The International Financial Services Centres Authority (IFSCA) on November 29, 2025, issued Consultation Paper on Master Circular for Broker Dealers and Clearing Members.
• IFSCA had notified IFSCA (Capital Market Intermediaries) Regulations, 2021 in October 2021 which have subsequently been replaced by the IFSCA (Capital Market Intermediaries) Regulations, 2025 (CMI Regulations). CMI Regulations provide for the unified framework for the regulation and supervision of the Capital Market Intermediaries including Broker Dealers and Clearing Members in the IFSC.
• Regulation 45 of the CMI Regulations empowers IFSCA to specify norms, procedures, manners or guidelines by way of circulars to the Capital Market Intermediaries including Broker Dealer and Clearing Members.
• A master circular, superseding all the circulars and guidelines of SEBI and IFSCA with respect to Broker Dealers and Clearing Members has been prepared and is attached herewith.
The objective of this consultation paper is to seek comments/views from public on the draft master circular for Broker Dealers and Clearing Members in IFSC.
The comments are invited from public and stakeholders on the proposed master circular. The comments may be sent by an email to Shri Praveen Kamat, General Manager at [email protected], Shri Shubham Goyal, Assistant General Manager at [email protected] and Shri Abhinav Kadyalwar, Assistant Manager at [email protected] with subject line “Comments on the Master Circular for Broker Dealers and Clearing Members” latest by December 20, 2025.
