{"id":2674,"date":"2025-12-23T06:58:10","date_gmt":"2025-12-23T06:58:10","guid":{"rendered":"https:\/\/www.rnm.in\/blog\/?p=2674"},"modified":"2026-02-09T05:08:32","modified_gmt":"2026-02-09T05:08:32","slug":"gift-city-update-december-2025","status":"publish","type":"post","link":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/","title":{"rendered":"GIFT CITY Update December 2025"},"content":{"rendered":"<h2 style=\"text-align: center;\"><b>03 Nov 2025: FATF High-Risk &amp; Monitored Jurisdictions<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Financial Action Task Force (FATF) Plenary released updated lists of jurisdictions with strategic AML\/CFT deficiencies:<\/span><\/p>\n<ol>\n<li><b> High-Risk Jurisdictions \u2013 Subject to Call for Action<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">FATF urges all countries to apply <\/span><b>countermeasures, targeted financial sanctions<\/b><span style=\"font-weight: 400;\">, and <\/span><b>enhanced due diligence<\/b><span style=\"font-weight: 400;\"> for:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Democratic People\u2019s Republic of Korea (DPRK)<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Iran<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Myanmar<\/b><\/li>\n<\/ul>\n<ol start=\"2\">\n<li><b> Jurisdictions Under Increased Monitoring (Grey List)<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Countries with identified AML\/CFT deficiencies and working with FATF on action plans include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Algeria, Angola, Bolivia, Bulgaria, Cameroon, C\u00f4te d&#8217;Ivoire, DRC, Haiti, Kenya, Lao PDR, Lebanon, Monaco, Namibia, Nepal, South Sudan, Syria, Venezuela, Vietnam, Virgin Islands (UK), Yemen<\/b><\/li>\n<\/ul>\n<ol start=\"3\">\n<li><b> Countries Removed from Increased Monitoring (as of Oct 2025)<\/b><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Burkina Faso<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mozambique<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Nigeria<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>South Africa<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">FATF clarifies that the advisory <\/span><b>does not prohibit<\/b><span style=\"font-weight: 400;\"> legitimate trade or business transactions by IFSCA-regulated entities with these jurisdictions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Detailed updates are available in the FATF\u2019s October 24, 2025 public statements.<\/span><\/p>\n<h2 style=\"text-align: center;\"><b>\u00a02025: Consultation Paper \u2014 Amendments to IFSCA (Capital Market Intermediaries) Regulations, 2025<\/b><\/h2>\n<p><b>Purpose \/ Background<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IFSCA issued the IFSCA (Capital Market Intermediaries) Regulations (CMI Regulations) in <\/span><b>April 2025<\/b><span style=\"font-weight: 400;\">, replacing the 2021 rules.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New rules set detailed norms for <\/span><b>principal officers<\/b><span style=\"font-weight: 400;\">, <\/span><b>compliance officers<\/b><span style=\"font-weight: 400;\">, and revised <\/span><b>net worth<\/b><span style=\"font-weight: 400;\"> definitions for certain intermediaries (broker-dealers, clearing members, investment bankers).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Original compliance deadline for appointments \/ net-worth infusion was <\/span><b>Oct 1, 2025<\/b><span style=\"font-weight: 400;\">; extended to <\/span><b>Dec 31, 2025<\/b><span style=\"font-weight: 400;\"> due to stakeholder representations.<\/span><\/li>\n<\/ul>\n<p><b>Objective of this consultation<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Seek public \/ stakeholder comments on proposed amendments to improve ease of doing business and align rules with IFSC market realities.<\/span><\/li>\n<\/ul>\n<p><b>Key proposed changes (high level)<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Eligibility \/ Qualifications for Principal &amp; Compliance Officers<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Add fintech and STEM (science, technology, engineering, mathematics)<\/b><span style=\"font-weight: 400;\"> as acceptable postgraduate qualifications.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Reduce minimum experience<\/b><span style=\"font-weight: 400;\"> required for graduates from <\/span><b>10 years \u2192 5 years<\/b><span style=\"font-weight: 400;\"> (so graduation + 5 years qualifies).<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Common Principal Officer across multiple registrations<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Allow <\/span><b>same person<\/b><span style=\"font-weight: 400;\"> to be principal officer for entities registered as <\/span><b>broker-dealer, clearing member, depository participant, custodian and registered distributor<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">For <\/span><b>distribution activities<\/b><span style=\"font-weight: 400;\">, require a <\/span><b>separate vertical head<\/b><span style=\"font-weight: 400;\"> with adequate financial services experience.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Clarification on \u2018Liquid Net Worth\u2019 components<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Exclude<\/b><span style=\"font-weight: 400;\"> base minimum capital and interest-free deposits placed with stock exchanges \/ clearing corporations from liquid assets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Include<\/b><span style=\"font-weight: 400;\"> margins deposited with clearing members and clearing corporations as part of liquid assets.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Net worth requirement for Custodians<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Propose <\/span><b>minimum net worth = USD 1 million<\/b><span style=\"font-weight: 400;\"> for custodians registered with IFSCA.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">For branches, parent may maintain net worth at parent level but <\/span><b>earmark<\/b><span style=\"font-weight: 400;\"> the specified amount for the IFSC branch.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Existing custodians will have time till <\/span><b>Jan 31, 2026<\/b><span style=\"font-weight: 400;\"> to comply where additional infusion\/earmarking is required.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Umbrella \/ Unified Registration (exploratory)<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">IFSCA is <\/span><b>exploring an umbrella registration<\/b><span style=\"font-weight: 400;\"> allowing one application\/license to cover multiple capital market activities (similar to Singapore\u2019s CMS licence).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Consultation invites views on merits, challenges and safeguards (e.g., conflicts of interest) if entities undertake multiple activities.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><b>Expected impact<\/b><\/p>\n<p><span style=\"font-weight: 400;\">These amendments aim to <\/span><b>ease operational burden<\/b><span style=\"font-weight: 400;\">, reduce compliance friction for nascent IFSC players, and streamline <\/span><span style=\"font-weight: 400;\">registration while protecting investor\/market integrity through specified safeguards.<\/span><\/p>\n<h2 style=\"text-align: center;\"><b>04 Nov 2025: Consultation Paper \u2013 Proposed IFSCA (Pension Fund) Regulations, 2025<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The International Financial Services Centres Authority (IFSCA) has released a consultation paper proposing the <\/span><b>IFSCA (Pension Fund) Regulations, 2025<\/b><span style=\"font-weight: 400;\">, following recent government notifications that bring pension schemes under its regulatory ambit within GIFT-IFSC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Key drivers include expanding pension access for <\/span><b>15 million NRIs, 19 million PIOs, and foreign expatriates<\/b><span style=\"font-weight: 400;\">, and positioning IFSC as a <\/span><b>global pension hub<\/b><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The proposed regulations aim to create a <\/span><b>robust, flexible, and globally aligned pension ecosystem<\/b><span style=\"font-weight: 400;\">, offering:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><i><span style=\"font-weight: 400;\">Voluntary subscriber participation<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><i><span style=\"font-weight: 400;\">Flexible contribution frequency and amounts<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><i><span style=\"font-weight: 400;\">Multiple investment scheme options<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><i><span style=\"font-weight: 400;\">Diverse exit choices<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><i><span style=\"font-weight: 400;\">Integration with health\/medical insurance products<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Stakeholders have been invited to provide feedback by <\/span><b>November 25, 2025<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 style=\"text-align: center;\"><b>11 Nov 2025: Additional Directions on Reporting of Transactions for India\u2019s External Account Statistics (IBUs \u2013 BAL Statement)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The IFSCA has issued new reporting requirements to enhance the accuracy of India\u2019s external account statistics, specifically related to the <\/span><b>fortnightly Banking Asset Liability (BAL) statement<\/b><span style=\"font-weight: 400;\"> submitted by IFSC Banking Units (IBUs) through the RBI\u2019s <\/span><b>FETERS<\/b><span style=\"font-weight: 400;\"> system.<\/span><\/p>\n<p><b>Background<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IBUs currently report foreign currency holdings (Nostro balances, FDs, loans, securities, T-bills) as required by the <\/span><b>2022 IFSCA circular<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">However, IBUs have now begun maintaining <\/span><b>foreign currency Vostro accounts<\/b><span style=\"font-weight: 400;\"> of overseas banks, which are <\/span><b>not being captured<\/b><span style=\"font-weight: 400;\"> in current BAL submissions.<\/span><\/li>\n<\/ul>\n<p><b>New Reporting Requirements (Effective from 2nd Fortnight of November 2025)<\/b><\/p>\n<p><span style=\"font-weight: 400;\">IBUs must now also report:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Balances in foreign currency Vostro accounts<\/b><span style=\"font-weight: 400;\"> of overseas banks maintained with the IBU.<\/span><\/li>\n<\/ul>\n<p><b>Key Reporting Instructions<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Vostro Account Reporting<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Only one subcomponent: <\/span><b>Current Account<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Report <\/span><b>either<\/b><span style=\"font-weight: 400;\">:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"3\"><span style=\"font-weight: 400;\">Net <\/span><b>Credit (Ct)<\/b><span style=\"font-weight: 400;\"> balance, or<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"3\"><span style=\"font-weight: 400;\">Net <\/span><b>Debit (Dt)<\/b><span style=\"font-weight: 400;\"> balance (entered as a positive number).<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2192 <\/span><i><span style=\"font-weight: 400;\">No simultaneous reporting of both Ct and Dt.<\/span><\/i><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Valuation<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Report <\/span><b>book value<\/b><span style=\"font-weight: 400;\"> of balances held by overseas banks\/branches in the respective currency.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Country &amp; Currency Fields<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Country:<\/b><span style=\"font-weight: 400;\"> jurisdiction of overseas bank holding the Vostro account.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Currency:<\/b><span style=\"font-weight: 400;\"> currency in which the account is maintained.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Revised BAL format<\/b><span style=\"font-weight: 400;\"> shared in the annexure (not included in text).<\/span><\/li>\n<\/ol>\n<p><b>Compliance Note<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Instructions supplement existing IFSCA (2022) and RBI reporting guidelines.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Non-compliance<\/b><span style=\"font-weight: 400;\"> (inaccuracy or delays) will be taken <\/span><b>seriously<\/b><span style=\"font-weight: 400;\"> by IFSCA.<\/span><\/li>\n<\/ul>\n<p><b>Legal Basis<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Issued under <\/span><b>Section 35A<\/b><span style=\"font-weight: 400;\"> of the Banking Regulation Act, 1949 and <\/span><b>Section 13(1)<\/b><span style=\"font-weight: 400;\"> of the IFSCA Act, 2019.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: center;\"><b>13 Nov 2025: Implementation Services by Investment Advisers in IFSC<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The circular clarifies how <\/span><b>Investment Advisers (IAs)<\/b><span style=\"font-weight: 400;\"> in GIFT-IFSC may offer <\/span><i><span style=\"font-weight: 400;\">implementation services<\/span><\/i><span style=\"font-weight: 400;\">\u2014i.e., assisting clients in executing transactions related to the advice they provide.<\/span><\/p>\n<p><b>Key Provisions<\/b><\/p>\n<h4><i><span style=\"font-weight: 400;\">1. Implementation of Products Listed on IFSC Exchanges<\/span><\/i><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the <\/span><b>financial products or securities are listed on a recognized IFSC stock exchange<\/b><span style=\"font-weight: 400;\">, \u2192 Implementation services <\/span><b>must be routed through an IFSCA-registered broker dealer<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<h4><i><span style=\"font-weight: 400;\">2. Implementation of Foreign (Non-IFSC) Products<\/span><\/i><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For <\/span><b>products\/securities listed in foreign jurisdictions<\/b><span style=\"font-weight: 400;\">, \u2192 Investment Advisers may enter into <\/span><b>formal arrangements<\/b><span style=\"font-weight: 400;\"> with:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Overseas investment platforms, and\/or<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Asset management companies (AMCs) \u2192 Provided these entities are <\/span><b>registered or regulated<\/b><span style=\"font-weight: 400;\"> with a financial regulator in that foreign jurisdiction.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4><i><span style=\"font-weight: 400;\">3. Optional Nature of Implementation Services<\/span><\/i><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IAs must ensure implementation services remain <\/span><b>completely optional<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clients <\/span><b>cannot be compelled<\/b><span style=\"font-weight: 400;\"> to use the IA\u2019s execution\/implementation services (as per Regulation 34(13) of CMI Regulations).<\/span><\/li>\n<\/ul>\n<p><b>Effective Date<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The circular is <\/span><b>effective immediately<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><b>Legal Authority<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Issued under <\/span><b>Sections 12 &amp; 13<\/b><span style=\"font-weight: 400;\"> of the IFSCA Act, 2019 and<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Regulations 27 &amp; 45<\/b><span style=\"font-weight: 400;\"> of the Capital Market Intermediaries (CMI) Regulations.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: center;\"><b>17 Nov 2025: Mandatory AML\/CFT Certification for Designated Directors &amp; Principal Officers<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">IFSCA has issued a circular requiring key compliance personnel of all regulated entities in the IFSC to obtain a newly launched AML\/CFT certification.<\/span><\/p>\n<p><b>Background<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clause <\/span><b>8.2<\/b><span style=\"font-weight: 400;\"> and <\/span><b>8.4<\/b><span style=\"font-weight: 400;\"> of the <\/span><b>IFSCA (AML\/CFT\/KYC) Guidelines, 2022<\/b><span style=\"font-weight: 400;\"> mandate adequate training and competency for Principal Officers and relevant employees responsible for AML\/CFT compliance.<\/span><\/li>\n<\/ul>\n<p><b>New Certification Requirement<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A specialized program titled <\/span><b>\u201cNISM-IFSCA-01: Certification Course on Anti-Money Laundering and Counter-Terrorist Financing in the IFSC\u201d<\/b><span style=\"font-weight: 400;\"> has been jointly developed by:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>NISM (National Institute of Securities Markets)<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>IFSCA Academy<\/b><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Course launch date: <\/span><b>18 November 2025<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The curriculum is aligned with the IFSCA AML\/CFT\/KYC Guidelines.<\/span><\/li>\n<\/ul>\n<p><b>Mandate<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Designated Directors<\/b><span style=\"font-weight: 400;\"> and <\/span><b>Principal Officers<\/b><span style=\"font-weight: 400;\"> of all IFSC regulated entities:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Must undergo this certification course<\/b><span style=\"font-weight: 400;\">, and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Must maintain valid certification at all times<\/b><span style=\"font-weight: 400;\"> while performing their AML\/CFT responsibilities.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Objective<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To strengthen AML\/CFT compliance standards and ensure competent oversight across IFSC-regulated entities.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: center;\"><b>19 Nov 2025: Consultation Paper on Proposed IFSCA (Registration of Insurance Business) (Amendment) Regulations, 2025<\/b><\/h2>\n<p><b>Objective: <\/b><span style=\"font-weight: 400;\">To seek public comments on proposed amendments to the definition of<\/span><b> Lloyd\u2019s IFSC Service Companies under the IFSCA (Registration of Insurance Business) Regulations, 2021.<\/b><\/p>\n<p><b>Background<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lloyd\u2019s London requested IFSCA to <\/span><b>expand the definition<\/b><span style=\"font-weight: 400;\"> of entities permitted to establish a <\/span><b>Lloyd\u2019s Service Company<\/b><span style=\"font-weight: 400;\"> in GIFT-IFSC.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The current definition allows <\/span><b>only Managing Agents of Lloyd\u2019s or Indian Companies<\/b><span style=\"font-weight: 400;\"> to set up such Service Companies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IFSCA noted that <\/span><b>Members of Lloyd\u2019s Syndicates<\/b><span style=\"font-weight: 400;\"> (which may be corporate bodies or Indian persons) are currently excluded.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The proposed amendment intends to broaden eligibility by including members or group entities as approved by Lloyd\u2019s.<\/span><\/li>\n<\/ul>\n<p><b>Proposed Amendment<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A revised definition of <\/span><b>\u201cService Companies of Lloyd\u2019s IFSC\u201d<\/b><span style=\"font-weight: 400;\"> is proposed, allowing establishment of Lloyd\u2019s Service Companies by:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Managing Agents of Lloyd\u2019s<\/b><span style=\"font-weight: 400;\">,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Group entities of Managing Agents or Members of Lloyd\u2019s<\/b><span style=\"font-weight: 400;\">, as permitted by Lloyd\u2019s,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Indian companies<\/b><span style=\"font-weight: 400;\"> meeting prescribed criteria.<\/span><\/li>\n<\/ol>\n<p><b>Public Consultation<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Draft amendment notification is published on the IFSCA website.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stakeholders are invited to submit comments by <\/span><b>29 November 2025<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><b>Regulatory Basis<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The amendment is issued under <\/span><b>Sections 12, 13, and 28<\/b><span style=\"font-weight: 400;\"> of the IFSCA Act, 2019.<\/span><\/p>\n<p><b>25 Nov 2025: Consultation Paper on Guidelines on Cyber Security and Cyber Resilience for the Market Infrastructure Institutions (MIIs) in IFSC<\/b><\/p>\n<p><b>Consultation Paper issued by IFSCA<\/b><span style=\"font-weight: 400;\"> that presents the <\/span><b>draft Guidelines on Cyber Security and Cyber Resilience for Market Infrastructure Institutions (MIIs) in IFSC<\/b><span style=\"font-weight: 400;\"> (such as stock exchanges, clearing corporations, depositories, and the bullion exchange).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><b>purpose<\/b><span style=\"font-weight: 400;\"> is to seek stakeholder comments on a proposed <\/span><b>enhanced, risk-based cybersecurity framework<\/b><span style=\"font-weight: 400;\"> tailored for MIIs, considering their <\/span><b>systemic importance and high interconnectivity<\/b><span style=\"font-weight: 400;\"> in the financial market ecosystem.<\/span><\/p>\n<p><b>Why this is needed<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MIIs are critical infrastructure enabling listing, trading, clearing, and settlement.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cyber threats can disrupt financial stability, market integrity, and interconnected participants.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">As an IOSCO member, IFSCA aligns its norms with <\/span><b>CPMI\u2013IOSCO Principles for FMIs<\/b><span style=\"font-weight: 400;\">, especially <\/span><b>Principle 17 (Operational Risk)<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MIIs in IFSC require a <\/span><b>\u201cdifferentiated and elevated\u201d<\/b><span style=\"font-weight: 400;\"> cybersecurity baseline, stronger than the standard RE guidelines.<\/span><\/li>\n<\/ul>\n<p><b>What the paper contains<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The document includes <\/span><b>comprehensive draft guidelines<\/b><span style=\"font-weight: 400;\"> (Annexure A), covering:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Governance<\/b><span style=\"font-weight: 400;\">: Board-approved policies, risk appetite, CISO role, SCOT oversight.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Identify<\/b><span style=\"font-weight: 400;\">: Asset inventory, critical asset classification, risk assessment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Protect<\/b><span style=\"font-weight: 400;\">: Access control, AD\/DC security, network security, data protection, training, secure SDLC, change management, patching, third-party risk, cloud security.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Detect<\/b><span style=\"font-weight: 400;\">: Continuous monitoring, alerts, anomaly detection.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Respond<\/b><span style=\"font-weight: 400;\">: Cyber Crisis Management Plan, incident reporting (within 6 hours), RCA and mitigation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Recover<\/b><span style=\"font-weight: 400;\">: DR\/BCP aligned restoration and backups.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Resilience<\/b><span style=\"font-weight: 400;\">: Cyber resilience testing, scenario drills.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cyber SOC<\/b><span style=\"font-weight: 400;\">: Mandatory 24\u00d77 C-SOC + DR-site C-SOC.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Audit<\/b><span style=\"font-weight: 400;\">: Annual CERT-In empanelled audits, ISO 27001 certification within 2 years, VAPT, revalidation.<\/span><\/li>\n<\/ul>\n<p><b>Consultation Process<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Stakeholders are invited to send comments (with a structured format) by <\/span><b>December 16, 2025<\/b><span style=\"font-weight: 400;\"> to IFSCA\u2019s cybersecurity team.<\/span><\/p>\n<h2 style=\"text-align: center;\"><b>26 November 2025:<\/b> <b>IFSCA Circular- Disclosure Requirement under Clause 39<\/b><\/h2>\n<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Applies to:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Global Access Providers (GAPs)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Introducing Brokers (IBs)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recognised Stock Exchanges in IFSC<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Broker-dealers in IFSC<\/span><\/li>\n<\/ul>\n<p><b>Purpose of the Circular<\/b><\/p>\n<p><span style=\"font-weight: 400;\">To mandate <\/span><b>display of key risk disclosures<\/b><span style=\"font-weight: 400;\"> to clients <\/span><b>at every login<\/b><span style=\"font-weight: 400;\">, as required under <\/span><b>Clause 39<\/b><span style=\"font-weight: 400;\"> of the \u201cRegulatory Framework for Global Access in the IFSC\u201d (issued August 12, 2025).<\/span><\/p>\n<p><b>What Entities Must Do<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">GAPs and IBs must display <\/span><b>IFSCA-specified key risks &amp; disclaimers<\/b><span style=\"font-weight: 400;\"> to clients at every login.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They must fully comply <\/span><b>by December 31, 2025<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><b>Legal Basis<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Circular issued under Sections 12 &amp; 13 of the IFSCA Act, 2019 read with Regulations 27 and 45 of the CMI Regulations.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Annexure I \u2014 Key Risks to Be Shown to Investors<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">These risks must be shown as a mandatory notice before a client proceeds.<\/span><\/p>\n<p><b>1. Market &amp; Interest Rate Risk: <\/b><span style=\"font-weight: 400;\">Foreign markets operate under different regulations, hours, disclosure norms, and investor-protection frameworks.<\/span><\/p>\n<p><b>2. Currency Risk: <\/b><span style=\"font-weight: 400;\">Returns may vary due to currency fluctuations when converting to base currency.<\/span><\/p>\n<p><b>3. Custody Risk: <\/b><span style=\"font-weight: 400;\">Assets held with foreign brokers\/custodians could be impacted if those entities fail or become insolvent.<\/span><\/p>\n<p><b>4. Liquidity &amp; Settlement Risk: <\/b><span style=\"font-weight: 400;\">Foreign markets may have different settlement cycles and lower liquidity, causing potential delays or execution challenges.<\/span><\/p>\n<p><b>5. Technology, Time-Zone &amp; Cybersecurity Risk: <\/b><span style=\"font-weight: 400;\">Electronic trading across time zones may face outages, latency, price gaps, and cyber-attack risks (including exposure of personal data).<\/span><\/p>\n<p><b>6. Product &amp; Suitability Risk: <\/b><span style=\"font-weight: 400;\">Foreign products may be complex and unsuitable for all investors; investors must independently assess suitability<\/span><b>.<\/b><\/p>\n<p><b>7. Regulatory &amp; Legal Risk: <\/b><span style=\"font-weight: 400;\">Foreign laws govern the trades; investor protection and dispute mechanisms vary by jurisdiction. Some markets may have restrictions or sanctions.<\/span><\/p>\n<p><b>8. Taxation Risk: <\/b><span style=\"font-weight: 400;\">Trades may attract taxes both in India and the foreign market; tax rules may change, and the investor is responsible for compliance.<\/span><\/p>\n<p><b>9. Remittance &amp; Compliance Risk: <\/b><span style=\"font-weight: 400;\">All transfers must follow Indian laws (including RBI\u2019s LRS) and foreign jurisdiction rules; violation may lead to regulatory action.<\/span><\/p>\n<p><b>10. Social &amp; Political Risk:\u00a0 <\/b><span style=\"font-weight: 400;\">Geopolitical or economic developments in foreign markets may materially impact investments.<\/span><\/p>\n<h2 style=\"text-align: center;\"><b>26 Nov 2025: IFSCA Good Delivery Guidelines 2025\u00a0<\/b><\/h2>\n<p><b>1. Objective<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The consultation paper proposes a framework to <\/span><b>allow gold refined by any Indian or global refinery<\/b><span style=\"font-weight: 400;\">\u2014subject to responsible sourcing, best practices, and third-party audits\u2014to be <\/span><b>eligible for delivery on the India International Bullion Exchange (IIBX)<\/b><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The aim is to deepen India\u2019s bullion market and align it with global standards. <\/span><\/p>\n<p><b>2. Strategic Background<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India is one of the <\/span><b>largest gold importers\/consumers<\/b><span style=\"font-weight: 400;\"> globally.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <\/span><b>International Bullion Exchange at GIFT IFSC (IIBX)<\/b><span style=\"font-weight: 400;\"> was conceptualized based on NITI Aayog\u2019s 2018 gold market reform recommendations and announced in Union Budget 2020.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IIBX was launched in July 2022 to help India transition from being a <\/span><b>price taker to a price setter<\/b><span style=\"font-weight: 400;\"> in the global gold market.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>3. Why New Good Delivery Guidelines?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Global bullion markets (e.g., LBMA, UAE Good Delivery) admit only refineries that follow:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Responsible sourcing norms<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Supply chain due diligence<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>ESG and human rights safeguards<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>AML\/CFT compliance<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">IFSCA intends to create an <\/span><b>Indian standard<\/b><span style=\"font-weight: 400;\"> aligned with these benchmarks to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improve credibility of bullion delivered on IIBX<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Encourage more global participation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Promote domestic refining<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make India a trusted global bullion hub<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><b>4. Expected Impact<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The proposed guidelines aim to create:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A <\/span><b>transparent, compliant, responsible sourcing ecosystem<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A refined and well-regulated bullion market at IFSC<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Better <\/span><i><span style=\"font-weight: 400;\">ease of doing business<\/span><\/i><span style=\"font-weight: 400;\"> for bullion players<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strong alignment with ESG norms and global best practices<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><b>5. Public Consultation<\/b><\/p>\n<p><span style=\"font-weight: 400;\">IFSCA invites public comments on the draft guidelines until <\/span><b>31 December 2025<\/b><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Stakeholders may submit structured feedback in the prescribed format.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The consultation paper lays the foundation for a <\/span><b>comprehensive responsible sourcing and compliance framework<\/b><span style=\"font-weight: 400;\"> governing all refineries delivering gold on IIBX. It positions India to become an <\/span><b>internationally recognized, transparent, and credible bullion market<\/b><span style=\"font-weight: 400;\">, strengthening GIFT City\u2019s role as a global financial hub.<\/span><\/p>\n<h2 style=\"text-align: center;\"><b>27 Nov 2025:<\/b> <b>Clarification on raising invoices by IFSC Insurance Offices (IIOs)<\/b><\/h2>\n<p><b>Background<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IIOs had reported operational issues because invoices for reinsurance transactions had to be raised in the <\/span><i><span style=\"font-weight: 400;\">currency of the underlying contract<\/span><\/i><span style=\"font-weight: 400;\">, while settlements were routed through IFSC Banking Units (IBUs).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IFSCA issued this clarification under its regulatory powers.<\/span><\/li>\n<\/ul>\n<p><b>Key Clarification<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Invoice Currency Flexibility<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">An IIO can raise invoices on Indian insurers, foreign insurers, reinsurers, or cedants <\/span><b>in the currency of the underlying reinsurance contract<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">This <\/span><b>includes the option to raise invoices in INR<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Settlement Requirement<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Even if the invoice is raised in INR (or any other currency), <\/span><b>the actual realization of money into the IIO\u2019s bank account with an IBU must be in a <\/b><b><i>specified foreign currency<\/i><\/b><span style=\"font-weight: 400;\"> &#8211; refers to the currencies listed in the First Schedule of the IFSCA Banking Regulations, 2020.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><b>Regulatory Basis<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Issued under Section 12 &amp; 13 of the IFSCA Act, 2019 and Regulation 18 of the IFSCA (Registration of Insurance Business) Regulations, 2021.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>You can raise the invoice in INR<\/b><span style=\"font-weight: 400;\">, but<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>You must receive the payment in a permitted foreign currency<\/b><span style=\"font-weight: 400;\"> in your IBU account.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: center;\"><b>29 Nov 2025: IFSCA Consultation Paper &amp; Master Circular\u00a0<\/b><\/h2>\n<p><strong>Purpose<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">IFSCA has issued a <\/span><b>draft Master Circular<\/b><span style=\"font-weight: 400;\"> consolidating and superseding all earlier circulars (SEBI pre-Oct 2020 + IFSCA) governing <\/span><b>Broker Dealers and Clearing Members<\/b><span style=\"font-weight: 400;\"> in GIFT IFSC. Public comments invited by <\/span><b>20 December 2025<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Key Highlights<\/b><\/p>\n<p><strong>1. Unified Framework<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consolidates rules under the <\/span><i><span style=\"font-weight: 400;\">IFSCA (Capital Market Intermediaries) Regulations, 2025<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provides a <\/span><b>single, harmonised regulatory structure<\/b><span style=\"font-weight: 400;\"> for broker dealers &amp; clearing members.<\/span><\/li>\n<\/ul>\n<p><strong>2. Registration Process<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Registration must be applied through the <\/span><b>Single Window IT System (SWITS)<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SWITS integrates:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">SEZ Letter of Approval (LoA)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">GST registration<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">NOCs from SEBI, RBI, IRDAI<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fees<\/b><span style=\"font-weight: 400;\"> must be paid as per IFSCA Fee Circular (2025).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Registration is <\/span><b>perpetual<\/b><span style=\"font-weight: 400;\">, subject to continued validity of SEZ LoA.<\/span><\/li>\n<\/ul>\n<p><strong>3. Supervision &amp; Oversight<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stock Exchanges\/Clearing Corporations must inspect members annually.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Joint inspections allowed for multi-membership entities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monitoring requirements include:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Net worth maintenance<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Client funds monitoring<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Event-based red flags<\/b><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Early Warning Mechanism to detect <\/span><b>diversion of client securities<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><strong>4. Client-Related Rules<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mandatory <\/span><b>Unique Client Code<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Client funds must be in <\/span><b>segregated accounts<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proprietary trading disclosure required in KYC.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Contract notes must be issued within <\/span><b>24 hours<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><strong>5. Authorised Persons (APs)<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Market access permitted through APs:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Foreign jurisdictions<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>India (for LRS-based investors)<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>6. Technology &amp; Cyber Regulations<\/strong><\/p>\n<p><b>Software Testing<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mandatory:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Simulated testing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Monthly mock trading<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">UAT procedures<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Regular system audits (annual for all; half-yearly for algo brokers)<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Technical Glitch Framework<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Broker must:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Report glitch within <\/span><b>1 hour<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Submit:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Preliminary Report (T+1)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">RCA (within 14 days)<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Capacity planning<\/b><span style=\"font-weight: 400;\">:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Installed capacity must be <\/span><b>1.5\u00d7 peak load<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>BCP\/DR Requirements<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mandatory DR site for large brokers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">DR site must be <\/span><b>250+ km away<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mandatory <\/span><b>DR drills\/live trading<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><b>Cybersecurity<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Must comply with IFSCA Cybersecurity Guidelines (Mar 10, 2025).<\/span><\/li>\n<\/ul>\n<p><strong>7. Outsourcing Policy<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A formal <\/span><b>Outsourcing Policy<\/b><span style=\"font-weight: 400;\"> is mandatory before operations begin.<\/span><\/li>\n<\/ul>\n<p><strong>8. Complaint Handling<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Must comply with IFSCA\u2019s Complaint Handling &amp; Grievance Redressal framework (Dec 2024).<\/span><\/li>\n<\/ul>\n<p><strong>9. Change in Control<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Branch structures: Intimation within <\/span><b>15 days<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IFSC-incorporated entities: <\/span><b>Prior approval mandatory<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><strong>10. Periodic Reporting<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quarterly reporting as per \u201cReporting Norms\u201d (Feb 2024).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annual Compliance Audit due <\/span><b>by Sept 30<\/b><span style=\"font-weight: 400;\"> to IFSCA.<\/span><\/li>\n<\/ul>\n<p><strong>11. Surrender of Registration<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Must be filed through the Exchange\/CC.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clean-up requirements include:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">No pending investigations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Record preservation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Transfer\/closure of client activities<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Security deposit refunded after:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>12 months<\/b><span style=\"font-weight: 400;\"> \u2013 client-trading brokers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>6 months<\/b><span style=\"font-weight: 400;\"> \u2013 proprietary-only brokers<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>03 Nov 2025: FATF High-Risk &amp; Monitored Jurisdictions The Financial Action Task Force (FATF) Plenary released updated lists of jurisdictions with strategic AML\/CFT deficiencies: High-Risk Jurisdictions \u2013 Subject to Call for Action FATF urges all countries to apply countermeasures, targeted financial sanctions, and enhanced due diligence for: Democratic People\u2019s Republic of Korea (DPRK) Iran Myanmar Jurisdictions Under Increased Monitoring (Grey [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2675,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[447],"tags":[],"class_list":["post-2674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gift-city"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gift City Update December 2025<\/title>\n<meta name=\"description\" content=\"Latest GIFT City IFSC updates for December 2025 by RNM India including regulations, tax and compliance changes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gift City Update December 2025\" \/>\n<meta property=\"og:description\" content=\"Latest GIFT City IFSC updates for December 2025 by RNM India including regulations, tax and compliance changes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"RNM India Blogs\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-23T06:58:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-09T05:08:32+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Administrator\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Administrator\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/\"},\"author\":{\"name\":\"Administrator\",\"@id\":\"https:\/\/www.rnm.in\/blog\/#\/schema\/person\/ce1134c41364e5e2e30b33211eae3d81\"},\"headline\":\"GIFT CITY Update December 2025\",\"datePublished\":\"2025-12-23T06:58:10+00:00\",\"dateModified\":\"2026-02-09T05:08:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/\"},\"wordCount\":2729,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg\",\"articleSection\":[\"Gift City\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/\",\"url\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/\",\"name\":\"Gift City Update December 2025\",\"isPartOf\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg\",\"datePublished\":\"2025-12-23T06:58:10+00:00\",\"dateModified\":\"2026-02-09T05:08:32+00:00\",\"description\":\"Latest GIFT City IFSC updates for December 2025 by RNM India including regulations, tax and compliance changes.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#primaryimage\",\"url\":\"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg\",\"contentUrl\":\"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg\",\"width\":2560,\"height\":1280,\"caption\":\"gift city update\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rnm.in\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GIFT CITY Update December 2025\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rnm.in\/blog\/#website\",\"url\":\"https:\/\/www.rnm.in\/blog\/\",\"name\":\"RNM India Blogs\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rnm.in\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.rnm.in\/blog\/#organization\",\"name\":\"RNM India Blogs\",\"url\":\"https:\/\/www.rnm.in\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rnm.in\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2024\/08\/cropped-logo.png\",\"contentUrl\":\"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2024\/08\/cropped-logo.png\",\"width\":137,\"height\":72,\"caption\":\"RNM India Blogs\"},\"image\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rnm.in\/blog\/#\/schema\/person\/ce1134c41364e5e2e30b33211eae3d81\",\"name\":\"Administrator\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rnm.in\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ade4f439fdff112eceb1f0b1bdde4b23?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ade4f439fdff112eceb1f0b1bdde4b23?s=96&d=mm&r=g\",\"caption\":\"Administrator\"},\"url\":\"https:\/\/www.rnm.in\/blog\/author\/administrator\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gift City Update December 2025","description":"Latest GIFT City IFSC updates for December 2025 by RNM India including regulations, tax and compliance changes.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/","og_locale":"en_US","og_type":"article","og_title":"Gift City Update December 2025","og_description":"Latest GIFT City IFSC updates for December 2025 by RNM India including regulations, tax and compliance changes.","og_url":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/","og_site_name":"RNM India Blogs","article_published_time":"2025-12-23T06:58:10+00:00","article_modified_time":"2026-02-09T05:08:32+00:00","og_image":[{"width":2560,"height":1280,"url":"http:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg","type":"image\/jpeg"}],"author":"Administrator","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Administrator","Est. reading time":"13 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#article","isPartOf":{"@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/"},"author":{"name":"Administrator","@id":"https:\/\/www.rnm.in\/blog\/#\/schema\/person\/ce1134c41364e5e2e30b33211eae3d81"},"headline":"GIFT CITY Update December 2025","datePublished":"2025-12-23T06:58:10+00:00","dateModified":"2026-02-09T05:08:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/"},"wordCount":2729,"commentCount":0,"publisher":{"@id":"https:\/\/www.rnm.in\/blog\/#organization"},"image":{"@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg","articleSection":["Gift City"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/","url":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/","name":"Gift City Update December 2025","isPartOf":{"@id":"https:\/\/www.rnm.in\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#primaryimage"},"image":{"@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg","datePublished":"2025-12-23T06:58:10+00:00","dateModified":"2026-02-09T05:08:32+00:00","description":"Latest GIFT City IFSC updates for December 2025 by RNM India including regulations, tax and compliance changes.","breadcrumb":{"@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#primaryimage","url":"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg","contentUrl":"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2025\/12\/gift-city-update.jpeg","width":2560,"height":1280,"caption":"gift city update"},{"@type":"BreadcrumbList","@id":"https:\/\/www.rnm.in\/blog\/gift-city-update-december-2025\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rnm.in\/blog\/"},{"@type":"ListItem","position":2,"name":"GIFT CITY Update December 2025"}]},{"@type":"WebSite","@id":"https:\/\/www.rnm.in\/blog\/#website","url":"https:\/\/www.rnm.in\/blog\/","name":"RNM India Blogs","description":"","publisher":{"@id":"https:\/\/www.rnm.in\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rnm.in\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.rnm.in\/blog\/#organization","name":"RNM India Blogs","url":"https:\/\/www.rnm.in\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rnm.in\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2024\/08\/cropped-logo.png","contentUrl":"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2024\/08\/cropped-logo.png","width":137,"height":72,"caption":"RNM India Blogs"},"image":{"@id":"https:\/\/www.rnm.in\/blog\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.rnm.in\/blog\/#\/schema\/person\/ce1134c41364e5e2e30b33211eae3d81","name":"Administrator","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rnm.in\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ade4f439fdff112eceb1f0b1bdde4b23?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ade4f439fdff112eceb1f0b1bdde4b23?s=96&d=mm&r=g","caption":"Administrator"},"url":"https:\/\/www.rnm.in\/blog\/author\/administrator\/"}]}},"_links":{"self":[{"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/posts\/2674"}],"collection":[{"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/comments?post=2674"}],"version-history":[{"count":3,"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/posts\/2674\/revisions"}],"predecessor-version":[{"id":2735,"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/posts\/2674\/revisions\/2735"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/media\/2675"}],"wp:attachment":[{"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/media?parent=2674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/categories?post=2674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rnm.in\/blog\/wp-json\/wp\/v2\/tags?post=2674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}