IFSCA Clarifies Implementation Services Framework for Investment Advisers

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  • Last Updated on 15 May, 2026

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IFSCA implementation services

Circular e.F.No.IFSCA-PLNP/94/2025-Capital Markets, Dated: 12.05.2026

The International Financial Services Centres Authority (IFSCA) has issued a clarification regarding the framework governing implementation services provided by Investment Advisers registered in IFSCs.

1. Meaning of Implementation Services

The circular clarifies that Implementation services include services relating to:

  • Execution of investment advice, or
  • Giving effect to investment advice rendered to clients

2. Permitted Channels for Providing Services

The framework specifies the permissible channels through which such services may be offered, depending on the nature of the financial product.

These channels include:

  • Global Access Providers (GAPs)
  • Regulated platforms
  • Asset managers and other regulated entities

3. Objective of the Clarification

The clarification aims to:

  • Provide regulatory clarity for IFSC-registered Investment Advisers
  • Ensure proper execution framework for advisory services
  • Promote transparent and compliant investment implementation mechanisms

4. Regulatory Significance

The framework helps:

  • Distinguish advisory activities from execution-related functions
  • Establish approved mechanisms for implementation of investment advice

5. Conclusion

The clarification strengthens the regulatory framework for Investment Advisers in IFSCs by defining implementation services and prescribing recognised channels for execution of investment advice in a compliant and structured manner.

Click Here To Read The Full Circular

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied