The International Financial Services Centres Authority (“IFSCA”), in exercise of powers conferred under Section 12 and Section 13 of the International Financial Services Centres Authority Act, 2019 read with Regulation 9(4) and Regulation 45 of the IFSCA (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”), vide Circular No. IFSCA-PLNP/80/2024-Capital Markets,[1] dated September 04, 2025, extended the compliance deadline for the principal officer and compliance officer under the said CMI Regulations.
The CMI Regulations, as notified on April 16, 2025, repealed the regulations issued earlier in 2021. The new framework aims to regulate capital market intermediaries operating within the International Financial Services Centre (IFSC).
One of the key changes introduced by the CMI Regulations relates to the eligibility and appointment norms for principal officers and compliance officers, as outlined in Regulation 9(2), Regulation 9(3), and Regulation 9(8) of the CMI Regulations.
Previous Compliance Timeline
As per the initial mandate, existing capital market intermediaries, registered and operating in the IFSC as on the effective date of the CMI Regulations, were required to comply with the revised norms by October 01, 2025, or such other date as may be specified by IFSCA.
Extension Granted
Following representations from market participants, IFSCA has now extended the deadline for compliance with Regulations 9(2), 9(3), and 9(8) of the CMI Regulations to:
December 31, 2025
This extension is applicable to all capital market intermediaries registered with the Authority and aims to ensure continuity of operations, and promote ease of doing business in the IFSC.
[1]https://ifsca.gov.in/CommonDirect/GetFileView?id=21626bde60601ef44a0ed02201af1afa&fileName=IFSCA__CMI__Regulations__2025___Extension_of_deadline_for_implementing_revised_norms_for_principal_officer_and_compliance_officer_20250904_0824.pdf