Norms for Capital Market Intermediaries


The International Financial Services Centres Authority (IFSCA) has released a significant circular concerning the reporting standards applicable to Capital Market Intermediaries (CMIs) functioning within the International Financial Services Centre (IFSC).

Issued on February 8, 2024, this circular delineates the revised criteria and protocols for CMIs to adhere to in accordance with the IFSCA (Capital Market Intermediaries) Regulations, 2021, replacing earlier instructions to enhance regulatory supervision effectiveness and efficiency.


According to the updated directive, Capital Market Intermediaries (CMIs) are now required to submit quarterly reports to the Authority using specific templates available on the official website of IFSCA.

These reports should include both quantitative and operational information regarding the CMIs’ activities.

The data should be presented in an editable Excel format, and a scanned PDF of a signed undertaking must accompany it.

The purpose of these diverse formats is to simplify the submission process, ensuring thoroughness, transparency, and accountability.


The circular outlines that the first reporting period spans from October 1, 2023, to December 31, 2023, with a deadline for submission set on February 28, 2024.

Following this, subsequent reports are expected within 15 calendar days after the conclusion of each quarter, establishing a consistent timeframe for all CMIs.

Notably, submissions are to be sent via email to a designated address, simplifying the process and establishing a direct channel of communication between CMIs and the Authority.


The IFSCA underscores its dedication to continuous supervision and monitoring of CMIs operating within the IFSC, suggesting the potential for future revisions or additions to the reporting formats when deemed appropriate.

This strategy highlights a regulatory landscape that is responsive and adaptable, where feedback and operational observations may prompt modifications to reporting criteria, thereby ensuring their continued relevance and efficacy in overseeing capital market operations


With the issuance of this circular, certain prior reporting mandates, notably those pertaining to Investment Bankers outlined in a 2021 circular, have been revoked.

This action seeks to centralize reporting responsibilities and remove redundant or duplicative requirements, thereby streamlining the compliance framework for CMIs operating within the IFSC.


With the release of this circular, specific reporting mandates from previous directives, particularly those concerning Investment Bankers as delineated in a 2021 circular, have been annulled.

This initiative aims to centralize reporting duties and eliminate unnecessary or overlapping requirements, thus simplifying the compliance structure for CMIs functioning within the IFSC.

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