IFSC Press Release, Dated: 12.05.2026
The International Financial Services Centres Authority (IFSCA) has issued the “Master Circular for Broker Dealers and Clearing Members”, consolidating the regulatory framework applicable to entities operating in GIFT IFSC into a single comprehensive instrument.
1. Objective of the Master Circular
The circular aims to:
- Consolidate existing regulatory instructions and requirements
- Enhance clarity, consistency, and ease of compliance
- Provide a unified compliance framework for market intermediaries in IFSCs
2. Key Areas Covered
2.1 Registration Requirements
Framework relating to registration and eligibility of:
- Broker Dealers
- Clearing Members
2.2 Governance and Conduct
Prescribes standards for:
- Corporate governance
- Conduct and compliance obligations
2.3 Operational and Technology Requirements
Covers:
- Operational procedures
- Technology and system requirements
2.4 Risk-Based Supervision
- Includes provisions for risk-based supervisory mechanisms
- To strengthen regulatory oversight and monitoring
2.5 Business Continuity and Resilience
Prescribes norms relating to:
- Business Continuity Planning (BCP)
- Disaster recovery arrangements
2.6 Vendor Risk Management
Provides guidance on outsourcing and vendor management controls
2.7 Compliance Reporting
- Specifies reporting and disclosure obligations to IFSCA
3. Regulatory Significance
The Master Circular creates:
- A centralised reference framework for Broker-Dealers and Clearing Members
- Supporting efficient compliance and regulatory administration in GIFT IFSC
4. Conclusion
The issuance of the Master Circular strengthens the regulatory ecosystem for intermediaries operating in GIFT IFSC by consolidating governance, operational, supervision, and compliance requirements into a unified framework.
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