The India International Financial Services Centres Authority has issued master circulars for multiple categories of capital market intermediaries operating in the IFSC under the IFSCA (Capital Market Intermediaries) Regulations, 2025, positioning them as a consolidated, one-stop reference for applicable circulars and guidelines. The master circulars cover credit rating agencies, debenture trustees, distributors, ESG ratings and data products providers, investment advisers, investment bankers, and research entities. They set out operational expectations including the registration process and validity, permissible activities, governance and code of conduct, KYC, AML and CFT guidelines, outsourcing, complaint handling, change in control, periodic reporting, cyber security and cyber resilience, and surrender of registration.
India International Financial Services Centres Authority 2025-08-05
India International Financial Services Centres Authority issues master circulars for seven categories of capital market intermediaries in the IFSC
The India International Financial Services Centres Authority released master circulars for capital market intermediaries under the IFSCA (Capital Market Intermediaries) Regulations, 2025. These circulars serve as a comprehensive reference for credit rating agencies, debenture trustees, distributors, ESG ratings providers, investment advisers, investment bankers, and research entities, detailing operational expectations like registration, governance, KYC, AML, cyber security, and reporting.