capability Centres to participate in global financial services while operating from India.

Others World Investor Week 2025 Oct 06, 2025 Figure 69: IFSCA officials at an outreach session in Bengaluru RRU, Gandhinagar Shri Pradeep Ramakrishnan, ED, delivered a comprehensive overview of the rapidly expanding IFSCA participated in a seminar organized by NSE IX funds ecosystem at GIFT IFSC and underscored and NSE ICC on Day 1 of the World Investor Week India’s growing presence in the global financial

2025. The event was held at Rashtriya Raksha landscape.

University where he delivered an insightful session on IFSCA BULLETIN | OCT-DEC 2025EVENTS AND OUTREACH ACTIVITIES 36 "AI & Cybersecurity - Implications for Financial Shri Praveen Kamat, GM & CISO participated in AISS Markets". 2025 organized by Data Security Council of India

(DSCI) from Dec 3-5, 2025, at New Delhi. He presented his views as speaker on the panel titled “Beyond Compliance – Building Adaptive Data Security for Financial Services”.

Visit by IFSCA Delegation to RBI, SEBI and IRDAI Offices Nov-Dec 2025 Figure 71: Dr. Bimal Patel, Vice-Chancellor of Rashtriya Ahmedabad and Hyderabad, India Raksha University with Shri Praveen Kamat, GM, IFSCA Between Nov-Dec 2025, delegations from IFSCA Global Fintech Fest (GFF) 2025 conducted a series of strategic visits to the headquarters and regional offices of India’s key Oct 08, 2025 financial regulators to strengthen inter-agency Mumbai, India collaboration.

Mr. Praveen Kamat, GM & CISO participated in a roundtable on "Building Resilient Global Fintech

Supply Chains: Addressing Strategic Dependencies and Cybersecurity Risks", as part of GFF 2025.

Figure 74: IFSCA delegation at IRDAI HQ in Hyderabad These engagements included a visit to the IRDAI HQ in Hyderabad on Nov 21 to discuss enforcement best practices, followed by a meeting at SEBI’s Western Figure 72: Shri Praveen Kamat, GM, IFSCA at GFF 2025 Regional Office in Ahmedabad on Nov 27 focused on regulatory compliance.

Annual Information Security Summit 2025 Dec 05, 2025 Aerocity, New Delhi Figure 75: IFSCA delegation at the Zonal Inspectorate of the Reserve Bank of India, Ahmedabad The series concluded on Dec 18 with a visit to the Reserve Bank of India’s (RBI) Zonal Inspectorate in Figure 73: Shri Praveen Kamat, GM, IFSCA in the panel Ahmedabad, where officials exchanged insights on discussion at AISS 2025 streamlining regulatory processes.

IFSCA BULLETIN | OCT-DEC 2025ARTICLE 37 ARTICLE _____________________________________________________________________________________ Listing of Debt Securities in IFSC Trends, Drivers & Market Growth Mr. Pradeep Ramakrishnan, ED, IFSCA The salient features of the Listing Regulations with Mr. Arjun Prasad, GM, IFSCA respect to debt securities are as under:

Mr. Pawan K. Chowdhary, DGM, IFSCA Mr. Rishikesh Wandhekar, AM, IFSCA

1) Issuer Background India’s aspiration to become a developed economy depends on building strong, diversified, and resilient financial markets capable of mobilising capital efficiently and at scale. As noted in the NITI Aayog report on Deepening the Corporate Bond Market in India, the country’s corporate bond market, at around ~16% of GDP, remains modest compared to developed economies, indicating significant untapped potential for mobilising long-term capital.

With rising infrastructure and industrial investment needs, and the limitations of bank-led financing, a well-developed bond market offers an important # Issuers based in domestic India are also governed by the norms alternative funding avenue and broadens access to a regarding External Commercial Borrowings (“ECB”) prescribed wider investor base. under the Foreign Exchange Management Act, 1999 (“FEMA”).

2) Depository In this context, the IFSC at GIFT City is emerging as a key platform for facilitating access to global capital The debt securities listed on a recognised stock through foreign currency bond listings. Backed by a exchange shall be freely transferable and held with a globally benchmarked regulatory framework under

depository: the IFSCA (Listing) Regulations, 2024, along with tax efficiency and ease of doing business, the IFSC is ✓ India International Depository IFSC Limited steadily developing into a credible jurisdiction for

(IIDI); or cross-border debt listings. ✓ Any international central securities depository This article explores the regulatory architecture,

(ICSD). market trends, and key drivers contributing to the growth of the bond ecosystem in the IFSC.

3) Listing Application Regulatory Framework ✓ The issuer shall file listing application with the stock exchange(s).

The IFSCA (Listing) Regulations, 2024 (“Listing Regulations”) were notified in August 2024 replacing ✓ The offer document/ information memorandum the IFSCA (Issuance and Listing of Securities) shall contain all material disclosures which are Regulations, 2021. The Listing Regulations, inter alia, true, correct and adequate to enable the provide the regulatory framework for listing of investors to take an informed investment corporate bonds on the stock exchanges in the IFSC, decision. The document shall contain issuer in line with global best practices.

and issue related disclosures as specified in the Listing Regulations.

IFSCA BULLETIN | OCT-DEC 2025ARTICLE 38

4) Credit Rating Securities) Regulations, 2021 and subsequently subsumed in the IFSCA (Listing) Regulations, 2024.

As of Dec 2025, the GIFT IFSC has witnessed the listing of approximately USD 16.19 Bn ESG labelled debt securities, accounting for ~24% of the total debt securities listed, which stood at USD 68.03 Bn. This strong uptake underscores the impact of focused regulatory measures and growing investor confidence in India’s green and sustainable finance Clarification issued by IFSCA to stock exchanges w.r.t.

framework.

Secondary Listings: a) The requirement to obtain credit rating specified under regulation 72 of the Listing Regulations shall apply on fresh issuance and listing of debt securities.

However, where an issuer has already issued and listed debt securities on any stock exchange (IFSC or Foreign Jurisdiction) prior to Oct. 01, 2024, with or without rating, the issuer may list such securities as secondary listing on a recognised stock exchange in the IFSC.

b) Similarly, where an issuer has already issued and Framework for Transition Bonds listed debt securities on any stock exchange (IFSC or Foreign Jurisdiction) between Oct. 01, 2024 till March To enable issuers specifically from hard-to-abate 31, 2025, with rating by any credit rating agency sectors to raise capital and list their securities at IFSC, (registered with IFSCA or with a regulator in a Foreign while committing to a credible transition plan and Jurisdiction), the issuer may list such securities as making enhanced disclosures to ensure interests of secondary listing on a recognised stock exchange in the investors are protected, IFSCA on July 29, 2025, the IFSC.

has issued the Framework for Transition Bonds. The framework for transition bonds will enable issuers

5) Post Listing Disclosures from hard-to-abate sectors to raise capital from global investors.

Market Trends The stock exchanges in IFSC have emerged as a preferred destination for listing of foreign currency and masala bonds by Indian issuers.

Cumulative Debt Listing on IFSC Exchanges 20 18.19 n o 15 E SG Labelled Debt Securities illiB D

11.37 S IFSCA recognizes the pivotal role of ESG labelled U 10 8.64 d aneb d t t s rae nc su ir ti it oie ns t i on afi n loa wnc -cin ag rb s ou ns t ea cin oa nb ol me d y.e Iv ne ll io np em we in tht n i t n u

7.42

5.54 5.36 5.84 o this, a regulatory framework, aligned with global best m 5 A practices, for green, social, sustainable and sustainability-linked bonds was initially brought in by 0 IFSCA as part of IFSCA (Issuance & Listing of FY19 FY20 FY21 FY22 FY23 FY24 FY25 IFSCA BULLETIN | OCT-DEC 2025ARTICLE 39 c) Issue size Distribution During FY 2024–25, debt securities amounting to USD

8.6 billion were listed on the stock exchanges in the IFSC, out of which: a) Bonds worth USD 6.99 billion were issued as well as listed in FY 2024–25. b) Bonds amounting to USD 1.61 billion were issued in previous financial years but were listed on the stock exchanges in the IFSC as secondary listings during FY 2024–25.

IFSCA has also released a detailed report31 titled “Debt Market at IFSC: Landscape & Trends 2024–25” d) Depository providing an in-depth analysis of the bonds issued and listed on the stock exchanges in the IFSC during ✓ India International Depository Limited (IIDI) - the year. The total primary debt issuance at IFSC was 36 issuances (USD 253.7 Mn) USD 6.99 Bn across 57 listings during FY 2024-25.

✓ The Depository Trust Company (DTC) - 5

Some of the key trends from the report are as follows: issuances (USD 1900 Mn) a) Instrument type (Floating vs. Fixed Rate) ✓ Other ICSDs (like Euroclear, Clearstream etc.) - 16 issuances (USD 4836.30 Mn) Instrument Distribution 22Issuances 39% 35Issuances $ 6.66 Bn.

61% $ 0.33 Bn.

Fixed Rate Bonds Floating Rate Bonds b) Maturity Profile Debt Listings – Current Financial Year Maturity Profile In the current financial year (FY 2025–26), debt 35 securities amounting to USD 2.92 Bn have already 30 30 been listed on the IFSC stock exchanges up to Dec 31, 2025, of which ESG-labelled debt securities account 25 for USD 0.75 Bn.

20 13 15 As of Dec 31, 2025, the cumulative total of all debt 8 10 securities listed on the stock exchanges in the IFSC is 5 2 USD 68.03 Bn.

1 1 1 1 0 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 31 Debt Market at IFSC Report 2024-25 IFSCA BULLETIN | OCT-DEC 2025ARTICLE 40 Drivers for listings in IFSC c) Morningstar DBRS’ upgraded India’s rating to ‘BBB’ These credit rating upgrades reflect increasing global recognition for India’s robust and resilient macroeconomic fundamentals and prudent fiscal management and underscore global confidence in India’s medium-term growth prospects amid prevailing global uncertainties.

The withholding tax on interest is only 9% for a domestic Indian issuer if the bonds are exclusively listed on the stock exchanges in the

Fig: Benefits of Rating Upgrades IFSC.

RBI’s proposed ECB Reforms The withholding tax on interest is NIL for an issuer incorporated within IFSC.

The Reserve Bank of India (RBI) has released draft regulations to significantly overhaul the External Listing without Admission to Trading - Only Commercial Borrowing (ECB) framework that will Foreign Issuers ease borrowing in foreign currency by Indian issuers.

The reforms by RBI are expected to provide a fillip to The exchanges, with the approval of IFSCA, issued more foreign currency bond issuances by Indian the framework for permitting listing of debt securities issuers and contribute towards more listing of bonds without admission to trading. The purpose of this in the IFSC.

framework is to enable foreign issuers to do secondary listing on the exchanges in the IFSC for the What’s next? purpose of wider visibility with no facility to trade.

During current financial year (2025–26), DFCC Bank PLC from Sri Lanka became the first foreign corporate issuer to list bonds on the stock exchanges in the IFSC. This listing is a defining milestone in the transition of IFSC from an India-centric offshore venue to an international marketplace for listing of bonds. This listing has opened doors for cross-border issuances from Asia, Africa, and other emerging markets.

Sovereign Ratings Upgrade and Economic Strength In conclusion, the IFSCA (Listing) Regulations 2024, along with globally benchmarked standards, tax CareEdge Global has rated India ‘BBB+’. efficiency, and simplified processes, have positioned the IFSC as a competitive jurisdiction for listing of In the last few months, India’s rating has been foreign currency bonds. The growth in issuances, upgraded by other global rating agencies, including diversity of instruments including ESG-labelled

the following: bonds, participation of international depositories, and entry of foreign issuers reflect the steady a) S&P Global has upgraded India’s long-term development of the IFSC bond ecosystem. sovereign rating to ‘BBB’ with a stable outlook. Supported by India’s recent sovereign rating upgrades and the RBI’s proposed ECB reforms, the b) Rating and Investment Information, Inc. (R&I), IFSC is well placed to emerge as a preferred global Japan has upgraded India’s rating to ‘BBB+’ venue for cross-border bond listings.

IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 444111 DATA AND STATISTICS ____________________________________________________________________________________ Licenses/ Registrations/ Authorisations by IFSCA Table 1: Number of Licenses/ Registrations/ Authorisations issued by IFSCA Segment Category As on Dec 31, 2025 IFSC Banking Unit (IBU) 35 Banking Global Administrative Office (GAO) 2 Payment Service Provider 3 Payment Services Payment System Operator 1 Aircraft Leasing (AL) Entity 34 Ship Leasing (SL) Entity 29 Finance Company (FC) FC – Core (including GRCTCs) 12 International Trade Financing Services (ITFS) Platform 4 FC – Non-Core (other than AL, SL, ITFS) 1 Market Infrastructure Institution (MII) 5 Broker Dealer 92 Clearing Member 24 Depository Participant 10 Registered Distributor 19 Investment Adviser 5 Capital Markets Custodian 6 Debenture Trustee 4 Credit Rating Agency (CRA) 2 Investment Banker 6 Global Access Provider (GAP) 6 Research Entity 1 ESG Ratings and Data Products Provider (ERDPP) 0 Fund Management Entity (FME) 202 Fund Management AIFs/ Schemes 313 Insurance/ Reinsurance Entities (IIOs) 24 Insurance Insurance Intermediaries (IIIOs) 31 BATF Service Providers 7 Financial Support TechFin and Ancillary Service Providers 116 Services Global In-House Centre (GIC) 3 Market Infrastructure Institution (MII) 2 Metals and Bullion Intermediaries 23 Commodities Vault Managers 3 FinTech Sandbox Entities (Limited Use Authorisations)32 7 Foreign University International Branch Campus (IBC) 2 Final Licenses/ Registrations/ Authorisations 1034 In-Principle/ Provisional Approvals across sectors (as on Dec 31, 2025) 66 Total Licenses/ Registrations/ Authorisations33 1100 32 43 entities have exited FinTech sandbox 33 Including in-principle/ provisional approvals IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 444222 Banking Table 2: Number of Operational IBUs Particulars As on Sep 30, 2025 As on Dec 31, 2025 No. of Operational IBUs 32 34 Table 3: Assets of IBUs Month Ended Oct 2025 Nov 2025 Dec 2025 Particulars Amount (in USD Mn) Investments 6083.19 6320.64 6278.72 Sovereign securities 2227.4 2387.97 2661.59 Corporate Bonds 2818.74 2927.91 2811.51 Other investments 1037.05 1004.76 805.62 Trade Finance 14616.01 14613.44 14788.44 Commercial Loans 54510.45 55949.48 58779.07 External Commercial Borrowing (ECB) 37052.69 37484.72 38755.53 Commercial Loans other than ECB 17457.76 18464.76 20023.54 Retail loans 90.95 90.11 96.29 Other loans 605.25 530.72 517.2 Interbank/ Interbranch placements 17473.56 17400.87 20393.81 Others 4593.92 4649.24 5481.29 Total 97973.33 99554.5 106334.82 Table 4: Liabilities of IBUs Month Ended Oct 2025 Nov 2025 Dec 2025 Particulars Amount (in USD Mn) Customer deposits 7976.31 8215.3 8633.8 Interbank/Interbranch borrowings 69735.14 70469.94 76807.38 Bilateral Borrowings 9698.2 10201.83 10212 Multilateral Borrowings 631.43 631.65 700.37 MTN Borrowings and other debt instruments 2314.16 2314.7 2179.98 Others 7618.09 7721.08 7801.29 Total 97973.33 99554.5 106334.82 Table 5: Customer Deposits in IBUs Month ended Oct 2025 Nov 2025 Dec 2025 Deposits (in USD Mn) Demand Time Demand Time Demand Time Retail deposits 871.15 379.76 919.37 375.61 930.86 394.13 Corporate deposits 781.09 5944.33 749.9 6170.42 972.31 6336.5 Total 1652.24 6324.09 1669.27 6546.03 1903.17 6730.63 IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 444333 Table 6: Resident and Non-Resident (NR) deposits in IBUs Accounts held Accounts held by Accounts held by Month Category by Resident Non-Resident Non-Residents Ended (With amount in USD Mn) Indians Indians (NRIs) (Other Countries) No. of accounts 311 12629 279 Retail Amount 7.32 1183.62 59.97 Oct 2025 No. of accounts 2237 671 3061 Corporate Amount 1725.12 842.95 4157.35 No. of accounts 384 13493 287 Retail Amount 7.76 1226.58 60.65 Nov 2025 No. of accounts 2311 726 3144 Corporate Amount 1648.49 951.17 4320.66 No. of accounts 423 14577 279 Retail Amount 4.14 1265.34 55.51 Dec 2025 No. of accounts 2388 759 3219 Corporate Amount 1668.43 918.99 4721.39 Table 7: Derivative Outstanding of IBUs (Notional) Amount in USD Mn Month Ended Oct 2025 Nov 2025 Dec 2025 FCY-INR Derivatives (to be settled in FCY) 28334.85 34260.34 44572.22 FCY-FCY Derivatives (to be settled in FCY) 24504.95 26164.45 27739.57 INR Interest Rate Derivatives (to be settled in FCY) 52333.18 49832.12 46797.55 FCY Interest Rate Derivatives (to be settled in FCY) 88882.37 87507.35 84317.92 Others 1142.34 1236.57 1171.45 Total 195197.69 199000.83 204598.71 Table 8: ODI Outstanding of IBUs Month Ended Oct 2025 Nov 2025 Dec 2025 Total ODI amount (in USD Mn) 1174.01 1291.4 877.53 Table 9: Industry-wise Credit Exposure of IBUs Month ended Oct 2025 Nov 2025 Dec 2025 Sector Industries Amount Outstanding (in USD Mn) Auto Components 205.27 327.09 434.16 Automobile 654.56 700.58 710.46 Capital Goods 359.26 501.98 570.17 Cement and Cement Products 1130.81 1131.99 1133.28 Electronic Systems 2578.66 2292.07 2067.77 Food Processing 853.75 942.57 1021.81 Glass and Glassware 61.02 66.58 51.71 Manufacturing Iron & Steel 1382.12 1427.24 1479.81 Laminates/ Plywood/ Boards 10.53 10.72 12.1 Leather and Leather Products 5.79 7.53 6.56 Medical and Medical Equipment 176.28 170.17 170.01 Metals 1968.07 1939.79 2226.17 Paper and Packaging 96.25 97.89 104.61 Petrochemicals 5741.05 5894.57 5697.52 Plastic and Plastic Products 183.1 175.74 164.59 IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 444444 Textiles and Apparels 296.55 266.76 230.34 Vehicles, Vehicle Parts, and

352.51 331.99 406.6 Transport Equipment Banking and Finance 15398.58 16574.44 16397.93 Clearing Corporation 1.44 1.44 1.44 Education 48 51.67 51.41 Financial Services 3736.67 1879.79 1628.86 Healthcare 545.25 529.56 471.66 IT and Software Industry 630.95 643.5 682.77 Services Logistics 105.83 116.44 129.98 NBFC 15703.8 17753.97 18422.8 Professional Services 72.53 63.17 97.96 Retail and e-commerce 453.74 441.82 494.77 Telecommunication 2558.15 2696.39 2718.06 Tourism & Hospitality 296.45 306.83 339.03 Trade/Distributor 491.21 574.21 560.79 Construction 1230.82 1150.3 1103.99 Mining 451.64 564.6 734.38 Oil and Gas 2687.42 2740.64 3198.93 Infrastructure Ports and Shipping 1154.63 1194.68 937.03 Power Sector 2861.4 2898.42 3183.03 Renewable Energy 1550.23 1768.99 1877.64 Roads and Highways 41.6 39.35 40.01 Agriculture and

473.45 468.32 493.74 Forestry Aviation 729.82 796.15 855.54 Chemicals 1854.69 1939.39 2035.65 Jewelry 294.39 290.87 393.46 Paints 13.39 125.17 124.79 Pharmaceuticals 1182.14 1363.54 1431.65 Other Sectors 4583.37 4772.76 5822.36 Total 75207.21 78031.67 80717.35 Table 10: Country-Wise Exposure of IBUs Oct 2025 Nov 2025 Dec 2025 %age of Total Country %age of Total Country %age of Total Country Name Exposure Name Exposure Name Exposure India 76.92 India 76.99 India 74.54 USA 5.89 USA 6.13 USA 5.44 UAE 2.91 Mauritius 2.68 Singapore 2.82 Singapore 2.47 UAE 2.40 UK 2.73 Mauritius 2.43 Singapore 2.28 Netherlands 2.61 United Kingdom 2.23 UK 2.06 Mauritius 2.49 Netherlands 1.93 Netherlands 1.84 UAE 2.42 Hong Kong 0.83 Hong Kong 0.79 Ireland 1.74 Bahrain 0.79 Bahrain 0.72 Hong Kong 0.91 Japan 0.41 Japan 0.39 Bahrain 0.75 Others 3.20 Others 3.72 Others 3.55 IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 444555 Capital Markets Table 11: Turnover of IFSC Stock Exchanges Traded Value in USD Mn Month Oct 2025 Nov 2025 Dec 2025 Total for the Quarter No. of Traded No. of Traded No. of Traded No. of Traded Particulars Contracts Value Contracts Value Contracts Value Contracts Value Index 1,862,394 93,548.00 1,838,351 92,078.00 1,761,850 87,472.00 5,462,595 273,098.00 Futures Index 54,454 18.25 34,121 21.51 26,928 20.56 115,503 60.32 Options Depository Receipts 180,080 1.49 135,894 1.15 100,668 0.79 416,642 3.43 on US stocks Total 2,096,928 93,568 2,008,366 92,101 1,889,446 87,493 5,994,740 273,162 Table 12: Aggregate Open Interest (OI) of all Derivative Contracts on IFSC Stock Exchanges As on last trading day of the Open Interest Value month (No. of contracts) (in USD Mn) Oct 2025 317088 16,412.00 Nov 2025 315715 16,641.61 Dec 2025 285951 15,018.96 Table 13: Demat Accounts with Depositories in IFSC During Q2 2025 During Q3 2025 As on Dec 31, 2025 Particulars (Accounts Opened) (Accounts Opened) (Active Accounts Count) Total No. of Accounts 43 39 69,280 Table 14: Settlement by Clearing Corporations in IFSC Name of Clearing Avg. Daily Settlement34 Value Highest Settlement Value35 Month Corporation (in USD) for the Month (in USD) India International Oct 2025 30872 55930 Clearing Corporation Nov 2025 34545 84771

(IFSC) Limited Dec 2025 27926 78923

Derivatives: 854634 Derivatives: 2602692 Oct 2025

Cash: 16069 Cash: 59336 NSE IFSC Clearing

Derivatives: 345065 Derivatives: 456095 Corporation Nov 2025

Cash: 12120 Cash: 40177 Limited36

Derivatives: 601639 Derivatives: 1640374 Dec 2025

Cash: 9998 Cash: 18672 34 Average Daily Settlement Value = Total Settlement value for the Month / Total number of trading days.

35 Highest Settlement Value for the Month = Highest Pay-in Amount in single settlement in a month 36 Cash values refer to settlement statistics in Depository Receipts on US Stocks.

IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 444666 Table 15: Number of Accounts on India INX Global Access37 Quarterly Growth Cumulative Figures Particulars Q1 Q2 Q3 As on Jun As on Sep As on Dec 2025–26 2025–26 2025–26 30, 2025 30, 2025 31, 2025 No. of Accounts 847 495 0 5524 6003 6003 Table 16: Trading through India INX Global Access (Traded Value in USD Mn) Quarterly Growth Cumulative Figures Entity Type Particulars Q1 Q2 Q3 Till Jun Till Sep Till Dec 2025–26 2025–26 2025–26 30, 2025 30, 2025 31, 2025 Equity, ETFs, LRS Funds, Bonds,

6.01 9.06 13.20 31.30 40.36 53.56

(Residents) and other products Equity, ETFs, Funds, and other 151.80 343.01 52.44 896.67 1125.29 1,177.73 IFSC products Entities Derivatives

1039.88 958.22 568.34 35899.46 36970.92 37539.26 Products Equity, ETFs, Non- Funds, and other 3.68 4.37 5.38 62.00 66.37 71.74 Residents products Outside Derivatives IFSC 0.00 0.04 0.08 183.17 183.21 183.29 Products Total 1201.37 1314.70 639.44 37072.61 38386.15 39025.58 Table 17: Trading in Global Exchanges through India INX Global Access (Oct-Dec 2025) Total trading value Trading in Derivatives Trading in non-derivatives Exchange (in USD Mn) (in USD Mn) (in USD Mn) CME 274.26 274.26 0.00 COMEX 147.23 147.23 0.00 CBOE 52.43 52.43 0.00 NASDAQ 51.45 0.00 51.45 NYMEX 43.52 43.52 0.00 CBOT 26.37 26.37 0.00 ARCA 10.06 0.00 10.06 CFE 9.54 9.54 0.00 SGX 8.85 8.85 0.00 EUREX 5.89 5.89 0.00 Others 9.83 0.33 9.50 Total 639.43 568.42 71.02 Table 18: Cumulative Debt Listings at IFSC Exchanges As on Jun 30, As on Sep 30, As on Dec 31, Particulars 2025 2025 2025 Cumulative debt listings (in USD Bn) 65.13 66.60 68.03351 37 This data pertains to global access being provided through India INX Global Access only.

IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 444777 Table 19: Listings of Debt Securities at IFSC Exchanges (During Oct-Dec 2025) Listing Date Amount S. No. Name of the issuer Labels (mm/dd/yyyy) (in USD Mn) 1 Vedika Credit Capital Limited 10/7/2025 - 5.00 2 Muthoot Finance Limited 10/17/2025 - 150.00 3 Sammaan Capital Limited 10/17/2025 SOCIAL 450.00 4 Muthoot Microfin Limited 10/27/2025 - 15.00 5 Mumbai International Airport Limited 11/14/2025 - 800.00 6 Vedika Credit Capital Limited 12/30/2025 - 4.00 Total 1424.00 Fund Management Table 20: Number of FMEs and Funds Particulars As on Mar 31, 2025 As on Sep 30, 2025 As on Dec 31, 2025 FMEs38 177 194 202 Funds39 272 305* 313 * Data corrected/ revised from previous publication(s).

Table 21: Snapshot of Fund Management Activities (Non-Retail Schemes) Cumulative Data as on Dec 31, 2025 (Amount in USD Mn) Investm ents Investme Total into Type of No. of Commitme Funds Investme nts into Investme Foreign Schemes Schemes nts raised raised nts made India nts Jurisdict

(A) (A+B)40 ions

(B) VC (incl. Angel) 17 238.72 97.66 84.83 48.17 20.73 68.90 Schemes Category I 98 16,833.54 10,387.46 10,282.63 8,641.76 972.04 9,613.80 and II AIFs Category III 189 15,061.20 6,861.93 7,553.25 5,217.53 682.15 5,899.68 AIFs Total 304 32,133.47 17,347.05 17,920.72 13,907.46 1,674.92 15,582.37 38 Excluding in-principle approvals 39 Excluding surrendered funds 40 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 | OCT-DEC 2025DATA AND STATISTICS 444888 Table 22: Snapshot of Fund Management Activities (Retail Schemes) Snapshot of Fund Management activities as on Dec 31, 2025 (Retail Schemes) Cumulative Activity during the No. Data as at the end of quarter Data quarter of (in USD Mn) (in USD Mn) (in USD Mn) Type of Sche Scheme mes Investme Investments Total s Auth Funds Redem Funds Redem Avg. nts into into Foreign Investm orise raised ptions raised ptions AUM India Jurisdictions ents d (A) (B) (A+B)41 Retail 9 12.74 0.00 10.02 0.00 8.52 2.53 6.51 9.04 Table 23: Investors Data for IFSC Funds No. of Investors42 Type of Scheme As on Jun 30, 2025 As on Sep 30, 2025 As on Dec 31, 2025 VC Schemes (including Angel Schemes) 526 646 722 Category I and II AIFs 1100 1273 1503 Category III AIFs 1957 2559 3257 Retail - 255 1239 Total 3583 4733 6721 Table 24: Trends of Fund Management Activity (Non-Retail Schemes) Amount in USD Mn Particulars Q3 Q4 Q1 Q2 Q3 FY 2024-25 FY 2024-25 FY 2025–26 FY 2025–26 FY 2025–26 Cumulative commitments raised 14,880.99 15,742.47 22,110.50 26,302.03 32,133.47 Cumulative funds raised 7,007.07 7,957.20 10,492.76 12,270.72 17,347.05 Table 25: Portfolio Management Services (PMS) as of Dec 31, 2025 Type of Services No of Investors AUM (in USD Mn) Discretionary & Non- Discretionary PMS 209 1062.24 Advisory Services 96 389.29 Total 305 1451.52 Metals and Commodities Table 26: Participants on IIBX (as on end of Quarter) Participants Mar 2025 Jun 2025 Sep 2025 Dec 2025 Qualified Jewellers 167 177 185 197 Clients 118 127 133 145 ‘Special category’ Clients 49 50 52 52 Qualified Suppliers 37 39 40 45 Clients 34 35 36 41 ‘Special Category’ Clients 2 2 2 2 QS IFSC 1 2 2 2 Valid India UAE CEPA TRQ Holders43 441 0 0 0 41 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.

42 Investors from more than 65 jurisdictions have contributed across schemes.

43 Since DGFT has not allocated TRQ for FY 2025–26 until Dec 31, 2025, no entity has been notified as ‘Valid India UAE CEPA TRQ Holders’ by IFSCA during FY 2025–26 (Q3 YTD).

IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 444999 Table 27: Regulated Entities (REs)/ Intermediaries on IIBX As on Jun 30, As on Sep 30, As on Dec 31, Regulated Entities 2025 2025 2025 Trading Members 7 7 6 Trading Cum Self Clearing Members 3 3 3 Trading Cum Clearing Members 8 9 12 Professional Clearing Members 2 2 2 Vault Managers 3 3 3 Total 23 24 26 Table 28: SPOT Segment of IIBX During During During Apr – Jun 2025 Jul – Sep 2025 Oct – Dec 2025 Product Traded Traded Traded Traded Traded Traded Value Volume Value Volume Value Volume (USD Mn) (in kg) (USD Mn) (in kg) (USD Mn) (in kg) LBMA 1 kg Gold 995 0.00 0.00 0.00 0.00 0.00 0.00 LBMA 100 gm Gold 999 0.00 0.00 0.00 0.00 0.00 0.00 UAE GD 1 kg Gold 995 0.00 0.00 0.00 0.00 36.30 275.00 UAE GD 100 gm Gold 999 0.00 0.00 8.78 72.60 3.73 29.60 UAEGD TRQ 1 kg Gold 995 0.00 0.00 0.00 0.00 0.00 0.00 UAEGD TRQ 100 gm Gold 999 0.00 0.00 0.00 0.00 0.00 0.00 Total (Gold) 0.00 0.00 8.78 72.60 40.03 304.60 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 29: Futures Segment of IIBX During Jul – Sep 2025 During Oct – Dec 2025 Traded Traded Traded Traded Product (Type) Volume Value Volume Value (in kg) (in USD) (in kg) (in USD) GOLD1KGFUTAUG25 (GOLD Futures) 2.00 214045.09 0.00 0.00 GOLD1KGFUTOCT25 (GOLD Futures) 2.00 215772.55 0.00 0.00 Total (GOLD Futures) 4.00 429817.64 0.00 0.00 SILVER30KGFUTSEP25 (SILVER Futures) 60.00 72541.63 0.00 0.00 SILVER30KGFUTOCT25 (SILVER Futures) 60.00 72830.98 0.00 0.00 Total (SILVER Futures) 120.00 145372.61 0.00 0.00 Table 30: OTC Transactions (Forwards) in IFSC During Oct – Dec 2025 Commodity Type Traded Volume (in kg) Traded Value (in USD Mn) Gold 39986 5366.14 Silver 577 0.91 IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 555000 Sustainable Finance Table 31: Cumulative ESG labelled Debt Listings at IFSC Exchanges (in USD Bn) As on Jun 30, As on Sep 30, As on Dec 31, Particulars 2025 2025 2025 Cumulative ESG labelled debt listings 15.43 15.73 16.19 Table 32: Listings of ESG labelled Debt Securities at IFSC Exchanges (During Oct-Dec 2025) Listing Date S. No. Name of the issuer Labels Amount (in USD Mn) (mm/dd/yyyy) 1 Sammaan Capital Limited 10/17/2025 SOCIAL 450.00 Total 450.00 Table 33: Overall Sustainable Financing by IBUs44 During H1 of FY 2025–26 Cumulative Medium / Short-term Loans (in USD Mn) in FY 25-26 Classification Long 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 H1 of FY 2025–26 Sector (List is Indicative) No. of Transactions Amount (in USD Mn) Renewable Energy 506 1301.29 Energy Efficiency 12 50.89 Pollution Prevention and Control 82 15.5 Sustainable Water and Wastewater Management 15 1.09 Clean Transportation 2 1.2 Climate Change Adoption 0 0 Green Buildings 1 31.98 Affordable Basic Infrastructure 13 55.82 Affordable Housing 1 24 Food Security and Sustainable Food Systems 63 91.77 Social Project as per Framework 3 79.51 Sustainable Project as per Framework 1 62.54 Health Care 79 53.29 Social Education 2 53.12 Social Loan 1 7 MSME 3940 311.44 Others 28 619.84 Total 4749 2760.28 44 Data as on Sep 30, in line with the half-yearly reporting framework IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 555111 Table 35: Snapshot of ESG Funds in IFSC Snapshot of ESG Schemes as on Dec 31, 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 Dec 31, 2025 IFSC Insurance Offices (IIOs) 24 Life Insurance Company 08 1 General Insurance Company 04 Health Insurance Company 02 Reinsurance Company 10 IFSC Insurance Intermediary Offices (IIIOs) 31 Insurance Broker 26 2 Corporate Agent 04 Surveyor and Loss Assessor 01 Third Party Administrator 00 Table 37: Written/ Transacted Premium by IIOs and IIIOs45 Written/ Transacted Premium (in USD Mn) Particulars FY FY 2025–26 Q1 FY Q2 FY Q3 FY 2024-25 (Q3 YTD) 2025–26 2025–26 2025–26 IFSC Insurance Offices (IIOs) 204.56 447.162 43.53 246.259* 157.38 IFSC Insurance Intermediary Offices (IIIOs) 411.36 356.935 103.50 111.47 141.961 * Data corrected/ revised from previous publication(s).

Table 38: Direct Insurance Business (Life and General)46 Gross Written Premium (in USD Mn) Class of Business FY 2025–26 Q1 Q2 Q3 FY 2024-25 (Q3 YTD) FY 2025–26 FY 2025–26 FY 2025–26 Engineering 0 0.213 0.213 0 0 Fire 2.78 2.185 1.322 0 0.863 Health + PA 6.99 12.711 2.327 6.418 3.966 Trade Credit 0.33 0.760 0.113 0.191 0.456 Marine Cargo 0.02 (0.006) 0 0.004 (0.01) Marine Hull 0.06 0.000 0 0 0 Life 3.98 8.804 1.574 3.458 3.772 Aviation 0.78 0.680 0 0.48 0.2 Other Misc. 0.01 0.008 0.007 0 0.001 Total 14.95 25.356 5.556 10.551 9.248

Note: Figures in parentheses indicate negative values.

45 Unaudited data 46 Ibid IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 555222 Table 39: Reinsurance Business47 Gross Written Premium (in USD Mn) Class of Business FY 2025–26 Q1 Q2 Q3 FY 2024-25 (Q3 YTD) FY 2025–26 FY 2025–26 FY 2025–26 Engineering 9.43 9.099 1.058 5.021* 3.02 Fire 47.58 116.935 5.959 71.572* 39.404 Health + PA 88.95 173.695 14.457 77.82* 81.418 Liability 1.63 6.134 -0.163 4.18 2.117 M Cargo 4.84 3.696 0.879 1.525* 1.292 M Hull 3.88 2.257 0.684 0.752 0.821 Motor 22.26 42.597 12.861 22.24 7.496 WC/EL 0.03 0.024 0.004 0.01 0.01 Aviation 0 0.927 0.021 0.221 0.685 Trade Credit 0 1.7 0 1.2 0.5 Crop 0 47.5 0 40.4 7.1 Life 0 9.9 0 8.7 1.2 Other Misc. 10.99 7.341 2.207 2.066 3.068 Total 189.59 421.806 37.967 235.707* 148.131 * Data corrected/ revised from previous publication(s).

Table 40: Claims Data (Retail/ Reinsurance)48 Q2 FY 2025–26 Q3 FY 2025–26 Particulars Claim Amount Claim Amount No. of Claims No. of Claims (in USD Mn) (in USD Mn) Claims pending at the beginning 8,537 36.87* 11,450 45.67 New Claims registered 70,151* 25.97 50,029 87.57 Claims settled 67,050 17.05 50,673 24.78 Claims rejected 188 0.11 152 0.01 Claims outstanding at the end 11,450* 45.67* 10,654 108.45 * Data corrected/ revised from previous publication(s).

Finance Company Table 41: Finance Companies/ Finance Units in IFSC As on Dec 31, 2025 Business Segment/ Registrations S. No. Final Registrations Category (incl. in-principle/ provisional) 1 Aircraft Lease 34 38 2 Ship Lease 29 36 3 FC (Core) 12 17 4 FC (Non-Core)49 5 5 Total 80 96 47 Unaudited data 48 Unaudited data. No. of Claims and Claim amount includes for retail insurance business and reinsurance recoveries.

49 Other than Aircraft and Ship Operating Lessors IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 555333 Table 42: Assets Leased by Aircraft/ Ship Leasing Entities in IFSC Type of asset As on Jun 30, 2025 As on Sep 30, 2025 As on Dec 31, 2025 Aviation Assets Leased Aircraft 98 134 196 Engines 70 84 89 Aircraft Auxiliary Power Units (APU) 85 85 85 Total 253 303 370 Ship Assets Leased Ships 23 28 34 Table 43: Total Financing Received from IBUs by Leasing Entities of IFSC (in USD Mn) Particulars As on Jun 30, 2025 As on Sep 30, 2025 As on Dec 31, 2025 Aircraft Leasing Entities 234.61 257.17 614.85 Ship Leasing Entities 71.10 71.10 71.10 Table 44: Transactions Financed by ITFS Platforms Particulars As on Jun 30, 2025 As on Sep 30, 2025 As on Dec 31, 2025 Number of Transactions 1617 1849 2106 Value of Transactions (in USD Mn) 63.26 73.91 87.37 Table 45: Business Details of GRCTCs Particulars As on Jun 30, 2025 As on Sep 30, 2025 As on Dec 31, 2025 Loans & Advances (in USD Mn) 2725.54 3122.50 4028.29 Total Investments (in USD Mn) 78.31 233.09 234.45 Table 46: Business Details of Core Finance Companies (e.g. Lending, Export Financing) Particulars As on Jun 30, 2025 As on Sep 30, 2025 As on Dec 31, 2025 Loans & Advances (in USD Mn) 11.26 18.46 33.72 Total Investments (in USD Mn) 0.00 15.58 80.97 FinTech, Payments & Financial Support Services (FSS) Table 47: FinTech (Sandbox) Ecosystem in IFSC Sr. As on Jun 30, As on Sep 30, As on Dec 31, Particulars No. 2025 2025 2025 Number of Sandbox Entities 12 08 07 1 In Innovation Sandbox 09 05 05 In Regulatory Sandbox 03 03 02 2 Number of Entities exited from Sandbox 38 42 43 Table 48: Number of Operational PSPs As on Quarter End Jun 2025 Sep 2025 Dec 2025 Number of Payment Service Providers (PSPs) 03 03 03 Table 49: Payment Accounts and Transactions As on Quarter End Jun 2025 Sep 2025 Dec 2025 Number of Payment Accounts 10 108 731 Transactions in Payment Accounts (Amount in USD Mn) 0.10 2.40 10.03 IFSCA BULLETIN | OCT-DEC 2025DATA AND STATISTICS 555444 Oct 2025 Nov 2025 Dec 2025 Number of Payment Storing Not storing Storing Not storing Storing Not storing Accounts e-money e-money e-money e-money e-money e-money As at the beginning of the reporting period 101 7 314 9 496 36 Issued / opened during the reporting period 217 2 182 27 146 53 Closed during the reporting period 4 0 0 0 0 0 As at the end of the reporting period 314 9 496 36 642 89 Table 50: Number of Entities for Financial Support Services (including GICs) As of Dec 31, 2025 Final Authorisations S. No. Business Segment/ Category Authorisations (incl. in-principle/ provisional) 1 BATF Service Providers 7 10 2 TechFin and Ancillary Service Providers 116 129 3 Global In-House Centres (GIC) 3 4 Total 126 143 Office of Administrator (IFSCA) Table 51: Approvals by SEZ UAC (prior to issue of IFSCA Registrations/ Authorisations) Particulars During Q3 2025–26 Till Sep 30, 2025 Till Dec 31, 2025 Unit Approval Committee (UAC) Meetings 13 58 71 New Unit Applications considered 95 582 677 New Unit Applications approved 94 540 634 LOA issued 94 540 634

Note: The difference between the number of applications considered and LOAs issued, if any, is attributable to units whose applications were either withdrawn, deferred, or deferred and subsequently approved in the following UAC meetings.

Table 52: Types of Requests and Approvals Type of Request During Oct-Dec 2025 For FY 2025–26 (Q3 YTD) Physical BLUT 78 275 LOA Extension 53 206 Commencement 97 222 Exit 19 28 IFSCA BULLETIN | OCT-DEC 2025ABBREVIATIONS 555555 ABBREVIATIONS ____________________________________________________________________________ Abbreviation Full Form AIF Alternative Investment Fund APU Auxiliary Power Unit ASSOCHAM Associated Chambers of Commerce and Industry of India AUM Assets Under Management Authority International Financial Services Centres Authority BATF Book-keeping, Accounting, Taxation and Financial Crime Compliance Services BFSI Banking, Financial Services, and Insurance Bn Billion BOT Build-Operate-Transfer CAD Current Account Deficit CEPA Comprehensive Economic Partnership Agreement CGM Chief General Manager CKYCR Central KYC Records Registry CMI Capital Market Intermediary COB Conduct of Business CoR Certificate of Registration DGFT Directorate General of Foreign Trade DGM Deputy General Manager DRs Depository Receipts DTC Depository Trust Company ECB External Commercial Borrowing ED Executive Director EFTA European Free Trade Association EoDB Ease of Doing Business EPA Economic Policy and Analysis EPM Export Promotion Mission ESG Environmental, Social and Governance FDI Foreign Direct Investment FME Fund Management Entity FPI Foreign Portfolio Investment FSC Financial Supervisory Commission (Taiwan) FY Financial Year GAO Global Administrative Office GCC Global Capability Centre GDP Gross Domestic Product GFIN Global Financial Innovation Network GIC Global In-house Centre GIFT Gujarat International Finance Tec-City GM General Manager GRCTC Global/ Regional Corporate Treasury Centre GST Goods and Services Tax GWP Gross Written Premium H1 First half of the year IAIS International Association of Insurance Supervisors IBC International Branch Campus IBU IFSC Banking Unit ICAI Institute of Chartered Accountants of India IFSCA BULLETIN | OCT-DEC 2025ABBREVIATIONS 555666 ICC International Chamber of Commerce ICSD International Central Securities Depository ICSI Institute of Company Secretaries of India IFSC International Financial Services Centre IFSCA International Financial Services Centres Authority IIBX India International Bullion Exchange IIT Indian Institute of Technology IMF International Monetary Fund IOSCO International Organization of Securities Commissions IPO Initial Public Offering IRDAI Insurance Regulatory and Development Authority of India IT Information Technology ITFS International Trade Financing Services KRA KYC Registration Agency KYC Know Your Customer LFPR Labour Force Participation Rate LOA Letters of Approval MII Market Infrastructure Institution Mn Million MoU Memorandum of Understanding MSME Micro, Small, and Medium Enterprises MTN Medium-Term Note NBFC Non-Banking Financial Company NRI Non-Resident Indian NSO National Statistics Office ODI Offshore Derivative Instrument OECD Organisation for Economic Co-operation and Development OTC Over-the-Counter PID Public Interest Director PIO Person of Indian Origin PLFS Periodic Labour Force Survey PMI Purchasing Managers’ Index PSP Payment Service Provider PSS Payment and Settlement System Q1 First Quarter QJ Qualified Jeweller QS Qualified Supplier RBI Reserve Bank of India RRU Rashtriya Raksha University SEBI Securities and Exchange Board of India SEZ Special Economic Zone TAS TechFin and Ancillary Services TRQ Tariff Rate Quota UAC Unit Approval Committee UAE United Arab Emirates UK United Kingdom UPI Unified Payments Interface USA United States of America USD United States Dollar VC Venture Capital IFSCA BULLETIN | OCT-DEC 2025FIGURES AND IMAGES 555777 FIGURES AND IMAGES ____________________________________________________________________________ Figure 1: Growth of IFSCA Registrations/ Authorisations (including in-principle/ provisional approvals) ...................... 7 Figure 2: IBUs - Assets over Time with Outstanding Trade Finance and ECB Exposure ................................................ 7 Figure 3: IBUs - Outstanding Customer Credit (Gross) ............................................................................................. 7 Figure 4: Deposits Growth in IBUs .......................................................................................................................... 7 Figure 5: Country-wise Exposure of IBUs ................................................................................................................ 8 Figure 6: Sector-wise Credit Exposure of IBUs as of Dec 2025 .................................................................................. 8 Figure 7: Derivatives Outstanding of IBUs ............................................................................................................... 8 Figure 8: ODI Outstanding of IBUs .......................................................................................................................... 8 Figure 9: Trade Finance Transactions Booked by IBUs .............................................................................................. 9 Figure 10: IFSC Stock Exchanges - Traded Value ...................................................................................................... 9 Figure 11: IFSC Stock Exchanges – No. of Contracts ................................................................................................ 9 Figure 12: Demat Accounts in IFSC ........................................................................................................................ 9 Figure 13: Cumulative Debt Listings at IFSC ............................................................................................................ 9 Figure 14: Number of FMEs and Schemes ............................................................................................................. 10 Figure 15: Trends of Fund Management Activity (Non-Retail) ................................................................................... 10 Figure 16: No. of investors by Type of Scheme ........................................................................................................ 10 Figure 17: Growth of Insurance Entities in IFSC ...................................................................................................... 11 Figure 18: Written/ Transacted Premium ................................................................................................................ 11 Figure 19: Direct Insurance and Reinsurance Business ........................................................................................... 11 Figure 20: Growth of Aviation Assets Leased from IFSC .......................................................................................... 12 Figure 21: Assets Leased by Ship Leasing Entities .................................................................................................. 12 Figure 22: Financing Received from IBUs by Leasing Entities ................................................................................... 12 Figure 23: Transactions facilitated through ITFS platforms ...................................................................................... 12 Figure 24: GRCTCs - Loans & Advances and Investments ....................................................................................... 13 Figure 25: Core Finance Companies - Loans & Advances, and Investments ............................................................. 13 Figure 26: FinTech Sandbox entities and exits ......................................................................................................... 13 Figure 27: Growth of Financial Support Service Entities .......................................................................................... 13 Figure 28: Participants on IIBX ............................................................................................................................... 14 Figure 29: New Unit Applications Approved ........................................................................................................... 14 Figure 30: IFSCA delegation led by Shri Ashutosh Sharma, CGM during a roundtable in Germany ............................. 25 Figure 31: Hon’ble Union Minister Shri Nitin Gadkari launching the India Maritime Report 2025–26. .......................... 25 Figure 32: European journalists during GIFT City visit ............................................................................................. 25 Figure 33: Canadian High Commissioner H.E. Chris Cooter visiting GIFT City to explore collaboration and Canadian financial participation .......................................................................................................................................... 26 Figure 34: IFSCA Chairperson Shri K. Rajaraman delivering keynote address on GIFT IFSC's role in Viksit Bharat @2047 ........................................................................................................................................................................... 26 Figure 35: Shri Ashutosh Sharma, CGM, IFSCA moderating a session during the Global Aviation & Air Cargo Conclave ........................................................................................................................................................................... 26 Figure 36: IFSCA Chairperson Shri K. Rajaraman highlighting NRI investment opportunities at the HSBC Global Wealth Summit in Hyderabad. ......................................................................................................................................... 26 Figure 37: Dr. Dipesh Shah, ED, IFSCA discussing Treasury Centre opportunities at IFSC .......................................... 26 Figure 38: IFSCA Chairperson Shri K. Rajaraman during the Interview on GIFT IFSC’s strategic vision ........................ 27 Figure 39: IFSCA Chairperson Shri K. Rajaraman discussing GIFT IFSC ecosystem with Journalists from leading national dailies ................................................................................................................................................................. 27 Figure 40 : Cayman Islands Premier H.E. André Ebanks with IFSCA Chairperson Shri K. Rajaraman ........................... 27 Figure 41: Launch of HSBC and EY "The GIFT City Advantage" compendium by IFSCA Chairperson and DEA Secretary ........................................................................................................................................................................... 28 Figure 42: IFSCA officials promoting GIFT IFSC fund management opportunities to German asset managers and institutional investors during a roundtable in Frankfurt ........................................................................................... 28 Figure 43: Dr. Dipesh Shah, ED, IFSCA presenting on GIFT IFSC opportunities to Indian diaspora and German stakeholders ....................................................................................................................................................... 28 Figure 44: IFSCA delegation at the Consulate General of India, Frankfurt ................................................................. 28 IFSCA BULLETIN | OCT-DEC 2025FIGURES AND IMAGES 555888 Figure 45: IFSCA held a Swiss Asset Management Conference in Zurich to highlight investment opportunities in GIFT IFSC .................................................................................................................................................................... 28 Figure 46: NVB and the Dutch Government hosted the IFSCA delegation to strengthen international financial ties ..... 28 Figure 47: IFSCA Chairperson Shri K Rajaraman delivering an address during the World Investor Week ..................... 29 Figure 48: Shri Pradeep Ramakrishnan, ED, IFSCA at the session hosted by The Securities Investment Trust & Consulting Association ......................................................................................................................................................... 29 Figure 49: Shri Pradeep Ramakrishnan, ED, IFSCA during a hybrid session for GEMC Meeting ................................... 29 Figure 50: Shri Pradeep Ramakrishnan, ED, IFSCA in Bengaluru during an event organized by NSE IX and HSBC Bank 30 Figure 51: Shri Ramakrishnan Padmanabhan, GM, IFSCA during Indian Management Research Conference 2025 ..... 30 Figure 52: Shri K Mahipal Reddy, ED, IFSCA at FAIR 2025 Conference ...................................................................... 30 Figure 53: IFSCA delegation headed by Shri K Mahipal Reddy, ED, IFSCA with others at the IAIS Annual Conference... 31 Figure 54: Shri K Mahipal Reddy, ED, IFSCA delivering the address at the 12th ET NOW Insurance Summit ................ 31 Figure 55: IFSCA delegation with others during the IOPS Annual Meeting and Global Forum on Private Pensions ....... 31 Figure 56: IFSCA Chairperson Shri K. Rajaraman, delivering an address at ‘Samaah’ event on trade finance ............... 31 Figure 57: The Hon’ble Union Finance Minister Smt. Nirmala Sitharaman launching the Foreign Currency Settlement System for GIFT IFSC at GFF 2025 ......................................................................................................................... 32 Figure 58: IFSCA delegation at the International Association of Insurance Supervisors’ FinTech Forum. ..................... 32 Figure 59: Shri Joseph Joshy, CGM, IFSCA, during an outreach session in Pune ........................................................ 32 Figure 60: IFSCA delegation at the GFIN Board Meeting .......................................................................................... 32 Figure 61: Shri Joseph Joshy, CGM, IFSCA participating in the GFIN Tokenisation Roundtable ................................... 33 Figure 62: IFSCA delegation at the SFF 2025 .......................................................................................................... 33 Figure 63: Shri T Rabi Shankar, Deputy Governor, RBI presenting a certificate of participation to Shri Praveen Kamat, GM, IFSCA. Shri Avneesh Pandey, ED, SEBI is at the extreme left. ................................................................................... 33 Figure 64: IFSCA Chairperson Shri K. Rajaraman with Shri Rajat Moona, Director, IIT Gandhinagar during MoU signing ceremony ............................................................................................................................................................ 34 Figure 65: Shri Joseph Joshy, CGM, delivering an address at Bharat Innovates 2026 .................................................. 34 Figure 66: Shri K Mahipal Reddy, ED, IFSCA, delivering an address during an event in Chennai .................................. 34 Figure 67: IFSCA delegation at the conference in Chennai ...................................................................................... 34 Figure 68: IFSCA officials at the 53rd National Convention of Company Secretaries .................................................. 35 Figure 69: IFSCA officials at an outreach session in Bengaluru ................................................................................ 35 Figure 70: Shri K Mahipal Reddy, ED, IFSCA delivering the keynote address in Bengaluru .......................................... 35 Figure 71: Dr. Bimal Patel, Vice-Chancellor of Rashtriya Raksha University with Shri Praveen Kamat, GM, IFSCA........ 36 Figure 72: Shri Praveen Kamat, GM, IFSCA at GFF 2025 .......................................................................................... 36 Figure 73: Shri Praveen Kamat, GM, IFSCA in the panel discussion at AISS 2025 ...................................................... 36 Figure 74: IFSCA delegation at IRDAI HQ in Hyderabad ........................................................................................... 36 Figure 75: IFSCA delegation at the Zonal Inspectorate of the Reserve Bank of India, Ahmedabad .............................. 36 IFSCA BULLETIN | OCT-DEC 2025LIST OF TABLES 555999 LIST OF TABLES ____________________________________________________________________________ Table 1: Number of Licenses/ Registrations/ Authorisations issued by IFSCA ........................................................... 41 Table 2: Number of Operational IBUs .................................................................................................................... 42 Table 3: Assets of IBUs ......................................................................................................................................... 42 Table 4: Liabilities of IBUs ..................................................................................................................................... 42 Table 5: Customer Deposits in IBUs ...................................................................................................................... 42 Table 6: Resident and Non-Resident (NR) deposits in IBUs ..................................................................................... 43 Table 7: Derivative Outstanding of IBUs (Notional) ................................................................................................. 43 Table 8: ODI Outstanding of IBUs .......................................................................................................................... 43 Table 9: Industry-wise Credit Exposure of IBUs ...................................................................................................... 43 Table 10: Country-Wise Exposure of IBUs .............................................................................................................. 44 Table 11: Turnover of IFSC Stock Exchanges .......................................................................................................... 45 Table 12: Aggregate Open Interest (OI) of all Derivative Contracts on IFSC Stock Exchanges ..................................... 45 Table 13: Demat Accounts with Depositories in IFSC .............................................................................................. 45 Table 14: Settlement by Clearing Corporations in IFSC ........................................................................................... 45 Table 15: Number of Accounts on India INX Global Access ..................................................................................... 46 Table 16: Trading through India INX Global Access (Traded Value in USD Mn) ........................................................... 46 Table 17: Trading in Global Exchanges through India INX Global Access (Oct-Dec 2025) ........................................... 46 Table 18: Cumulative Debt Listings at IFSC Exchanges ........................................................................................... 46 Table 19: Listings of Debt Securities at IFSC Exchanges (During Oct-Dec 2025) ........................................................ 47 Table 20: Number of FMEs and Funds ................................................................................................................... 47 Table 21: Snapshot of Fund Management Activities (Non-Retail Schemes) .............................................................. 47 Table 22: Snapshot of Fund Management Activities (Retail Schemes) ...................................................................... 48 Table 23: Investors Data for IFSC Funds ................................................................................................................. 48 Table 24: Trends of Fund Management Activity (Non-Retail Schemes) ..................................................................... 48 Table 25: Portfolio Management Services (PMS) as of Dec 31, 2025 ......................................................................... 48 Table 26: Participants on IIBX (as on end of Quarter) ............................................................................................... 48 Table 27: Regulated Entities (REs)/ Intermediaries on IIBX....................................................................................... 49 Table 28: SPOT Segment of IIBX............................................................................................................................. 49 Table 29: Futures Segment of IIBX ......................................................................................................................... 49 Table 30: OTC Transactions (Forwards) in IFSC....................................................................................................... 49 Table 31: Cumulative ESG labelled Debt Listings at IFSC Exchanges (in USD Bn) ...................................................... 50 Table 32: Listings of ESG labelled Debt Securities at IFSC Exchanges (During Oct-Dec 2025) .................................... 50 Table 33: Overall Sustainable Financing by IBUs .................................................................................................... 50 Table 34: Sector-wise Classification of Sustainable Financing by IBUs .................................................................... 50 Table 35: Snapshot of ESG Funds in IFSC .............................................................................................................. 51 Table 36: Number of IIOs and IIIOs ........................................................................................................................ 51 Table 37: Written/ Transacted Premium by IIOs and IIIOs ........................................................................................ 51 Table 38: Direct Insurance Business (Life and General) ........................................................................................... 51 Table 39: Reinsurance Business ............................................................................................................................ 52 Table 40: Claims Data (Retail/ Reinsurance) .......................................................................................................... 52 Table 41: Finance Companies/ Finance Units in IFSC ............................................................................................. 52 Table 42: Assets Leased by Aircraft/ Ship Leasing Entities in IFSC ........................................................................... 53 Table 43: Total Financing Received from IBUs by Leasing Entities of IFSC (in USD Mn) .............................................. 53 Table 44: Transactions Financed by ITFS Platforms ................................................................................................. 53 Table 45: Business Details of GRCTCs ................................................................................................................... 53 Table 46: Business Details of Core Finance Companies (e.g. Lending, Export Financing) .......................................... 53 Table 47: FinTech (Sandbox) Ecosystem in IFSC ..................................................................................................... 53 Table 48: Number of Operational PSPs .................................................................................................................. 53 Table 49: Payment Accounts and Transactions ...................................................................................................... 53 Table 50: Number of Entities for Financial Support Services (including GICs) ........................................................... 54 Table 51: Approvals by SEZ UAC (prior to issue of IFSCA Registrations/ Authorisations) ............................................ 54 Table 52: Types of Requests and Approvals ............................................................................................................ 54 IFSCA BULLETIN | OCT-DEC 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 | OCT-DEC 2025INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY