Resources — primary-source library
Every Act, Regulation, Master Circular, Notification and Press Note relevant to the 20 IFSC business heads, with deep links to the authoritative gazette. Curated by Bhatt & Joshi Associates and refreshed continuously.
Last updated: 31 May 2026. Sources verified against IFSCA, RBI, IRDAI, DPIIT, CBDT and Ministry of Finance official portals.
Primary statutes
- Insurance Act 1938 — India Code consolidated text
- Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act 2025 (PDF; Presidential assent 20 Dec 2025; commenced 5 Feb 2026)
- International Financial Services Centres Authority Act 2019 (IFSCA Act)
- Foreign Exchange Management Act 1999
- Income-tax Act 1961 — and the new Income-tax Act 2025 (in force 1 April 2026), CBDT portal
- Companies Act 2013
- Insolvency and Bankruptcy Code 2016
IFSCA regulations — by business head
Head 1 — Banking (IBUs)
- IFSCA (Banking) Regulations 2020 — consolidated to 14 July 2023
- IFSCA Banking (Amendment) Regulations 2023 (IFSC Banking Company / IBC)
- IFSCA Banking Handbook — Conduct of Business Directions v6.0 (5 April 2024)
- IFSCA Banking Handbook — Prudential Directions v5.0 (5 April 2024)
- RBI Notification — Setting up of IFSC Banking Units (consolidated as on 21 January 2020)
Head 7 — Fund Management Entity
- IFSCA (Fund Management) Regulations 2025
- IFSCA FME Master Circular and Operational Directions (IFSCA portal)
Head 9 — Insurance (IIO)
- IFSCA (Registration of Insurance Business) Regulations 2021 — consolidated to 04.01.2022
- IFSCA (Investment by IIO) Regulations 2022 — consolidated to 25 October 2023
- IRDAI Master Circular on Reinsurance — 31 May 2024 (CBR directions)
- IRDAI Consolidated Gazette Notified Regulations (FRB & Lloyd's India 2024; Registration of IIC 2022)
Head 18 — Listing & Capital Raising (IPO + Debt + ESG)
- IFSCA (Listing) Regulations 2024 — effective 20 August 2024 (replaces 2021 framework)
- IFSCA Press Release on Listing Regulations 2024 (30 August 2024)
- IFSCA (Issuance and Listing of Securities) Regulations 2021 (predecessor, consolidated)
- Department of Economic Affairs — Direct Listing Scheme 2024
- Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules 2024 (24 January 2024)
- PIB — FAQs on Direct Listing Scheme 2024
- IFSCA Debt Market Report FY 2024-25
- IFSCA Transition Bonds Framework Circular (29 July 2025)
- IFSCA Greenwashing Consultation Paper (4 October 2024)
- India International Exchange (India INX)
- NSE IFSC Limited (NSE IX)
- NSE IFSC ESG Bonds platform
- EY — GIFT City Key Tax Considerations (February 2025)
Head 20 — Tax Regime
- Income-tax Act 1961 §80LA(1A) and §115JB(7) — IFSC unit deductions and 9% MAT
- Income-tax Act 2025 §147 — successor to §80LA(1A) (in force 1 April 2026)
Head 5 — Capital Market Intermediaries
- IFSCA (Capital Market Intermediaries) Regulations 2025 — notified 11 April 2025 (repealing 2021 framework)
- IFSCA (Capital Market Intermediaries) Regulations 2021 (repealed) — historical reference
- IFSCA Fee Circular IFSCA-DTFA/1/2025 — CMI fees
Head 6 — FinTech
- Framework for FinTech Entity in the IFSCs (Circular F.No. 521/IFSCA/FinTech/FE Framework/2022-23 dated 27 April 2022)
- IFSCA (FinTech Incentive) Scheme 2022 — Gazette Notification IFSCA/2021-22/GN/022 dated 2 February 2022
- Guidelines for implementation of the FinTech Incentive Scheme — 12 September 2022
- Standard Operating Procedure for Inter-Operable Regulatory Sandbox (IoRS) — 12 October 2022
- Draft IFSCA FinTech Sandbox Framework — Public Consultation Paper of 19 September 2025 (proposed successor architecture)
Head 7 — Aircraft Leasing
- IFSCA Framework for Aircraft Lease — consolidated 15 November 2023
- IFSCA Revised Framework on Aircraft Lease — 4 March 2025
- IFSCA (Finance Company) Regulations 2021 — as amended to 1 July 2022 (Reg 2(1)(b) defines "Aircraft Lease")
- CBDT Notification 65/2022 — S.O. 2777(E) dated 16 June 2022 (194-I TDS exemption on aircraft lease rent)
- Protection of Interests in Aircraft Objects Act 2025 (PRS India Bill text; passed Lok Sabha 3 April 2025)
- Project Rupee Raftaar — MoCA Working Group Report (January 2019)
Head 8 — Bullion Exchange (IIBX)
- IFSCA (Bullion Market) Regulations 2025 — supersedes 2020 framework
- IFSCA (Bullion Exchange) Regulations 2020 + 2021 Amendment
- IIBX Membership Categories
- IIBX Membership Net-Worth and Fees
- IIBX Bye-Laws
- IIBX Qualified Jeweller portal and SOP
- DGFT Notification No. 49/2015-2020 dated 5 January 2022 — QJ import permission
- RBI A.P. (DIR Series) Circular No. 04 dated 25 May 2022 — QJ advance remittance
- IFSCA Circular on Qualified Supplier on IIBX — 1 May 2024
- LBMA Good Delivery — refiner accreditation standards
- OECD Due Diligence Guidance for Responsible Supply Chains — Gold Supplement
Head 9 — Ship Leasing
- IFSCA Framework for Ship Leasing — consolidated 23 June 2023 (original Circular dated 16 August 2022)
- IFSCA Clarification on Permissible Activities of Lessor — 11 March 2024 (Clause O.1 anti-round-tripping)
- IFSCA Circular on Utilisation of Space by Ship Leasing FCs/FUs — 10 October 2024
- Merchant Shipping Act 1958 (Sections 21, 22, 406, 407)
- Draft Merchant Shipping (Registration of Vessels) Rules 2026 — BBCD framework
- Maritime India Vision 2030 — Sagarmala
- Income-tax Act Chapter XII-G (Sections 115VA-115VZC) — Tonnage Tax
- CBDT Notification S.O. 1135(E) dated 8 March 2024 — TDS exemption on ship lease rent to IFSC units
- Price Cap Coalition Updated Maritime Advisory (OFAC, 2024)
Head 10 — Ancillary Services
- IFSCA Framework for Enabling Ancillary Services (Circular F.No. 206/IFSCA/Anc.Aux/2020-21 dated 10 February 2021)
- IFSCA Ancillary Service hub (10.02.2021 + 10.06.2021 + 06.04.2023 + 17.04.2025 amendments)
- IFSCA FAQs on Framework for Ancillary Services at IFSC
- IFSCA (TechFin and Ancillary Services) Regulations 2025 — Notification IFSCA/GN/2025/005 dated 8 July 2025
- IFSCA TechFin and Ancillary Service Providers landing page
- IFSCA (BATF) Regulations 2024 — notified 6 June 2024
- BCI (Foreign Lawyers and Foreign Law Firms) Rules 2022 (amended 13 May 2025)
- ICAI Notification 1-CA(7)/197/2021 — CA practice in GIFT-IFSC
Head 11 — Foreign Universities (IBC / OEC)
- IFSCA IBC/OEC framework hub
- IFSCA (Setting up and Operation of IBCs and OECs) Regulations 2022 — notified 12 October 2022
- IFSCA FAQs on Foreign Universities — 8 February 2025
- MoF Notification S.O. 2374(E) dated 23 May 2022 — qualifying courses as "financial service"
- MoF Notification CG-DL-E-24052023-246030 dated 24 May 2023 — UGC Act 1956 and AICTE Act 1987 disapplied
- IFSCA AISP Infrastructure-Share Circular — 14 December 2023
- UGC (FHEI) Regulations 2023 — mainland comparator
- National Education Policy 2020
Head 12 — Market Infrastructure Institutions (Exchanges, Clearing Corps, Depositories)
- IFSCA (Market Infrastructure Institutions) Regulations 2021 — consolidated to 1 November 2024
- IFSCA — MII landing page
- IFSCA Consultation Paper on Public-Interest Director Appointments (2025)
- NSE IFSC Limited (NSE IX)
- India International Exchange (India INX) — BSE subsidiary
- NSE IFSC Clearing Corporation (NICCL)
- NICCL Bye-Laws
- India International Depository IFSC Ltd (IIDI)
- IIDI — PFMI Disclosure
- SGX-NSE Connect operationalised at GIFT City — 3 July 2023 (GIFT Nifty migration)
Head 13 — Payment Service Providers
- IFSCA (Payment Services) Regulations 2024 — consolidated 23 April 2024
- IFSCA (Payment Services) (Amendment) Regulations 2024 — 15 April 2024 (escrow refinement)
- IFSCA Press Release on PS Regulations 2024 notification (1 February 2024)
- IFSCA Brochure — Payment Services and Payment Systems (January 2025)
- IFSCA FAQs on PS Regulations 2024
- IFSCA Circular on FCAs for IBUs under LRS (10 October 2024)
- RBI Circular on Payment Aggregator - Cross Border RBI/2023-24/80 (31 October 2023)
- RBI Master Direction on Payment Aggregators (15 September 2025)
- FATF Targeted Update on Virtual Assets and VASPs (2025)
- FATF Recommendation 16 (Travel Rule) — compliance overview
Head 14 — International Trade Financing Services (ITFS)
- IFSCA Guidelines on setting up and operation of International Trade Finance Service Platform 2024 — updated 11 April 2025
- IFSCA ITFS landing page — registered operators and brochure
- IFSCA Press Release on Revised ITFS Guidelines (25 December 2024)
- Original IFSCA ITFS Framework Circular (9 July 2021) — repealed by 2024 Guidelines, retained for legislative history
- Factoring Regulation Act 2011
- Factoring Regulation (Amendment) Act 2021 (Act 21 of 2021)
- RBI TReDS FAQ — mainland comparator
- UNCITRAL Model Law on Secured Transactions (2016)
- ADB Global Trade Finance Gap Survey (2023) — USD 2.5 trillion gap, USD 692 bn developing Asia
- CBDT Notification No. 28/2024 (7 March 2024) — TDS exemption for IFSC units including ITFS
- DGFT / MEA SCOMET List — India's dual-use export controls
Head 19 — Credit Rating Agencies
- IFSCA (Capital Market Intermediaries) Regulations 2025 — CMI landing page (CRA at Schedule I Item 3)
- IFSCA Master Circular for Credit Rating Agencies in the IFSC (5 August 2025)
- SEBI (Credit Rating Agencies) Regulations 1999 (last amended 4 July 2023) — mainland comparator
- IOSCO Code of Conduct Fundamentals for Credit Rating Agencies (March 2015, IOSCOPD482)
- Council Regulation (EU) 2022/428 of 15 March 2022 (Article 5j Russian-issuer rating prohibition)
- European Commission FAQ — Credit Rating Sanctions (1 June 2022)
- U.S. SEC Office of Credit Ratings — Dodd-Frank Section 932 supervision of NRSROs
- CareEdge Global IFSC — launch of sovereign ratings for 39 countries (October 2024)
- CareEdge Sovereign Foresights (October 2024)
- CARE Ratings (Africa) Private Limited — Mauritius FSC, Bank of Mauritius ECAI, CMA Kenya
Head 15 — BATF Services (Book-keeping, Accounting, Taxation, Financial Crime Compliance)
- IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations 2024 — notified 6 June 2024
- IFSCA Press Release on BATF Regulations 2024 (10 June 2024)
- IFSCA FAQs on BATF Regulations 2024 (republished December 2024)
- IFSCA BATF Service portal — Form and Manner Circular (28 June 2024)
- Ministry of Finance Gazette Notification S.O. 291(E) dated 18 January 2024 — BATF notified as "financial services" under Section 3(1)(e)(xiv) of IFSCA Act 2019
- ICAI — Mirror Firm Relaxation for CAs setting up in GIFT IFSC
- ICAI Notification 1-CA(7)/197/2021 dated 8 July 2021 (revised Form 18)
- CA Act 1949 Section 25 + CA Regulations 1988 Regulation 53B — Multi-Disciplinary Partnerships
- FATF 40 Recommendations — international AML / CFT standards (Recommendations 22, 23 apply to DNFBPs)
Cross-cutting — FEMA, FDI, RBI
- FEMA (Non-Debt Instruments) (Second Amendment) Rules 2026 — S.O. 2186(E), 2 May 2026 (100% Automatic Route for insurance)
- RBI A.P. (DIR Series) Circular No. 10 of 11 July 2022 — Special Rupee Vostro Account framework
- RBI Press Release of 5 August 2025 — SRVA opening without prior RBI approval
- Indian Insurance Companies (Foreign Investment) Amendment Rules 2025 — G.S.R. 928(E), 30 December 2025
- DPIIT Press Note 2 of 2026 (15 March 2026) — beneficial-owner test for FDI
International instruments (sanctions, AML, supervisory)
- FATF Statement on the Russian Federation — 24 February 2023 (membership suspended); subsequent Plenary outcomes
- IAIS — Insurance Core Principles (2019, revised 2024)
- Council Regulation (EU) 2022/428 — credit-rating prohibition (Article 5j of Reg 833/2014)
- OFAC — Executive Order 14024 (15 April 2021); EO 14114 (22 December 2023); SDN List
- OFSI Financial Sanctions Notice — 13 June 2024 (UK)
Booklets & practice compendia
Our complete practitioner library is at /booklets — every booklet downloadable as PDF.
