IFSCA publishes its enforcement orders on its website. As of 23 October 2026 its Enforcement Actions page lists 32 orders and letters dated between July 2024 and October 2026. This digest arranges them by the main issue each decides, using the entity names as IFSCA publishes them.
The present position
The published orders run from July 2024. Most were passed in 2026 by IFSCA's Quasi-Judicial Authority for Enforcement. Outcomes so far: monetary penalties in 9 orders (from Rs 1 lakh to Rs 10 lakh in total), cancellation of registration in 5, warnings in 5, cautions or advisories in 3, and directions alone in the rest. The recurring themes are physical presence in GIFT City, non-commencement or inactivity, late or missing reports, fees, and conduct rules for fund managers and intermediaries. Each entry below summarises the order as published. It is not a statement about the entity beyond what the order records. For how proceedings run, see IFSCA enforcement and adjudication.
Physical presence, personnel and office
| Date | Entity (as named by IFSCA) | Type | Outcome |
|---|
| 2 May 2025 | Neo Asset Management Private Limited (IFSC Branch) | Fund manager | Warning: principal officer and KMPs absent, office closed; corrective steps taken |
| 27 May 2026 | Terazo Fintech LLP | Fund manager | Penalty Rs 1 lakh (section 15EA, SEBI Act) and directions: KMPs not based in IFSC |
| 27 May 2026 | Mplier Venture Partners LLP | Fund manager | Penalty Rs 1 lakh (section 15EA) and directions: KMPs absent, office closed on visits |
| 27 May 2026 | Jashvik Capital Management LLP | Fund manager | Directions only: charges not established on the evidence, but office closed on early visits and advisory unanswered |
| 8 October 2026 | Emkayglobal Financial Services IFSC Private Limited | Stockbroker | Penalty Rs 1 lakh (section 15HB): principal officer not based in IFSC for about a year |
| October 2026 | Estee IFSC Private Limited | Stockbroker | Penalty Rs 1 lakh (section 15HB) and direction: inadequate manpower; core activities outsourced to parent; no outsourcing policy |
| 18 March 2026 | Evermore Global (IFSC) Private Limited | Broker-dealer | Direction to appoint a separate compliance officer within three months; global access without exchange NOC |
Lessors and finance units: substance, display and fees
Orders under regulation 11 of the Finance Company Regulations against aircraft and ship lessors have turned on the absence of staff, failure to display the certificate of registration, expired Letters of Approval, owned funds and unpaid fees.
| Date | Entity (as named by IFSCA) | Type | Outcome |
|---|
| 29 July 2024 | Darwin Platform Aircraft Leasing and Financing IFSC Limited | Aircraft lessor | Cancellation, ex parte: capital certificate and commencement intimation not filed; non-cooperation |
| January 2026 | Contrails Aviation IFSC Private Limited | Aircraft lessor | Advisory; proceedings closed after compliance |
| 4 May 2026 | Nutana Aviation Capital IFSC Private Limited | Aircraft lessor | Advisory; lapses in the initial phase promptly corrected |
| 1 June 2026 | Transhermes Aero IFSC Private Limited | Aircraft lessor | Directions to pay dues within 45 days, failing which no new business |
| 1 June 2026 | Kredx Ventures IFSC Private Limited | Trade finance (ITFS) platform | Directions to pay annual fees with interest, failing which no new business |
| 16 September 2026 | Sarat Chatterjee and Co VSP Private Limited (IFSC Finance Unit) | Ship lessor | Caution and direction: no manpower, certificate not displayed; rectified |
| 8 October 2026 | Ozeevo Shipping IFSC Private Limited | Ship lessor | Warning: no personnel, certificate not displayed, Letter of Approval lapsed; remedied |
| October 2026 | Vels Aviation Services IFSC Private Limited | Aircraft lessor | Warning and directions: restore minimum owned fund and pay fees within 45 days; no new business meanwhile |
Reporting, inactivity and non-commencement
| Date | Entity (as named by IFSCA) | Type | Outcome |
|---|
| 24 March 2026 | Silver Stream Equities (IFSC) Private Limited | Stockbroker | Direction to pay late fee: quarterly reports not filed |
| 28 April 2026 | Dynamic Equities (IFSC) Private Limited | Stockbroker | Direction to exercise diligence: quarterly reports filed late |
| 4 May 2026 | Gateway Financial Services (IFSC) Private Limited | Broker-dealer | Direction to pay late fee within 45 days |
| 20 May 2026 | Majortrend Capital IFSC Private Limited | Stockbroker | Direction not to conduct business until net worth and office requirements met |
| 21 May 2026 | Karvy Broking (IFSC) Limited | Stockbroker | Cancellation, ex parte after service by affixture: quarterly reports not filed |
| 2 June 2026 | LMB Insurance Brokers Private Limited | Insurance broker | Cancellation: business not commenced within 180 days, fees unpaid, premises vacated |
Conduct, scope of permission and investor protection
| Date | Entity (as named by IFSCA) | Type | Outcome |
|---|
| 30 October 2024 | PBG Smart Accounts LLP | Ancillary services | Warning letter: services to clients outside permitted categories; not to claim tax benefits on them |
| 13 February 2025 | Prowess Insurance Brokers Pvt. Ltd. (PIBPL IFSC Branch) | Insurance broker | Cancellation: business written after registration expired; activity outside scope |
| 6 April 2026 | String AI IFSC Private Limited | Broker-dealer | Cancellation: IT services business without exchange permission; trades from outside GIFT IFSC |
| 6 April 2026 | We Founder Circle Angel Accelerator LLP (IFSC Branch) | Fund manager | Penalties Rs 1 lakh (section 15EA) and Rs 1 lakh (section 15HB) and directions: governance, reporting, investor-eligibility and KYC breaches |
| 27 May 2026 | Bonanza Portfolio IFSC Pvt. Ltd. | Stockbroker | Penalty Rs 1 lakh (section 15HB): global-access referrals without exchange NOC; no independent KYC |
| 2 June 2026 | Ashoka WhiteOak Capital Management LLP | Investment adviser | Penalties totalling Rs 10 lakh (sections 15EB and 15HB): unregistered distribution and ancillary services; conflicts of interest |
| 3 June 2026 | Abans Financial Services Limited | Fund manager | Penalty Rs 8 lakh (section 15EA) and directions: compliance officer, sponsor contribution, reporting and valuation breaches |
| 13 July 2026 and 25 August 2026 | We Founder Circle Angel Accelerator LLP (IFSC Branch) | Fund manager | Interim and confirmatory orders after a business email compromise: funds earmarked, then refunded to investors |
| 31 July 2026 | Rising Omega Advisors Private Limited | Fund manager (portfolio management) | Penalties totalling Rs 3 lakh and directions: disclosure document, client consent for derivatives, reporting |
| 16 September 2026 | Prudent Insurance Brokers Private Limited (IFSC Branch) | Insurance broker | Warning and direction to maintain records of services rendered |
Reading the orders
- Presence is checked in person. Repeated surprise visits are the most common starting point.
- Remediation counts, but only if it is real and documented before the order.
- Silence is costly. Unanswered advisory letters appear as aggravating features, and unserved entities have had their registrations cancelled ex parte.
- Penalties so far are modest in amount; cancellation and business restrictions are the heavier consequences.
IFSCA also publishes notices it could not serve and the orders that followed. The list changes often; check the Enforcement Actions page for later orders.
