A capital market intermediary is any firm that helps investors access the exchanges and market infrastructure inside GIFT City — broking, clearing, custody, distribution and related roles.
What it is, in simple words
The IFSC has its own exchanges, clearing corporations and depository arrangements. Intermediaries are the licensed firms that sit between clients and that infrastructure.
Who typically registers one
- Broking houses serving non-resident and institutional clients
- Clearing members and custodians supporting IFSC trades
- Depository participants and registrars
- Investment advisers, research analysts and distributors of permitted products
What an intermediary can do
Activity depends on the registration category — trading and clearing membership, custody, depository participation, distribution of securities and funds, advisory and research work for permitted client categories.
Why firms choose GIFT City
- Access to foreign-currency trading in derivatives, bonds and global securities
- Non-resident clients can trade without an onshore rupee account structure
- One regulator across exchanges, clearing and intermediaries
- Indian operations teams and technology at IFSC cost levels
Broad requirements at a glance
- A company, LLP or branch registered as a unit in the GIFT SEZ
- Registration with IFSCA under the IFSCA (Capital Market Intermediaries) Regulations, 2025
- Net worth, fit-and-proper and key managerial qualification requirements by category
- Membership of the relevant exchange or clearing corporation where applicable
- Conduct of business, client segregation, risk and reporting obligations
Questions people usually ask
Can an Indian broker use its SEBI licence here? No. IFSC activity requires its own registration for the IFSC unit.
Which clients can be served? Mainly non-residents and permitted resident categories, in foreign currency.
Can one firm hold several categories? Yes, if each category’s requirements are met.
Where to go next
Run our eligibility and fit check, read the detailed capital market intermediary guide, or browse registered firms in the entity directory.
