Capital Market Intermediaries
Clearing Members
Broker dealers, investment advisers, bankers, custodians and more
About this entity type
A very brief overview
Capital market intermediaries are the licensed participants of the IFSC securities market — broker dealers, clearing members, custodians, depository participants, investment advisers, investment bankers, credit rating agencies, research entities, distributors and ESG rating providers. Each activity has its own net-worth requirement, principal-officer qualification and conduct obligations under a single umbrella regulation.
Who it suits: Brokerages, wealth and advisory firms, merchant bankers, research houses and distribution platforms wanting access to IFSC exchanges and global clients.
Applicable regulation
IFSCA (Capital Market Intermediaries) Regulations, 2025
Registration categories, net worth, fit-and-proper criteria, key managerial qualification, conduct of business and reporting for all intermediaries.
Official sourceIFSCA (Market Infrastructure Institutions) Regulations, 2021
Relevant where the intermediary seeks trading or clearing membership of an IFSC exchange or clearing corporation.
Official source
Registered entities
Entities registered under Clearing Members
28 entities on the IFSCA register. Live data from the IFSCA directory.
| Entity | Sub-category | Registration | Validity |
|---|---|---|---|
| Arya Fintrade (IFSC) Pvt Ltd | Clearing Members | INZ00016133115 Sept 2022 | Perpetual / Not stated |
| Arya Fintrade (IFSC) Pvt Ltd | Clearing Members | —15 Sept 2022 | Perpetual / Not stated |
| Axis Bank Limited - IBU | Clearing Members | IFSC/CM/2022-23/000226 Sept 2022 | Perpetual / Not stated |
| Bank of Baroda - IBU | Clearing Members | IFSC/CM/2022-23/000306 Jul 2022 | Perpetual / Not stated |
| East India IFSC Private Limited | Clearing Members | IFSC/CM/2022-23/000421 Jul 2022 | Perpetual / Not stated |
| FINDOC INVESTMART (IFSC) PRIVATE LIMITED | Clearing Members | INZ00020073517 Sept 2018 | Perpetual / Not stated |
| FINDOC INVESTMART (IFSC) PRIVATE LIMITED | Clearing Members | —17 Sept 2018 | Perpetual / Not stated |
| FYERS IFSC PRIVATE LIMITED | Clearing Members | CMI2025BDK087414 May 2026 | Perpetual / Not stated |
| FYERS IFSC PRIVATE LIMITED | Clearing Members | —14 May 2026 | Perpetual / Not stated |
| HDFC BANK LIMITED IBU | Clearing Members | INE01131613526 May 2020 | Perpetual / Not stated |
| HDFC BANK LIMITED IBU | Clearing Members | —26 May 2020 | Perpetual / Not stated |
| ICICI BANK LIMITED IBU | Clearing Members | —27 Sept 2021 | Perpetual / Not stated |
| ICICI BANK LIMITED IBU | Clearing Members | INZ00019743827 Sept 2021 | Perpetual / Not stated |
| INDmoney Global (IFSC) Private Limited | Clearing Members | IFSC/CM/2023-24/000113 Oct 2023 | Perpetual / Not stated |
| KOTAK MAHINDRA BANK LIMITED IBU | Clearing Members | INZ00020233824 Sept 2018 | Perpetual / Not stated |
Timeline & approach
How we take Clearing Members from plan to authorisation
Step 1
Eligibility & structure
Week 1
We map your activity to the right IFSCA category and sub-category, confirm net worth, KMP and shareholding eligibility, and fix the holding structure.
Step 2
SEZ unit approval
Weeks 2–4
Unit application to the Development Commissioner, Letter of Approval, office space lease and NDC/customs registrations.
Step 3
IFSCA application
Weeks 3–8
Application, business plan, policies (AML/CFT, risk, outsourcing, cyber), KMP profiles and query resolution until in-principle approval.
Step 4
Go-live & compliance calendar
Weeks 8–14
Bank account, systems, statutory registrations, commencement intimation and handover to a live obligation calendar in your Gateway portal.
Indicative cost
USD 6,000 – 18,000 depending on activity
Broker dealer and clearing member mandates sit at the upper end; adviser and research entity registrations at the lower end.
Why GIFT City Gateway
Why sponsors pick us for this
Category specialists
We work only on GIFT IFSC mandates — the regulation, the reviewer questions and the SEZ process are our daily work.
One accountable owner
A named Gateway lead runs your application end to end, not a rotating coordinator queue.
Live intelligence
We track every authorised entity in this category, so your structure is benchmarked against real precedents.
Setup to steady state
Registration hands over into a live compliance calendar in your client portal — no gap after go-live.
Next step
Tell us what you need for Clearing Members
Share your plan and we respond with the eligibility read, the document list, the indicative timeline and a fee.
- • Eligibility and net-worth check against the applicable regulation
- • Structure options (branch vs subsidiary, holding jurisdiction)
- • Week-by-week plan across SEZ and IFSCA
- • Fixed-fee proposal with the compliance calendar that follows
Lead details