Regulatory framework for global access

§8What a Global Access Provider is

A Broker Dealer registered with IFSCA that accesses global markets on a clientele or proprietary basis through a direct arrangement with foreign broker(s), or a subsidiary of a recognised stock exchange set up in the IFSC for providing access to global markets. "Global Markets" means stock exchanges in foreign jurisdictions.

§9–12Authorisation

A Global Access Provider shall not commence operations in the IFSC unless it has obtained authorisation from IFSCA. Applicants must satisfy the conditions in the circular, including the fit-and-proper criteria under the IFSCA (Capital Market Intermediaries) Regulations, 2025.

§13Minimum net worth

A Global Access Provider serving clients must maintain a minimum net worth of USD 500,000 at all times, segregated from and in addition to the net worth required for other permitted activities.

§17Permitted clients

• A person resident in India, to the extent permitted under FEMA, 1999 and the rules and regulations made thereunder
• A person resident outside India, as provided under FEMA, 1999 and the rules and regulations made thereunder

§20–22Permitted products

Access is limited to financial products listed on stock exchanges in foreign jurisdictions that fall within the definition of "financial products" in the IFSC. A Global Access Provider shall not provide access to crypto-assets or instruments with crypto underlyings. For resident Indian individuals, access is restricted to products permitted under the RBI's Liberalised Remittance Scheme. Index, single-stock, bond and USD-INR/INR-USD derivatives that are available on recognised stock exchanges in the IFSC may not be accessed through global access.

§25Regulated foreign brokers

A Global Access Provider must have agreements with foreign brokers that are regulated or registered as brokers in a foreign jurisdiction and that provide access in compliance with the regulatory requirements of that jurisdiction. The foreign broker may in turn have arrangements for access to multiple jurisdictions.

§26–27Risk management and routing of funds

A Global Access Provider must have appropriate risk management and internal controls to protect clients' interests, and must ensure the funds of all clients participating in global access are routed through a bank account in the IFSC.

§28Complaints and grievance redressal

A Global Access Provider dealing with clients must have policies and procedures for handling complaints in accordance with IFSCA's circular "Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC" dated 2 December 2024.

§36–37Segregation of funds

Separate bank accounts, maintained with an International Banking Unit in the IFSC, are required for global access activities and for IFSC activities. Clients' funds are held in a separate account, segregated from any proprietary trading funds.

§38–39Disclosures to clients

True, correct and adequate written disclosures must be made to investors, covering risk factors, roles and responsibilities of the entities involved, custody arrangements, account structure, trading and P&L methodology, fees, investor protection or insurance coverage, tax structure, corporate announcements and the regulatory requirements of the foreign jurisdiction. Key risks and disclaimers are displayed at every client login.

§40KYC, AML and CFT

The Global Access Provider is responsible for compliance with the Prevention of Money Laundering Act, 2002, the PML Rules, 2005, and the IFSCA (Anti Money Laundering, Counter Terrorist-Financing and Know Your Customer) Guidelines, 2022 — irrespective of the foreign broker's own processes.

§41–49Data, records, conduct and audit

All user, transaction and trade data is maintained within the IFSC. The Global Access Provider follows the code of conduct and advertisement code under the CMI Regulations, submits quarterly reports to IFSCA, and has its global access activities audited annually by an independent chartered accountant, company secretary or cost accountant.