Circular F No. IFSCA-PLNP/85/2025-Capital Markets, Dated: 06.02.2026
The International Financial Services Centres Authority (IFSCA) has directed that all Units operating in the IFSC and intending to dematerialise securities or other permitted financial products must obtain International Securities Identification Numbers (ISINs) from a depository recognised by IFSCA.
This measure is aimed at strengthening the regulatory and supervisory framework within the IFSC ecosystem.
1. Requirement for Units Seeking Dematerialisation
Under the circular:
- Units proposing to dematerialise securities or other permitted financial products
- Must obtain ISINs only from an IFSCA-recognised depository
This requirement applies to both new issuances and ongoing dematerialisation activities.
2. Transition for Units Holding Domestic ISINs
IFSCA has further directed that:
- Units which have already obtained ISINs from domestic depositories in India
- Are required to obtain fresh ISINs from an IFSC-recognised depository
2.1 Deadline for Transition
On or before 31 August 2026
This transition ensures regulatory alignment and consolidated oversight within the IFSC framework.
3. Responsibilities of IFSC-Recognised Depositories
The depository recognised in the IFSC is required to:
- Prepare a standardised process flow for ISIN issuance and migration
- Coordinate with domestic depositories in India to ensure seamless onboarding of IFSC Units
- Issue FAQs, guidance notes, and public notices, as required
- Facilitate a smooth and orderly transition for all affected Units
4. Submission of Compliance Report to IFSCA
To ensure regulatory closure:
- The IFSC-recognised depository must submit a compliance report to IFSCA
- Confirming completion of the ISIN transition process
4.1 Deadline for Compliance Report
30 September 2026
5. Regulatory Objective
The circular seeks to:
- Centralise securities identification within the IFSC ecosystem
- Enhance regulatory supervision and data integrity
- Ensure consistency with IFSC-specific regulatory architecture
- Reduce dependence on domestic market infrastructure for IFSC issuances
6. Key Takeaway
All IFSC Units dealing in dematerialised securities must align with IFSCA-recognised depositories for ISIN issuance, with mandatory migration from domestic ISINs by 31 August 2026, supported by a coordinated and standardised transition framework.
Click Here To Read The Full Circular
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