The International Financial Services Centres Authority (IFSCA) on February 12, 2026, issued the notification regarding the Format of Net Worth Certificate and Checklist for conducting Audit of GAPs.
The following has been stated namely: -
• The format for the net worth certificate to be submitted by GAPs and eligible broker dealers is specified in Annexure I of the circular.
• The net worth certificate must be certified by an independent member of the Institute of Chartered Accountants of India and submitted annually to the Authority by September 30 for the preceding financial year.
• As per clause 49 of the GAP Circular, GAPs and Introducing Brokers (IBs) must conduct an annual audit of Global Access activities through a peer-reviewed member of ICAI, the Institute of Company Secretaries of India, or the Institute of Cost Accountants of India, based on the indicative checklist in Annexure II.
This shall come into force on February 12, 2026.
[Notification No. IFSCA-DSI/12/2025-Capital Markets]
