The India International Depository IFSC Limited (IIDI), on September 25, 2026, issued a circular prescribing a simplified process for shifting the ISIN of IFSC units from Indian Depositories (NSDL/CDSL) to IIDI. The circular applies to IFSC issuer entities having existing ISINs maintained with Indian Depositories and required to join IIDI along with the related investor holdings. It is issued in continuation of IIDI's February 9 and August 26, 2026 circulars and the corresponding IFSCA circulars.
The process involves five steps: (1) the issuer joins IIDI, applies for a new ISIN and provides its existing Indian Depositories ISIN and beneficiary position details; (2) securities are simultaneously debited from investors' demat accounts with NSDL/CDSL and credited to their corresponding IIDI demat accounts through separate corporate actions, with BO consent through a duly signed Delivery Instruction Slip (DIS); (3) the issuer/RTA provides reconciliation of holdings across the Indian Depositories and IIDI within one working day; (4) once the Indian Depositories' ISIN balance becomes nil, the issuer requests its withdrawal/closure; and (5) annual maintenance charges and other applicable fees continue to apply until the Indian Depositories formally withdraw or close the SIN.
The circular clarifies that the shifting process does not require the issuer to first undertake withdrawal through dematerialisation/rematerialisation of securities under the existing Indian Depositories ISIN. As a prerequisite, all shareholders must have IIDI-linked demat accounts and the issuer and its RTA must be onboarded with IIDI. The debit and credit corporate actions must be completed on the same working day, latest by 5:00 PM. Existing RTAs may be appointed with IIDI to facilitate the process.
[Circular No. IIDI IFSC/DP/2026-27/144]
