Date: 2026-01-12Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by sub section (1) of Section 28 read with sub section (1) of Section 12 and sub section (1) of Section 13 of the International Financial Services Centres Authority Act
**Executive Summary**
This document is a notification of the International Financial Services Centres Authority (IFSCA) (Capital Market Intermediaries) (Amendment) Regulations, 2026. The regulations, effective from the date of their publication in the Official Gazette, amend the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2026. Custodians registered with the Authority need to comply with revised net worth requirements by June 30, 2026.
**Key Points / Main Content**
* **Unified Registration:** A unit in IFSC can obtain a unified registration for multiple activities, as specified by the Authority.
* **Regulation 9 Amendments:**
* In sub-regulation (2)(a), "actuarial science, fintech, science, technology, engineering or mathematics" replaces "actuarial science".
* In sub-regulation (2)(a), the word "recognised" before "foreign university" is removed.
* In sub-regulation (2)(a), the word "five" replaces "ten" in the first proviso.
* In sub-regulation (8), a new proviso is substituted, allowing entities registered as broker dealers, clearing members, depository participants, investment advisers, research entities, custodians, or registered distributors to have the same person as the principal officer.
* In sub-regulation (8), after the first proviso, a new proviso mandates a separate official as a vertical head for distribution business activities for entities undertaking multiple activities.
* **Circular Superseded:** From the commencement of these regulations, IFSCA Circular No. F. No. 224/IFSCA/CMD-DMIIT/CUST/2021/1 regarding "Recognition as Custodian of assets/securities" dated February 24, 2021, is superseded.
* **Net Worth Requirement:**
* In Schedule-I, the minimum net worth requirement for custodians is set at USD 1 million, replacing the previous specification.
* Custodians already registered with the Authority need to comply with revised net worth requirements by June 30, 2026.
**Impact Analysis**
**Impact**: Entities operating in the IFSC need to be aware of the updated registration and net worth requirements. They will need to ensure compliance with the amended regulations.
**Action Required**: Review the amended regulations, update procedures, and comply with the new net worth requirements by June 30, 2026.
**Impact**: Registered custodians may need to infuse or earmark additional funds to meet the new net worth requirements.
**Action Required**: Evaluate the impact of the revised net worth requirements and take necessary steps to comply by June 30, 2026.
**Impact**: IFSCA's internal processes and monitoring activities may be impacted, particularly regarding the unified registration process.
**Action Required**: Adjust internal processes and monitoring activities to reflect the updated regulations.
Key Entities Referenced
International Financial Services Centres Authority (IFSCA): The primary regulatory authority for International Financial Services Centres in India.
International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2026: The main set of regulations governing capital market intermediaries within the IFSCA's jurisdiction.
International Financial Services Centres Authority (Capital Market Intermediaries) (Amendment) Regulations, 2026: Amendments to the existing Capital Market Intermediaries Regulations of 2026, focusing on various aspects such as unified registration and qualification requirements.
Securities and Exchange Board of India Act, 1992: Referenced legislation contributing to IFSCA's regulatory powers in relation to securities markets.
Depositories Act, 1996: Referenced legislation granting powers to IFSCA related to depositories.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-जी.जे.-अ.-13012026-269313
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 33] नई कदल्ली, सोमिार, िनिरी 12, 2026/पौष 22, 1947
No. 33] NEW DELHI, MONDAY, JANUARY 12, 2026/PAUSHA 22, 1947
अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण
अजधसचू ना
ग ांधीनगर, 7 जनवरी, 2026
अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण (पिूं ी बािार मध्यस्ट्थ) (सिं ोधन) जिजनयम, 2026
आईएफएससीए/जीएन/2026/005.— अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 (2019 का 50)
की धारा 28 की उप-धारा (1) के साथ पठित धारा 12 की उप-धारा (1) और धारा 13 की उप-धारा (1); भारतीय
प्रजतभूजत और जिजनमय बोडड अजधजनयम, 1992 (1992 का 15) की धारा 28ग के साथ पठित धारा 30; और जनक्षेपागार
अजधजनयम, 1996 की धारा 23छ के साथ पठित धारा 25 द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, अतं रराष्ट्रीय जित्तीय
सेिा केंद्र प्राजधकरण एतद्द्वारा अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (पूंिी बािार मध्यस्ट्थ) जिजनयम, 2026 (इसके बाद
मुख्य जिजनयम कहा िाएगा) म ेंऔर संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता है,, अथाडत:् -
1. (1) इन जिजनयमों को अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (पूंिी बािार मध्यस्ट्थ) (संिोधन) जिजनयम,
2026 कहा िा सकता ह।ै
(2) य ेजिजनयम िासकीय रािपत्र में इनके प्रकािन की तारीख से प्रभािी होंगे।
2. मुख्य जिजनयमों के जिजनयम 4 म,ें उप-जिजनयम (1) म,ें जनम्नजलजखत परंतुक डाला िाएगा, अथाडत्:-
“बित े यह कक आईएफएससी में कोई इकाई, िो कई कायडकलाप करना चाहती ह,ै ऐसे कई कायडकलापों
के जलए प्राजधकरण द्वारा जनर्दष्टड तरीके स े एकीकृत रजिस्ट्रीकरण प्राप्त कर सकती ह।ै ”
230 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
3. मुख्य जिजनयमों के जिजनयम 9 के उप-जिजनयम (2) के खंड (क) म,ें
i. “या बीमांककक जिज्ञान” िब्दों को “बीमांककक जिज्ञान, कफनटेक, जिज्ञान, प्रौद्योजगकी,
अजभयांजत्रकी या गजणत” िब्दों से प्रजतस्ट्थाजपत ककया िाएगा; और
ii. “जिदेिी जिश्वजिद्यालय” िब्दों से पहल े आने िाला िब्द “मान्यता प्राप्त” हटा कदया
िाएगा।
4. मुख्य जिजनयमों के जिजनयम 9 के उप-जिजनयम (2) के खंड (क) म,ें पहल े परंतुक म,ें िब्द “दस” को िब्द
“पांच” स े प्रजतस्ट्थाजपत ककया िाएगा।
5. मुख्य जिजनयमों के जिजनयम 9 के उप-जिजनयम (8) म,ें पहले उपबंध को जनम्नजलजखत उपबंध स े
प्रजतस्ट्थाजपत ककया िाएगा, अथाडत्:
“बित े कक मध्यस्ट्थ जिक्रेता, समािोधन सदस्ट्य, जनक्षेपागार भागीदार, जनिेि सलाहकार,
अनुसंधान एंठटटी, संरक्षक या रजिस्ट्रीकृत जितरक के रूप म ें रजिस्ट्रीकरण िाली कोई एंठटटी
इन कायडकलापों के जलए उसी व्यजि को प्रधान अजधकारी रख सकती ह:ै”
6. मुख्य जिजनयमों के जिजनयम 9 के उप-जिजनयम (8) म,ें पहले उपबंध के बाद, जनम्नजलजखत उपबंध
समाजिष्ट ककया िाएगा, अथाडत:्-
“बिते कक ऊपर कदए गए उपबंधों म ें बताए गए कई कायडकलाप करन े िाली एंठटटी के पास
अपने जितरण व्यिसाय कायडकलापों के जलए एक पथृ क अजधकारी िर्टडकल प्रमुख के रूप में
होना चाजहए:”
7. मुख्य जिजनयमों के जिजनयम 47 म,ें उप-जिजनयम (2) के बाद, जनम्नजलजखत उप-जिजनयम समाजिष्ट
ककया िाएगा, अथाडत:्
“(2क) अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (पूंिी बािार मध्यस्ट्थ) (संिोधन) जिजनयम,
2026 के प्रारम्भ होन े की तारीख से, “पठरसंपजत्तयों/प्रजतभूजतयों के सरं क्षक के रूप म ें मान्यता”
िीषडक िाली कदनांक 24 फरिरी, 2021 की आईएफएससीए पठरपत्र सख्ं या एफ. संख्या.
224/आईएफएससीए/सीएमडी-डीएमआईआईटी/सीयूएसटी/2021/1 को रद्द माना िाएगा।”
8. मुख्य जिजनयमों की अनुसूची-I के तीसरे कॉलम में, क्रम संख्या 4 िाली पंजि में, “प्राजधकरण द्वारा समय-
समय पर यथा-जनर्दष्टड ” िब्दों को जनम्नजलजखत से प्रजतस्ट्थाजपत ककया िाएगा:
“अमेठरकी डॉलर 1 जमजलयन
[प्राजधकरण के साथ पहले स े रजिस्ट्रीकृत संरक्षक, यकद संिोजधत जनिल मल्ू य आिश्यकताओं के अनुसार
अजतठरि जनजध डालन े या पथृ क रखन े की आिश्यकता हो, तो िे 30 िून, 2026 तक संिोजधत मानदडं ों
का पालन करेंगे।]”
प्रवीण त्रिवेदी, कायडकारी जनदेिक
[जिज्ञापन-III/4/असा./609/2025-26][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 7th January, 2026
International Financial Services Centres Authority (Capital Market Intermediaries) (Amendment)
Regulations, 2026
IFSCA/GN/2026/005.—In exercise of the powers conferred by sub-section (1) of Section 28 read with sub-
section (1) of Section 12 and sub-section (1) of Section 13 of the International Financial Services Centres Authority
Act, 2019 (50 of 2019); Section 30 read with Section 28C of the Securities and Exchange Board of India Act, 1992
(15 of 1992); and Section 25 read with Section 23G of Depositories Act, 1996, the International Financial Services
Centres Authority hereby makes the following regulations, further to amend the International Financial Services
Centres Authority (Capital Market Intermediaries) Regulations, 2026 (hereinafter referred to as the principal
regulations), namely:-
1. (1) These regulations may be called the International Financial Services Centres Authority (Capital Market
Intermediaries) (Amendment) Regulations, 2026.
(2) These regulations shall come into force on the date of their publication in the Official Gazette.
2. In regulation 4 of the principal regulations, in sub-regulation (1), the following proviso shall be inserted,
namely:-
“Provided that a unit in IFSC desirous of undertaking multiple activities may obtain a unified registration for
such multiple activities, in such manner as may be specified by the Authority.”
3. In regulation 9 of the principal regulations, in sub-regulation (2), in clause (a),
i. for the words “or actuarial science” the words “, actuarial science, fintech, science, technology,
engineering or mathematics” shall be substituted; and
ii. the word “recognised” appearing before the words “foreign
university” shall be omitted.
4. In regulation 9 of the principal regulations, in sub-regulation (2), in clause (a), in the first proviso, for the
word “ten” the word “five” shall be substituted.
5. In regulation 9 of the principal regulations, in sub-regulation (8), for the first proviso, the following proviso
shall be substituted, namely:-
“Provided that an entity with registration as a broker dealer, clearing member, depository participant,
investment adviser, research entity, custodian or registered distributor may have the same person as principal
officer for these activities:”
6. In regulation 9 of the principal regulations, in sub-regulation (8), after the first proviso, the following proviso
shall be inserted, namely:-
“Provided further that an entity undertaking multiple activities, as mentioned in the above proviso, shall have
a separate official as a vertical head for its distribution business activities:”
7. In regulation 47 of the principal regulations, after sub-regulation (2), following sub-regulation shall be
inserted, namely:
“(2A) On and from the commencement of the International Financial Services Centres Authority (Capital
Market Intermediaries) (Amendment) Regulations, 2026, the IFSCA Circular No. F. No. 224/IFSCA/CMD-
DMIIT/CUST/2021/1 titled “Recognition as Custodian of assets/securities” dated February 24, 2021, shall
stand superseded.”
8. In Schedule-I of the principal regulations, in third column, in row at serial number 4, for the words “As
specified by the Authority from time to time” the following shall be substituted:
“USD 1 million
[Custodians already registered with the Authority, if required to infuse or earmark additional funds in
accordance with the revised net worth requirements, shall comply with the revised norms by June 30, 2026.]”
PRAVEEN TRIVEDI, Executive Director
[ADVT.-III/4/Exty./609/2025-26]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.