Head 12 / 20 · IFSCA (MII) Regulations 2021 · Live
Market Infrastructure Institutions at GIFT IFSC
Recognised stock exchanges (NSE IFSC + India INX), clearing corporations (NICCL + ICCL IFSC) and depositories (IIDI + NSDL International Depository IFSC). The SEBI (SECC) Regulations 2018 are disapplied within the IFSC perimeter (Reg 73). Trading hours up to 23h 30m per day; min twice-daily settlement. Monthly turnover crossed USD 96 bn in December 2025 (GIFT Nifty franchise relocated from SGX on 3 Jul 2023).
What do the MII Regulations require?
Market infrastructure institutions in GIFT IFSC (stock exchanges, clearing corporations and depositories) are regulated under the IFSCA (Market Infrastructure Institutions) Regulations, 2021, amended to 1 November 2024.
Capital Markets & MIIs - The Practitioner's Booklet
A treatise-grade working reference on the licensing, capital, conduct-of-business and tax framework for Capital Markets & MIIs at GIFT IFSC - every conclusion anchored in verbatim statutory and regulatory text.
The case for Capital Markets & MIIs - before the rulebook.
GIFT IFSC competes head-on with Singapore, Dubai and Mauritius - on tax, on currency, and on access to India. Here is what actually moves the decision, before the regulatory detail below.
A 20-year tax holiday
100% deduction on business income for any 20 consecutive years in a 25-year block under Section 147 of the Income-tax Act 2025 (Finance Act 2026), then a 15% concessional rate. MAT capped at 9%.
US-dollar, offshore by law
An IFSC unit is treated as a person resident outside India under FEMA - raise, hold and transact in USD / EUR / GBP, with full foreign-currency freedom and no rupee-conversion drag.
100% foreign & NRI capital
Foreign and NRI investors can hold up to 100% - without the aggregate ownership caps that constrain comparable onshore vehicles.
An on-ramp to India
Unlike a purely offshore hub, GIFT IFSC sits on Indian soil and aligns with national policy - an offshore base that is also a door into one of the world's largest growth markets.
Zero STT, CTT & stamp duty
IFSC-exchange transactions are free of Securities and Commodity Transaction Tax and stamp duty; services rendered by IFSC units are zero-rated for GST.
One regulator, India's rule of law
A single unified regulator (IFSCA) under the IFSCA Act 2019, an independent judiciary, and a treaty-anchored legal order - certainty, not just headline rates.
The opportunity is real, but every benefit carries a condition - and that is where counsel at the threshold earns its place.
The framework - at a glance
MII Eligibility & Comparison Tool
Map a proposed Market Infrastructure Institution to its IFSCA registration pathway, minimum net worth, ownership cap, governance composition, and SEBI 2018 mainland comparator.
IFSCA (Market Infrastructure Institutions) Regulations 2021 (Notification IFSCA/2021-22/GN/REG011 dated 12 April 2021, consolidated to 1 November 2024). Indicative only - not legal advice.
Related reading
- Booklet XIX - Market Infrastructure Institutions at GIFT IFSC (PDF, May 2026) · Full Firm handbook.
- Capital Market Intermediaries (Booklet XII) · Trading members, clearing members, depository participants regulated under the parallel IFSCA (CMI) Regulations 2025.
- Bullion Exchange / IIBX (Booklet XV) · IIDI also operates as the bullion depository for the IIBX ecosystem.
- Listing & Capital Raising · Issuer-side framework for listing on NSE IFSC / India INX.
- Resources page · IFSCA MII Regulations 2021; SEBI mainland frameworks; SGX-NSE Connect documentation.