| Activity | Governing instrument | Application route | Read more |
|---|---|---|---|
| Manage funds or portfolios Fund manager, PMS, schemes | IFSCA (Fund Management) Regulations, 2025, as amended up to 10 September 2026 | CAF and FME annexure on SWIT | Fund Management Entities FME registration categories compared Venture capital, restricted and retail schemes |
| Pool a family's wealth Family investment fund | IFSCA (Fund Management) Regulations, 2025, set up as an authorised FME | CAF and FME annexure on SWIT | Family investment funds and family offices Resident individuals investing through GIFT Private clients |
| Run a bank IBU branch or IFSC banking company | IFSCA (Banking) Regulations, 2020 (consolidated to 14 July 2023), with the IFSCA Banking Handbook | CAF and Banking annexure on SWIT | IFSC Banking Units IBU branch or IFSC Banking Company The IFSCA Banking Handbook |
| Lend, factor or run group treasury Finance company, treasury centre, ITFS | IFSCA (Finance Company) Regulations, 2021 (with the ITFS guidelines for trade finance platforms) | CAF and FC/FU annexure on SWIT | Finance companies and treasury centres Global and regional corporate treasury centres Trade finance: ITFS platforms and factoring |
| Lease aircraft or ships Lessor, financier | IFSCA (Finance Company) Regulations, 2021, with IFSCA's aircraft lease or ship leasing framework | CAF and FC/FU annexure on SWIT | Aircraft leasing and financing Ship leasing and financing Aviation and shipping finance |
| Insure or reinsure IFSC Insurance Office, intermediary | IFSCA (Registration of Insurance Business) Regulations, 2021 for insurers and reinsurers; IFSCA (Insurance Intermediary) Regulations, 2021 for intermediaries | CAF with the insurance annexures (or the Insurance Intermediary annexure) on SWIT | IFSC Insurance Offices Reinsurance from GIFT IFSC Insurance intermediary offices |
| Broking, advice, distribution or ratings Capital market intermediary | IFSCA (Capital Market Intermediaries) Regulations, 2025 | CAF and CMI annexure on SWIT | Capital market intermediaries Unified registration (Master Key) Credit rating agencies |
| Raise capital or list Equity, debt, direct listing | IFSCA (Listing) Regulations, 2024 | Offer document filed with IFSCA and listing application to the exchange (not a CAF registration) | Listing equity and debt Direct listing of Indian companies Green and sustainable debt |
| Test an innovative financial product FinTech sandbox | IFSCA FinTech Sandbox Framework, 2026 | Preliminary sandbox application, then the sandbox application form (the CAF does not apply) | FinTech Sandbox Framework, 2026 Sandbox routes compared |
| Provide payment services Payment service provider | IFSCA (Payment Services) Regulations, 2024 | Separate application under the regulations (the CAF does not apply) | Payment service providers Payment systems |
| Serve my own financial group GIC or a bank's GAO | IFSCA (Global In-House Centres) Regulations, 2025; for a bank's Global Administrative Office, the IFSCA (Banking) Regulations and Banking Handbook | CAF with the GIC or GAO annexure on SWIT | Global In-House Centres Global Administrative Office Group centres compared |
| Provide technology or professional services TechFin, ancillary or BATF | IFSCA (TechFin and Ancillary Services) Regulations, 2025, or the IFSCA (BATF) Regulations, 2024, both as amended in 2026 | CAF and the Ancillary SP (or BATF) annexure on SWIT | TechFin and ancillary services BATF services TechFin service providers |
| Trade, clear or vault bullion IIBX member, vault manager | IFSCA (Bullion Market) Regulations, 2025 | Trading or clearing member application; vault manager Form A | Bullion: trading, clearing and vaults Capital markets, listing and bullion |
| Open a university campus 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) | International branch campuses and offshore education centres |
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Frameworks compared
Every IFSCA activity side by side: the governing instrument, the application route and the guides to read.
Where a business does several things, each activity needs its own permission. Every IFSC unit also needs SEZ approval, which runs alongside the IFSCA application.
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