The International Financial Services Centres Authority (IFSCA) on February 13, 2026, issued the Unified Registration for multiple Capital Market Activities under the IFSCA (Capital Market Intermediaries) Regulations, 2025 (Master Key).
The following has been stated:
• It has amended the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025, to introduce a unified registration framework known as the Master Key (MKY). This allows a Unit in the IFSC to undertake multiple capital market intermediary activities under a single registration instead of applying separately for each activity.
• Eligible intermediaries include Broker Dealers, Clearing Members, Credit Rating Agencies, Custodians, Debenture Trustees, Depository Participants, Distributors, ESG Ratings and Data Products Providers, Investment Advisers, Investment Bankers, and Research Entities. Entities seeking to undertake one or more of these activities can apply for a Master Key registration.
• The application shall be filed online through the SWIT (Single Window IT System) portal of IFSCA. Only one consolidated application is required, where the applicant can select multiple permitted activities. Upon approval, the certificate of registration will specify all authorised activities under a single “Capital Market Intermediary” title.
• However, applicants shall pay the prescribed application, registration, annual, and recurring fees separately for each activity applied for, in accordance with the applicable IFSCA fee circular.
• This circular shall come into force w.e.f. February 16, 2026.
[Notification no. - IFSCA-PLNP/80/2024-Capital Markets]
