Circular e.F.No.IFSCA-PLNP/94/2025-Capital Markets, Dated: 12.05.2026
The International Financial Services Centres Authority (IFSCA) has issued a clarification regarding the framework governing implementation services provided by Investment Advisers registered in IFSCs.
1. Meaning of Implementation Services
The circular clarifies that Implementation services include services relating to:
- Execution of investment advice, or
- Giving effect to investment advice rendered to clients
2. Permitted Channels for Providing Services
The framework specifies the permissible channels through which such services may be offered, depending on the nature of the financial product.
These channels include:
- Global Access Providers (GAPs)
- Regulated platforms
- Asset managers and other regulated entities
3. Objective of the Clarification
The clarification aims to:
- Provide regulatory clarity for IFSC-registered Investment Advisers
- Ensure proper execution framework for advisory services
- Promote transparent and compliant investment implementation mechanisms
4. Regulatory Significance
The framework helps:
- Distinguish advisory activities from execution-related functions
- Establish approved mechanisms for implementation of investment advice
5. Conclusion
The clarification strengthens the regulatory framework for Investment Advisers in IFSCs by defining implementation services and prescribing recognised channels for execution of investment advice in a compliant and structured manner.
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