IFSCA Circular, dated September 12, 2025, with File No. IFSCA-PLNP/80/2024-Capital Markets, addresses all capital market intermediaries in the IFSC regarding the extension of the compliance deadline for revised net worth requirements under the IFSCA (Capital Market Intermediaries) Regulations, 2025 ("CMI Regulations"). The CMI Regulations, which repeal the 2021 regulations, stipulate revised norms for net worth requirements. The compliance timeline for revised minimum net worth requirements, initially set for October 1, 2025 (or any other date specified by the Authority), is now extended to December 31, 2025. The circular takes immediate effect and is issued under sections 12 and 13 of the IFSCA Act, 2019, read with regulation 45 of the CMI Regulations. The circular is available on the website of IFSCA at www.ifsca.gov.in. For more information, contact Arjun Prasad, General Manager, at arjun.pd@ifsca.gov.in.
Key Entities Referenced
IFSCA (CMI) Regulations, 2025: Regulations providing the revised regulatory framework for capital market intermediaries in the IFSC. The circular extends the deadline for compliance.
IFSCA Act, 2019: The Act under which the circular is issued, referencing sections 12 and 13.
IFSCA: International Financial Services Centres Authority, the regulator issuing the circular.
IFSC: International Financial Services Centre where the regulations apply.
Capital market intermediaries: The entities to whom the regulations and deadline extension apply.
आ नो भद्राः क्रतवो यन्तु ववश्वत:।
Let noble thoughts come to us from all directions
CIRCULAR
File No. IFSCA-PLNP/80/2024-Capital Markets September 12, 2025
To
All capital market intermediaries in the IFSC
Dear Sir/Madam,
Subject: IFSCA (CMI) Regulations, 2025 - Extension of deadline for compliance with
revised net worth requirements
1. Reference may be drawn to the IFSCA (Capital Market Intermediaries) Regulations,
2025 (“CMI Regulations”) providing the revised regulatory framework for capital
market intermediaries in the IFSC, repealing the IFSCA (Capital Market
Intermediaries) Regulations, 2021. The CMI Regulations stipulate revised norms for
net worth requirements for various categories of intermediaries. Further, the
explanation provided under regulation 7 of the CMI Regulations provides that:
Explanation: Where a CMI is required to infuse capital to comply with the revised
minimum net worth requirements specified in these regulations, such entity shall ensure
compliance by October 01, 2025 or any other date as may be specified by the Authority.
2. Pursuant to representations received from market participants, it has been decided
that the timeline for compliance with revised minimum net worth requirements is
extended till December 31, 2025.
3. The circular shall come into force with immediate effect.
4. This circular is issued in exercise of powers conferred under sections 12 and 13 of
the IFSCA Act, 2019 read with regulation 45 of the CMI Regulations.
A copy of this circular is available on the website of IFSCA at www.ifsca.gov.in.
Yours faithfully,
Arjun Prasad
General Manager
arjun.pd@ifsca.gov.in