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REGD. No. D. L.-33004/99
The Gazette of India
CG-GJ-E-13012026-269313
EXTRAORDINARY
PART III-Section 4
PUBLISHED BY AUTHORITY
No. 33]
NEW DELHI, MONDAY, JANUARY 12, 2026/PAUSHA 22, 1947
230 GI/2026
(1)
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 7th January, 2026
International Financial Services Centres Authority (Capital Market Intermediaries) (Amendment)
Regulations, 2026
IFSCA/GN/2026/005.—In exercise of the powers conferred by sub-section (1) of Section 28 read with sub-
section (1) of Section 12 and sub-section (1) of Section 13 of the International Financial Services Centres Authority
Act, 2019 (50 of 2019); Section 30 read with Section 28C of the Securities and Exchange Board of India Act, 1992
(15 of 1992); and Section 25 read with Section 23G of Depositories Act, 1996, the International Financial Services
Centres Authority hereby makes the following regulations, further to amend the International Financial Services
Centres Authority (Capital Market Intermediaries) Regulations, 2026 (hereinafter referred to as the principal
regulations), namely:-
1. (1) These regulations may be called the International Financial Services Centres Authority (Capital Market
Intermediaries) (Amendment) Regulations, 2026.
2.
(2) These regulations shall come into force on the date of their publication in the Official Gazette.
In regulation 4 of the principal regulations, in sub-regulation (1), the following proviso shall be inserted,
namely:-
"Provided that a unit in IFSC desirous of undertaking multiple activities may obtain a unified registration for
such multiple activities, in such manner as may be specified by the Authority."
3.
In regulation 9 of the principal regulations, in sub-regulation (2), in clause (a),
i.
for the words "or actuarial science" the words ", actuarial science, fintech, science, technology,
engineering or mathematics” shall be substituted; and
ii.
the word "recognised" appearing before the words "foreign
university" shall be omitted.
4.
In regulation 9 of the principal regulations, in sub-regulation (2), in clause (a), in the first proviso, for the
word "ten" the word "five" shall be substituted.
5.
In regulation 9 of the principal regulations, in sub-regulation (8), for the first proviso, the following proviso
shall be substituted, namely:-
"Provided that an entity with registration as a broker dealer, clearing member, depository participant,
investment adviser, research entity, custodian or registered distributor may have the same person as principal
officer for these activities:"
6.
In regulation 9 of the principal regulations, in sub-regulation (8), after the first proviso, the following proviso
shall be inserted, namely:-
"Provided further that an entity undertaking multiple activities, as mentioned in the above proviso, shall have
a separate official as a vertical head for its distribution business activities:"
7.
In regulation 47 of the principal regulations, after sub-regulation (2), following sub-regulation shall be
inserted, namely:
"(2A) On and from the commencement of the International Financial Services Centres Authority (Capital
Market Intermediaries) (Amendment) Regulations, 2026, the IFSCA Circular No. F. No. 224/IFSCA/CMD-
DMIIT/CUST/2021/1 titled “Recognition as Custodian of assets/securities" dated February 24, 2021, shall
stand superseded."
8.
In Schedule-I of the principal regulations, in third column, in row at serial number 4, for the words "As
specified by the Authority from time to time" the following shall be substituted:
"USD 1 million
[Custodians already registered with the Authority, if required to infuse or earmark additional funds in
accordance with the revised net worth requirements, shall comply with the revised norms by June 30, 2026.]"
PRAVEEN TRIVEDI, Executive Director
[ADVT.-III/4/Exty./609/2025-26]