Capital markets, listing and bullion
Brokers, custodians, advisers and the exchanges they serve; Equity, debt and sustainable finance on the IFSC exchanges; Trading, clearing and vaulting through IIBX.
Capital Markets & Intermediaries
GIFT IFSC has two international stock exchanges, India INX and NSE IX, with their clearing corporations and depositories. Brokers, custodians, advisers, distributors and rating agencies register with IFSCA to serve them.
IFSCA issued Guidelines for Algorithmic Trading in October 2026, and new reporting norms for intermediaries in April 2026.
A foreign broker joining the IFSC exchanges
A broker wants exchange membership and global access for clients.
Registration as a CMI and exchange membership.
The steps
- Register under the CMI Regulations.
- Obtain exchange memberships.
- Certify KMPs.
Points that need care
- Quarterly reporting norms of 8 April 2026.
A custodian or depository participant
A custodian wants to serve funds and investors in GIFT IFSC.
CMI registration as custodian.
The steps
- Register and set up systems.
- Agree service terms with funds.
An investment adviser or distributor
A firm wants to advise or distribute products from GIFT City.
CMI registration for the activity.
The steps
- Register.
- Prepare client documentation.
Points that need care
- Rules on soliciting Indian residents.
A credit rating or ESG ratings provider
A rating agency wants an IFSC presence.
Schedule I of the CMI Regulations; master circular of 5 August 2025.
The steps
- Register.
- Adopt methodology and conflict rules.
An algorithmic trading firm
A firm wants to trade algorithmically on IFSC exchanges.
Trading through members under the October 2026 guidelines.
The steps
- Map systems to the guidelines.
- Set testing and controls.
Points that need care
- The guidelines' effective date should be confirmed.
Listing & Capital Raising
Indian public companies can now list their shares directly on the IFSC exchanges, and foreign and Indian issuers raise equity and debt there in foreign currency.
In February 2026 a USD 600 million green bond was issued from GIFT City by ReNew Treasury IFSC, a sign of where the market is heading.
An Indian company listing directly in GIFT City
An unlisted public company wants to raise foreign capital through an IFSC listing.
Direct listing on India INX or NSE IX.
The steps
- Check eligibility under the direct listing rules.
- Board and shareholder approvals.
- Prepare the offer document.
Points that need care
- Conditions turn on the constitution, shareholding and exchange chosen.
A foreign company listing in GIFT City
A company abroad wants an Indian-linked listing.
Listing under the Listing Regulations.
The steps
- Prepare disclosure.
- Appoint intermediaries.
A green or sustainability-linked bond
An issuer wants labelled debt.
Debt listing with a sustainable finance framework.
The steps
- Adopt the framework.
- Obtain external review.
- Report on use of proceeds.
Points that need care
- Label credibility.
A follow-on raise by a listed issuer
A listed issuer wants a preferential issue, QIP or rights issue.
The frameworks issued on 22 April 2026.
The steps
- Choose the route.
- Prepare documents under the relevant framework.
Bullion & Commodities
India International Bullion Exchange in GIFT IFSC is the regulated route for bullion trading, clearing and vaulting. It was granted Qualifying Central Counterparty status in March 2026.
IFSCA's Good Delivery Guidelines, 2026 and its September 2026 import circular now shape how gold reaches the Indian market.
A qualified jeweller importing gold
A jeweller wants to import through IIBX.
Qualification on IIBX and import through a trading member.
The steps
- Qualify as a jeweller.
- Import and vault in the IFSC.
Points that need care
- The import circular of 22 September 2026.
A bank or trader becoming a member
A bank or trading house wants trading or clearing membership.
Membership under the Bullion Market Regulations.
The steps
- Apply to the exchange.
- Set up risk and settlement.
A vault operator
An operator wants to run a vault in GIFT City.
Vault manager registration (Form A).
The steps
- Apply.
- Meet custody and audit standards.
A refiner or supplier entering the Indian market
A refiner wants its bars accepted.
Good Delivery Guidelines, 2026.
The steps
- Map sourcing to the guidelines.
- Document responsible-sourcing diligence.
Points that need care
- Responsible-sourcing evidence.
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