IFSCA circular on Master Circular for Broker Dealers and Clearing Members
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Highlights of the Circular
Reference may be drawn to the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021, and the circulars issued thereunder.
Subsequently, the International Financial Services Centres Authority (‘Authority’ / ‘IFSCA’) issued the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (‘CMI Regulations’) which repealed the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021, while specifying a unified framework for the regulation and supervision of Capital Market Intermediaries, which, inter-alia, includes Broker Dealers and Clearing Members.
The Authority, being satisfied that it is necessary and expedient for ease of doing business and for overall development of the IFSC ecosystem, hereby consolidates all the circulars pertaining to Broker Dealers and Clearing Members and issues this Master Circular.
On and from the date of commencement of this Master Circular, the following circulars issued by the Authority shall stand superseded attached in the circular.
On and from the date of commencement of this Master Circular, all circulars and guidelines issued by the Securities and Exchange Board of India (“SEBI”) prior to October 01, 2020, in respect of a Broker Dealer/Clearing Member registered with the Authority, shall stand superseded.
This Master Circular shall be applicable to Broker Dealers for their activities on the recognised stock exchanges in the IFSC and is not applicable for the activities related to global access by the Broker Dealers. Global access by the Broker Dealers shall be governed through the separate circulars/regulatory framework issued by the Authority for global access by Broker Dealers.
Notwithstanding the supersession specified above:
a) anything done or any action taken or purported to have been done or taken under the superseded circulars, prior to such supersession, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; and
b) any application made to the Authority under any of the superseded circular(s) prior to such supersession shall be deemed to have been made under the corresponding provisions of this Master Circular.
This Master Circular is being issued in exercise of powers conferred by Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulation 45 of the CMI Regulations and regulation 72 of the IFSCA (Market Infrastructure Institutions) Regulations, 2021, and shall come into force from the date of its issuance.