**Executive Summary**
This circular, issued by the International Financial Services Centres Authority (IFSCA) on February 13, 2026, and effective from February 16, 2026, introduces a unified registration process ("Master Key") for Capital Market Intermediaries (CMI) undertaking multiple capital market activities under the IFSCA (Capital Market Intermediaries) Regulations, 2025. The circular outlines the eligibility criteria, the application process, and the associated fees.
**Key Points / Main Content**
* **Unified Registration (Master Key):**
* The CMI Regulations have been amended to allow units in the IFSC to obtain a unified registration (Master Key) for undertaking multiple capital market activities.
* **Eligible Intermediaries:** The following types of capital market intermediaries permitted under the CMI Regulations may apply for a Master Key:
* Broker Dealer
* Clearing Member
* Credit Rating Agency
* Custodian
* Debenture Trustee
* Depository Participant
* Distributor
* ESG Ratings and Data Products Provider
* Investment Adviser
* Investment Banker
* Research Entity
* **Application Process:**
* Applications must be filed through the Single Window IT System (SWIT) portal of IFSCA (https://swit.ifsca.gov.in/).
* Only one application is required, even for multiple activities, with the applicant selecting the activities they wish to undertake.
* The certificate of registration will be titled "Capital Market Intermediary - XXX, XXXX and XXXXX" followed by a mention of the permitted activity(ies).
* **Fees:**
* Applicants must pay the requisite fee for each activity applied for, as per circular IFSCA-DTFA/1/2025 dated April 08, 2025.
* Application, registration, annual, and recurring fees are applicable for each activity separately, with deadlines specified in the fee circular.
* **Applicability:**
* This circular comes into effect on February 16, 2026.
**Impact Analysis**
**Capital Market Intermediaries in IFSC**
* **Impact:** The circular provides a streamlined process for intermediaries to register for multiple capital market activities, reducing administrative burden.
* **Action Required:** Review the circular, determine eligibility for the Master Key, and file an application through the SWIT portal, paying the applicable fees for each activity.
**Market Infrastructure Institutions in IFSC**
* **Impact:** The circular may indirectly impact these institutions as it could lead to more intermediaries being active in the IFSC.
* **Action Required:** Monitor the uptake of the Master Key and any resulting changes in market activity to adjust operations and services accordingly.
Key Entities Referenced
IFSCA (Capital Market Intermediaries) Regulations, 2025: Regulations governing capital market intermediaries under the International Financial Services Centres Authority.
International Financial Services Centres Authority Act, 2019: The act that established the International Financial Services Centres Authority.
International Financial Services Centres Authority (IFSCA): The regulator for International Financial Services Centres in India.
Master Key: Unified registration for multiple capital market activities under the IFSCA (Capital Market Intermediaries) Regulations, 2025
International Financial Services Centre (IFSC): Jurisdiction where the IFSCA regulations apply.
CIRCULAR
F No. IFSCA-PLNP/80/2024-Capital Markets February 13, 2026
To,
All the Capital Market Intermediaries in the International Financial Services
Centres (IFSC)
All the Market Infrastructure Institutions in the IFSC
Dear Sir/Madam,
Subject: Unified Registration for multiple Capital Market Activities under the
IFSCA (Capital Market Intermediaries) Regulations, 2025 (Master Key)
1. The International Financial Services Centres Authority (Capital Market
Intermediaries) Regulations, 2025 (“CMI Regulations”) were recently amended to
permit a Unit in the International Financial Services Centre (“IFSC”), desirous of
undertaking multiple capital market activities under the CMI Regulations, to obtain
a unified registration (Master Key/MKY) for such activities, in such manner as may
be specified by the Authority.
2. The following type of capital market intermediaries, permitted under the CMI
Regulations, may apply for a Master Key for undertaking multiple capital market
activities viz.:
2.1. Broker Dealer;
2.2. Clearing Member;
2.3. Credit Rating Agency;
2.4. Custodian;
Page 1 of 32.5. Debenture Trustee;
2.6. Depository Participant;
2.7. Distributor;
2.8. ESG Ratings and Data Products Provider;
2.9. Investment Adviser;
2.10. Investment Banker;
2.11. Research Entity.
Process of Application
3. The application process for the Master Key shall be as under-
(a) The application shall be filed through the Single Window IT System (SWIT)
portal of IFSCA (https://swit.ifsca.gov.in/).
(b) Only one application is required to be filed for undertaking one or multiple
activities permitted under the CMI Regulations wherein the applicant will have
the option to choose the activity(ies) that it seeks to undertake in the IFSC.
(c) The certificate of registration issued by IFSCA shall be titled “Capital Market
Intermediary - XXX, XXXX and XXXXX” [mentioning the permitted activity(ies)]
under the CMI Regulations.
(d) The applicant shall pay the requisite fee for each of the activities it has applied
for, in accordance with the circular IFSCA-DTFA/1/2025 dated April 08, 2025
specifying the applicable fee.
Explanation: An entity applying for registration for activity “X”, “Y” and “Z” shall
pay application fees for all the activities for which the application has been
filed. Upon grant of registration, the applicant shall pay registration, annual
and other recurring fees as per applicable deadlines provided under the fee
circular for each activity separately.
Page 2 of 3Applicability
4. This circular shall come into force w.e.f. February 16, 2026.
5. This Circular has been issued in exercise of the powers conferred under section
12 and 13 of the International Financial Services Centres Authority Act, 2019 read
with Regulation 4(1) and Regulation 45 of the IFSCA (Capital Market
Intermediaries) Regulations, 2025 and is available on the website of International
Financial Services Centres Authority at www.ifsca.gov.in at “About us → Circular”.
Yours faithfully
Pawan Kumar Chowdhary
Deputy General Manager
Department of Capital Markets
pawan.kc@ifsca.gov.in
079-61809854
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