The International Financial Services Centres Authority (IFSCA) on June 05, 2026, issued Master Circular for recognised Stock Exchanges and recognised Clearing Corporations.
The circular refers to the regulatory framework established under the International Financial Services Centres Authority (MII) Regulations, 2021, as amended in 2024, which provides a unified system for regulating and supervising Market Infrastructure Institutions (MIIs) in IFSCs. It also highlights that existing SEBI circulars applicable to MIIs continue to remain in force unless specifically superseded by IFSCA regulations or guidelines.
To simplify compliance and promote ease of doing business, IFSCA has issued a Master Circular consolidating all previous circulars related to recognized Stock Exchanges and Clearing Corporations. This move aims to streamline regulatory requirements and provide a single reference document for all applicable guidelines.
With the issuance of this Master Circular, multiple earlier circulars issued between April 2021 and October 2025, as well as SEBI circulars issued prior to October 01, 2020 (relating to Stock Exchanges and Clearing Corporations), stand superseded. However, actions already taken or applications submitted under the earlier circulars will continue to remain valid and will be deemed to have been made under the provisions of this Master Circular.
The circular comes into effect from the date of issuance under the powers granted by the IFSCA Act, 2019. Stock Exchanges, Clearing Corporations, and their key personnel must ensure compliance and familiarize themselves with the new provisions. Additionally, Broker Dealers, Clearing Members, and Depositories are also required to adhere to applicable obligations and may refer to further circulars for detailed guidance.
[Circular No. IFSCA/CMD/MIIT/MCSECC/2026-27]
