The International Financial Services Centres Authority (IFSCA) on May 12, 2026, issued the “Master Circular for Broker Dealers and Clearing Members” (Circular No. IFSCA/CMD/MIIT/MCBDCM/2026), consolidating the regulatory framework applicable to Broker Dealers and Clearing Members operating in GIFT IFSC into a single comprehensive instrument.
The Master Circular consolidates various circulars issued over the last five years relating to registration, supervision, conduct, and operational requirements of Broker-Dealers and Clearing Members. It also supersedes all applicable SEBI circulars issued prior to October 01, 2020, in respect of intermediaries registered with IFSCA and aims to provide a single reference point for compliance and regulatory guidance.
The circular is organised across eleven chapters covering the entire lifecycle of Broker Dealers and Clearing Members, including registration, governance, supervision, technology, conduct obligations and surrender of registration.
The following has been stated:
1. Streamlined Registration through SWITS
2. Governance Standards
3. Risk-Based Supervisory Framework
4. Tiered System Audit Framework
5. Client Asset Protection
6. Technical Glitches Framework
7. Business Continuity and Disaster Recovery
8. Vendor Risk and Software Resilience
9. Market Access through Authorized Persons
10. Periodic Reporting and Compliance Audit
