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The IFSCA (Capital Market Intermediaries) Regulations provide a comprehensive regulatory framework for entities that play a crucial role in the functioning of capital markets within the IFSC. This ecosystem comprises a diverse range of intermediaries that facilitate investment, ensure market transparency, and uphold investor confidence.

Key participants include Broker Dealers, Clearing Members, Credit Rating Agencies, Custodians, Debenture Trustees, Depository Participants, Distributors, ESG Rating and Data Product Providers, Investment Advisers, Investment Bankers and Research Entities.

IFSCA (Capital Market Intermediaries) Regulations 2025



Public Consultation

Sr. No. Date Title View
1 30/05/2025 Revised Consultation Paper on draft Revamped Regulatory Framework for Global Access in the IFSC  
2 08/05/2025 Consultation Paper on draft Revamped Regulatory Framework for Global Access in the IFSC  
3 21/11/2024 Consultation Paper on proposed IFSCA (Capital Market Intermediaries) Regulations, 2024  
4 28/07/2021 Consultation paper on proposed IFSCA (Capital Market Intermediaries) Regulations, 2021  

KEY CIRCULARS

Sr. No. Date Title View
1 01/10/2024 Master Circular for Credit Rating Agencies  
2 05/09/2024 Maintenance of Net Worth by Capital Market Intermediaries  
3 25/07/2024 Credit Rating Agencies in the IFSC  
4 06/06/2024 Global Access-Clarification  
5 08/02/2024 Reporting Norms for Capital Market Intermediaries  
6 03/12/2021 Investment banking in the IFSC  
7 25/11/2021 Global Access to Broker Dealers  

STATISTICS

Sr. No. Title View
1 Statistics for Capital Market activities in GIFT IFSC as on March 31, 2025 (Refer to page 30-33)  
2 Statistics for Capital Market activities in GIFT IFSC as on December 31, 2024 (Refer to page 33-36)  
3 Statistics for Capital Market activities in GIFT IFSC as on September 31, 2024 (Refer to page 28-31)  
4 Statistics for Capital Market activities in GIFT IFSC as on June 31, 2024 (Refer to page 22-25)  
5 Statistics for Capital Market activities in GIFT IFSC as on March 31, 2024 (Refer to page 22-24)  
6 Statistics for Capital Market activities in GIFT IFSC as on December 31, 2023 (Refer to page 15- 17)  
7 Statistics for Capital Market activities in GIFT IFSC as on September 31, 2023 (Refer to page 10-12)  
8 Statistics for Capital Market activities in GIFT IFSC as on June 31, 2023 (Refer to page 10-11)  

LIST OF LICENSED ENTITIES

Sr. No. Title View
1 List of Broker Dealers  
2 List of Clearing members  
3 List of Credit Rating Agencies  
4 List of Custodians  
5 List of Debenture Trustees  
6 List of Depository participants  
7 List of Distributors  
8 List of ESG Ratings and Data Products Providers  
9 List of Investment advisers  
10 List of Investment bankers  
11 List of Research Entities  

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