IFSCA (Capital Market Intermediaries) Regulations, 2021

Registration categories for broker-dealers, clearing members, investment bankers, portfolio managers and other intermediaries servicing the IFSC exchanges.

Intermediary categories

The regulations cover Trading Members/Broker-Dealers, Clearing Members, Investment Bankers (merchant-banking-equivalent), Portfolio Managers (non-fund PMS distinct from an FME's PMS), Credit Rating Agencies, Custodians and Depository Participants operating in the IFSC exchange ecosystem.

Net-worth and fit-and-proper criteria

Each category carries its own minimum net-worth floor and a fit-and-proper test for promoters/key managerial persons — broadly parallel in structure to SEBI's domestic intermediary regulations, but with USD-denominated thresholds and IFSC-specific business-continuity/data-localisation conditions.

Dealing on India INX and NSE IFSC-SX

A registered broker-dealer/clearing member gains trading and clearing access to the two IFSC exchanges — enabling trading in index/stock derivatives, bonds, depository receipts and, on the commodity side, bullion derivatives — subject to exchange-level membership rules layered on top of the IFSCA registration.

Educational summary of the IFSCA Act, 2019, its Regulations and IFSCA circulars as understood at review date 2026-07-18. Not a substitute for the official IFSCA Act/Regulations text, current circulars, or professional advice on a specific transaction.

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