The International Financial Services Centres Authority (IFSCA), on August 27, 2026, issued a Consultation Paper seeking public comments on a proposed framework to enable a fund manager regulated in India or a foreign jurisdiction to secondary list an existing Exchange Traded Fund (ETF) on a recognised stock exchange in the IFSC. The proposal is intended to expand the fund management ecosystem in GIFT-IFSC and facilitate access to globally offered ETFs without requiring the creation of a new fund or product.
Under the proposed framework, a secondary-listed ETF would retain its primary listing, manager, portfolio and ISIN in its home jurisdiction, with the IFSC serving as an additional trading venue. The proposal seeks to review the existing requirement under Regulation 114 of the IFSCA (Fund Management) Regulations, 2025, under which an ETF listed in India or a foreign jurisdiction may be listed and traded in the IFSC but is presently envisaged to be brought to the IFSC by an IFSCA-registered Fund Management Entity (FME). IFSCA is considering allowing foreign-regulated fund managers to undertake secondary listing without establishing an FME in the IFSC, potentially through appointment of a local representative.
The Consultation Paper also examines international practices in jurisdictions including Hong Kong and Singapore, where foreign funds may be admitted subject to requirements concerning regulatory equivalence, fund-manager eligibility and local representation. Stakeholders have been invited to submit comments on the proposed amendments to the FM Regulations by September 17, 2026, in the prescribed MS Word or MS Excel format.
