GIFT City Updates (September 2025)

• Operationalization of SWIT Portal for Tech Fin and Ancillary Services (TAS)

On September 3, 2025, IFSCA enabled online applications for Tech Fin and Ancillary Services entities via the Single Window IT System (SWIT). This digital onboarding mechanism streamlines registration, enhances transparency, and supports the growth of technology-driven financial services in IFSC. The move complements IFSCA's broader digital infrastructure strategy and facilitates ease of doing business CLICK HERE

• MoU with Australian Securities and Investments Commission (ASIC)

On September 4, 2025, IFSCA executed a Memorandum of Understanding with ASIC to foster regulatory cooperation, facilitate cross-border financial innovation, and strengthen supervisory coordination. The MoU enables mutual assistance in fintech development, licensing, and enforcement, positioning GIFT IFSC as a globally integrated financial hub. This strategic partnership aligns with India's Viksit Bharat 2047 vision and supports bilateral capital market access CLICK HERE

• Corrigendum to Circular on Opening of Account by Person Resident in India

On September 2, 2025, IFSCA issued a corrigendum to its circular dated August 13, 2025, concerning foreign currency account opening by Indian residents with International Banking Units (IBUs) in IFSC. The corrigendum corrects the reference date under FEMA from "January 14, 2015" to "January 21, 2016," aligning the regulatory interpretation with the correct FEMA notification. Issued under Sections 12 and 13 of the IFSCA Act, 2019, the corrigendum ensures legal precision and reinforces the validity of account opening procedures. It is effective immediately CLICK HERE

• Extension of Deadline for Implementing Revised Norms for Principal Officer and Compliance Officer – CMI Regulations

On September 4, 2025, IFSCA extended the deadline for capital market intermediaries to implement revised norms for appointment of Principal Officer and Compliance Officer under sub-regulations (2), (3), and (8) of Regulation 9 of the IFSCA (Capital Market Intermediaries) Regulations, 2025. Originally required by October 1, 2025, the new deadline is December 31, 2025. This extension, granted under Sections 12 and 13 of the IFSCA Act, 2019 and Regulations 9(4) and 45 of the CMI Regulations, responds to industry representations and ensures continuity in operations while promoting ease of doing business. The circular is effective immediately CLICK HERE

• Fee Structure for Third-Party Fund Management Services

On September 8, 2025, IFSCA specified a detailed fee structure for Fund Management Entities (FMEs) offering third-party fund management services under Part D, Chapter VI of the IFSCA (Fund Management) Regulations, 2025. Registered FMEs must pay an application fee of USD 2,500 and an authorisation fee of USD 7,500. Additionally, an annual conditional recurring fee of USD 2,000 per third-party fund manager (TPFM) is payable from the financial year following contract execution. These fees are in addition to the flat recurring fee of USD 2,000 notified earlier. Activity-based fees remain governed by the April 2025 circular on permissible activities. Issued under Sections 12 and 13 of the IFSCA Act, 2019 and Regulation 107K(1)(i), the circular promotes transparency, cost predictability, and operational clarity for FMEs in IFSC CLICK HERE

• Market Access through Authorized Persons on Bullion Exchange

On September 11, 2025, IFSCA extended the applicability of its earlier Market Access Circulars dated 14 October 2020 and 29 April 2022 to the Bullion Exchange and Bullion Trading Members in IFSC. This enables investors to access the bullion market through Authorized Persons located in India or foreign jurisdictions, mirroring the framework already in place for stock exchanges. The circular directs the Bullion Exchange to amend its rules and byelaws accordingly and disseminate the provisions to market participants. Issued under Sections 12 and 13 of the IFSCA Act, 2019 and Regulation 78 of the Bullion Market Regulations, 2025, the circular aims to expand market reach, deepen liquidity, and enhance investor access in the bullion segment. It is effective immediately CLICK HERE

• Extension of Deadline for Net Worth Compliance – CMI Regulations

On September 12, 2025, IFSCA extended the deadline for capital market intermediaries to comply with revised net worth requirements under the IFSCA (Capital Market Intermediaries) Regulations, 2025 from October 1 to December 31, 2025. This extension, granted under Sections 12 and 13 of the IFSCA Act, 2019 and Regulation 45 of the CMI Regulations, responds to stakeholder representations and provides operational relief during the transition to the new framework. It supports continuity in business operations and aligns with IFSCA's commitment to ease of doing business in IFSC CLICK HERE

• Amendments to Regulatory Framework for Global Access

On September 12, 2025, IFSCA amended clauses 27, 36, and 37 of the Global Access frameworks to permit Global Access Providers and Introducing Brokers to maintain client fund accounts either with IFSC Banking Units or with Payment Service Providers (PSPs) authorized under the IFSCA (Payment Services) Regulations, 2024. This change, prompted by industry feedback, enhances operational flexibility and improves efficiency in cross-border fund movements. The circular, issued under Sections 12 and 13 of the IFSCA Act, 2019 and Regulations 27 and 45 of the CMI Regulations, is effective immediately and reinforces IFSC's competitiveness as a gateway for global capital flows CLICK HERE

• Clarification on Listing of Convertible Debt Securities

On September 18, 2025, IFSCA clarified that convertible debt securities—such as foreign currency convertible bonds (FCCBs)—may be listed on recognized stock exchanges in IFSC under the same procedural and disclosure norms applicable to debt securities, until their conversion. This clarification, issued under Sections 12 and 13 of the IFSCA Act, 2019 and Regulation 130(3) of the Listing Regulations, 2024, mandates prominent disclosure of the equity shares' listing status in offer documents. The circular ensures regulatory certainty for issuers and investors, expands product diversity, and strengthens IFSC's role as a global capital raising platform. It applies to all existing and proposed issuances and is effective immediately CLICK HERE

• Amendment to Bullion Operating Guidelines – Eligibility Criteria for Bullion Trading Members

On September 22, 2025, IFSCA amended the eligibility criteria for Bullion Trading Members under the Operating Guidelines for Bullion Exchange, Clearing Corporation, Depository, and Vault Managers, originally issued on 25 August 2021. The revised provision now permits trading members to employ individuals with a minimum of two years' experience in dealing in securities, foreign exchange, or precious metals replacing the earlier requirement of three years' experience specifically in the precious metals industry. This relaxation follows stakeholder representations and aims to broaden market access and deepen participation in the bullion ecosystem. The circular is issued under Sections 12 and 13 of the IFSCA Act, 2019, read with Regulation 78 of the Bullion Market Regulations, 2025, and is effective immediately CLICK HERE

• International Financial Services Centres Authority (Payments Regulatory Board) Regulations, 2025

Notified on September 18, 2025, these Regulations establish the legal framework for the newly constituted Payments Regulatory Board (PRB) under IFSCA. Issued under Sections 12, 13, and 28 of the IFSCA Act, 2019 and Sections 3(4), 34B, and 38 of the Payment and Settlement Systems Act, 2007, the Regulations define the composition, powers, and governance standards of the PRB. The framework outlines eligibility and tenure for nominated members, mandates a code of conduct, and prescribes quorum and voting procedures for board meetings. It also empowers the PRB to form committees, delegate functions, and oversee payment entities operating in IFSC. These Regulations replace the earlier 2024 framework and mark a significant step in strengthening India's cross-border payment infrastructure and regulatory oversight CLICK HERE

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