Brief Overview:

IFSCA has expanded the jurisdictions from which capital market products and services may be distributed in the IFSC. The amendment materially broadens the range of products available to IFSC distributors, while retaining the existing jurisdictional risk filters and eligibility conditions.

Technical Details:

1) Expanded jurisdiction set: UAE, Singapore, Australia and the European Union have been added to the jurisdictions recognised under Regulation 32(1)(a) and (c), subject to the continuing risk filters: recognition falls away if a jurisdiction is FATF high-risk or under increased monitoring or is designated high-risk by the Government of India.

2) Domicile drives eligibility: The relevant jurisdiction is where the product or service is domiciled—not where its manager or service provider is located.

3) Immediate application: The expanded framework applies from 18 September 2026 to distributors registered under the CMI Regulations.

Takeaways:

1) More room to curate: Distributors can broaden their offering across four deep and mature markets, with scope to build more varied propositions for IFSC investors.

2) Product mapping comes first: Eligibility should be tested by the domicile of each product or service; the manager’s location is not a substitute for that analysis.

3) The gate remains dynamic: Onboarding controls should track FATF and the Government of India classifications on an ongoing basis, rather than only at product launch.

For further details, please see:

IFSCA Circular – Amendment to the Master Circular for Distributors in the IFSC

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