IFSCA Prescribes Net Worth Certificate Format for Global Access Providers

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  • Last Updated on 16 February, 2026

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certificate for Global Access Providers

Circular eF.No. IFSCA-DSI/12/2025-Capital Markets, Dated: 12.02.2026

The International Financial Services Centres Authority (IFSCA) has issued a circular specifying the format of the net worth certificate to be submitted by:

  • Global Access Providers (GAPs)
  • Broker-dealers accessing global markets through GAPs

The circular also provides an indicative checklist for conducting annual audits of such entities.

1. Net Worth Certificate – Format and Certification

IFSCA has prescribed a standardised format for submission of the net worth certificate.

1.1 Certification Requirement

  • The certificate must be certified by an independent member of the
    Institute of Chartered Accountants of India (ICAI)

1.2 Frequency and Timeline

  • The net worth certificate must be submitted annually
  • Deadline for submission: 30 September
  • Applicable for the preceding financial year

This requirement ensures regular monitoring of financial soundness of regulated entities operating through the IFSC.

2. Annual Audit Requirement

The circular mandates that:

  • Annual audit must be conducted by a peer-reviewed professional
  • Eligible professionals include members of:
    1. Institute of Chartered Accountants of India (ICAI)
    2. Institute of Company Secretaries of India (ICSI)
    3. Institute of Cost Accountants of India (ICMAI)

Peer review status is required to ensure quality and reliability of the audit process.

3. Indicative Checklist for Annual Audit

IFSCA has provided an indicative audit checklist to guide professionals in conducting annual audits of GAPs and related broker-dealers.

The checklist is intended to:

  • Ensure comprehensive verification of regulatory compliance
  • Standardise audit procedures
  • Enhance consistency in reporting and oversight

4. Regulatory Objective

The circular aims to:

  • Strengthen financial and compliance oversight of GAPs
  • Ensure standardised reporting of net worth
  • Improve audit quality through peer-reviewed professionals
  • Enhance transparency and supervisory effectiveness in IFSC

5. Key Takeaway

Global Access Providers and broker-dealers operating through IFSC must submit an annually certified net worth certificate by 30 September and undergo annual audits by peer-reviewed professionals, in line with the format and checklist prescribed by IFSCA.

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