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Tuesday, 6 October 2026
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Electronic trading platforms in the IFSC now need IFSCA registration: Electronic Trading Platforms Regulations, 2026 notified, net worth floor USD 200,000

IFSCA has notified the IFSCA (Electronic Trading Platforms) Regulations, 2026. No person may operate an electronic trading platform in the IFSC without registration as an Electronic Trading Platform Operator. An operator must keep a net worth of at least USD 200,000 at all times, run real-time surveillance, publish its operating policy and keep platform data for at least eight years.

Key facts

In force
On publication in the Official Gazette (notification dated 8 September 2026)
Who it affects
Operators of electronic trading platforms in the IFSC, IFSC Banking Units, foreign trading-venue operators setting up IFSC branches, treasury centres, funds and proprietary trading firms
What it is
Rule change
Section
FEMA & RBI
Published
8 September 2026
Editor8 September 2026 · updated 4 Oct · 4 min read

In 30 seconds

  • Notification F. No. IFSCA/GN/2026/016 is dated 8 September 2026; the regulations come into force on publication in the Official Gazette.
  • No person can operate an electronic trading platform in the IFSC without registration as an ETP Operator.
  • An IFSC Banking Unit needs no registration if it (or its parent bank) is the sole provider of quotes and a counterparty to every transaction on its platform.
  • A platform located outside the IFSC that only provides services to an IFSC entity does not need registration.
  • Net worth of at least USD 200,000 (or equivalent in a specified foreign currency) at all times; a branch maintains it with its parent.
  • Platform data to be kept in readily retrievable form for at least eight years.

What has been notified

The International Financial Services Centres Authority has made the IFSCA (Electronic Trading Platforms) Regulations, 2026 by notification F. No. IFSCA/GN/2026/016 dated 8 September 2026. They come into force on the date of their publication in the Official Gazette.

An “Electronic Trading Platform” (ETP) is an electronic system located in the IFSC through which offers for sale, purchase or exchange of Eligible Instruments are regularly made by participants. “Eligible Instruments” are securities, money market instruments, foreign exchange and derivatives as defined in the Reserve Bank of India Act, 1934, or other like instruments the Authority may specify.

Who must register, and who need not

No person may operate an ETP in the IFSC unless registered as an Electronic Trading Platform Operator. Two exceptions are written in:

  • an IFSC Banking Unit, if the Unit or its parent bank is the sole provider of buy or sell quotes on its platform and is one of the counterparties to every transaction on it (it must still file such returns as the Authority specifies);
  • a person operating a platform located outside the IFSC and providing services to an entity in the IFSC.

A company incorporated in the IFSC can apply. An entity already operating a trading platform in an Eligible Jurisdiction may set up a branch in the IFSC and register.

Eligible JurisdictionAuthorisation recognised (First Schedule)
SingaporeRecognised Market Operator under MAS regulations
IndiaETP Operator under the RBI (Electronic Trading Platforms) Directions, 2025
United States of AmericaAlternative trading system approved under Reg-ATS by the SEC
United KingdomMultilateral Trading Facility authorised by the FCA
European UnionMultilateral Trading Facility under MiFID II
Dubai International Financial CentreAuthorised Market Institution operating an alternative trading system

Numbers and time limits

PointWhat the regulations say
Net worthAt least USD 200,000 at all times; the Authority may specify a higher figure
Net worth certificateAudited certificate within six months of the close of every financial year
Shortfall in net worthRestore immediately and report compliance within fifteen days
Validity of registrationUntil cancelled by the Authority or surrendered
Annual financial statementsAudited statements within thirty days of finalisation
Data retentionAt least eight years; data sought in an IFSCA investigation, three years from its completion

How the platform must be run

  • A board-approved operating policy that is objective, fair, transparent and non-discriminatory, binding on every participant, and hosted on the operator’s website.
  • A real-time surveillance system for prices, volumes and positions, and prompt reporting of any incident of market abuse to the Authority.
  • Controls to reject orders beyond pre-set volume and price thresholds and to halt trading on a significant price movement.
  • A business continuity plan, a disaster recovery site and a compliance officer.
  • Where the platform enables clearing and settlement, the arrangement must be with an entity approved in advance by the Authority; an operator that wants to offer clearing or settlement of funds must first be authorised as a payment system operator under the IFSCA (Payment and Settlement Systems) Regulations, 2024.

Any person — regulated or unregulated institutions, proprietary trading firms, funds, family offices and treasury centres — can be admitted as a participant. A person resident in India can be admitted if permitted under FEMA or any other law to undertake transactions in Eligible Instruments outside India.

What to do

Anyone running or planning an electronic trading system in the IFSC should check whether either exception applies and, if not, apply for registration in the form and with the fee the Authority specifies. Directors, key managerial personnel and persons in control must meet the fit and proper criteria in the Second Schedule at all times.

Questions and answers

Who needs registration under the IFSCA (Electronic Trading Platforms) Regulations, 2026?

Any person operating an electronic trading platform in the IFSC must be registered as an Electronic Trading Platform Operator. A company incorporated in the IFSC can apply, and an entity operating a trading platform in an Eligible Jurisdiction can set up a branch in the IFSC and register.

Is an IFSC Banking Unit required to register?

Not if the Unit or its parent bank is the sole provider of buy or sell quotes in Eligible Instruments on its platform and is one of the counterparties to every transaction undertaken through it. Such a Unit must still furnish returns as specified by the Authority.

What is the minimum net worth for an ETP Operator?

At least USD 200,000 or its equivalent in any specified foreign currency, at all times. An operator set up as a branch maintains it with its parent. The Authority may specify a higher requirement having regard to the nature and scale of business.

Which instruments can be traded on such a platform?

Only the Eligible Instruments named by the Authority in the registration. Eligible Instruments are securities, money market instruments, foreign exchange and derivatives as defined in the RBI Act, 1934, or other like instruments specified by the Authority.

How long must platform data be kept?

For at least eight years in readily retrievable form. Data sought in an investigation by the Authority must be kept for at least three years from completion of that investigation.

SourceIFSCA (Electronic Trading Platforms) Regulations, 2026 — Notification F. No. IFSCA/GN/2026/016 dated 8 September 2026
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Published 8 September 2026. Updated 4 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.

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