The India International Depository IFSC Limited (IIDI), on July 30, 2026, issued a clarification regarding the applicability of Internal Audit requirements for Depository Participants (DPs). The circular clarifies that IIDI Circular No. IIDI IFSC/DP/2026-27/131 dated June 26, 2026, issued pursuant to the IFSCA Circular dated June 5, 2026, shall prevail over the earlier IIDI Circular No. IIDI IFSC/DP/2025-26/094 dated May 8, 2025.
The clarification states that the Internal Audit requirements prescribed under the May 8, 2025 circular are no longer applicable. Instead, all Depository Participants are required to comply with the revised Internal Audit framework specified in the June 26, 2026 circular.
Depository Participants operating in the IFSC should therefore discontinue compliance with the superseded audit requirements and align their internal audit processes with the provisions of the June 26, 2026 circular to ensure regulatory compliance.
[Circular No. IIDI IFSC/DP/2026-27/137]
