The India International Financial Services Centres Authority has issued a master circular for broker dealers and clearing members, consolidating into one instrument the regulatory framework that had been spread across multiple circulars for intermediaries operating in GIFT IFSC. It is intended to serve as a single reference point for registration, supervision, conduct and operational requirements, and supersedes applicable Securities and Exchange Board of India circulars issued before 1 October 2020 for broker dealers and clearing members registered with IFSCA. The circular is organised into eleven chapters covering the full lifecycle of a broker dealer or clearing member, from registration and eligibility to ongoing supervision, technology and conduct obligations, and surrender of registration. The main elements highlighted by IFSCA include streamlined registration through SWITS, governance standards, a risk-based supervisory framework, a tiered system audit framework, client asset protection, a technical glitches framework, business continuity and disaster recovery, vendor risk and software resilience, market access through authorized persons, and periodic reporting and compliance audits.

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