IFSCA has issued Master Circulars for capital market intermediaries in IFSC under the IFSCA (Capital Market Intermediaries) Regulations, 2025, which were notified on April 11, 2025. The circulars apply to: Credit Rating Agencies, Debenture Trustees, Distributors, ESG Ratings and Data Products Providers, Investment Advisers, Investment Bankers, and Research Entities. These circulars aim to promote ease of doing business and provide clarity on operational aspects such as registration process, validity of registration, permissible activities, governance, code of conduct, KYC, AML and CFT guidelines, outsourcing, complaint handling, change in control, periodic reporting, cyber security and cyber resilience and surrender of registration. Published August 05, 2025, in Gandhinagar.
Key Entities Referenced
International Financial Services Centres Authority (IFSCA): Regulator that issued the master circulars.
IFSCA (Capital Market Intermediaries) Regulations, 2025: Regulations under which master circulars for capital market intermediaries in IFSC are issued.
International Financial Services Centre (IFSC): Jurisdiction to which the capital market intermediary master circulars apply.
Master Circulars on Capital Market Intermediaries in IFSC: Policy document providing guidelines for capital market intermediaries within IFSC.
Gandhinagar: Location where the press release was issued.
PRESS RELEASE
Master Circulars on Capital Market Intermediaries in IFSC
Capital market intermediaries play a pivotal role in fostering the growth of the securities
market ecosystem in the IFSC in a fair, efficient and transparent manner. Over the last
few years, the capital markets ecosystem in IFSC has witnessed significant growth,
leading to a notable increase in the number of registered capital market intermediaries.
Recently, International Financial Services Centres Authority (IFSCA) had notified the
IFSCA (Capital Market Intermediaries) Regulations, 2025 on April 11, 2025.
IFSCA has today issued Master Circulars for the following categories of capital market
intermediaries in IFSC under the IFSCA (Capital Market Intermediaries) Regulations,
2025:
a) Credit Rating Agencies
b) Debenture Trustees
c) Distributors
d) ESG Ratings and Data Products Providers
e) Investment Advisers
f) Investment Bankers and
g) Research Entities
These master circulars aim to promote ease of doing business by providing a one-stop
reference for all circulars and guidelines applicable on the capital market intermediaries.
Further, they also provide clarity on various operational aspects, inter-alia, such as
registration process, validity of registration, permissible activities, governance, code of
conduct, KYC, AML and CFT guidelines, outsourcing, complaint handling, change in
control, periodic reporting, cyber security and cyber resilience and surrender of
registration.
Gandhinagar
August 05, 2025