IFSCA EXTENDS CERTIFICATION DEADLINE FOR KMP AND EMPLOYEES IN GIFT IFSC

OVERVIEW

• The International Financial Services Centres Authority (IFSCA) has extended the deadline for completing prescribed certification courses for Key Managerial Personnel (KMPs) and applicable employees of Fund Management Entities (FMEs) and Capital Market Intermediaries (CMIs) operating in IFSCs.
• The extensions were announced through two separate circulars. The first circular, dated 29 September 2026, applies to all FMEs under the IFSCA (Fund Management) Regulations, 2025 and the second circular, dated 30 September 2026, applies to all CMIs under the IFSCA (Capital Market Intermediaries) Regulations, 2025.
• The extended timeline offers GIFT IFSC entities greater flexibility in meeting certification requirements while supporting workforce development and continued regulatory compliance.
• The revised deadline for successful completion of the applicable certification courses is 31 December 2026.

CERTIFICATION REQUIREMENTS FOR FME

• IFSCA's circular dated 29 September 2026 extends the certification completion deadline for KMPs and applicable employees of Fund Management Entities. The circular refers to two prescribed certification courses:
• ICSI: Regulatory Framework for Fund Management in IFSC: AIFs and Retail Schemes, specified on 1 April 2026.
• ICAI: Regulatory Framework for Fund Management in IFSC, specified on 10 August 2026.
• The deadline specified in the circular dated 1 April 2026 has been extended to 31 December 2026.

CERTIFICATION REQUIREMENTS FOR CMI

• IFSCA's circular dated 30 September 2026 extends the certification completion deadline for KMPs and applicable employees of Capital Market Intermediaries.
• The extension relates to certification requirements specified under the circulars dated 2 April 2026 and 6 August 2026.
• The deadline specified in paragraph 3 of the circular dated 2 April 2026 has been extended to 31 December 2026. All other provisions of the earlier circulars remain unchanged.

CONCLUSION

• FMEs and CMIs have until 31 December 2026 to ensure successful completion of the applicable certification courses.
• Entities should identify the KMPs and other employees covered by the relevant certification requirements and maintain records of enrolment, course completion and certification status.
• The extension changes the completion timeline but does not alter the other provisions of the referenced circulars.