Capital Market Intermediaries
Custodians
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 Custodians
7 entities on the IFSCA register. Live data from the IFSCA directory.
| Entity | Sub-category | Registration | Validity |
|---|---|---|---|
| Axis Bank Limited - IBU | Custodians | IFSC/CUS/2022-23/00501 Jun 2022 | Perpetual / Not stated |
| HDFC BANK LIMITED- IFSC BANKING UNIT (IBU) | Custodians | Not published by IFSCA— | Perpetual / Not stated |
| Hongkong and Shanghai Banking Corporation Limited | Custodians | CMI2025CUS090017 Nov 2025 | Perpetual / Not stated |
| ICICI BANK LIMITED (IBU) | Custodians | IFSC/CUS/2021-22/00123 Jun 2021 | Perpetual / Not stated |
| KOTAK MAHINDRA BANK (IBU) | Custodians | IFSC/CUS/2021-22/00421 Sept 2021 | Perpetual / Not stated |
| SBI-SG GLOBAL SECURITIES SERVICES PRIVATE LIMITED | Custodians | CMI2026CUS102017 Mar 2026 | Perpetual / Not stated |
| STOCKHOLDING CORPORATION OF INDIA LIMITED (BRANCH) | Custodians | IFSC/CUS/2021-22/00201 Jul 2021 | Perpetual / Not stated |
Timeline & approach
How we take Custodians from plan to authorisation
Step 1
Eligibility & structure
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
Unit application to the Development Commissioner, Letter of Approval, office space lease and NDC/customs registrations.
Step 3
IFSCA application
Application, business plan, policies (AML/CFT, risk, outsourcing, cyber), KMP profiles and query resolution until in-principle approval.
Step 4
Go-live & compliance calendar
Bank account, systems, statutory registrations, commencement intimation and handover to a live obligation calendar in your Gateway portal.
Scope & commercials
Confirmed in writing after a scope review
We read your structure, activity and regulatory route first, then set out the scope and engagement terms in writing.
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 Custodians
Share your plan and we respond with the eligibility read, the document list and the execution approach.
- • 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