Brief Overview:
IFSCA has revamped and reissued its Global Access by broker-dealer norms under a newly structured framework.
Previously, IFSCA has circulated a consultation paper on the same. Please see our alert on the same here.
Technical Details:
Key aspects:
1) Introduction of new set of Entities: Concept of Global Access Provider (GAPs) and Introducing Brokers is established.
2) GAPs: Can either be a IFSC Subsidiary of Recognised Stock Exchange in IFSC or a broker dealer registered with IFSCA accessing the global markets.
3) Permitted Products: Access to only listed financial products in global markets. Financial Products have been defined to mean securities, contracts of insurance, deposits, credit arrangements or foreign currency contracts other than contracts to exchange one currency for another that are to be settled immediately.
4) Non-Permissible Products: Crypto assets or instruments with an underlying asset as crypto or any instrument not considered as Financial Product.
5) Eligible Clients to access the Global jurisdictions: Indian residents (as per FEMA regulations) and non-residents.
6) Segregation of funds: GAPs and Introducing Brokers to segregate bank accounts for their Global Access and IFSC activities. Client funds to also be segregated from proprietary funds.
7) Disclosure by GAPs to its clients: Details in relation to risks, regulation, roles of involved entities, custody, trading and fee details, investor protection, all applicable charges.
8) Reporting: Broker-dealers to report to their GAPs; GAPs to file quarterly reports with IFSCA.
9) Operational Obligations for GAPs
(a) Maintain IFSC-based bank accounts for routing client funds;
(b) Onboard clients via written agreements (with introducers or directly);
(c) Maintain infrastructure and staff suitable for operations;
(d) Execute trades only via foreign brokers who are compliant in their jurisdictions;
(e) Store all data (user, transaction, trade) within IFSC.
JC takeaway:
IFSCA’s enhanced Global Access Framework positions GIFT City as a premier international financial hub by streamlining participant roles, easing market entry, and strengthening investor safeguards—fostering innovation and enabling regulated global investing from India.
For further details, please see:
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