The current fee circular
The governing instrument is IFSCA circular IFSCA-DTFA/1/2026 dated 2 March 2026, "Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC or persons seeking guidance under the Informal Guidance Scheme". It applies for financial year 2026-27 onwards. Its Schedule I sets the amounts for each type of entity, and Schedule II gives the format for reporting a payment.
A corrigendum, circular IFSCA-DTFA/2/2026 dated 13 March 2026, changed the supersession clause. The four earlier fee circulars now stand superseded from the circular's date of commencement rather than its date of issue: IFSCA-DTFA/1/2025 (8 April 2025), IFSCA-DTFA/2/2025 (23 April 2025), IFSCA/CMD/DMIIT/KRA/2025-26/1 (13 June 2025) and F. No. IFSCA-AIF/104/2024-Capital Markets/08092025 (8 September 2025). The corrigendum attaches the updated circular; the fee schedule is unchanged.
Some older IFSCA documents, including the fee section of the Common Application Form, still refer to the 2023 fee circular. Use the 2026 circular. IFSCA states that fees are reviewed every three years unless an earlier review is warranted.
Categories of fee and when each is paid
- Application fee. Paid when the application is made. An application without the fee is not entertained, and each application attracts its own fee.
- Licence, registration, recognition or authorisation fee. Payable within 15 days of IFSCA's intimation of in-principle approval, before the permission is granted. Where there is no in-principle stage, it is paid before grant. If it is not paid in time, IFSCA may close the application. It is not refunded if IFSCA later decides not to grant the permission.
- Flat recurring fee. Charged pro rata for the remaining months of the first financial year, with part of a month counting as a full month, and paid within 15 days of grant. After that it falls due on 1 April and is payable by 30 April.
- Conditional recurring fee. A turnover-based fee for some activities, paid in two instalments: an advance, and a balance after the year end based on actual turnover, payable by 30 April of the following year.
- Activity-based fee. For example, scheme filing fees for funds.
- Processing fee. 20% of the licence or registration fee for approval of a change in management or control; USD 500 for an FME's modification of a scheme document; and a one-time USD 2,500 for aircraft or ship lessors using resources under the finance company rules.
- Interest on late payment. Simple interest of 0.75% for every month or part of a month.
- Charges for late or missing reports. USD 100 for every month or part of a month, for each report and separately for each activity.
Main fees by activity
The table gives a selection from Schedule I. The circular also covers representative offices, payment system operators, market infrastructure institutions, other capital market intermediaries, bullion members, insurance intermediaries other than brokers, international branch campuses and KYC registration agencies, together with fund scheme and listing fees.
| Activity | Application fee (USD) | Licence or registration fee (USD) | Flat annual fee (USD) |
|---|---|---|---|
| IFSC Banking Unit | 1,000 | 25,000 (licence) | None; turnover-based fee of 50,000 to 250,000 |
| Global Administrative Office | 1,000 | 25,000 (licence) | 10,000 |
| Authorised FME (other than a Family Investment Fund) | 2,500 | 5,000 | 3,000 |
| Family Investment Fund | 2,500 | 15,000 | 3,000 |
| Registered FME (non-retail) | 2,500 | 7,500 | 3,000 |
| Registered FME (retail) | 2,500 | 10,000 | 3,000 |
| Finance company or unit, per core activity | 1,000 | 12,500 | 12,500 |
| Global or regional corporate treasury centre | 1,000 | 12,500 | 25,000 |
| Aircraft or ship operating lessor | 1,000 | 12,500 | 5,000 |
| Aircraft or ship financial lessor | 1,000 | 12,500 | 12,500 |
| Investment banker | 1,000 | 3,500 | 3,500 |
| Investment adviser | 750 | 1,500 | 1,500 |
| Broker-dealer | 500 | 1,000 | None; monthly fee of 0.00010% of turnover |
| Custodian; credit rating agency | 1,000 | 3,500 | 3,500 |
| IFSC Insurance Office | 1,000 | 5,000 | 12,500, or 1/20th of 1% of gross premium written if higher |
| Insurance broker | 500 | 1,000 | 2,200 |
| Payment service provider (regular), per service | 1,000 | 25,000 (one-time authorisation) | 5,000 per service |
| Vault manager | 500 | 5,000 | 5,000 |
| Global In-House Centre; TechFin and ancillary service provider; BATF service provider | 1,000 | 2,500 | 2,500, plus a turnover-based fee of up to 10,000 |
| FinTech sandbox entity | 100 | 1,000 (limited use authorisation) | 1,000 for an extension |
Turnover-based fees apply on top of any flat fee. For fund schemes, filing fees under the Fund Management Regulations include USD 5,000 for a venture capital scheme and USD 5,000, 10,000 and 15,000 for Category I, II and III restricted schemes, with an annual fee of USD 1,000 per scheme.
Informal guidance, extra fees and refunds
A request under the Informal Guidance Scheme costs USD 1,000. If the request is not maintainable, IFSCA keeps USD 250 as a processing fee and refunds USD 750.
IFSCA may also levy additional or supplementary fees where the facts justify it, for example because of the work involved. Fees are not refunded if the applicant withdraws, or if IFSCA withdraws or cancels the permission, except for transactional errors. On a voluntary surrender, which takes effect only when IFSCA accepts it, the recurring fee is recalculated pro rata to the effective date and any excess may be refunded. IFSCA may relax the circular's provisions, for reasons recorded in writing.
How to pay
- Currency. Fees are paid in US dollars to IFSCA's designated account, whose details are in the circular. An Indian applicant that is not yet registered with IFSCA may pay the application and registration fees in the rupee equivalent, at the FBIL USD-INR reference rate on the date of remittance.
- Charges. The full amount must arrive. Remittance charges are borne by the payer.
- Paying account. Payment comes from the entity's account or from that of its KMPs or directors, and IFSCA must be told if it is the latter. The initial application and registration fees may be paid by the parent or promoter.
- Intimation. After paying, send IFSCA the payment details in the Schedule II format, by email to the relevant division with a copy to its finance department.
- SEZ fee. Separately, the CAF requires an SEZ fee of Rs 5,000, paid to the Pay and Accounts Officer of the Kandla Special Economic Zone.
Check the circular on IFSCA's website before paying, as the schedule is revised from time to time.