Reporting Norms for Capital Market Intermediaries

International Financial Services Centres Authority, vide Circular No. F.No.1/IFSCA/CMI Supervision/2023-24 dated April 08, 2026, has announced an important update regarding reporting norms for Capital Market Intermediaries in IFSC.

Key Details of the Update –
• The circular revises the reporting norms for Capital Market Intermediaries in IFSC in light of the issuance of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 and the introduction of new categories of CMIs.
• The reporting formats have been reviewed and expanded to include new categories such as Global Access Provider, Credit Rating Agency, ESG Ratings and Data Products Provider, and Research Entity, with the objective of improving supervisory efficiency.
• CMIs are required to submit information to IFSCA in the specified format available under the Downloads section of the IFSCA website, and such information is to be filed on a quarterly basis.
• The quarterly reporting excel file includes common sheets to be completed by all categories of CMIs, namely General Information, Complaint Handling and Grievance Redressal data, V-CIP reporting, AML/CFT/KYC compliance sheet, and a signed undertaking to be submitted as a scanned PDF. In addition, CMIs must complete only those registration-specific sheets that correspond to the registrations or authorisations they hold.
• The circular requires that all operational information in the prescribed format be submitted in an editable excel file. The AML/CFT/KYC compliance sheet is to be filed half-yearly, specifically with the quarterly reports for the July-September and January-March quarters.
• In case of surrender, suspension, or cancellation of certificate, CMIs must continue to submit quarterly reports until the date of communication of cancellation by IFSCA. For newly registered CMIs, quarterly reporting applies from the date of registration certificate up to the end of that quarter, and such report must be submitted within 21 calendar days from the end of the quarter.
• For CMIs holding registrations as Broker Dealer, Clearing Member, and Depository Participant, quarterly reports must be submitted to the respective Market Infrastructure Institutions whose membership is held. MIIs are required to create appropriate digital infrastructure for submission and must furnish the reported information to IFSCA in the manner and format specified by the Authority.
• For other categories, including Global Access Provider, Custodian, Investment Banker, Investment Adviser, Debenture Trustee, Registered Distributor, Credit Rating Agency, ERDPP, and Research Entity, the quarterly reports must be submitted to IFSCA by email within the prescribed timeline. The circular also clarifies that for the period ending March 31, 2026, CMIs must continue reporting in accordance with the earlier circular dated February 08, 2024.
• The circular expressly states that the earlier circular dated February 08, 2024 stands superseded from the commencement of this circular, while preserving actions, liabilities, obligations, penalties, and proceedings already arising under the earlier framework.

Actions if Any –
• Capital Market Intermediaries in IFSC must submit quarterly reports in the revised prescribed format and ensure that only the sheets relevant to their registration categories are completed.
• CMIs holding registrations as Broker Dealer, Clearing Member, and Depository Participant must submit their quarterly reports to the respective Market Infrastructure Institutions.
• CMIs holding registrations as Global Access Provider, Custodian, Investment Banker, Investment Adviser, Debenture Trustee, Registered Distributor, Credit Rating Agency, ERDPP, and Research Entity must submit quarterly reports to IFSCA by email within the prescribed timeline.
• CMIs must access the latest reporting formats from the IFSCA website at the end of each quarter and comply with any updates issued from time to time.

Compliance Deadline –
Quarterly reports under the revised framework are required to be submitted within 21 calendar days from the end of the relevant quarter for newly registered CMIs and for categories required to report directly to IFSCA. The circular comes into force from April 01, 2026. However, for the reporting period ending March 31, 2026, CMIs are specifically required to submit reports in accordance with the earlier circular dated February 08, 2024.