{"id":2493,"date":"2025-09-08T06:07:20","date_gmt":"2025-09-08T06:07:20","guid":{"rendered":"https:\/\/www.rnm.in\/blog\/?p=2493"},"modified":"2025-10-15T09:25:09","modified_gmt":"2025-10-15T09:25:09","slug":"ifsca-updates-august-2025-gift-ifsc-global-hub-master-circulars","status":"publish","type":"post","link":"https:\/\/www.rnm.in\/blog\/ifsca-updates-august-2025-gift-ifsc-global-hub-master-circulars\/","title":{"rendered":"s release (Aug 2, 2025) on the Expert Committee Report for positioning GIFT IFSC as a Global Commodity Trading Hub:"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India, one of the world\u2019s largest commodity importers, is highly exposed to global price volatility and lacks strategic leverage in international commodity markets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Much of India\u2019s commodity trade is currently routed through offshore hubs (like Singapore, Dubai), leading to economic loss and reduced global influence.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">GIFT IFSC was created to \u201conshore the offshore\u201d and serve as India\u2019s global financial hub.<\/span><\/li>\n<\/ul>\n<p><b>Expert Committee (May 2024)<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tasked with recommending how GIFT IFSC can evolve into a <\/span><b>Global Commodity Trading Hub<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consultations included benchmarking against global hubs and industry feedback.<\/span><\/li>\n<\/ul>\n<p><b>Key Recommendations<\/b><\/p>\n<ol>\n<li><b> Regulatory Enablement<\/b><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Notify commodity trading (including merchanting) as \u201cfinancial services\u201d under IFSCA Act.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allow OTC derivatives, expand exchange-traded commodity derivatives, and permit re-invoicing in IFSC.<\/span><\/li>\n<\/ul>\n<ol start=\"2\">\n<li><b> Policy Alignment<\/b><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exempt IFSCA-regulated traders from RBI\u2019s merchanting restrictions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Amend FEMA to allow centralized hedging for Indian entities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Offer Right of First Refusal (ROFR) to IFSC entities for govt. procurement.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Permit voyage charter-based shipping by IFSC traders.<\/span><\/li>\n<\/ul>\n<ol start=\"3\">\n<li><b> Banking &amp; Tax Incentives<\/b><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Amend Banking Regulation Act to allow banks in IFSC wider commodity trading.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Extend tax holiday for IFSC units from 10 \u2192 25 years (till 2047).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Introduce concessional tax regime for overseas professionals in IFSC.<\/span><\/li>\n<\/ul>\n<ol start=\"4\">\n<li><b> Infrastructure &amp; Logistics<\/b><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Build warehousing\/logistics near ports.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exempt IFSC entities from customs filings for offshore deals.<\/span><\/li>\n<\/ul>\n<ol start=\"5\">\n<li><b> Financial Innovation<\/b><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allow structured finance, securitization of commodity-linked assets, trade finance bond listings.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Promote CBDC-based trade finance and commodity-backed funding.<\/span><\/li>\n<\/ul>\n<ol start=\"6\">\n<li><b> Ecosystem Development<\/b><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Attract global banks &amp; financial institutions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Engage Indian diaspora commodity traders.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create advanced trading platforms integrated globally.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Invest in workforce development &amp; training.<\/span><\/li>\n<\/ul>\n<p><b>Strategic Vision<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Aligns with India\u2019s <\/span><b>\u201cViksit Bharat 2047\u201d<\/b><span style=\"font-weight: 400;\"> goal.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Aims to transform GIFT IFSC into a <\/span><b>globally competitive hub<\/b><span style=\"font-weight: 400;\">, driving growth across supply chains, logistics, exports, and finance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IFSCA will review and coordinate with the Government for implementation.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>IFSCA press release<\/b><span style=\"font-weight: 400;\"> August 05, 2025 <\/span><i><span style=\"font-weight: 400;\">IFSCA Issues Master Circulars for Capital Market Intermediaries in IFSC<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The International Financial Services Centres Authority (IFSCA) has released <\/span><b>Master Circulars<\/b><span style=\"font-weight: 400;\"> for seven categories of capital market intermediaries under the newly notified <\/span><i><span style=\"font-weight: 400;\">IFSCA (Capital Market Intermediaries) Regulations, 2025<\/span><\/i><span style=\"font-weight: 400;\"> (effective April 11, 2025).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The categories covered are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit Rating Agencies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Debenture Trustees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Distributors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ESG Rating &amp; Data Product Providers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investment Advisers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investment Bankers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Research Entities<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Master Circulars consolidate all relevant circulars and guidelines into a single reference point to <\/span><b>enhance ease of doing business<\/b><span style=\"font-weight: 400;\"> and provide <\/span><b>clarity on operational requirements<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They cover aspects such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Registration process &amp; validity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Permissible activities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Governance &amp; code of conduct<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">KYC, AML, and CFT compliance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Outsourcing &amp; complaint handling<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Change in control &amp; periodic reporting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cyber security &amp; resilience<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Surrender of registration<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This initiative aims to strengthen the IFSC capital market ecosystem by ensuring fairness, efficiency, transparency, and streamlined regulation.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>IFSCA press release<\/b><span style=\"font-weight: 400;\"> August 12, 2025: <\/span><i><span style=\"font-weight: 400;\">IFSCA Unveils Revamped Framework for Global Market Access via IFSC<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><b>International Financial Services Centres Authority (IFSCA)<\/b><span style=\"font-weight: 400;\"> has introduced a new regulatory framework aimed at strengthening the role of <\/span><b>India\u2019s IFSC as a gateway to global capital markets<\/b><span style=\"font-weight: 400;\">. This initiative aligns with IFSCA\u2019s objective to facilitate cross-border capital flows, enabling investors to diversify portfolios, hedge risks, and explore arbitrage opportunities.<\/span><\/p>\n<p><b>Key highlights of the framework:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Global Market Access via IFSC:<\/b><span style=\"font-weight: 400;\"> Entities can now provide Indian investors, especially retail participants under the Liberalised Remittance Scheme (LRS), with regulated and transparent access to foreign stock exchanges.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Investor Protection:<\/b><span style=\"font-weight: 400;\"> Brokers and Global Access Providers operating physically within the IFSC will be regulated by IFSCA, safeguarding resident investors engaging in global markets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Onshoring of Trading Activities:<\/b><span style=\"font-weight: 400;\"> The framework encourages foreign-based broker-dealers and proprietary trading entities to operate from the IFSC, consolidating cross-border trading within India.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Robust Regulatory Norms:<\/b><span style=\"font-weight: 400;\"> Comprehensive rules for Global Access Providers and Introducing Brokers aim to enhance market accessibility while ensuring investor protection, market integrity, and ease of doing business.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Overall, this framework positions the IFSC as a <\/span><b>competitive, globally aligned hub<\/b><span style=\"font-weight: 400;\"> for cross-border trading, strengthening India\u2019s capital market ecosystem.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>Suggested Blogs: <a href=\"https:\/\/www.rnm.in\/blog\/exploring-the-pinnacle-top-ca-firms-in-india-2024\/\"><span data-sheets-root=\"1\">top ca firms in india, <\/span><\/a><a href=\"https:\/\/www.rnm.in\/\"><span data-sheets-root=\"1\">top financial advisory firms in india<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India, one of the world\u2019s largest commodity importers, is highly exposed to global price volatility and lacks strategic leverage in international commodity markets. Much of India\u2019s commodity trade is currently routed through offshore hubs (like Singapore, Dubai), leading to economic loss and reduced global influence. GIFT IFSC was created to \u201conshore the offshore\u201d and serve as India\u2019s global financial hub. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[442],"tags":[],"class_list":["post-2493","post","type-post","status-publish","format-standard","hentry","category-transaction-regulatory-advisory-services"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IFSCA Updates August 2025 \u2013 RNM India Blogs<\/title>\n<meta name=\"description\" content=\"Explore IFSCA\u2019s August 2025 updates \u2014 GIFT IFSC global commodity hub plan, master circulars for intermediaries, and new global market rules.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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