The International Financial Services Centres Authority (IFSCA) on March 19, 2026, issued measures in relation to ensuring substance in Capital Market Intermediaries in the GIFT IFSC.
The following has been stated: -
•International Financial Services Centres Authority (IFSCA) conducted inspections of CMIs in GIFT IFSC and found multiple compliance gaps.
•Issues included the absence of key personnel, unattended offices, inadequate infrastructure, and a lack of regulatory awareness.
•Some CMIs followed improper practices like remote trading access and conflicts of interest in their roles.
•IFSCA has initiated regulatory action and advised strict adherence to CMI Regulations, 2025, to ensure proper operational substance.
The detailed notification is given in the document below.
