In exercise of the powers conferred by sub section 1 of Section 28, read with sub section 1 of Section 12 of the International Financial Services Centres Authority Act,

REGD. No. D. L.-33004/99 The Gazette of India CG-GJ-E-31122025-268967 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 835] NEW DELHI, MONDAY, DECEMBER 29, 2025/PAUSHA 8, 1947 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 24th December, 2025 International Financial Services Centres Authority (Global In-House Centres) Regulations, 2025. F. No. IFSCA/GN/2025/012.— In exercise of the powers conferred by sub-section (1) of Section 28, read with sub-section (1) of Section 12 of the International Financial Services Centres Authority Act, 2019 [50 of 2019], the International Financial Services Centres Authority hereby makes the following regulations, namely:- CHAPTER-I PRELIMINARY 1. Short Title and Commencement (1) These regulations may be called the International Financial Services Centres Authority (Global In-House Centres) Regulations, 2025. (2) They shall come into force from the date of their publication in the Official Gazette. 2. Objectives These regulations are aimed at providing a regulatory framework- (1) To operationalize the Global In-House Centres (GICs) as a financial service for developing International Financial Services Centres (IFSCs) as global hub for delivery of high-value financial and related services, generating employment opportunities, and strengthening India's integration within the global value chain of financial services; (2) To bring back the India centric financial services and transactions that are currently carried out in offshore financial centres to International Financial Service Centre by offering world class business and regulatory environment. 3. Definitions (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings assigned to them below, and their cognate expressions and variations shall be construed accordingly: - (a) "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) "Authority" means the International Financial Services Centres Authority established under sub-section (1) of section 4 of the Act; (c) "Global-In-House Centre (GIC)” means a service provided by a GIC Unit for delivering services relating to financial products and financial services to a Financial Institution Group; (d) "Global-In-House Centre Unit (GIC Unit)” means a unit set up in International Financial Services Centre by an entity of a Financial Institution Group, either directly or through a third party service provider, and registered under these regulations for undertaking the activities of Global In-House Centres under any of the operating models, viz Captive Centre, Build-Operate-Transfer, Joint Venture, Hybrid or any other model as may be permitted by the Authority; (e) "Financial Institution Group” means entity(ies) of a group engaged in providing financial services or carrying out financial activities, including but not limited to banks, non-banking financial companies, financial intermediaries, investment banks, insurance companies, re-insurance companies, actuaries, brokerage firms, funds, stock exchanges, clearing corporations, depositories, custodians, and any other similar financial institutions: For the purpose of this regulation, the group entities of a Financial Institution Group shall include arrangements involving two or more entities related to each other through any of the following relationships: (i). parent-subsidiary (as per Ind-AS 110/AS 21); (ii). joint venture (as per Ind-AS 28/AS 27); (iii). associate (as per Ind-AS 28/AS 23); (iv). common brand name; (v). investment in equity shares or capital contribution of 20 per cent and above; (vi). being part of a network; or (vii). any other arrangement as may be permitted by the Authority. Explanation. - For the purpose of sub-clause (vi), the term “network” means a larger structure of a group of firms that have come together for mutual benefits by pooling resources, showcasing their combined strength, and having uniform policies, technology, and collateral, and presenting themselves as a single integrated unit, with one lead firm acting on behalf of the member firms. (f) "International Financial Services Centre” shall have the same meaning as assigned to it under clause (g) of sub-section (1) of Section 3 of the Act; (g) "Inspecting Authority" means one or more persons appointed by the Authority to undertake inspection of a GIC Unit; (h) "Non-resident" means a ‘person resident outside India' under the Foreign Exchange Management Act, 1999 (42 of 1999) and shall also include financial institutions in an International Financial Service Centre; (i) "Resident” means a 'person resident in India' as defined under the Foreign Exchange Management Act, 1999 (42 of 1999); (j) "Single Window IT Systems (SWIT)” refers to an online platform designed, inter-alia, to facilitate the processing of applications submitted by the applicants for obtaining Certificate of Registration under these regulations; (k) "Specified Foreign Currency" means the currencies specified in the First Schedule of the International Financial Services Centres Authority (Banking) Regulations, 2020, as amended from time to time. (2) Words and expressions used and not defined in these regulations but defined in the Act or Acts mentioned in the First Schedule to the Act, or the Companies Act, 2013 (18 of 2013), or the Limited Liability Partnership Act, 2008 (6 of 2009), or any rules or regulations made thereunder shall have the same meanings respectively assigned to them in those Acts, rules, regulations or any statutory modification or re-enactment thereto, as the case may be. CHAPTER-II REGISTRATION OF A GLOBAL IN-HOUSE CENTRE UNIT 4. Eligibility Criteria (1) An entity exclusively falling under the definition of ‘Financial Institution Group' may make an application under these regulations: Provided that, in models where third-party is permitted, an application may be submitted by the third party, subject to the prior authorization of the Financial Institution Group, and the applicant shall furnish to the Authority an authorization letter evidencing such prior authorization. Explanation.- The decision whether the applicant falls within the definition of ‘Financial Institution Group' shall be determined by the Authority and whose decision on the same shall be final. (2) In case where the ‘GIC Unit' is intended to be set up in the form of branch, the applicant (i.e., parent entity) shall be from a jurisdiction which has not been identified in the public statement of Financial Action Task Force (FATF) as “High-Risk Jurisdiction subject to call for action". 5. Legal Form of the Applicant (1) The applicant shall be an entity incorporated as a company or a limited liability partnership in the IFSC, or a branch of a company or of a limited liability partnership incorporated outside the IFSC, or in any other form as may be permitted by the Authority. (2) All the promoters or partners of the applicant entity shall be from a jurisdiction which has not been identified in the public statement of Financial Action Task Force (FATF) as "High-Risk Jurisdictions subject to call for action". 6. Procedure for Making Application (1) Any entity desirous of undertaking the activities of GIC under these regulations shall not commence its operations in International Financial Service Centre, unless it has been granted a certificate of registration by the Authority as a GIC Unit. (2) An applicant desirous of obtaining certificate of registration as a GIC Unit shall submit the application to the Authority through SWIT, along with the requisite documents and application fees in the manner specified by the Authority. (3) After considering the application, if the Authority is of the opinion that the certificate of registration cannot be granted due to certain deficiencies, it shall communicate the same to the applicant, advising it to rectify those deficiencies within thirty (30) days from the date of communication, failing which the application shall be liable to be rejected: Provided that no application shall be rejected without giving the applicant a reasonable opportunity of being heard by way of written submissions. 7. Grant of Registration (1) On consideration of the application, the Authority may grant in-principle approval to the applicant, subject to such conditions as deemed fit. (2) On receipt of in-principle approval, the applicant shall, within a period of one hundred eighty (180) days, unless extended by the Authority, take necessary steps to comply with these regulations and conditions of the in-principle approval. (3) An application seeking extension beyond one hundred eighty (180) days shall be filed in such form and manner as may be specified by the Authority. (4) On being satisfied that the applicant has fulfilled the conditions of the in- principle approval, the Authority may grant a certificate of registration, subject to such conditions as it deemed fit. (5) The certificate of registration granted under these regulations shall remain valid unless suspended or cancelled by the Authority or voluntarily surrendered by the GIC Unit in accordance with these regulations: Provided that the voluntary surrender of certificate of registration shall be effective only after its acceptance by the Authority. (6) The GIC Unit shall immediately furnish to the Authority any material changes that have a bearing on the certificate of registration granted to it, including any changes in the information or particulars previously furnished. CHAPTER-III FUNCTIONING OF A GLOBAL IN-HOUSE CENTRE UNIT 8. Permissible Services (1) The GIC Unit shall provide services in relation to financial product(s) and financial service(s). (2) The GIC Unit shall provide services to the entities of the Financial Institution Group which are 'non-resident' and are located in the jurisdictions which have not been identified in the public statement of Financial Action Task Force (FATF) as “High-Risk Jurisdiction subject to call for action": Provided that, a GIC Unit may provide services to any entity (ies) of its Financial Institution Group in India for the purpose of delivery of GIC service from IFSC, not exceeding 10% of total revenue of the GIC Unit for the relevant financial year. (3) Notwithstanding anything contained in sub-regulation (2) above, an entity located outside India providing GIC services to any entity (ies) of its Financial Institution Group in India may undertake the same activities from the International Financial Service Centre, subject to the prior approval of the Authority. (4) The GIC Unit shall not be set up in International Financial Service Centre by way of transferring of existing contracts or work arrangements from any entity (ies) of its Financial Institution Group in India. CHAPTER-IV FIT AND PROPER, AND REQUIREMENTS RELATED TO PRINCIPAL OFFICER AND COMPLIANCE OFFICER 9. Fit and Proper Requirements (1) The GIC Unit shall ensure that the entity and its principal officer, compliance officer, directors/partners/ designated partners, and controlling shareholders are 'fit and proper' persons, at all times. (2) For the purpose of sub-regulation (1), a person shall be deemed to be a 'fit and proper' if,- (i). such a person has a record of fairness and integrity, including but not limited to- (a) financial integrity; (b) good reputation and character; and (c) honesty. (ii). such a person has not incurred any of the following disqualifications: (a) the person has been convicted by a court of law for any offence involving moral turpitude or any economic offence or any offence, under the Act or Acts mentioned in the First Schedule of the Act, in last five (5) years; (b) charge sheet has been filed against such person by any Indian or foreign enforcement agency in matters concerning economic offences and is pending; (c) charges have been framed by a court of law or an equivalent institution in matters concerning economic offences; (d) a recovery proceeding has been initiated against the person by a statutory body or financial regulatory authority and is pending; (e) an order has been passed against the person for malfeasance; (f) the person has been declared an undischarged insolvent; (g) An order, restraining, prohibiting or debarring the person from accessing, providing or dealing in financial product (s) or financial service (s), has been passed by any regulatory authority, in any matter concerning financial services market and such order is in force; (h) any other order, which has a material bearing on the financial services market, has been passed against the person by the Authority or any other regulatory authority, and a period of three (3) years from the date of the order has not elapsed. Explanation. - For the purpose of this sub-clause, the decision to determine materiality shall be with the Authority; (i) the person has been found to be of unsound mind by a court of competent jurisdiction, and the finding is in force; (j) the person is financially not sound or has been categorized as a wilful defaulter; (k) the person has been declared a fugitive economic offender; or (l) any other disqualification as may be specified by the Authority. (3) Where any person has been declared as not ‘fit and proper' by an order of a regulatory authority, such a person shall not be eligible to apply for any registration, until such person satisfies the 'fit and proper' requirements. 10. Appointment or Designation of Principal Officer and Compliance Officer (1) The GIC Unit shall appoint a principal officer or designate one of its existing officers as a principal officer, who shall be responsible for its overall activities. (2) The GIC Unit shall appoint a compliance officer or designate one of its existing officers as a compliance officer, who shall be responsible for the compliance of policies, procedures, maintenance of records and other applicable laws, and shall report to the Board of Directors or head of the organization, as the case may be. (3) The principal officer and compliance officer shall be full-time employees of GIC Unit and shall be based out of the International Financial Service Centre. CHAPTER- V MISCELLANEOUS 11. Currency and Mode for Conducting Business (1) The GIC Unit shall carry out its operation in any of the Specified Foreign Currency: Provided that, the GIC Unit may open an INR account to defray its administrative and statutory expenses and for such other purposes as may be permitted under the applicable laws. (2) Every GIC Unit shall maintain its balance sheet in any of the Specified Foreign Currencies. 12. Reporting Requirements (1) The GIC Unit shall furnish information relating to its operations to the Authority, in such manner, interval and form, as may be specified by the Authority. (2) Any financial reporting by the GIC Unit to the Authority shall be in US Dollar, unless otherwise specified by the Authority. 13. Power to Relax Strict Enforcement of the Regulations (1) The Authority, for reasons to be recorded in writing, may in the interest of the development of the financial services market in the International Financial Service Centre, relax the strict enforcement of any requirements of these regulations. (2) For seeking relaxation under sub-regulation (1), an application giving details and the grounds on which such relaxation has been sought, shall be filed with the Authority along with a non-refundable fee as may be specified by the Authority. (3) The application made under sub-regulation (2), complete in all respects, shall be processed within thirty (30) days from the date of receipt of the application, or receipt of the responses to clarifications sought by the Authority, if any. (4) The Authority shall dispose of the application received under sub-regulation (2), by recording the reasons in writing for acceptance or refusal of relaxations sought by the applicant. 14. Power to Remove Difficulties and Issue Clarifications In order to remove any difficulty in the interpretation or application of the provisions of these regulations, the Authority may issue directions, clarifications, guidance notes or circulars. 15. Power to Specify Procedures For the purposes of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes, manners and such additional requirements as it may deem necessary, by way of guidelines, circulars or directions. 16. Payment of Fees The GIC Unit shall pay the annual fees and any other fees, as may be specified by the Authority from time to time. 17. Power to Call for Information The Authority may call for any information, documents or records from the GIC Unit and it shall be the duty of the GIC Unit to submit the same within the specified time. 18. Power to Inspect The Authority may suo motu or upon receipt of any information or complaint, appoint one or more persons as Inspecting Authority inter-alia, to undertake the inspection of books of accounts, records, documents, infrastructure, procedures and systems of a GIC Unit. 19. Action in Case of Default (1) The Authority may initiate any action, as it may deem fit, in case a GIC Unit contravenes any of the provisions of these regulations and circulars, guidelines or directions issued thereunder. (2) No action as referred under sub-regulation (1) shall be taken without giving the GIC Unit, a reasonable opportunity of being heard by way of written submissions. 20. Requirements for Existing Gic Units Unless otherwise provided under these regulations, the existing GIC Units, which were granted registration under International Financial Services Centres Authority (Global-In-Centre) Regulations, 2020, shall within a period of ninety (90) days from the date of commencement of these regulations, comply with the requirements specified under these regulations. 21. Repeal and Savings (1) On and from the commencement of these regulations, the International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020, shall stand repealed. (2) On and from the commencement of these regulations, the Circular dated 18th November 2020, titled as “Global In-House Centres (GIC) in the International Financial Services Centre (IFSC)" issued by the Authority shall stand superseded. (3) Notwithstanding such repeal,- (a) anything done or any action taken or purported to have been done or taken including registration or approval granted, suspended or cancelled, fees collected, any adjudication, enquiry or investigation commenced, or show-cause notice issued under the repealed regulations, prior to such repeal, shall be deemed to have been done or taken or commenced under the corresponding provisions of these regulations; (b) the previous operation of the repealed regulations or anything done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the repealed regulations, any penalty incurred in respect of any violation committed against the repealed regulations, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the repealed regulations had never been repealed. (4) After the repeal of International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020, any reference thereto in any other regulations, guidelines or circulars issued by the Authority shall be deemed to have the reference to the corresponding provisions of these regulations. K. RAJARAMAN, Chairperson [ADVT.-III/4/Exty./574/2025-26] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.