IFSC

Summary: As the ancient adage goes, ‘a journey of a thousand miles begins with a single step’ — and India’s bold stride into international finance begins at IFSC, GIFT City. 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 capital markets open firmly to the world.

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Part III of IFSC Education Series: Legal Considerations for Setting Up Foreign University Campus in India: Mainland India vs GIFT IFSC

Summary: Building on Parts I and II of the IFSC Education Series, (I) Shaping Global Education: Foreign Universities in GIFT IFSC, and  (II) Setting up International Branch Campus or Offshore Education Campus in GIFT IFSC, respectively, this third instalment provides a comparative analysis of the regulatory frameworks governing campuses in Mainland India versus those in GIFT IFSC.

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Enabling Differential Distribution for Alternative Investment Funds in IFSC

Summary: The International Financial Services Centres Authority (“IFSCA”) has proposed a new regulatory framework allowing Alternative Investment Funds (“AIFs”) in GIFT IFSC to create multiple unit classes with differential return profiles. The proposal facilitates AIFs with enhanced flexibility to raise capital from investors with varying risk appetites while also enabling blended finance structures that combine commercial, concessional, and philanthropic capital for sustainable investments. IFSCA’s proposed approach offers notably greater flexibility compared to SEBI’s domestic regulations, thereby enabling broader investor participation while maintaining robust investor protection measures.

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Summary:

In continuation to Part I of the III part IFSC Education series available at Shaping Global Education: Foreign Universities in GIFT IFSC, this article focusses on certain frequently asked questions in the education sector, with the objective of bringing clarity to prospective universities intending to establish International Branch Campuses (“IBC”) in GIFT International Financial Services Centre (“GIFT IFSC”) either on a standalone basis or through an Academic Infrastructure Services Provider (“AISP”) model. These FAQs also explain how a Foreign Educational Institution can establish an Offshore Educational Centre (“OEC”) in GIFT IFSC, under the International Financial Services Centres Authority (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022 (“IBC and OEC Regulations”).

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FIG Paper No. 50: Recent SEBI Changes – Implications for Intermediaries

Summary: SEBI has recently approved various rule changes for intermediaries such as stock-brokers, REITs/ InvITs, IAs, RAs, FPIs, and angel funds, with a view to ease entry norms and compliance obligations, provide flexibility and to attract more retail and foreign investments. This paper summarises the key changes and their implications for intermediaries.

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Summary: The International Financial Services Centres Authority (IFSCA) introduced regulations in 2022 permitting Foreign Universities to establish International Branch Campuses (IBC) and Offshore Educational Centres (OEC) in GIFT IFSC, marking India’s initiative to create an international education hub within a financial services centre. Foreign universities must meet specific eligibility criteria including ranking within the top 500 QS World University Rankings, proper accreditation in their home country, and demonstrated financial stability, whilst academic offerings are restricted to financial management, fintech, science, technology, engineering, and mathematics.

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FIG Paper No 49: IFSC, GIFT City: A New Legal Frontier for Cross-Border Payments

Summary: This article is crucial for legal, fintech, and business leaders as it unveils how the IFSCA PSP License at IFSC, GIFT City empowers cross-border payment service providers to operate globally from within India. By offering a unified regulatory framework, tax incentives, and foreign exchange flexibility, it positions IFSC as a strategic hub for building scalable, efficient, and globally aligned payment infrastructures.

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Unlocking Platform Play at GIFT IFSC: IFSCA’s Move Towards a Liberal Framework

Summary: The IFSCA has introduced a framework for Third-Party Fund Management Services (TFMS) at GIFT IFSC, enabling external fund managers to launch restricted schemes via registered FMEs without establishing a physical presence. While promoting ease of entry and operational flexibility, the model includes safeguards such as a USD 50 million fund cap, enhanced net worth requirements, and mandatory scheme-level governance. Rooted in global best practices, the framework balances innovation with regulatory accountability.

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Enforcement actions by IFSCA: Upholding of regulatory standards in IFSC, GIFT City

The International Financial Services Centres Authority (“IFSCA”) is the unified regulator of India’s maiden International Financial Services Centre (“IFSC”) at Gujarat International Finance Tec-City (“GIFT City”). Uniquely positioned both as a developer the regulator for the IFSC jurisdiction, the IFSCA is tasked with fostering a robust financial ecosystem, regulating financial products, financial services, and financial institutions while promoting ease of doing business. A critical aspect of its objective is enforcing compliance requirements and ensuring that IFSC, GIFT City, maintains its status as a jurisdiction of “substance”, with its regulatory standards on par with other global centres.

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AIF Distributors and the IFSC Opportunity: What’s Changing in 2025

The International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (“New CMI Regulations”), were notified by the International Financial Services Centres (“IFSCA”) on April 11, 2025, in supersession of the erstwhile International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 (“Old CMI Regulations”), and the IFSCA Circular No. F. No. 817/IFSCA/Distribution/2022-23 titled “Distribution of Capital Market Products and Services under the IFSCA (Capital Market Intermediaries) Regulations, 2021” (“Old Distribution Circular”), dated December 21, 2022.

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