On November 29, 2025, the International Financial Services Centres Authority (“IFSCA”) has released a consultation paper seeking public comments on its draft Master Circular for Broker Dealers and Clearing Members operating in the International Financial Services Centre (IFSC).[1]
In October 2021, IFSCA had introduced the IFSCA (Capital Market Intermediaries) Regulations, 2021, establishing a unified regulatory framework for capital market intermediaries in the IFSC. These have since been replaced by the IFSCA (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”). Further, under Regulation 45 of the 2025 CMI Regulations, IFSCA is empowered to issue detailed norms, procedures, and guidelines for intermediaries, including Broker Dealers and Clearing Members, through circulars.
In light of the same, IFSCA has now prepared a comprehensive Master Circular intended to supersede all existing SEBI and IFSCA circulars and guidelines applicable to Broker Dealers and Clearing Members in IFSC. This draft consolidates and harmonizes regulatory requirements with the goal of enhancing regulatory clarity and compliance efficiency for market intermediaries.
IFSCA has invited comments from stakeholders and the public on the draft Master Circular, latest by December 20, 2025.
[1]https://ifsca.gov.in/CommonDirect/GetFileView?id=38fea9cc5969551d78bf00e6701ce0f4&fileName=Consultation_Paper_along_with_Master_Circular_for_Broker_Dealers_2_20251129_0624.pdf