How to use this register
Every business in GIFT IFSC needs permission from IFSCA for its specific activity. The activity decides which regulations apply, which annexure accompanies the Common Application Form (CAF), which IFSCA division reviews the file and which fees are payable. Identifying the activity correctly is therefore the first step, and the one that is hardest to undo later.
The tables below list the activities by group. For each, they give the governing IFSCA instrument as currently listed by IFSCA, the application route, and the guide on this site that covers the conditions in detail. Where a business does several things, each activity needs its own permission, and each application attracts its own application fee under IFSCA's fee circular.
Every IFSC unit also needs SEZ unit approval, which runs alongside the IFSCA application. See SEZ unit approval.
Funds and capital markets
| Activity | Governing IFSCA instrument | Application route | Read more |
|---|---|---|---|
| Fund Management Entity (authorised, registered non-retail, registered retail) and its schemes | IFSCA (Fund Management) Regulations, 2025, as amended up to 10 September 2026 | CAF and FME annexure on SWIT | Fund management entity |
| Family Investment Fund | IFSCA (Fund Management) Regulations, 2025 (set up as an authorised FME) | CAF and FME annexure on SWIT | Family investment funds |
| Capital market intermediaries: broker-dealers, clearing members, custodians, depository participants, investment bankers, investment advisers, research entities, distributors, debenture trustees, ESG ratings and data product providers | IFSCA (Capital Market Intermediaries) Regulations, 2025 | CAF and CMI annexure on SWIT | Capital market intermediaries |
| Credit rating agency | IFSCA (Capital Market Intermediaries) Regulations, 2025 | CAF and CMI annexure on SWIT | Credit rating agencies |
| Market infrastructure institution: stock exchange, clearing corporation, depository | IFSCA (Market Infrastructure Institutions) Regulations, 2021 | Separate application under the regulations; the CAF does not apply | Market infrastructure institutions |
| Listing securities on an IFSC exchange | IFSCA (Listing) Regulations, 2024 | Offer document filed with IFSCA and listing application to the exchange; not a CAF registration | Listing and capital raising |
Banking, finance and leasing
| Activity | Governing IFSCA instrument | Application route | Read more |
|---|---|---|---|
| IFSC Banking Unit (branch) or IFSC Banking Company (subsidiary) | IFSCA (Banking) Regulations, 2020 (consolidated to 14 July 2023), with the IFSCA Banking Handbook | CAF and Banking annexure on SWIT | IFSC Banking Units |
| Global Administrative Office of a bank | IFSCA (Banking) Regulations, 2020, as amended in 2022, and the Banking Handbook | CAF and GAO annexure on SWIT | Global Administrative Office |
| Finance company or finance unit, including global or regional corporate treasury centres | IFSCA (Finance Company) Regulations, 2021 | CAF and FC/FU annexure on SWIT | Finance company |
| Aircraft leasing | IFSCA (Finance Company) Regulations, 2021, with IFSCA's aircraft lease framework | CAF and FC/FU annexure on SWIT | Aircraft leasing |
| Ship leasing | IFSCA (Finance Company) Regulations, 2021, with IFSCA's ship leasing framework | CAF and FC/FU annexure on SWIT | Ship leasing |
| International trade finance services (ITFS) platform, factoring and forfaiting | IFSCA (Finance Company) Regulations, 2021, the ITFS guidelines and IFSCA's 2025 factoring regulations | CAF on SWIT; confirm the annexure with IFSCA's finance company division | Factoring, forfaiting and ITFS |
Insurance, bullion, payments, services and other activities
| Activity | Governing IFSCA instrument | Application route | Read more |
|---|---|---|---|
| IFSC Insurance Office (insurer or reinsurer) | IFSCA (Registration of Insurance Business) Regulations, 2021 and the other IFSCA insurance regulations | CAF and the Schedule I insurance annexures on SWIT | IFSC Insurance Office |
| Insurance intermediary: broker, corporate agent, third-party administrator, surveyor and loss assessor | IFSCA (Insurance Intermediary) Regulations, 2021 | CAF and Insurance Intermediary annexure on SWIT | Insurance intermediaries |
| Bullion trading member, bullion clearing member, vault manager | IFSCA (Bullion Market) Regulations, 2025 | Trading or clearing member application form; vault manager Form A | Bullion exchange |
| Payment service provider | IFSCA (Payment Services) Regulations, 2024 | Separate application under the regulations; the CAF does not apply | Payment services |
| Payment system operator | IFSCA (Payment and Settlement Systems) Regulations, 2024 | Separate application under the regulations | Payment systems |
| Global In-House Centre | IFSCA (Global In-House Centres) Regulations, 2025 | CAF and annexure on SWIT (IFSCA's ancillary, GIC and foreign university division) | Global In-House Centre |
| TechFin and ancillary service provider | IFSCA (TechFin and Ancillary Services) Regulations, 2025, as amended in 2026 | CAF and Ancillary SP annexure on SWIT | Ancillary services |
| Book-keeping, accounting, taxation and financial crime compliance (BATF) services | IFSCA (BATF) Regulations, 2024, as amended in 2026 | CAF and annexure on SWIT | BATF services |
| FinTech testing in a sandbox | IFSCA FinTech Sandbox Framework (2026) | Preliminary sandbox application, then the sandbox application form; the CAF does not apply | FinTech entity |
| Foreign university branch campus or offshore education centre | IFSCA (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022 | Separate application under the regulations; the CAF does not apply | Foreign universities |
Points to note
- Which applicants skip the CAF. IFSCA's How to Apply page excludes market infrastructure institutions, foreign universities and payment service providers from the CAF. The CAF itself also excludes FinTech sandbox and accelerator applicants. These applicants use the forms in their own regulations or frameworks.
- Several capital market activities. IFSCA allows one entity to hold registrations for several related capital market activities. See unified registration (Master Key).
- Activities with no framework. If the model does not fit an existing category, the options are to restructure it to fit one, to test it in the FinTech sandbox if it is innovative, or to ask IFSCA how its rules apply through informal guidance.
- Instrument names on older forms. Section E of the CAF still lists some superseded instruments, such as the 2022 Fund Management Regulations. The application should cite the instrument currently in force, as shown above.
- Forms and fees. The current annexures are listed on Official forms by activity, and the fees for each activity on IFSCA fees.