IFSCA Prescribes Net Worth Certificate Format for Global Access Providers

Circular eF.No. IFSCA-DSI/12/2025-Capital Markets, Dated: 12.02.2026

The International Financial Services Centres Authority (IFSCA) has issued a circular specifying the format of the net worth certificate to be submitted by:

Global Access Providers (GAPs)
Broker-dealers accessing global markets through GAPs

The circular also provides an indicative checklist for conducting annual audits of such entities.

1. Net Worth Certificate – Format and Certification

IFSCA has prescribed a standardised format for submission of the net worth certificate.

1.1 Certification Requirement

The certificate must be certified by an independent member of the
Institute of Chartered Accountants of India (ICAI)

1.2 Frequency and Timeline

The net worth certificate must be submitted annually
Deadline for submission: 30 September
Applicable for the preceding financial year

This requirement ensures regular monitoring of financial soundness of regulated entities operating through the IFSC.

2. Annual Audit Requirement

The circular mandates that:

Annual audit must be conducted by a peer-reviewed professional
Eligible professionals include members of:

1. Institute of Chartered Accountants of India (ICAI)
2. Institute of Company Secretaries of India (ICSI)
3. Institute of Cost Accountants of India (ICMAI)

Peer review status is required to ensure quality and reliability of the audit process.

3. Indicative Checklist for Annual Audit

IFSCA has provided an indicative audit checklist to guide professionals in conducting annual audits of GAPs and related broker-dealers.

The checklist is intended to:

Ensure comprehensive verification of regulatory compliance
Standardise audit procedures
Enhance consistency in reporting and oversight

4. Regulatory Objective

The circular aims to:

Strengthen financial and compliance oversight of GAPs
Ensure standardised reporting of net worth
Improve audit quality through peer-reviewed professionals
Enhance transparency and supervisory effectiveness in IFSC

5. Key Takeaway

Global Access Providers and broker-dealers operating through IFSC must submit an annually certified net worth certificate by 30 September and undergo annual audits by peer-reviewed professionals, in line with the format and checklist prescribed by IFSCA.