Summary: This blog examines the regulatory framework governing Global Access Providers (GAPs) at IFSC, GIFT City, analysing SEBI’s circular of May 2025, which permits registered broker-dealers to operate within IFSC through a separate business unit and IFSCA’s revised GAP framework of August 2025. It covers the definitions of GAPs and Introducing Brokers, permissible clientele, operational models and permissible products, including FEMA and LRS constraints for resident Indian investors, as India’s regulated pathway for resident Indians to access global markets.