Specification of Certification Course for KMPs and other employees of Capital Market Intermediaries under the IFSCA (Capital Market Intermediaries) Regulations, 2025

International Financial Services Centres Authority, vide Circular No. F. No. IFSCA-PLNP/80/2024-Capital Markets dated April 02, 2026, has announced an important update regarding specification of the certification course for Key Managerial Personnel and other employees of Capital Market Intermediaries under the IFSCA (Capital Market Intermediaries) Regulations, 2025.

Key Details of the Update –
• The circular has been issued with reference to sub-regulation (5) of regulation 9 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025, which empowers the Authority to specify certification courses for employees of Capital Market Intermediaries (CMIs) in the International Financial Services Centres.
• Pursuant to this power, the Authority has specified the certification course titled “Regulatory Framework for Capital Market Intermediaries in IFSC” offered by The Institute of Company Secretaries of India.
• The obligation applies specifically to the Key Managerial Personnel and all other employees discharging core business activities of Capital Market Intermediaries. This means the requirement is not limited to senior leadership alone, but extends to personnel involved in substantive operational and regulated market functions.
• The circular places the compliance responsibility on both the Capital Market Intermediary and the person(s) in control of the CMI, making them accountable for ensuring that the specified employees complete the course within the prescribed timeline.
• Employees of CMIs involved in non-operational / support services are not mandatorily covered, but they are encouraged to undertake the certification in order to enhance professional competence, improve regulatory preparedness, and promote higher standards of operational excellence within the IFSC ecosystem.
• The circular states that it has been issued under sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with sub-regulation (5) of regulation 9 and regulation 45 of the CMI Regulations, and it comes into force with immediate effect.

Actions if Any –
• Capital Market Intermediaries must ensure that their Key Managerial Personnel and all employees discharging core business activities successfully complete the specified certification course.
• The CMI and the person(s) in control of the CMI must monitor and ensure timely completion of the certification requirement by the covered employees.

Compliance Deadline –
The specified certification course must be successfully completed on or before September 30, 2026, by the Key Managerial Personnel and all other employees of Capital Market Intermediaries who discharge core business activities. This deadline applies to compliance with the certification requirement under the IFSCA (Capital Market Intermediaries) Regulations, 2025.