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Corporate Laws Central Ministry of Finance International Financial Services Centres Authority Act, 2019

IFSCA issues Master Circular for Research Entities in the IFSC

05-Aug-2025 | e.File No. IFSCA-PLNP/80/2024-Capital Markets

IFSCA has issued the Master Circular for Research Entities in the IFSC effective from 5th August 2025.

Key Highlights of the Master Circular are as follows:
1. Application for registration as a Research Entity under the provisions of the CMI Regulations shall be made exclusively through SWITS ( Single Window IT System), which contains a Common Application Form (CAF). (Para 1.5)
2. A Research Entity registered with the Authority may provide or publish the research report with respect to securities as permitted under the CMI Regulations and shall be required to obtain a separate registration, authorisation or license, as applicable, from the Authority under appropriate Regulations for undertaking any other activity in the IFSC. (Para 4.1 and Para 4.2)
3. The Research Entities are required to appoint a Principal Officer based out of the IFSC in compliance with the qualification and educational requirements as specified in the CMI Regulations, who shall be responsible for performing overall activities of the Registered Distributor in the IFSC. (Para 5.1 and Para 5.2)
4. The Research Entities are required to appoint a Compliance Officer based out of the IFSC in compliance with the qualification and educational requirements as specified in the CMI Regulations. (Para 6.1)
5. A Research Entity shall establish a Code of Conduct based on Schedule II of the CMI Regulations. (Para 7.1)

Kindly refer to the attached document for more information.

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