Capital Market Intermediaries
Depository Participants
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 Depository Participants
12 entities on the IFSCA register. Live data from the IFSCA directory.
| Entity | Sub-category | Registration | Validity |
|---|---|---|---|
| ANAND RATHI INTERNATIONAL VENTURES (IFSC) PRIVATE LIMITED | Depository Participants | IFSCA/DP/2022-23/00730 Nov 2022 | Perpetual / Not stated |
| Axis Bank Limited - IBU | Depository Participants | IFSCA/DP/2023-24/00904 Jul 2023 | Perpetual / Not stated |
| Betafront Securities (IFSC) Private Limited | Depository Participants | CMI2026DPT111431 Jul 2026 | Perpetual / Not stated |
| GLOBE CAPITAL (IFSC) LIMITED | Depository Participants | IFSCA/DP/2022-23/00505 May 2022 | Perpetual / Not stated |
| HDFC BANK LIMITED- IFSC BANKING UNIT (IBU) | Depository Participants | IFSCA/DP/2021-22/00221 Sept 2021 | Perpetual / Not stated |
| ICICI BANK LIMITED (IBU) | Depository Participants | IFSCA/DP/2021-22/00323 Feb 2022 | Perpetual / Not stated |
| INDmoney Global (IFSC) Private Limited | Depository Participants | IFSCA/DP/2023-24/01019 Dec 2023 | Perpetual / Not stated |
| MANSUKH IFSC BROKING PRIVATE LIMITED | Depository Participants | IFSCA/DP/2022-23/00616 Nov 2022 | Perpetual / Not stated |
| SBI-SG Global Securities Services Private Limited | Depository Participants | CMI2026DPT104328 Apr 2026 | Perpetual / Not stated |
| SMC GLOBAL IFSC PRIVATE LIMITED | Depository Participants | —— | Perpetual / Not stated |
| STOCKHOLDING CORPORATION OF INDIA LIMITED (Branch) | Depository Participants | IFSCA/DP/2021-22/00103 Sept 2021 | Perpetual / Not stated |
| STOCKHOLDING SECURITIES IFSC LIMITED | Depository Participants | IFSCA/DP/2021-22/00423 Feb 2022 | Perpetual / Not stated |
Timeline & approach
How we take Depository Participants 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 Depository Participants
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