The International Financial Services Centres Authority (IFSCA) on December 30, 2025, issued the clarifications on the computation of liquid net worth under the IFSCA (Capital Market Intermediaries) Regulations, 2025.
The following has been stated namely: -
• The circular clarifies that the base minimum capital and interest-free deposits maintained by registered broker-dealers and clearing members with recognised stock exchanges and clearing corporations shall be treated as part of liquid net worth.
• It further provides that margins maintained in connection with trading activities in the IFSC or Global Access shall also be included in liquid net worth.
• While computing net worth, liabilities are to be excluded, in line with the definition under the CMI Regulations, and therefore shall not be considered for calculating liquid net worth.
• The circular comes into force with immediate effect and is issued under Sections 12 and 13 of the IFSC Authority Act, 2019, read with Regulation 45 of the CMI Regulations.
[Notification no. - IFSCA-PLNP/80/2024-Capital Markets]
