IFSCA Issues Master Circular for Broker Dealers and Clearing Members

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  • Last Updated on 15 May, 2026

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Broker Dealers Clearing Members

IFSC Press Release, Dated: 12.05.2026

The International Financial Services Centres Authority (IFSCA) has issued the “Master Circular for Broker Dealers and Clearing Members”, consolidating the regulatory framework applicable to entities operating in GIFT IFSC into a single comprehensive instrument.

1. Objective of the Master Circular

The circular aims to:

  • Consolidate existing regulatory instructions and requirements
  • Enhance clarity, consistency, and ease of compliance
  • Provide a unified compliance framework for market intermediaries in IFSCs

2. Key Areas Covered

2.1 Registration Requirements

Framework relating to registration and eligibility of:

  • Broker Dealers
  • Clearing Members

2.2 Governance and Conduct

Prescribes standards for:

  • Corporate governance
  • Conduct and compliance obligations

2.3 Operational and Technology Requirements

Covers:

  • Operational procedures
  • Technology and system requirements

2.4 Risk-Based Supervision

  • Includes provisions for risk-based supervisory mechanisms
  • To strengthen regulatory oversight and monitoring

2.5 Business Continuity and Resilience

Prescribes norms relating to:

  • Business Continuity Planning (BCP)
  • Disaster recovery arrangements

2.6 Vendor Risk Management

Provides guidance on outsourcing and vendor management controls

2.7 Compliance Reporting

  • Specifies reporting and disclosure obligations to IFSCA

3. Regulatory Significance

The Master Circular creates:

  • A centralised reference framework for Broker-Dealers and Clearing Members
  • Supporting efficient compliance and regulatory administration in GIFT IFSC

4. Conclusion

The issuance of the Master Circular strengthens the regulatory ecosystem for intermediaries operating in GIFT IFSC by consolidating governance, operational, supervision, and compliance requirements into a unified framework.

Click Here To Read The Full Press Release

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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