IFSCA Introduces Unified Registration for Multiple Capital Market Activities

Circular F No. IFSCA-PLNP/80/2024-Capital Markets, Dated 13.02.2026

The International Financial Services Centres Authority (IFSCA) has issued a circular introducing a Unified Registration (Master Key) framework under the IFSCA (Capital Market Intermediaries) Regulations, 2025.

The new framework enables eligible entities in IFSC to undertake multiple capital market activities through a streamlined registration process.

1. Single Application Through SWIT Portal

Under the unified registration framework:

• Entities in IFSC may apply for multiple permitted capital market intermediary activities
• Through a single application
• Filed on the SWIT (Single Window IT System) portal

This replaces the earlier approach requiring separate applications for each activity.

2. Approval and Fee Structure

Once unified registration is approved:

• Applicants must pay applicable fees separately
• For each permitted activity they intend to undertake

Thus, while the application process is unified, the fee structure remains activity-specific.

3. Scope of Activities Covered

The Master Key registration allows intermediaries to seek approval for:

• Multiple capital market intermediary functions
• As permitted under the IFSCA (Capital Market Intermediaries) Regulations, 2025

This facilitates operational flexibility for entities operating within IFSC.

4. Objective of the Framework

The unified registration mechanism aims to:

• Simplify the registration process
• Reduce duplication in documentation and approvals
• Enhance ease of doing business in IFSC
• Promote operational efficiency for intermediaries
• Encourage participation in IFSC capital markets

5. Key Takeaway

IFSCA’s Unified Registration (Master Key) framework enables capital market intermediaries in IFSC to obtain approval for multiple permitted activities through a single application on the SWIT portal, streamlining regulatory processes while retaining activity-wise fee requirements.

Click Here To Read The Full Circular