On July 11, 2025, the International Financial Services Centres Authority (“IFSCA”) has issued a consultation paper inviting public comments on the proposed master circulars applicable to various categories of capital market intermediaries operating in the International Financial Services Centre (“Consultation Paper”).[1] This follows the notification of the IFSCA (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”) on April 11, 2025.
Under Regulation 45 of the CMI Regulations, IFSCA is empowered to issue procedures, norms, and operational guidelines to facilitate the effective implementation of the Regulations through circulars or directions.
Key Objectives of the Consultation Paper
The consultation aims to consolidate all relevant guidelines and circulars into category-specific Master Circulars, thereby offering:
- A unified reference for compliance requirements;
- Operational clarity on regulatory expectations;
- Ease of doing business in the IFSC.
Scope of Consultation Paper
The Consultation Paper covers include master circulars covering the following capital market intermediaries:
- Credit Rating Agencies
- Debenture Trustees
- Distributors
- ESG Ratings and Data Product Providers
- Investment Advisers
- Investment Bankers
- Research Entities
Public Consultation
Stakeholders are invited to submit comments and suggestions on the draft Master Circulars latest by July 21, 2025. Responses may be sent via email to: consultationcfd@ifsca.gov.in with a copy to: arjun.pd@ifsca.gov.in
[1]https://ifsca.gov.in/CommonDirect/GetFileView?id=21626bde60601ef44a0ed02201266baa&fileName=Consultation_Paper_on_Master_Circulars_for_Capital_Market_Intermediaries_in_the_IFSC_20250711_0217.pdf