IFSCA Bulletin Apr-Jun 2026

Q1 BULLETIN APR-JUN | FY 2026-27 International Financial Services Centres Authority (IFSCA)IFSCA BULLETIN Q1 FY 2026–27 (Apr–Jun 2026) INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)DISCLAIMER AND CONTACT INFORMATION The IFSCA Bulletin is a quarterly publication of the Division of Economic Policy and Analysis (EPA) of International Financial Services Centres Authority (IFSCA).

The EPA Division gratefully acknowledges the valuable support and data inputs provided by various Divisions and Departments of IFSCA in the preparation of this Bulletin.

This edition of the Bulletin has been prepared and compiled by Shri Nabeel Ahmad Saad, Deputy General Manager; Shri Jayanta Devnath, Manager; Ms. Manisha Malik, Manager; and Ms. Cerin Elsa Joji (Intern, EPA).

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While due care has been exercised to ensure the accuracy, completeness, and reliability of the information, certain data may be revised from previous publications owing to updates, reclassifications, or late submissions by reporting entities. IFSCA accepts no responsibility for any inadvertent errors, omissions, or consequences arising from the use of this publication.

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IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)EVOLUTION OF GIFT IFSC AND ROLE OF IFSCA ____________________________________________________________________________________ The setting up of the International Financial Services In furtherance of the Union Budget announcement, Centre (IFSC) in Gujarat International Finance Tec-City RBI vide the Foreign Exchange Management (IFSC) (GIFT City), Gandhinagar, Gujarat, represents a Regulations, 2015 dated March 02, 2015, notified that landmark financial sector reform which is aimed at units in IFSC would be ‘person resident outside India’ creating a new international financial jurisdiction from the perspective of Foreign Exchange within India for undertaking a full range of Management Act. This special dispensation enabled international financial services business. transactions to be carried out in foreign currencies without capital control restrictions. Parallelly, domestic financial sector regulators namely RBI, SEBI and IRDAI notified the initial set of enabling business regulations for GIFT IFSC.

Concept and Scope of IFSC An IFSC is a jurisdiction that provides financial services to both residents as well as non-residents and facilitates cross-border financial transactions in foreign currencies. Although physically located within India, the IFSC is treated as a “non-resident” zone under FEMA and operates with a distinct regulatory Designed as a hub for global financial and technology and economic framework that aligns with services, GIFT IFSC provides a specialised ecosystem international best practices.

for conducting international financial transactions from within India. GIFT IFSC functions as a gateway for a wide range of financial activities including banking, capital markets, Historical Evolution of IFSC insurance, asset management, leasing, and FinTech, among other allied services.

GIFT City was conceptualised in 2007 as a futuristic world-class city to cater to the global-scale financial The framework is designed to promote innovation, and technology services. attract global capital, and enable institutions to operate in a liberalised and globally competitive To leverage the inherent strengths of a new and rising environment.

India, the Government of India, in 2015, set up and operationalised the maiden IFSC in GIFT City, Gujarat. About IFSCA The Hon’ble Finance Minister in Union Budget 2015- 16 announced the following: To accelerate the pace of growth and benchmark IFSC with global financial centres, the Government of India “While India produces some of the finest financial enacted another pathbreaking legislation in 2019 to minds, including in international finance, they have establish a unified regulator for the IFSC – the few avenues in India to fully exhibit and exploit their International Financial Services Centres Authority strength to the country’s advantage. GIFT in Gujarat (IFSCA). The Authority began operations in 2020, was envisaged as International Finance Centre that transitioning the jurisdiction to a unified regulatory would actually become as good an International structure.

Finance Centre as Singapore or Dubai, which, incidentally, are largely manned by Indians. The The IFSCA Act confers in IFSCA the powers of RBI, SEBI, proposal has languished for years. I am glad to PFRDA, and IRDAI under 15 Central Statutes, albeit announce that the first phase of GIFT will soon confined to the limited scope of IFSCs. This become a reality…” institutional reform significantly streamlined the governance of financial services within the IFSC.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)EVOLUTION OF GIFT IFSC AND ROLE OF IFSCA Role and Mandate of IFSCA Long-Term Tax Certainty IFSCA is the unified regulator responsible for the In the Union Budget for 2026–27, the Hon’ble Finance regulation and development of financial products, Minister announced long-term tax certainty for IFSC financial services, and financial institutions within businesses, extending the tax holiday from 10 IFSCs in India. consecutive years out of 15 to 20 consecutive years out of 25, followed by a concessional tax rate of 15% Besides, IFSCA’s mandate extends beyond traditional thereafter. This announcement is a major boost in regulation to include the development of a robust and providing clarity and certainty for long-term investors globally competitive financial ecosystem. It seeks to and large investments. IFSCA expects that long-term ensure that the IFSC operates in accordance with investors in large assets such as aircraft and ships, international standards while fostering innovation and infrastructure, etc., will enhance the scale and scope efficiency. Its spirit is expressed in its motto: of their investments in India through GIFT IFSC.

Significance and Outlook आ नो भद्राः क्रतवो यन्त ुववश्वताः। (Let noble thoughts come to us from all directions) The establishment of GIFT IFSC and IFSCA marks a transformative step in India’s financial sector IFSCA’s Vision development. By creating a specialised jurisdiction with a unified regulatory framework, India has taken To position GIFT IFSC as a leading well-regulated a strategic step toward integrating with the global Global Financial Centre with stable, efficient and financial system while retaining operations within its sustainable financial markets and technology own borders. As the ecosystem continues to evolve, ecosystem, for achieving the Vision of Viksit GIFT IFSC is expected to play an increasingly important Bharat@2047 (a developed India by 2047) expressed role in attracting international investment, fostering by the Hon'ble Prime Minister of India in 2022. innovation and serving as a key pillar in India's march towards Viksit Bharat@2047.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)IFSC BUSINESS HIGHLIGHTS Total IFSCA Registrations/ Authorisations 1336* Banking Assets Cumulative Banking Cumulative Transactions Derivatives Trade (including NDF)

120.69 Bn 190.73 Bn 111.53 Bn USD ($) USD ($) USD ($) Banking Sector (Outstanding as on Jun 2026) Avg. Monthly Debt Listings on Aggregate Open Turnover of IFSC Exchanges Interest of all IFSC Exchanges Derivatives Contract

105.67 Bn 2203.87 Mn 16.52 Bn USD ($) USD ($) USD ($) Capital Markets (during Q1 2026-27) (as on Jun 2026) Registered FMEs | Cumulative Cumulative Schemes Commitments Funds Raised Raised (Non-Retail) (Non-Retail) 235 | 401 45.08 Bn 22.93 Bn USD ($) Fund Management Total Sustainable ESG Debt Listings ESG Funds Raised Credit by Banks on IFSC Exchanges

6.25 Bn 500.00 Mn 32.36 Mn USD ($) USD ($) Sustainable Finance (during Q1 2026-27) (as on Jun 2026) Insurance Firms | Premium written Premium transacted Intermediaries by IFSC Insurance by IFSC Insurance Office (IIO) Intermediary Office 37 | 33 USD ($) USD ($) Insurance Sector (as on Jun 2026) Aircraft Lessors | Aviation Assets Number of Ships Ship Lessors Leased Leased 37 | 38 412 42 Aircraft/ Ship Leasing (as on Jun 2026) )lanoisivorp( )lanoisivorp( (during Q1 2026-27) (during Q1 2026-27) (during Q1 2026-27) USD ($) (as on Jun 2026) (as on Jun 2026) (as on Jun 2026) USD ($) (during FY 2025-26)

419.16 Mn 127.78 Mn (during Q1 2026-27) (during Q1 2026-27) (as on Jun 2026) (as on Jun 2026) * Including 76 In-Principle/ Provisional RegistrationsCONTENTS 1 CONTENTS _____________________________________________________________________________ EVOLUTION OF GIFT IFSC AND ROLE OF IFSCA...................................................................................................1 FROM CHAIRPERSON’S DESK.......................................................................................................................................2 OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES...............................................................................4 IFSC –BUSINESS TRENDS..............................................................................................................................................6 POLICY AND REGULATORY UPDATES.....................................................................................................................15 PUBLIC CONSULTATION................................................................................................................................................22 ENFORCEMENT AND REGULATORY ACTIONS.....................................................................................................23 EVENTS AND OUTREACH ACTIVITIES....................................................................................................................25

ARTICLE: SHIP LEASING IN GIFT IFSC....................................................................................................................35 DATA AND STATISTICS..................................................................................................................................................40 ABBREVIATIONS..............................................................................................................................................................57 FIGURES AND IMAGES...................................................................................................................................................61 LIST OF TABLES................................................................................................................................................................63 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)2 FROM CHAIRPERSON’S DESK FROM CHAIRPERSON’S DESK ____________________________________________________________________________________

BANKING AT IFSC: GROWING IN SCALE, DEEPENING IN SUBSTANCE A resilient and globally competitive banking sector Credit exposure remained diversified across is the cornerstone of a successful International sectors, with Non-Banking Financial Companies Financial Centre. At GIFT IFSC, banking has evolved (23.27%) and the broader Banking and Financial beyond its traditional role as a financial Services (20%) segment accounting for the largest intermediary to become a strategic platform for share of credit exposure, followed by cross-border capital flows, trade finance, treasury manufacturing (19.12%) and infrastructure operations, foreign exchange services, among (13.45%). Lending continued to remain others. Supported by a forward-looking regulatory predominantly India-focused, with 75.62% of framework, a globally competitive tax regime, and credit exposure linked to India, while meaningful a business environment that promotes innovation exposures to the United States (6.45%), the United and ease of doing business, the banking ecosystem Kingdom (3.03%), Singapore (2.53%), and the UAE at GIFT IFSC continues to deepen its integration (2.32%) highlighting the growing international with global financial markets. diversification of GIFT IFSC’s banking portfolio.

The performance of the banking sector Trade finance continues to be one of the principal demonstrates that GIFT IFSC is progressing engines of growth within the banking ecosystem. simultaneously across banking intermediation, The number of transactions financed through trade finance, sustainable finance, digital International Trade Finance Service Platforms (ITFS) payments, capital markets and market increased from 2,487 in March 2026 to 2,857 in infrastructure. The increase in IBU assets to USD June 2026, and the value of financed transactions

120.69 billion as of end-June 2026, trade finance rose from USD 105.75 million to USD 126.92 bookings of USD 15.42 billion during the first million. This growth demonstrates the increasing quarter of FY 2026-27, overall sustainable adoption of technology-enabled trade finance financing of USD 6.25 billion during FY 2025-26, solutions, including invoice financing, receivables cumulative ESG-labelled debt listings of USD 17.31 financing, and other cross-border trade funding billion on IFSC exchanges as of end-June 2026, 98 mechanisms.

Finance Company registrations, and the To attract foreign currency inflows into India, the operationalisation of near-instant USD settlement Reserve Bank of India (RBI) recently introduced a through Foreign Currency Settlement System series of measures, including revised guidelines

(FCSS) collectively reflect the growing depth, governing Foreign Currency Non-Resident (Bank) sophistication, and international competitiveness [FCNR(B)] deposits. GIFT IFSC has emerged as an of the IFSC ecosystem.

active channel for directing these fund flows into As of June 30, 2026, GIFT IFSC hosted 41 IFSC India, with IBUs in GIFT City disbursing 76 loans Banking Units (IBUs) including 20 domestic and 21 worth USD 1.01 billion under the FCNR-leveraged foreign units, reflecting the continued retail loan route as of June 30, 2026.

participation of both domestic and international A significant policy development has been the banking institutions. Commercial loans rose from operationalisation of the “Support for Alternative USD 61.82 billion to USD 65.93 billion during the Trade Instruments under Export Promotion quarter, led by strong growth in External Mission (EPM) – NIRYAT PROTSAHAN”, which, for Commercial Borrowings (ECBs), which increased the first time, enables interest subvention for from USD 41.18 billion to USD 44.54 billion, foreign currency financing undertaken through the reflecting stronger integration with global banking medium of factoring of export receivables of networks and improved international liquidity MSME exporters by banks and factoring entities in management.

IFSC. The participation of IFSC entities under this IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)FROM CHAIRPERSON’S DESK 3 framework expands financing options for Indian Market activity further demonstrates that MSME exporters by reducing the financing costs, sustainable finance is increasingly becoming a improving access to foreign currency liquidity, measurable financing segment rather than a policy international funding markets, and risk aspiration alone. Building upon the Guidance management solutions. Framework for Sustainable and Sustainability- Linked Lending introduced in 2022, the Authority During the quarter, the Authority introduced issued a consultation paper with a proposal several important regulatory measures to enabling IBUs to offer sustainable deposits. During strengthen operational efficiency while FY 2025-26, IBUs reported USD 2.92 billion in maintaining robust prudential standards. For green financing, USD 2.22 billion in social financing, instance, amendments to the circulars relating to USD 448.95 million in sustainable financing, USD the use of the Special Non-Resident Rupee (SNRR) 188.17 million in sustainability-linked financing, accounts of Regulated Entities (REs) in IFSC now and USD 467.53 million across other sustainability permits them to receive business-related funds categories.

from outside the IFSC through SNRR accounts, Going forward, the Authority will remain focused subject to their remittance to such RE's IBU on strengthening supervision, enhancing ease of account in the specified foreign currency within doing business and ease of investing, particularly 30 working days from the date of such receipt. for retail investors, expanding the range of This is likely to enhance the ease of doing international financial products and services, and business for REs undertaking transactions in maintaining high standards of transparency, risk onshore India. management, and market conduct. The Authority’s objective remains to cultivate A major structural development has been the innovation within a sound regulatory framework continued expansion of the FCSS, launched in and ensure that growth is anchored in institutional October 2025 and operated by CCIL IFSC Limited credibility. With continued collaboration among under the Payment and Settlement Systems Act, regulators, financial institutions, market

2007. As of end-June 2026, 14 IBUs were infrastructure providers, investors, and other participating in the FCSS, which processed over stakeholders, GIFT IFSC is well positioned to 200 transactions amounting to around USD 30 emerge as a leading global gateway for million. The system enables domestic settlement international banking, investment, trade finance, and cross-border financial services.

of inter-IBU foreign currency transactions, significantly reducing reliance on correspondent Shri K. Rajaraman banking channels. Inter-IBU USD transactions that Chairperson, IFSCA previously required approximately 24–36 hours can now be settled in 5–6 seconds, representing a transformational improvement in liquidity management, operational efficiency, and settlement certainty.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)4 OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES _____________________________________________________________________________________ Executive Summary 2. External Sector and Foreign Exchange The global economy continued to face an uncertain environment marked by geopolitical India’s external sector continued to remain a key tensions, volatile energy markets, and persistent source of macroeconomic strength despite inflationary pressures. According to the elevated global uncertainty. Although geopolitical International Monetary Fund (IMF), global tensions temporarily increased volatility in growth is projected at 3.0% in 2026, while global commodity and financial markets, India’s headline inflation is expected to rise to 4.7%, diversified export base, sustained foreign largely due to higher energy and food prices investment inflows, and comfortable foreign arising from the conflict in West Asia.1 Although exchange reserves have strengthened the global growth remains uneven across countries, country’s resilience to external shocks. India’s India continues to stand out as one of the fastest- gross FDI inflows rose to USD 30.66 billion during growing major economies, supported by strong the first quarter (Apr–Jun) of 2026–27, up from domestic demand, sustained investment, and USD 26.72 billion in the same period of the prudent macroeconomic management.2 previous year. Net FDI inflows also saw strong positive momentum, hitting roughly USD 7.84

1. Macroeconomic Stance and billion for the quarter, reflecting continued Monetary Policy investor confidence in India’s long-term growth prospects, expanding domestic market, and ongoing structural reforms.8 Despite a challenging global environment, India’s macroeconomic performance remained strong India’s foreign exchange reserves stood at USD during FY 2025–26. The Indian economy

666.93 billion as of June 26, 20269 . To attract expanded by 7.7%, making it the fastest-growing major economy in the world.3 Gross Fixed Capital fresh foreign currency inflows without further depleting reserves, RBI operationalised a USD- Formation (GFCF) grew by 7.8%, while the Rupee Forex Swap Facility on June 8, 2026, for investment rate remained around 30% of GDP, fresh FCNR(B) deposits, under which RBI bears reflecting sustained investor confidence and continued capital formation.4 Inflation remained the swap cost so banks can offer more attractive rates to depositors. The FCNR(B) facility mobilised broadly manageable despite temporary USD 36.73 billion in foreign currency deposits pressures arising from higher global energy prices 5 . While food and transport inflation from NRIs till July 31, 2026, strengthening India’s external financing position. 10 increased due to seasonal factors and elevated crude oil prices, inflation continued to remain In addition, IBUs in GIFT City had disbursed 76 within the Reserve Bank of India (RBI)’s tolerance band6. retail loans worth USD 1.01 billion against FCNR(B) deposits as of June 30, 2026, demonstrating the growing use of FCNR(B) deposits for leveraged Accordingly, in the June 2026 review, the RBI’s financing.

Monetary Policy Committee (MPC) unanimously voted to keep the policy repo rate unchanged at

5.25% and maintained a neutral policy stance.7 1 IMF, World Economic Outlook, July 2026 7 RBI, MPC June Review, 2026 2 DEA, Monthly Economic Review, July 2026 8 RBI, RBI Bulletin 3 PIB, Press Release with PRID 2269597 9 RBI, Weekly Statistical Supplement 4 PIB, Press Release with PRID 2219907 10 RBI, Press Release dated August 1, 2026 5 DEA, Monthly Economic Review, July 2026 6 Ibid.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)OVERVIEW OF INDIAN ECONOMY AND OTHER UPDATES 5

3. Financial Sector mutual fund schemes, with a total of around 28 Developments crore folios — showcasing wide retail participation across the country. Portfolio Managers collectively oversee INR 42.62 lakh

3.1 Banking crore in assets by June 2026.17 India’s banking system demonstrates strong

3.4 Capital Markets fundamentals with a robust deposit base of approximately INR 258.42 lakh crore supporting India’s capital market remained strong, with an active credit market of INR 215.47 lakh crore the primary market having raised INR 1.05 lakh as on June 15, 2026, reflecting a healthy credit- deposit ratio of around 83.4%.11 The banking crore in equity and INR 1.88 lakh crore in debt during Q1 of FY2026-27. A total of 46 sector maintains adequate durable liquidity IPOs from the mainboard and SME segments despite recent short-term tightness, with net together raised INR 6,567 crore, showing durable liquidity in surplus at about INR 5 lakh crore as of June 30, 2026. 12 Currency in active corporate fundraising during the first quarter. The market’s scale is reflected in the circulation as on May 31, 2026, stands at INR

42.17 lakh crore13 , while reserve money of INR market capitalisation of around INR 474 lakh crore on both BSE and NSE in June 2026.

52.56 lakh crore and broad money supply (M3) of INR 318.88 lakh crore14 as on June 30, 2026, Investor participation has expanded sharply, with around 23.15 crore demat accounts and provide the monetary foundation for the over 6.19 crore unique mutual fund investors.

economy.

In the secondary market, combined gross turnover stood at INR 87.6 lakh crore, with

3.2 Insurance average daily turnover of INR 1.5 lakh crore.18 In the life insurance segment, first-year premium income reached INR 1.09 lakh crore as of June 4. Labour Market 2026, with LIC contributing INR 65,548.88 Developments crore and private insurers contributing INR 43,522.87 crore, highlighting the continued scale India’s labour market remained resilient in June of new business activity in the life insurance 2026, with stable labour force participation and sector.15 For FY 2026-27, in the non-life insurance unemployment indicators alongside improving segment, gross direct premium underwritten hiring activity. The Labour Force Participation reached INR 87,874 crore up to June 2026, with Rate (LFPR) for individuals aged 15 and above general insurers contributing INR 75,443 crore, stood at 54.4%, broadly unchanged from 54.2% a standalone private health insurers contributing year earlier, while the unemployment rate INR 12,161 crore, and specialised insurers INR remained stable at 5.5%. Urban labour market 270 crore, reflecting continued growth in non-life conditions showed modest improvement in insurance activity. 16 participation, with the urban LFPR rising to

50.1%.19 Against this backdrop, India’s million-

3.3 Asset Management plus cities continue to play a pivotal role in driving economic growth, innovation, and employment Mutual funds remain the cornerstone of the generation, making them critical to assessing the industry, managing assets worth INR 82.22 lakh quality and expansion of urban employment crore as of June 2026, reflecting deep retail and opportunities.

institutional trust. The industry consists of 1,945 11 RBI, Weekly Statistical Supplement – Extract 16 IRDAI, Flash Figures of Non-Life Insurers 12 RBI, Press Release with PRID 63160 17 SEBI, SEBI Bulletin Annexure Tables, July 2026 13 RBI, Bulletin – Money Stock Measures 18 Ibid.

14 RBI, Press Release - Reserve Money & Money Supply 19 DEA, Monthly Economic Review, July 2026 15 IRDAI, First-year Premium of Life Insurance IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)6 IFSC – BUSINESS TRENDS IFSC – BUSINESS TRENDS ____________________________________________________________________________________ During the first quarter of FY 2026-27, the IBU assets increased to USD 120.69 billion as of number of registrations/ authorisations granted June 2026 from USD 111 billion as of March 2026, by IFSCA increased to 1,336 as of June 2026, up indicating continued expansion in the overall from 1,213 in Mar 2026, reflecting a sustained scale of banking operations at GIFT IFSC.

expansion of the IFSC ecosystem. These figures, which include in-principle/ provisional approvals, Gross outstanding customer credit rose to USD underscore the strengthening pipeline of 83.33 billion in June 2026 from USD 76.14 billion institutions choosing to establish operations in in March 2026 reflecting stronger credit GIFT IFSC and reinforce the steady institutional deployment. ECB exposure also showed deepening observed throughout the year. consistent growth, increasing from USD 41.18 billion in March 2026 to USD 44.54 billion in June Growth of IFSCA Registrations Over Time 2026, indicating a continued increase in the role 1500 1336 of IBUs in facilitating external commercial 1213 1200 1114 borrowings and cross-border financing.

1034 r e 939 b m 900 Gross investment in securities eased marginally u N to USD 6.64 Bn in June 2026 from USD 6.85 Bn in n i t 600 March 2026. As of June 2026, inter-branch/ inter- n u o bank placements by IBUs stood at USD 24.52 Bn, C 300 and outstanding trade finance at USD 15.49 Bn, 0 marking a rise in both segments during the Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 quarter.

Figure 1: Growth of IFSCA Registrations/ Authorisations (including in-principle/ provisional approvals) IBUs -Outstanding Trade Finance, Gross Investment in Securities and Inter-Branch/ Banking Inter-Bank Placements 30

24.52

22.24 IBUs -Total Assets, Outstanding Customer n o Credit and ECB Exposure

120.69 illiB 20

19.33 n 120 100.14 106.33 111 D S U 13.98 13.5 15.49 o illiB D 1 80 00 69 53. .8 15 7 70.08 74.18 76.14

83.33 n i t n u o 10 6.85 6.64 S U m 4.69 n 60 A i t n u 40 33.36 36.28 38.76 41.18 44.54 0 o m A 20 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Inter-Branch/ Inter-Bank Placement 0 Outstanding Trade Finance Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Gross Investment in Securities Total Assets Customer Credit ECB Figure 3: IBUs - Trade Finance, Investment in Securities and Inter-Branch/ Inter-Bank Placements Figure 2: IBUs - Assets over Time with Outstanding Customer Credit and ECB Exposure As of June 2026, total customer deposits with

Note: Customer Credit depicted in Figure 2 includes Trade IBUs increased to USD 9.38 Bn, up from USD 8.98 Finance, Commercial Loan, Retail Loan and Other Loan Bn in March 2026, reflecting a steady rise in components of IBU Balance Sheet (Assets).

deposit mobilisation.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)IFSC – BUSINESS TRENDS 7 major jurisdictions were the USA (6.45%), the UK Deposits Growth in IBUs (3.03%), and Singapore (2.53%). The broadly 10 9.38

8.98 stable share of India-linked exposure at around three-fourths indicates continued domestic- n o 8 7.44 7.26 7.33 illiB

6.18 linked credit activity. In Q1 of FY 2026–27, the D 6 services sector continued to account for the S U largest share of IBU credit exposure at around n i t 4 52.05% of the total, with manufacturing at n u o m 1.72 2.05 19.12% and infrastructure at 13.45%, 2 A 1.27 maintaining the sectoral distribution as seen in earlier quarters.

0 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sector-wise Credit Exposure of IBUs (in %) Total Customer Deposits (Retail + Corporate) 100

12.5 12.78 13.82 13.72 15.39 Corporate Deposits 80 10.63 11.66 13.72 14.51 13.45 Retail Deposits 60 Figure 4: Deposits Growth in IBUs

56.43 55 52.03 52.59 52.05 40 Retail deposits recorded a notable increase, rising to USD 2.05 Bn in June 2026 from USD 1.72 20 Bn in the previous quarter. Corporate deposits 20.44 20.56 20.43 19.19 19.12 registered a marginal increase, reaching USD 7.33 0 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Bn from USD 7.26 Bn in March 2026.

Manuf. Services Infra Others Country-wise Exposure of IBUs (in %) Figure 6: Sector-wise Credit Exposure of IBUs as of Quarter-End 100

11.22 11.86 10.25 10.34 The notional value of IBU derivatives outstanding 90 221 ... 439 52 1 22 .. 76 31 22 2 .. . 52 88 8 232 ... 500 34 3 stood at USD 195 Bn as of June 2026, compared 80 4.95 52 .. 482 4 6.14 6.45 to USD 193 Bn in March 2026.

70 Derivatives Outstanding of IBUs (Notional) 200 60 192 193 192 191 195 200 50 n o 40 illiB150 82 80 78 77 76 75

77.15 74.54 75.95 75.62 D S U 30 n i t100 43 43 42 42 40 37 n 20 u o 50 28 29 28 31 29 33 m 10 A 46 39 44 40 45 48 0 0 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Sep-25 Dec-25 Mar-26 Jun-26 Others FCY Interest Rate Derivatives India USA Singapore UK Netherlands Others INR Interest Rate Derivatives FCY-FCY Derivatives Figure 5: Country-wise Exposure of IBUs FCY-INR Derivatives Figure 7: Derivatives Outstanding of IBUs As of June 2026, the country-wise exposure of IBUs remained largely concentrated in India, The Offshore Derivative Instrument (ODI) accounting for 75.62% of total exposure, showing outstanding of IBUs eased from USD 853 Mn in the same trend as in previous quarters. Other March 2026 to USD 722 Mn in June 2026.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)8 IFSC – BUSINESS TRENDS Capital Markets ODI Outstanding of IBUs (Notional) In Q1 of FY 2026–27, a total of over 6.93 Mn 1200 contracts, with a traded value of USD 317.01 Bn, 1,018 were traded on the stock exchanges in GIFT IFSC.

1000 909 939 33 883 27 853 46 IFSC Stock Exchanges -Quarterly Traded n o 39 237 9 27 Value illiM 800 44 25 78 722 375 D S U 600 351 353 346 420 516 22 72 298 337 317 n i t n n 300 269 273 u 457 o o m 400 illiB 225 A D S 200 449 490 421 445 442 U n 216 i t n 150 u o 0 m A 75 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Government Securities Corporate Bond 0 Commercial Paper Pass Through Certificate Q1 Q2 Q3 Q4 Q1 25-26 25-26 25-26 25-26 26-27 Figure 8: ODI Outstanding of IBUs Figure 10: IFSC Stock Exchanges - Traded Value IBU trade finance disbursements maintained a strong overall growth trajectory, underscoring IFSC Stock Exchanges -No. of Contracts robust business momentum and expanding client 8

7.22

6.93 participation. 7 6.63

6.05 5.99 Quarter-wise 6 s Trade Finance Disbursements by IBUs n 16 15.42 o illiM 5

13.89 n 4

12.61 12.9 i t n 3 u o n o12 11.28 C 2 illiB D 1 S U 0 n 8 I t Q1 Q2 Q3 Q4 Q1 n u 25-26 25-26 25-26 25-26 26-27 o m Figure 11: IFSC Stock Exchanges – No. of Contracts A 4 Total active demat accounts held with the depository at GIFT IFSC were around 69,302 as of June 2026, broadly unchanged from 69,270 in 0 March 2026.

Q1 Q2 Q3 Q4 Q1 25-26 25-26 25-26 25-26 26-27 Figure 9: Trade Finance Transactions Booked by IBUs During Q1 of FY 2026–27, cumulative trade finance transactions reached USD 15.42 Bn, reflecting healthy portfolio performance.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)IFSC – BUSINESS TRENDS 9 Active Demat Accounts underscores the continued expansion and with the Depository at IFSC deepening of the fund management ecosystem within the GIFT IFSC.

80

69.22 69.25 69.28 69.27 69.30 No. of FMEs and Schemes in IFSC 450 401 60 400 360 s d n 350 327 a s u r e b 300 272 305 o m h T n I t n u 40 u N n i t n 225 00 0 177 194 202 217 235 o u 150 C o 20 C 100 50 0 0 Q1 Q2 Q3 Q4 Q1 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 25–26 25–26 25-26 25-26 26-27 Figure 12: Demat Accounts in IFSC FMEs Funds/ Schemes Cumulative debt listed on IFSC Stock Exchanges Figure 14: Growth of FMEs and Schemes in IFSC reached USD 72.51 Bn as of June 2026, a rise from In the first quarter of FY 2026–27, non-retail fund USD 70.31 Bn at end-March 2026.

management activity in the IFSC continued to expand, with cumulative commitments raised Debt Listed on the IFSC Exchanges reaching USD 45.08 Bn as of June 30, 2026, up 80 from USD 39.09 Bn in the previous quarter.

72.51

66.6 68.03 70.31

65.13 n o illiB 60 15.43 15.73 16.19 16.81 17.31 Cu Im nvu el sa tt miv ee n C to s m Mm adit em (e Nn ot ns, - RF eu tn ad ils SR ca hi ese md e a s)nd D 48

45.08 S U 40 39.09 n i t n u o m A 20

49.7 50.87 51.84 53.5 55.2 n o illiB D 34 20 S 22.11 22.93 U n 24 19.51 i t 0 Q1 Q2 Q3 Q4 Q1 n u o m 16 10.49 19.67 21.05 25–26 25–26 25-26 25-26 26-27 A 8

9.81 Non-ESG Labelled ESG Labelled 0 Figure 13: Cumulative Debt Listings at IFSC Q1 Q2 Q3 Q4 Q1 25–26 25–26 25-26 25-26 26-27 Fund Management Cumulative Commitments Cumulative Funds Raised In Q1 of FY 2026–27, the number of Fund Cumulative Investments Management Entities (FMEs) in the IFSC Figure 15: Trends of Fund Management Activity increased to 235, up from 217 in the previous quarter. The number of schemes also expanded The cumulative funds raised also increased to to 401 as of June 30, 2026, from 360 in the USD 22.93 Bn as of June 30, 2026, from USD 19.51 previous quarter. The broad-based growth Bn in the previous quarter, while cumulative IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)10 IFSC – BUSINESS TRENDS investments made reached USD 21.05 Bn from In Q1 of FY 2026-27, the diaspora-linked fund USD 19.67 Bn during the same period, pointing to investments stood at USD 851.09 Mn, reflecting sustained growth momentum in the fund a steady growth from USD 747.3 Mn in Q4 of FY management space. 2025-26.

The number of investors across fund schemes in Insurance IFSC increased significantly to 16,150 as of June 2026, compared to 9,594 as of March 2026.

The number of IFSC Insurance Offices (IIOs) stood No. of Investors by Scheme Type at 37, whereas the number of Insurance 18000 Intermediary Offices (IIIOs) stood at 33 as of end- 16150 June 2026.

15000 No. of Insurance Entities in IFSC t12000 8467 80 80 n u o 9594 70 70 70 70 C r o t s e v 9000 6721 3438 r e b m 56 00 47 52 55 34 33 56 00 n I 6000 4733 1239 u N 3583 5175 n 40 31 40 3000 2,559 3257 3773 i t n u 30 28 30 30 1,957 o 1,100 1,273 1503 1611 1655 C 20 36 37 20 0 526 646 722 772 853 10 19 22 24 10 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 0 0 Retail Schemes Category III AIFs Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Category II AIFs Category I AIFs (VC and Angel) IFSC Insurance Intermediaries (IIIOs) Figure 16: No. of investors by Type of Scheme IFSC Insurance Offices (IIOs) This was driven mainly by marked rise in investor Figure 18: Growth of Insurance Entities in IFSC participation in retail schemes with 8,467 investors, up significantly from 3,438 in March In Q1 of FY 2026–27, written premiums by IIOs

2026. The consistently rising investor stood at USD 419.16 Mn, reflecting a positive participation across Category I, II & III AIFs as business momentum. well as retail schemes reflects growing retail and Premium Transacted by institutional interest in the IFSC fund ecosystem. IFSC Insurance Offices (IIOs) & IFSC Insurance Intermediary Offices (IIIOs) Indian Diaspora-Linked Fund 600 Investments 547 1000

851.09 n o500 128 n o illiM 800

630.1

747.3 illiM D S400 357 292 334 D 600 536.2 U300 111 S n 132 U n i t n200 146 135 419 i t n u 400 u o m100 104 246 202 o A 157 m 200 A 0 43 Q1 Q2 Q3 Q4 Q1 0 25–26 25–26 25-26 25-26 26-27 Sep-25 Dec-25 Mar-26 Jun-26 Figure 17: Diaspora-Linked Fund Investments in IFSC IFSC Insurance Intermediaries (IIIOs) Premium IFSC Insurance Offices (IIOs) Premium

Note: Funds raised from the NRI/ OCI investor category as reported by FMEs. Figure 19: Quarter-wise Written/ Transacted Premium by IIOs and IIIOs IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)IFSC – BUSINESS TRENDS 11 Premiums transacted by IIIOs remained steady at As of June 2026, the IFSC aircraft leasing USD 127.78 Mn in Q1 2026-27, compared to USD ecosystem recorded a total of 412 aviation

131.71 Mn in the prior quarter. assets, comprising 237 aircraft, 87 engines, 85 Auxiliary Power Units (APUs), 1 Aviation Training In Q1 of FY 2026–27, direct insurance business by Simulation Device (ATD), and 2 Landing Gears, IIOs recorded a gross written premium of USD the latter making its first appearance in the asset

18.86 Mn, up from USD 15.38 Mn in the previous base this quarter, as against the total 373 aviation quarter and gross premium of reinsurance assets as of end-March 2026. business rose from USD 186.93 Mn to USD 400.29 Assets Leased by Ship Leasing Entities Mn, reflecting traction in both sectors.

50 Insurance Business in IFSC 42 37 40 450 419 d 34 n e o s illiM 400 a e L 30 28 16 19 D 350 s p 23 16 S ih U n i m 23 50 00 246 S f o .o 20 13 13 u 400 N im e 200 202 10 15 18 21 23 r P 157 10 n 150 e t 236 0 t ir 100 187 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 W 148 s s 50 43 Indian Flagged Ships Foreign Flagged Ships o r 37 G 0 6 11 9 15 19 Figure 22: Assets Leased by Ship Leasing Entities Q1 Q2 Q3 Q4 Q1 25–26 25–26 25-26 25-26 26-27 As of June 2026, a total of 42 ships had been leased by the ship leasing entities in IFSC, up from Direct Insurance Business Reinsurance Business 37 as of end-March 2026. The steady rise in leased vessels highlights growing participation Figure 20: Direct Insurance and Reinsurance Business and continued development of the ship leasing segment within the IFSC.

Finance Company Cumulative Financing Received from IBUs by Leasing Entities Aviation Assets Growth 800

724.9 412 686.0

675.0 d 373 e 400 s n a e L s t e s 300 253 237 o illiM D 600 s A n o it a 200 203 S U n i t n 400 305.7 328.3 614.9 614.9 664.8 iv A f o 100 8598 85 87 u o m A 200 234.6 257.2 .o 70 84 85 N 0 71.1 71.1 71.1 60.1 60.1 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 0 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Total Aircraft Engines APU Ship Leasing Aircraft Leasing Figure 21: Growth of Aviation Assets Leased from IFSC Figure 23: Financing Received from IBUs by Leasing Entities in IFSC

Note: The total 412 figure includes 1 ATD and 2 Landing Gears.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)12 IFSC – BUSINESS TRENDS As of June 2026, the financing extended by IBUs As of June 2026, the treasury centres in IFSC to the leasing entities in IFSC stood at USD 664.77 (GRCTCs) reported loans and advances of USD Mn for aircraft leasing and USD 60.10 Mn for ship 6.54 Bn and total investments of USD 0.49 Bn.

leasing, bringing a combined total of USD 724.87 This represents a significant increase in the Mn. The data indicates continued IBU support for lending portfolio from USD 5.61 Bn as of end- leasing activity within the IFSC zone. March 2026, indicating strong growth momentum in the lending activities of GRCTCs ITFS -Trade Financing Activity during the latest quarter.

140 3,500

126.92 As of June 2026, the Core Finance Companies 120 3,000

105.75 (Core FCs) in IFSC reported loans & advances of s 2857 s n n o 100 87.37 2,500 o USD 73.42 Mn, up from USD 64.77 Mn as of end- illiM 2487 it c a March 2026, indicating renewed lending

73.91 s D S U 80 63.26 2106 2,000 n a r T momentum during the latest quarter. n i t n 60 1617 1849 1,500 f o r e I Mnv ne as stm ofe n ents d b -Jy u nth ee 2 C 0o 2r 6e . FCs stood at USD 63.35 u b o m m 40 1,000 u A N Investments, Loans & Advances Core Finance Companies 20 500 140 0 0 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 120 Number of Transactions Value of Transactions Figure 24: Transactions facilitated through ITFS 100 33.7 73.4

64.8 platforms n o illiM 80 As of June 2026, ITFS transactions in IFSC reached D S 60 2,857 in number, with a total value of USD 126.92 U n I Mn. This marks an increase from 2,487 40 81.0 transactions valued at USD 105.75 Mn as of end-

58.9 63.4 March 2026. The data reflects sustained 18.5 20 quarterly growth in trade financing activity

11.3 facilitated through the ITFS platforms in IFSC. 0 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 GRCTCs -Loans & Advances and Investments Investments Loans & Advances Figure 26: Core Finance Companies - Loans & 8

0.49 Advances, and Investments n o illiB 6 0.23 D Financial Support Services S U 0.23 n i t n u 4

0.08

0.23

5.61 6.54 As of June 2026, the number of entities providing o m 2 4.03 financial support services, including TechFin, A 3.12

2.73 Ancillary Service, BATF and GIC in the IFSC rose to 157 from 149 in the previous quarter.

0 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 This increase highlights an accelerating interest in Loans & Advances Investments the TechFin & Ancillary Services (TAS) framework Figure 25: GRCTCs - Loans & Advances, and and growing diversification within the IFSC Investments ecosystem.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)IFSC – BUSINESS TRENDS 13 Payment Services Growth of Financial Support Service (FSS) Entities (including in-principle approvals) 180 The number of active payment accounts in IFSC 157 as of end-June 2026 stood at 3,458, up from 149 150 143 4 2,330 as of end-March 2026, reflecting growing 133 4 14 4 11 momentum in payment account onboarding and 119 3 10 120 10 the deepening of the payment ecosystem within 3 t 5 n the IFSC.

u o C 90 y t Payment Accounts Opened in IFSC it n E 60 120 129 134 139 (During the Quarter) 111 1800 1604 30 1500 232 0 s t Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 n u 1200 1147 o GIC c c A 187 BATF Service Providers f o 900 r TechFin & Ancillary Service Providers e b 627 1372 m 600 82 u Figure 27: Growth of Financial Support Service Entities N 960 in GIFT IFSC 300 545 98 4 Metals and Commodities 0 Q1 Q2 Q3 Q4 Q1 25-26 25-26 25-26 25-26 26-27 As of end-June 2026, the participant base on Storing E-Money Not Storing E-Money India International Bullion Exchange (IIBX) Figure 29: Payment Accounts opened during the quarter expanded further. The number of Qualified Jewellers increased from 214 in March 2026 to The quarter-wise trend of account opening is 236 as of end-June 2026, while the number of presented in Figure 29 given above.

Qualified Suppliers rose from 45 to 47 during the Quarterly Trend of Number of Transactions same period. With 360 TRQ Holders, the total in Payment Accounts participant base reached 643. 53,483 54,000 Participants on Bullion Exchange (IIBX) s n 700 o it c 45,000 643 a s 600 596 n a 36,000 s t r T n a p ic 500 360 f o r e 27,000 52,571 it r 400 337 b m a P u 18,000 15,922 f o 300 242 N r e 216 225 45 47 9,000 b m 200 39 40 45 3,887 15,150 u 22 613 N 100 177 185 197 214 236 - Q1 Q2 Q3 Q4 Q1 0 2025-262025-262025-262025-262026-27 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 USD AED GBP EUR Valid India UAE CEPA TRQ Holders Figure 30: No. of Transactions in Payment Accounts Qualified Suppliers

Qualified Jewellers Note: EUR and GBP transactions are not visually discernible in the chart due to their nascent scale but are included in the totals, Figure 28: Participants on IIBX where applicable.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)14 IFSC – BUSINESS TRENDS The total number of transactions in payment Office of Administrator & SEZ accounts, primarily denominated in USD and AED, across the IFSC surged to 53,483 during the In the first quarter of FY 2026–27, SEZ Unit Approval first quarter of FY 2026-27, rising to more than Committee (UAC) approved 98 new unit applications, three times the 15,922 recorded in the previous marking a further increase and reflecting sustained quarter, reflecting significant growth in payment activity during the period.

account activity across the IFSC.

New Unit Applications Approved Trend of Quarter-wise Value of 120 Transactions in Payment Accounts 109 105 120 110.99 98 100 93 n M 81 r D e b 80 S 90 m U n u N i s n 60 n o i t it c 60 n u 40 a o s C n a 36.26 r 20 T f o 30 e u 0 la V 8.43 Q1 Q2 Q3 Q4 Q1

0.11 2.33 25-26 25-26 25-26 25-26 26-27 0 Q1 Q2 Q3 Q4 Q1 Figure 32: New Unit Applications approved during the 2025-26 2025-26 2025-26 2025-26 2026-27 quarter Figure 31: Value of Transactions in Payment Accounts The quarterly value of transactions undertaken through Payment Accounts in the IFSC has witnessed a significant upward trajectory since Q1 2025-26, increasing from USD 0.11 Mn to USD

36.26 million in Q4 2025-26. The growth momentum strengthened further in Q1 2026-27, with the value of transactions rising to USD

110.99 Mn, more than three times the level recorded in the previous quarter. This sustained increase reflects the growing adoption and scale of payment services in GIFT IFSC.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)POLICY AND REGULATORY UPDATES 15 POLICY AND REGULATORY UPDATES __________________________________________________________________________________ Banking introduced in accordance with the request from IBUs.

Guidance on Availing of Voice Capital Markets Broking Services by IBUs from TechFin and Ancillary Service Providers registered with IFSCA Specification of Certification Course for KMPs and other May 20, 2026 employees of Capital Market Intermediaries under the IFSCA The Authority issued guidance to the IBUs on the (Capital Market Intermediaries) permissible usage of the services of entities Regulations, 2025 registered as TechFin and Ancillary Service Providers for voice broking. This guidance Apr 02, 2026 supplements the existing instructions on Voice

Brokers provided in the IFSCA Banking Handbook: IFSCA specified certification course on Conduct of Business Directions (Version 6.0). "Regulatory Framework for Capital Market Intermediaries in IFSC", offered by The Institute of Amendment to the Circular Company Secretaries of India for KMPs and other titled “Permissible transactions employees of CMIs in the IFSC.

through the Special Non- Resident Rupee (SNRR) Reporting Norms for Capital accounts of IFSC units – Market Intermediaries Amendment Apr 08, 2026 Jun 19, 2026 The existing quarterly reporting formats for CMIs The Authority amended its AML/KYC and SNRR have been reviewed, with a view to increase account circulars to allow financial institutions to supervisory efficiency and formats for new receive business-related funds outside the IFSC categories of registrations viz. Global Access through SNRR accounts, provided such funds are Provider, Credit Rating Agency, ESG Ratings and remitted to their IBU account in the specified Data Products Provider, Research Entity, have also foreign currency within 30 working days. This been incorporated. The submission norms for remittance requirement does not apply to credits quarterly reports have also been modified based received for administrative expenses.

on the type of registration of CMI.

Amendment to the Circular In case of CMI holding registrations as Broker titled Internet banking services Dealer, Clearing Member and Depository to clients of IBUs – Review Participants, the reports for those registrations shall be submitted every quarter to the respective Jun 30, 2026 Market Infrastructure Institutions (MIIs) whose The circular is an amendment to the circular on membership CMI is holding.

Internet banking services to clients of IBUs – Review dated December 29, 2025. As per the In case of CMI holding registrations as Global amendment circular, the timeline of compliance Access Provider, Custodian, Investment Banker, of internet banking requirements for the IBUs has Investment Adviser, Debenture Trustee, been extended from June 30, 2026, to July 31, Registered Distributor, Credit Rating Agency,

2026. Further, definition of whitelisting has been IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)16 POLICY AND REGULATORY UPDATES ERDPP and Research Entity, the reports shall be Framework for preferential submitted within 21 calendar days from the end issues and qualified institutions of the quarter to IFSCA. placement under the IFSCA

(Listing) Regulations, 2024 Guidelines on Cyber Security and Cyber Resilience for Apr 22, 2026 Market Infrastructure Institutions (MIIs) in IFSC IFSCA issued a circular specifying the regulatory framework for Preferential Issue and Qualified Apr 20, 2026 Institutions Placement by the listed entities on the recognised stock exchange in the IFSC under The key objective of these Guidelines is to the IFSCA (Listing) Regulations, 2024.

establish a comprehensive cyber security and cyber resilience framework for the MIIs operating Following has, inter-alia, been specified in the in IFSC. regulatory framework:

Framework for rights issue • Definition of the Qualified Institutional Buyer under the IFSCA (Listing) • Eligibility criteria for Preferential Issue and QIP Regulations, 2024 • Conditions for Preferential Issue and QIP • Disclosure requirements Apr 22, 2026 • Pricing related requirements • Timeline for allotment of securities IFSCA issued a circular specifying the regulatory framework for rights issue by listed entities on the The objective of the framework is to provide recognised stock exchanges in the IFSC under the listed companies with a mechanism for raising IFSCA (Listing) Regulations, 2024.

capital through a cost-effective, and streamlined process, simultaneously ensuring transparency, The following has, inter-alia, been specified in the fair pricing, and protecting the interests of

regulatory framework: shareholders. • Eligibility Criteria Master Circular for Broker • Conditions for making rights issue Dealers and Clearing Members • Disclosures in draft letter of offer and letter of offer May 12, 2026 • Pricing • Issuance conditions and procedures • Credit of right entitlements IFSCA had issued various circulars under the • Renunciation of right entitlements IFSCA (CMI) Regulations, 2025, applicable to • Procedure of allotment Broker-Dealers and Clearing Members. In • Post issue responsibilities addition, certain SEBI circulars that had not been superseded by IFSCA circulars continued to apply The objective of the regulatory framework is to within the IFSC. With a view to facilitating ease of provide listed companies with a mechanism for compliance for Broker-Dealers and Clearing raising capital through rights issue in a fast track Members, IFSCA has issued a Master Circular that and streamlined manner. supersedes the applicable circulars issued by SEBI and IFSCA and consolidates the relevant requirements into a single point of reference.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)POLICY AND REGULATORY UPDATES 17 Framework for Implementation Draft Offer Document filed by services by Investment Advisers Tryfacta, Inc. in the IFSC June 12, 2026 May 12, 2026 Tryfacta, Inc., a US-based company, filed a draft IFSCA issued a circular clarifying the framework offer document for an Initial Public Offering (IPO) for implementation services by Investment on the recognised stock exchanges in GIFT IFSC.

Advisers in the IFSC. The proposed offer comprises a fresh issue of up to 13.3 million equity shares and an offer for sale Master Circular for recognised of up to 3 million equity shares by a selling Stock Exchanges and shareholder.

recognised Clearing Corporations Fund Management Jun 05, 2026

Circular on Specification of Certification Course for KMPs/ The Stock Exchanges and Clearing Corporations Employees under IFSCA (Fund operating in the IFSC were required to comply Management) Regulations, with various circulars issued by IFSCA under the 2025 IFSCA (MII) Regulations, 2021, along with applicable SEBI circulars issued prior to October 1,

2020. To provide a consolidated reference Apr 01, 2026 framework and promote ease of compliance, IFSCA had specified the certification course IFSCA has issued a Master Circular that replaces “Regulatory Framework for Fund Management in the previously issued IFSCA and SEBI circulars

IFSC: AIFs and Retail Schemes” (offered by ICSI) applicable to recognized Stock Exchanges and for KMPs and employees engaged in core fund recognized Clearing Corporations in the IFSC. management activities. Employees involved in support functions, as well as other ecosystem Reporting format and norms participants such as trustees, intermediaries, and for Annual Compliance Audit fund administrators, were also encouraged to for CMIs in IFSC undertake the certification to enhance regulatory awareness and professional competence.

June 05, 2026 The format for Annual Compliance Audit Report Amendment to Circular on

(ACAR) and Annual Compliance Audit Checklist Appointment and Change of

(ACAC) was prescribed for CMIs to be submitted KMP by an FME as per Regulation 25 of IFSCA (CMI) Regulations,

2025. Apr 01, 2026 Under the circular, the provision requiring the As per the circular, all CMIs (except Broker Dealer, Authority to communicate its comments, if any, Clearing Member and Depository Participants) within seven working days of the FME's are mandated to submit the ACAR along with intimation regarding a proposed appointment or ACAC directly to IFSCA. Broker Dealers, Clearing change of KMP and requiring the FME to suitably Members and Depository Participants are consider such comments while effecting the mandated to submit the ACAR along with ACAC proposal, is no longer applicable.

to respective MIIs whose membership they are holding.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)18 POLICY AND REGULATORY UPDATES Governance and oversight of IFSCA (Finance Company) Schemes in IFSC - Segregation (Amendment) Regulations, of the role of Fiduciaries 2026 Apr 10, 2026 May 08, 2026 To strengthen the governance framework for To facilitate the use of Special Purpose Vehicle schemes in the IFSC and reinforce the (SPV) structures for leasing and financing independence of fiduciary functions, IFSCA transactions in the aviation finance sector, IFSCA issued a circular which clarifies that a Fund made amendments to the IFSCA (Finance Management Entity (FME) shall not appoint an Company) Regulations. The amendment entity acting as a fiduciary to a scheme to provide directions enable ‘Leasing/ Financing Activity via fund administration, valuation, audit, or lending SPV’ as a permitted Non-Core Activity.

services to the same scheme, either directly or through its associates. The framework seeks to Further, such SPVs shall have relaxed owned fund mitigate potential conflicts of interest by requirements and leasing/ financing activity ensuring an appropriate segregation of fiduciary undertaken through the SPV structure shall be responsibilities. exempt from the provisions of Regulation 4 (Prudential Requirements) and Regulation 8 Finance Company (Corporate Governance) of the IFSCA (Finance Company) Regulations.

Amendment to the Circular Insurance titled ‘Framework for Ship Leasing’ IFSCA (Managing General Apr 22, 2026 Agents) Regulations, 2026 IFSCA (Framework for Ship Leasing) provided that June 15, 2026 any ship lessor which is desirous of undertaking ‘Asset Management Support Services related to ship lease’ for an asset other than as mentioned These regulations aim to provide a at clause E(iii) of the Framework was required to comprehensive regulatory framework for the obtain a separate authorisation under the registration, regulation and operation of Framework for enabling ancillary services at IFSC Managing General Agents (MGAs) operating in [replaced with the IFSCA (TechFin and Ancillary IFSCs in India, which possess delegated authority Services) Regulations, 2025]. from the foreign insurer(s) for underwriting direct insurance business or settlement of claims, IFSCA (TAS) Regulations, 2025 have specified that ensuring they operate with transparency and the services of “management of physical assets” accountability to protect policyholders’ interests is not permissible to be provided by TechFin and and support the orderly growth and development Ancillary Service Provider. of the insurance ecosystem in the IFSCs.

Consequently, the amendment circular was aimed to omit the explanation provided in the IFSCA (Framework for Ship Leasing).

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)POLICY AND REGULATORY UPDATES 19 FinTech and Payments Financial Support Services Requirements for Payment International Financial Services Service Providers (PSPs) Centres Authority (TechFin and entering into Rupee Drawing Ancillary Services) Arrangement (RDA) (Amendment) Regulations, 2026 Apr 10, 2026 May 08, 2026 The circular states that the PSPs operating in the IFSC and seeking to participate in the RDA scheme The IFSCA (TechFin and Ancillary Services) as non-resident Exchange Houses, under which (Amendment) Regulations, 2026 introduced a they may open and maintain a Special Rupee new regulatory framework for Trust and Vostro Account, are required to obtain prior Company Service Providers (TCSPs) under the TAS approval from the Authority. Regulations, 2025.

Further, PSPs are also required to furnish details The amendments provide for the registration, of their compliance framework and internal eligibility criteria, permissible activities, processes relating to AML, CFT, KYC, and other governance and internal control framework, applicable laws related to RDA transactions. appointment of Principal Officer and Compliance Officer, reporting obligations, professional Frequently asked questions indemnity insurance, conflict of interest

(FAQs) for IFSCA FinTech management, and enforcement provisions Sandbox Framework applicable to TCSPs.

Jun 10, 2026 A new Fifth Schedule has also been inserted specifying the permissible TCSP services, IFSCA has released a comprehensive set of FAQs including incorporation of legal entities, acting as on the IFSCA FinTech Sandbox Framework, 2026 trustees/ directors/ nominee shareholders, and to facilitate a better understanding of the providing registered office and administrative Framework and streamline the application address services for leasing activities permitted process for prospective applicants. The FAQs by IFSCA.

provide detailed guidance on the objectives of the Framework, the different types of sandboxes, Clarification on the fee eligibility criteria, application and evaluation structure applicable to existing process, regulatory relaxations, testing Ancillary Service Providers and requirements, reporting obligations, exit existing TechFin entity procedures, and permissible FinTech and TechFin activities. May 21, 2026 A circular was issued providing clarification on the fee structure applicable to existing Ancillary Service Providers (ASPs) and existing TechFin entities operating in the GIFT IFSC.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)20 POLICY AND REGULATORY UPDATES Metals and Commodities Amendment to the Circular titled “Exempting certain entities/ activities from the Amendment to the IFSCA applicability of International

circular on “Import of gold or Financial Services Centres silver by Qualified Jewellers and Authority (Anti Money valid India-UAE CEPA TRQ Laundering, Counter-Terrorist holders through IIBX” Financing and Know Your Customer) Guidelines, 2022” Jun 15, 2026 June 19, 2026 The amended circular broadens eligibility for Qualified Jewellers by removing the net worth All Financial Institutions, in IFSC, are allowed to requirement for SEZ units and allowing holders of transact or receive the monetary consideration a valid Registration-cum-Membership Certificate (i.e. funds/ fees/ amount etc.) emanating from

(RCMC) issued by GJEPC to qualify as Qualified the business transactions through an SNRR Jewellers without any additional eligibility account in addition to an account maintained conditions. It also gives effect to the recent DGFT with a Banking Unit in IFSC.

notifications by revising the import conditions for specified ITC (HS) codes. The Consolidated Frequently Asked Questions

Circular has been updated accordingly to ensure

(FAQs) on International clarity, uniformity, and ease of reference.

Financial Services Centres Authority (Anti Money AML & CFT Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 Access to e-KYC SETU Platform extended to REs in GIFT IFSC (Press Release) June 19, 2026 Clarity on acceptance of e-notarized and e- May 19, 2026 apostilled documents were provided through the FAQs. The REs may accept electronically/ digitally The National Payments Corporation of India notarised documents, where such electronic/

(NPCI) has developed an e-KYC Setu system digital notarisation is in accordance with the law that allows entities to seamlessly execute secure, of the country in which it has been performed.

Aadhaar-based digital identity verifications.

Such documents shall contain a verifiable e-sign In a major step forward for digital onboarding of or a digital signature certificate affixed for the clients, access to the e-KYC Setu platform for all purpose of authentication of Officially Valid Regulated Entities (REs) operating within the IFSC Documents (OVDs). The REs may accept the at GIFT City has been enabled.

documents that have been E-apostilled in accordance with the Hague Convention, 1961 for By leveraging this single-window onboarding the purpose of authentication of OVDs. interface, REs can now validate client’s Aadhaar information. This directly enhances the efficiency of operational protocols while eliminating the need to physically store or process client’s sensitive information like Aadhaar card numbers.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)21 Others The circular encourages REs dealing with retail consumers to develop and publish their own Consumer Charters on their GIFT IFSC entity IFSCA (Pension Fund websites or provide a link to a dedicated webpage Regulations), 2026 of their group entities.

Apr 04, 2026 The Consumer Charter is intended to set out, inter-alia, the entity's vision and mission towards IFSCA (Pension Fund) Regulations, 2026 consumer protection, the rights and established a comprehensive framework for responsibilities of consumers, essential do's and pension products and pension service providers don'ts and other consumer-centric provisions operating from GIFT IFSC and are expected to based on the nature of their business, operational position GIFT City as a leading global hub for long- model, product complexity and delivery channels.

term retirement savings and pension-related financial services. REs may also suitably adopt the IFSCA Consumer Charter with modifications, as appropriate, based Norms and manner of reporting on their business activities.

for the IBCs of foreign universities in GIFT IFSC Advisory on Heightened Cyber Security Risks arising from Apr 30, 2026 Frontier Artificial Intelligence

(AI) Models The circular provided details regarding norms and manner of reporting for the IBCs of foreign universities in GIFT IFSC. Jun 04, 2026 An advisory was issued to the REs on the

Circular on Consumer Charter emerging cyber security risks in the wake of by Regulated Entities (REs) in accelerated developments in the frontier AI the International Financial models. The advisory encourages the REs to Services Centre (IFSC) adopt certain measures outlined in the circular aimed at ensuring proper governance norms and May 08, 2026 practices to mitigate the heightened risk posed by frontier AI models.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)22 PUBLIC CONSULTATION PUBLIC CONSULTATION _____________________________________________________________________________________ Capital Markets Payment and Receipt of Premium) (Amendment) Regulations, 2026.

Consultation Paper for issuing Consultation Paper on IFSCA

Circular on Integration of (Registration and Operations of Regulated Entities (REs) with Mutual Insurer and Protection KYC Registration Agencies & Indemnity Club) Regulations,

(KRAs) in IFSC 2026 Jun 26 – Jul 16, 2026 Jun 22 – Jul 12, 2026 IFSCA issued a consultation paper inviting public The objective of this consultation paper was to comments on proposal to integrate REs in IFSC seek comments from the public and stakeholders with KRAs registered with IFSCA. It was proposed on the proposal to establish a comprehensive that REs in IFSC shall integrate with at least one framework for the registration, regulation, and KRA registered with IFSCA for the purpose of operation of Mutual Insurers and Protection & uploading, storing, retrieving and updating KYC Indemnity (P&I) Clubs in the IFSC through the records of their clients, except for activities or proposed IFSCA (Registration and Operations of entities exempted under clause 1.2.3 of the IFSCA Mutual Insurer and Protection & Indemnity Club) (AML, CFT and KYC) Guidelines, 2022.

Regulations, 2026.

Insurance Others Consultation Paper on Mapping of Services Proposed International Accounting Codes (SAC) and Financial Services Centres Introduction of Foreign Authority (Manner of Payment Currency Expense Reporting for and Receipt of Premium) IFSC Units under SERF and MPR

(Amendment) Regulations, 2026 Apr 08 – 29, 2026 May 12 – Jun 02, 2026 The consultation paper sought to establish a consistent framework for the classification and The objective of this consultation paper was to reporting of financial services revenue by IFSC seek comments/ views/ suggestions from public units under SERF and to capture foreign currency on the proposed amendments to the definition of expenses through the MPR.

premium as provided in the draft International Financial Services Centres Authority (Manner of IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)ENFORCEMENT AND REGULATORY ACTIONS 23 ENFORCEMENT AND REGULATORY ACTIONS _____________________________________________________________________________________ S. No. Entity Type Nature of Lapse/ Violation Action/ Status Non-compliances with provisions of IFSCA (Insurance Issuance of Show Intermediary) Regulations, 2021: Violations IFSC Insurance Cause Notice to pertained to non-payment of fees and non- 1 Intermediary one entity and commencement of business; Non-maintenance of Office (IIIO) Order to one Records of Risk Management Services and Non- entity submission of supporting documents by IIIO.

Non-compliances with provisions of IFSCA (Finance Issuance of Show Company) Regulations, 2021: Violations pertained to Cause Notices to Finance 2 non-payment of fees, not displaying Certificate of four entities and Company (FC) Registration (CoR) in office premises, lack of Orders to three manpower deployment, etc. entities Non-compliances with provisions of IFSCA (Fund Management) Regulations, 2022: Violations Issuance of Show 3 Fund pertained to Absence of Key Managerial Personnel Cause Notice to Management (KMPs) based out of IFSC, not-maintaining one entity and Entity (FME) manpower and infrastructure commensurate with Orders to six operation of the entity, non-submission of reports to entities investors, etc.

Non-compliances with provisions of IFSCA (Capital Issuance of Show Market Intermediaries) Regulations, 2021: Violations Capital Market Cause Notices to pertained to absence of infrastructure 4 Intermediary two entities and commensurate with operation of the entity,

(CMI) Orders to six conducting unregistered activities, non-submission entities of reports, non-payment of applicable fees, etc.

Office of Administrator (IFSCA)

(i) Failed to file the Annual Performance Reports for the years 2021-22 to 2024-25 (total 04 consecutive years) within the stipulated timeline and therefore violated the provisions of Rule 22(3) of the SEZ Issuance of Show 5 Broker Dealer Rules, 2006; Cause Notice

(ii) Failed to file application for renewal of its Letter dated 08.05.2026 of Approval (LOA), two months before the date of expiry of the LOA on 29.05.2024 and therefore violated Rule 19(6A) (1) of the SEZ Rules, 2006.

(i) Failed to file the Annual Performance Reports for the years 2017-18 to 2021-22 (total 05 consecutive years) within the stipulated timeline and therefore violated the provisions of Rule 22(3) of the SEZ Issuance of Show 6 Broker Dealer Rules, 2006; Cause Notice

(ii) Failed to file request for renewal of its LOA, two dated 04.06.2026 months prior to the expiry of the LOA (i.e. on

15.01.2022), and therefore violated Rule 19(6A)(1) of the SEZ Rules, 2006.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)24 ENFORCEMENT AND REGULATORY ACTIONS

(i) Failed to file the Annual Performance Reports for the years 2019-20 to 2023-24 (total 05 consecutive years) and therefore violated the provisions of Rule Issuance of Show 22(3) of the SEZ Rules, 2006; Cause Notice 7 Broker Dealer

(ii) Failed to file the request for renewal of its LOA dated 19.06.2026 before two months of the date of expiry of the LOA on 26.02.2024 and therefore violated the Rule 19(6A)(1) of the SEZ Rules, 2006.

(i) Failed to file the Annual Performance Reports for the years 2019-20 to 2023-24 (total 05 consecutive years) and therefore violated the provisions of Rule 22(3) of the SEZ Rules, 2006;

(ii) Failed to file the request for renewal of its LOA two months before the date of expiry of the LOA on

06.02.2025 and therefore violated the Rule 19(6A)(1) of the SEZ Rules, 2006; Issuance of Order- 8 Broker Dealer (iii) Carried out its business transactions during the in-Original dated period 07.02.2025 to 15.10.2025, when it did not 08.05.2026 have a valid and subsisting LOA, which had expired on 06.02.2025.

Imposed penalty of Rs. 50,000/- for late filing of APRs; Rs. 10,000/- for late filing of LOA Renewal Request and Rs. 5,00,000/- for executing trade without valid LOA, totalling Rs. 5,60,000/-.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)EVENTS AND OUTREACH ACTIVITIES 25 EVENTS AND OUTREACH ACTIVITIES ____________________________________________________________________________________ Development Activities through skilled professionals and world-class infrastructure.

Finance Minister Reviews GIFT City’s India Aircraft Leasing & Financing Progress and Global Financial Summit 2.0 Ambitions May 08, 2026 May 22, 2026 GIFT City Club, Gandhinagar GIFT City, Gandhinagar The 2nd edition of the India Aircraft Leasing & Union Finance and Corporate Affairs Minister Smt.

Financing Summit 2.0 (IALFS 2.0) was jointly Nirmala Sitharaman chaired a high-level review organised by the Ministry of Civil Aviation (MCA), meeting on GIFT City’s progress and evolving IFSCA and the Federation of Indian Chambers of international financial services ecosystem, in the Commerce & Industry (FICCI).

presence of Principal Secretary to the Prime Minister of India Shri P. K. Mishra, Deputy Chief Minister of Gujarat Shri Harsh Sanghavi, senior officials and other key stakeholders.

Figure 34: Hon’ble CM of Gujarat and Hon’ble Union Minister of Civil Aviation at IALFS 2.0 Presided over by the Union Civil Aviation Minister Shri Ram Mohan Naidu, with the Chief Minister of Gujarat Shri Bhupendra Patel as Chief Guest, the Summit brought together policymakers, airlines, lessors, banks, financial institutions and industry experts to discuss on strengthening GIFT IFSC as a Figure 33: Hon’ble Union Finance Minister Smt. Nirmala global hub for aircraft leasing and aviation finance.

Sitharaman, chairing a review meeting on GIFT IFSC The meeting reviewed developments across banking, capital markets, fund management, insurance, aircraft and ship leasing, FinTech, bullion and international education, along with infrastructure, talent, taxation and ease of doing business. Highlighting GIFT City’s growing global significance, the finance minister noted its unique combination of scale, technology, talent and growth opportunities, while the Principal Secretary to the PM stressed the need to realise Figure 35: MoU exchange between IFSCA and FICCI Hon’ble Prime Minister’s vision for GIFT IFSC IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)26 EVENTS AND OUTREACH ACTIVITIES The Summit concluded with the signing of an MoU between IFSCA and FICCI to promote GIFT IFSC as an international financial centre and global hub for aviation finance.

Commerce Secretary discussed GIFT IFSC’s Role in Facilitating International Trade May 16, 2026 Figure 37: IFSCA officials with the delegation members IFSCA HQ from Stony Brook University Shri Rajesh Agrawal, Secretary, Department of IFSCA Participates in India FIX Commerce, visited IFSCA Headquarters for a high- Conference 2026 level meeting with Shri K. Rajaraman, Chairperson, IFSCA, and other senior officials of April 09, 2026 IFSCA and GIFT City Co. Ltd. to discuss the growing Mumbai, India (Virtual) role of GIFT IFSC in strengthening ease of doing Dr. Dipesh Shah, Executive Director, IFSCA, business and facilitating India’s international virtually participated in the panel discussion on trade.

“The GIFT City Opportunity – India’s Gateway to the World” at the India FIX Conference 2026, held A stakeholder consultation was also held with in Mumbai. representatives from banking, bullion, leasing, fund management, ITFS platforms, factoring, IIFT and other trade finance entities, focusing on measures to further strengthen GIFT IFSC as a key hub for international trade and trade finance.

Figure 38: Dr. Dipesh Shah, ED, IFSCA virtually addressing INDIA FIX Conference 2026 IFSCA Hosts Women Leaders from Millennium Mams’ at GIFT IFSC Figure 36: Secretary, Department of Commerce April 10, 2026 interacting with IFSCA officials IFSCA HQ Stony Brook University, USA IFSCA hosted a 45-member delegation of women Delegation Visit to IFSCA leaders from Millennium Mams’ at its headquarters in GIFT City. The delegation April 07, 2026 IFSCA HQ interacted with Dr. Dipesh Shah, Executive Director, IFSCA, and gained valuable insights into IFSCA hosted a delegation from Stony Brook the evolving financial ecosystem at GIFT IFSC, key University, USA, at its headquarters in GIFT City, regulatory developments, and the growing Gandhinagar. The delegation had a productive opportunities for women leaders to contribute interaction with the senior officials of IFSCA and to and shape India’s emerging global financial discussed opportunities for foreign universities to hub.

establish international branch campuses in IFSC.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)EVENTS AND OUTREACH ACTIVITIES 27 K. Rajaraman, Chairperson, IFSCA, and other senior officials of IFSCA.

Figure 39: Millennium Mams’ delegation with Dr. Dipesh Shah, ED, IFSCA during their visit to IFSCA HQ TheCityUK Delegation Visits IFSCA Headquarters Figure 41: Secretary, MSME and IFSCA officials with market participants April 15, 2026 IFSCA HQ Discussions highlighted opportunities for MSME sector through IFSC. Shri Das and Shri Rajaraman Ms. Nicola Watkinson, Managing Director, also co-chaired a roundtable with key market TheCityUK, and Dr. Zhouchen Mao, Head – Asia participants, including IBUs, factoring entities, Pacific, TheCityUK, along with officials from the ITFS platforms, payment service providers, and British High Commission, visited IFSCA private equity and private credit funds, to explore Headquarters at GIFT City. The delegation held avenues for strengthening access to finance and discussions on strengthening ongoing areas of supporting the growth and internationalisation of collaboration between India and the UK, with a Indian MSMEs.

focus on supporting the development and internationalisation of GIFT IFSC. IFSCA @ Money20/20 Asia 2026 April 21-23, 2026 Bangkok, Thailand An IFSCA delegation participated in the Money20/20 Asia 2026 which was led by Dr.

Dipesh Shah, Executive Director, IFSCA.

Figure 40: Chairperson, IFSCA with TheCityUK delegation at IFSCA HQ Secretary, Ministry of MSME, Visits IFSCA Headquarters April 17, 2026 IFSCA HQ Figure 42: Dr. Dipesh Shah, ED, IFSCA during the Opening Keynote Panel Discussion at Money20/20 Asia Shri S.C.L. Das, Secretary, Ministry of MSME, Government of India, accompanied by Shri Dr. Shah participated in the opening keynote Praveen Kumar, Additional Development panel and a fireside chat on IFSCA’s vision for GIFT Commissioner, Ministry of MSME visited IFSCA IFSC as India’s gateway to responsible financial Headquarters, for a high-level meeting with Shri innovation and inclusive growth. Shri Joseph IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)28 EVENTS AND OUTREACH ACTIVITIES Joshy, CGM, IFSCA, joined the Policy20 roundtable on regulatory sandboxes across Asia, highlighting IFSCA’s Regulatory Sandbox and the recently launched FinTech Sandbox. Further, Shri Supriyo Bhattacharjee, CGM, IFSCA, presented on GIFT IFSC and India’s cross-border remittance opportunity.

Figure 44: Chairperson, IFSCA with IIBF officials 11th Conference of Indian Heads of Missions April 28, 2026 New Delhi Shri K. Rajaraman, Chairperson, IFSCA, delivered a presentation on the “Vision of GIFT City-IFSC” at the 11th Conference of Indian Heads of Missions

(HOMs). The conference brought together more than 140 HOMs from across the globe, providing a platform to showcase GIFT IFSC’s growing role as India’s international financial gateway.

Figure 43: IFSCA officials met Under Secretary for Financial Services & Treasury, Hong Kong SAR On the sidelines of the event, the IFSCA delegation held high-level engagements with senior leadership of Bangkok Bank at its Head Office in Bangkok and Mr. Joseph Chan, Under Secretary for Financial Services & Treasury, Hong Kong SAR. Discussions focused on the opportunities offered by GIFT IFSC, potential banking business through the IFSC platform, and avenues to deepen India’s engagement with international financial centres globally.

Figure 45: Chairperson, IFSCA giving overview about GIFT IFSC MoU between IFSCA and IIBF The presentation highlighted the evolving Apr 27, 2026 ecosystem at GIFT IFSC, its expanding range of IFSCA HQ financial services, and the opportunities for greater international participation and cross- IFSCA and Indian Institute of Banking & Finance border collaboration through India’s first

(IIBF) signed an MoU to strengthen collaboration international financial centre. in the areas of capacity building, professional development and knowledge exchange in GIFT ICAI Delegation Explores IFSC. The MoU was formally exchanged between Opportunities at GIFT IFSC Dr. Dipesh Shah, ED, IFSCA and Shri Deepak Kumar Lalla, CEO, IIBF.

May 06, 2026 GIFT City, Gandhinagar IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)EVENTS AND OUTREACH ACTIVITIES 29 A delegation from the Institute of Chartered Accountants of India (ICAI) visited GIFT City to explore emerging business and professional opportunities for Chartered Accountants within the GIFT IFSC ecosystem.

Figure 47: DG Shipping roundtable on GIFT IFSC IFSCA Chairperson Shares Insights on the Next Chapter of India’s Financial Globalisation June 03, 2026 Figure 46: IFSCA officials addressing ICAI delegation Mumbai Shri K. Rajaraman, Chairperson, IFSCA, The delegation engaged with IFSCA officials to participated in a fireside chat with Ms. Shereen gain insights into the evolving regulatory and Bhan, Managing Editor, CNBC-TV18 at the IBLA financial services landscape, and the expanding Leadership Collective – GIFT City, hosted by scope for professional services in areas such as CNBC-TV18, on the theme “The Next Chapter of international finance, taxation, compliance, India’s Financial Globalisation”.

accounting, advisory and cross-border transactions.

DG Shipping Holds Session on GIFT City’s Role in Strengthening India’s Maritime Finance Ecosystem May 15, 2026 Mumbai, India The Directorate General of Shipping (DGS) Figure 48: Chairperson, IFSCA during the fireside chat convened a session on GIFT City and its role in at IBLA Summit India’s maritime future, bringing together senior officials from Ministry of Ports, Shipping and The interaction focused on India’s evolving Waterways (MoPSW), DGS, GIFT IFSC and global position in global financial markets and the shipping lines. growing role of GIFT IFSC as a gateway for international capital, financial services and cross- The discussions focused on positioning GIFT City border transactions.

as a globally competitive maritime finance and leasing hub through progressive regulatory IFSCA Chintan Shivir 3.0 reforms, streamlined ship registration and licensing, and efficient financial processes, with Jun 2026 emphasis on attracting international investment, IFSCA HQ repatriating offshore maritime business and strengthening India’s global maritime footprint. As part of Chintan Shivir 3.0: Vision for GIFT@2031, IFSCA initiated conducting a series of stakeholder consultations in June 2026 chaired by IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)30 EVENTS AND OUTREACH ACTIVITIES Shri K. Rajaraman, Chairperson, IFSCA, covering Shri Rajaraman highlighted India’s evolving topics such as corporate bonds, cross-border regulatory framework for factoring, the growing payments, ancillary services, trade finance and role of factoring in facilitating access to finance retail insurance. for businesses, and the opportunities for further market development by adopting global best practices and strengthening international cooperation in the factoring ecosystem.

Anniversary Event of ANZ Bank’s IBU June 16, 2026 GIFT City, Gandhinagar Dr. Dipesh Shah, Executive Director, IFSCA, participated in an event organised by ANZ Bank in Figure 49: Chairperson, IFSCA chairing at Chintan GIFT City, to commemorate the first anniversary Shivir meeting in presence of market participants of ANZ’s IBU in GIFT IFSC.

The discussions with key market participants during the Chintan Shivir focus on identifying regulatory and operational measures to deepen markets, enhance ease of doing business and strengthen GIFT IFSC’s global competitiveness.

IFSCA Chairperson Addresses FCI Annual Meeting on Factoring in India June 08, 2026 Figure 51: Dr. Dipesh Shah, ED, IFSCA during a panel Virtual discussion Shri K. Rajaraman, Chairperson, IFSCA, delivered European Media Delegation Visits GIFT the keynote address via video message at the 58th City and Interacts with IFSCA Annual Meeting of FCI held in Lisbon, Portugal, on Leadership the theme “Factoring in India & Beyond:

Regulatory Evolution, Market Development and Best Practices”. June 30, 2026 GIFT City, Gandhinagar A media delegation from Europe visited GIFT City, as part of a familiarisation visit facilitated by the Ministry of External Affairs (MEA). During the visit, the delegation interacted with Shri K. Rajaraman, Chairperson, IFSCA, and Dr. Dipesh Shah, Executive Director, IFSCA, and gained insights into GIFT City’s development as an international financial centre and the role of IFSCA in promoting and regulating financial services from GIFT IFSC.

Figure 50: Chairperson, IFSCA addressing FCI annual meeting virtually IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)EVENTS AND OUTREACH ACTIVITIES 31 IFSCA Corporate Treasury Conference 2026 April 29, 2026 GIFT City, Gandhinagar IFSCA hosted the Corporate Treasury Conference 2026 at GIFT City, bringing together treasury and finance professionals from corporates, banks, financial institutions and FinTechs across India and abroad to deliberate on the evolving role of corporate treasury and the opportunities offered by GIFT IFSC.

Figure 52: IFSCA addressing European media delegation Banking Highlighting India’s Cross-Border Figure 54: Shri K. Rajaraman, Chairperson, IFSCA Remittance Opportunity @ Money delivering an address at the Treasury Conference 20/20 Asia Receivables Finance International Apr 27 - 29, 2026

(RFIx26) Convention Bangkok, Thailand May 05-06, 2026 Berlin, Germany Figure 53: Shri Supriyo Bhattacharjee, CGM, IFSCA delivering an address during Money 20/20 Asia Shri Supriyo Bhattacharjee, Chief General Manager, IFSCA, delivered a keynote address at Figure 55: A moment from 26th Receivables Finance International Convention Money20/20 Asia 2026, highlighting GIFT IFSC’s potential as a global hub for cross-border An IFSCA delegation led by Ms. Riddhi Bhandari, remittances and payments, supported by its GM, IFSCA participated in the 26th Receivables unified regulatory framework, foreign currency Finance International Convention hosted by BCR operations, tax incentives, and FCSS. Shri Publishing in Berlin. During the convention, the Bhattacharjee also highlighted India’s USD 135 expanding receivables finance for Indian MSMEs billion inward remittance market and the was highlighted and a roundtable on regulatory principle-based IFSCA (Payment Services) reforms supporting trade finance growth in GIFT Regulations, 2024.

IFSC was moderated.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)32 EVENTS AND OUTREACH ACTIVITIES Capital Markets FinTech and Payments Grand Finale of HaRBInger 2025 Session on IFSCA FinTech Sandbox Framework and Opportunities in GIFT Apr 18, 2026 IFSC Bengaluru, India Shri Praveen Kamat, GM & CISO, IFSCA was Apr 17, 2026 invited by RBI to mentor two startups shortlisted IFSCA HQ (Hybrid Mode) for RBI HaRBInger 2025. The hackathon topic was IFSCA, in association with GIFT International "Tokenized KYC".

FinTech Innovation Hub (IFIH), conducted a hybrid session on the IFSCA FinTech Sandbox Framework and the opportunities available for FinTechs in GIFT IFSC. The session focused on creating awareness regarding the IFSCA FinTech ecosystem and Sandbox Framework.

GFIN Annual General Meeting Apr 17-18, 2026 Figure 56: Shri Praveen Kamat, GM at HaRBInger 2025 Virtual SBI-SG Conclave on Capital Markets IFSCA participated, in virtual mode, in the Global Financial Innovation Network (GFIN) Annual May 05, 2026 General Meeting in its capacity as a member of Gift City, Gandhinagar the GFIN Coordination Group (Board). The meeting facilitated discussions on global regulatory collaboration, innovation initiatives, and the future roadmap of GFIN.

Meeting with the Consulate General of Denmark Apr 29, 2026 Virtual Figure 57: Chairperson, IFSCA delivering an address at SBI-SG Conclave on Capital Markets IFSCA conducted a virtual meeting with the Consulate General of Denmark to discuss Shri K. Rajaraman, Chairperson, IFSCA, delivered opportunities for FinTechs in GIFT IFSC and the keynote address at the conclave hosted by SBI explore avenues for future collaboration between SG Global Securities Services Pvt. Ltd. highlighting the respective regulatory authorities and FinTech the evolving Capital Markets ecosystem at GIFT ecosystems.

IFSC, the opportunities emerging for global and domestic market participants, and IFSCA’s efforts Women in Cohort Programme – to strengthen IFSC as a competitive and globally integrated financial centre. Further, Shri Praveen Session on IFSCA FinTech Sandbox Kamat, GM & CISO, moderated a panel discussion Framework comprising the MDs & CEOs of MIIs and Shri Pradeep Ramakrishnan, Executive Director, IFSCA May 14, 2026 on the capital markets ecosystem in GIFT IFSC. GIFT City, Gandhinagar IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)EVENTS AND OUTREACH ACTIVITIES 33 IFSCA delivered a session on the IFSCA FinTech Sandbox Framework and the various sandbox opportunities available for FinTechs as part of the Women in Cohort Programme organised by GIFT International FinTech Innovation Hub (IFIH). The session highlighted the regulatory sandbox pathways and opportunities available within GIFT IFSC for innovators and startups.

Financial Support Services Figure 58: Dr. Praveen Trivedi, ED, IFSCA during the ALB Summit ICSI Masterclass on IFSCA (TechFin Induction Training Programme for the and Ancillary Services) Regulations, Assistant Managers of Batch 2025 2025 (NIA) Apr 07, 2026 Apr – Jul, 2026 IFSCA HQ Pune, Maharashtra As part of the ICSI Master Class Series, IFSCA The Assistant Managers of Batch 2025 underwent delivered an online technical session on the an induction training programme covering key regulatory framework governing the IFSCA (TAS) aspects of insurance, banking, governance, and Regulations, 2025, and the framework for Foreign parliamentary processes through programmes at Universities and Foreign Educational Institutions the National Insurance Academy (NIA), National in GIFT IFSC. The session provided an overview of Institute of Bank Management (NIBM), Indian the regulatory architecture, eligibility criteria, Institute of Corporate Affairs (IICA), and Sansad permissible activities, registration process, and Bhawan, New Delhi.

emerging opportunities under these frameworks, while enhancing awareness among ICSI members and students about the evolving business and professional opportunities in GIFT IFSC.

Others IFSCA Highlights Business Opportunities at ALB Ahmedabad In- Figure 59: AMs of Batch 2025 during a visit to the House Legal Summit Sansad Bhawan, Delhi The batch also undertook an exposure visit and Apr 10, 2026 interactive sessions with various REs at GIFT IFSC, Ahmedabad, India gaining a comprehensive understanding of the Dr. Praveen Trivedi, Executive Director, IFSCA, financial ecosystem, institutional frameworks, participated in the Asian Legal Business’s and operations of entities within the IFSC.

Ahmedabad In-House Legal Summit, 2026. Dr.

Trivedi shared insights on the business Training programme on Noting and opportunities emerging from GIFT IFSC, with the Drafting event attended by leading lawyers and General Counsels from across the industry.

Apr 20 - 23, 2026 IFSCA HQ., GIFT city IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)34 EVENTS AND OUTREACH ACTIVITIES During the training programme, participants comprising batches of IFSCA officials and young professionals were apprised of the concepts and techniques of official noting and drafting, equipping them with the skills to prepare precise, coherent, and effective official communications.

Training programme on Advanced Excel May 19 - 22, 2026 IFSCA HQ, GIFT City During the training programme, participants comprising batches of IFSCA officials and young Figure 60: Moments from International Yoga Day 2026 professionals were apprised of advanced Microsoft Excel tools and techniques through Training programme on High impact practical sessions, enabling them to enhance presentation skill 2.0 their efficiency in data handling, analysis, and reporting. Jun 22-25, 2026 IFSCA HQ, GIFT City Training on “Leveraging Trade Finance The participants were apprised of advanced for Boosting International Trade and presentation and communication strategies the Way Forward to Viksit Bharat” through interactive sessions and practical exercises, enabling them to present ideas with May 25-26, 2026 greater clarity, confidence, and impact.

IFSCA HQ, GIFT City Workshop on Consumer Education and During the training programme, participants Protection for Retail FMEs comprising batches of IFSCA officials and young professionals were apprised of key concepts in Jun 26, 2026 international trade, trade finance, and global IFSCA HQ commerce, equipping them with the knowledge and skills required to navigate the evolving IFSCA organised a workshop on Consumer international trade ecosystem. Education and Protection for Retail FMEs focusing on investor education, transparent disclosures, International Yoga Day 2026 responsible market conduct & effective grievance redressal to strengthen investor confidence in the Jun 21, 2026 Retail FME ecosystem in IFSC.

GIFT City Club, Gandhinagar On International Day of Yoga 2026, IFSCA and GIFT City Co. Ltd. joined the nationwide observance of “Yoga for Healthy Ageing”, promoting the importance of holistic well-being and a balanced lifestyle. The day was a reminder of the value of staying healthy, active and connected for a healthier future.

Figure 61: A moment from the workshop on Consumer Education IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)ARTICLE: SHIP LEASING IN GIFT IFSC 35

ARTICLE: SHIP LEASING IN GIFT IFSC _____________________________________________________________________________________ Ship Leasing, Owning and Financing in GIFT IFSC:

Strengthening India’s Maritime Future Shri Ashutosh Sharma Shri Anamik Badashe CGM, Department of Development Manager, Department of Development sharma.ashutosh@ifsca.gov.in anamik.badashe@ifsca.gov.in India’s relationship with the sea has always been foundational to its economy. Nearly 95 per cent of India’s trade by volume and around 70 per cent by value moves through maritime transport, making shipping indispensable to external trade, industrial supply chains, and energy security.

India’s ports sector has undergone significant transformation over the past decade, with expanded capacity and improved turnaround times now comparing favourably with global benchmarks. Initiatives such as Sagarmala have strengthened port connectivity and reduced logistics costs, while coastal shipping and inland waterways have gained policy support as cost-effective, sustainable alternatives.

India’s strategic location between East and West, combined with its growing trade volumes, expanding manufacturing base, and rising energy demand, positions it naturally to emerge as a major maritime nation.

Yet, alongside these strengths lies significant scope for growth.

As one of the world’s largest trading economies, India has considerable scope to expand its share of global ship ownership, with Indian shipping companies historically relying on foreign leasing markets and international financial centres to acquire and finance vessels. This has meant recurring outflows of foreign exchange, an opportunity that recent policy reforms are now beginning to capture.

The issue is strategic as well as economic. Recent global disruptions, pandemic-induced supply chain breakdowns, freight rate volatility, and geopolitical tensions affecting shipping routes have shown the value of controlling shipping assets and maritime finance, which gives nations greater resilience and economic security.

India’s ambition to become a global manufacturing hub, expand exports, and strengthen energy supply chains requires a corresponding expansion in ship ownership and maritime financial capability.

Next Frontier in Shipping: Maritime Financing India already has the operating capability in shipping sector; the next phase of growth lies in deepening financial and institutional depth in maritime sector.

Ship acquisition is highly capital intensive and typically financed through specialised leasing structures supported by international lenders, export credit agencies, and maritime financial institutions. Global maritime hubs such as Singapore, Hong Kong, London, and Dubai have built specialised ecosystems that combine financial services, tax neutrality, legal certainty, and regulatory efficiency to support ship ownership and leasing.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)36 ARTICLE: SHIP LEASING IN GIFT IFSC India, building on its strong maritime base, has been steadily developing such an integrated maritime financial ecosystem.

Indian financial institutions have traditionally had limited appetite for long-tenor ship financing in foreign currency, while regulatory frameworks across maritime, financial, and foreign exchange domains were still evolving towards greater coordination. Mortgage registration, mortgage enforcement, asset recovery, tax policies, and regulatory regimes are gradually being aligned to meet the expectations of globally mobile maritime capital.

As a result, many Indian shipping companies established ownership and leasing entities in offshore jurisdictions to access competitive financing, even as much of the associated economic value migrated offshore.

Policy Response: Strengthening Maritime Capability Recognising this imbalance, the Government of India has launched a series of initiatives aimed at strengthening maritime capability across the entire value chain.

Maritime India Vision 2030 provides a comprehensive roadmap for the sector, encompassing port modernisation, shipbuilding promotion, shipping expansion, and maritime services, with large-scale infrastructure investment and a focus on increasing Indian ship ownership.

The Shipbuilding Financial Assistance Scheme supports domestic shipyards, infrastructure status has been extended to large vessels to improve access to financing, and legislative reforms such as the Merchant Shipping Act, 2025, and Coastal Shipping Act, 2025, are modernising regulatory frameworks and improving ease of doing business.

These measures address critical operational and regulatory challenges. However, a key gap remained, the absence of a globally competitive maritime finance and leasing ecosystem within India.

This gap is now being addressed through the International Financial Services Centre (IFSC) at GIFT City.

IFSC and IFSCA: Building India’s Maritime Financial Backbone The establishment of the International Financial Services Centre (IFSC) at GIFT City represents one of the most significant structural reforms in India’s financial architecture.

The IFSC is designed to function as an offshore-equivalent financial jurisdiction within India, enabling global financial activities to be conducted under a competitive regulatory and tax framework.

At the centre of this ecosystem is the International Financial Services Centres Authority (IFSCA), established as a unified regulator responsible for banking, capital markets, insurance, asset management, and financial services within IFSC.

IFSCA’s creation marked a fundamental shift in India’s regulatory approach, consolidating financial sector regulation within a single authority to provide the clarity, efficiency, and responsiveness that globally mobile sectors like maritime finance require.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)ARTICLE: SHIP LEASING IN GIFT IFSC 37 Recognising ship leasing as a critical strategic capability, IFSCA introduced a comprehensive regulatory framework enabling ship leasing activities within IFSC.

This framework allows entities established in IFSC to: • Acquire and own vessels on time charter or on ownership basis • Lease vessels to Indian and global shipping companies • Undertake sale-and-leaseback transactions • Access global capital markets and international lenders • Structure maritime financing arrangements comparable to global financial centres, etc.

IFSCA has also created a competitive regulatory and tax environment, including tax incentives, operational flexibility, and streamlined regulatory processes, enabling IFSC-based entities to operate on par with international maritime leasing hubs.

IFSCA has also actively engaged with maritime stakeholders, financial institutions, and government agencies to address regulatory frictions. This consultative approach has helped build confidence among Indian as well as global maritime stakeholders.

Through its regulatory framework, IFSCA is enabling the development of a comprehensive maritime financial ecosystem encompassing ship leasing, ship financing, marine insurance, asset management, and related services.

GIFT IFSC: Scaling as Strong Financial Centre on a Strong Foundation The ship leasing ecosystem at IFSC has witnessed steady growth since its introduction.

Several Indian as well as global MNCs have established ship leasing entities in IFSC, executing leasing and voyage charter transactions across vessel categories including bulk carriers, tankers, containers and specialised vessels. Financial institutions operating within IFSC have begun extending ship financing, reflecting growing confidence in the ecosystem.

Leading Indian and foreign banks (41 IFSC Banking Units), funds (235 Fund Management Entities operating more than 400 schemes), insurance and reinsurance providers (37 IFSC Insurance Offices and 33 insurance intermediary offices), law firms, and advisory services (127 TechFin and ancillary service providers) have also established a presence, contributing to the development of an integrated maritime leasing and financing cluster.

Ship leasing, owning and financing ecosystem is also gaining momentum with globally aligned regulatory regime for ship leasing activities in GIFT IFSC. As of June 30, 2026, 38 IFSC-based entities have collectively leased 42 vessels including Bulk carriers, tankers, gas & LPG carriers, and specialized vessels. Total leasing capacity has crossed 2.9 million DWT. Of these, 23 vessels are Indian-flagged and 19 are foreign-flagged, reflecting IFSC's dual role in promoting onshoring of ship leasing activities and the growth of Indian tonnage.

IBUs have extended funding of around USD 60.1 Mn to ship lessors, and the ecosystem is slated to grow significantly with new units getting operationalised over the coming months.

This progress signals the gradual onshoring of maritime financial activity that was previously conducted offshore.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)38 ARTICLE: SHIP LEASING IN GIFT IFSC GIFT IFSC’s Contribution to India’s Blue Economy The GIFT (Gujarat International Finance Tec-City) IFSC (International Financial Services Centre) is poised to significantly contribute to India’s blue economy.

• Ship leasing from GIFT IFSC, acting as gateway, can attract foreign direct investment (FDI) into the Indian maritime sector. • Liberalized FDI policy allows up to 100% FDI under the automatic route for several segments of the shipping industry, including ship leasing.

• Ship leasing from GIFT IFSC can facilitate the expansion of coastal shipping services by offering cost-effective and flexible leasing options for coastal vessels, supporting Maritime Vision 2030. • Attract investment and financing for Sagarmala-related initiatives by providing innovative financing solutions, such as lease financing and structured finance, to fund vessel acquisitions and port development projects.

• Incentivize Indian shipping companies to bring back operations onshore by offering competitive regulatory and tax environment for ship leasing in GIFT IFSC.

Building Maritime Financing Ecosystem India's maritime strategy has built strong foundations in infrastructure and logistics — the next frontier is extending that strength into owning and financing the vessels that move the cargo.

IFSCA, through its regulatory framework and institutional leadership, provides the missing financial architecture required to support India’s maritime ambitions.

By enabling ship leasing and maritime finance within IFSC, it allows India to retain economic value, attract global capital, and strengthen its maritime ecosystem.

This marks India's transition toward building the domestic maritime financial capability to match the strength it has already built in infrastructure and cargo.

Beyond Ownership: Establishing GIFT IFSC as Chartering Hub Underlining this commitment, the Central Government has given major relief to units established in the IFSC at GIFT City by exempting them from the requirement to obtain a licence for chartering of foreign flagged vessels.

As per the notification issued by the Ministry of Ports, Shipping and Waterways on 7 July 2026, this exemption has been granted under Section 37 of the Coastal Shipping Act, 2025. Under this provision, foreign vessels taken on charter by any entity established in the IFSC of GIFT City will not be required to obtain a licence under Section 11 of the Act.

This decision is expected to boost international ship chartering businesses operating in GIFT City. By simplifying the chartering process for foreign vessels, it will help India’s IFSCs become more competitive in the global maritime financial services sector, further reinforcing the momentum already built by IFSCA’s regulatory framework.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)ARTICLE: SHIP LEASING IN GIFT IFSC 39 Conclusion India stands at a pivotal moment in its maritime evolution. Strong ports, growing trade volumes, and supportive government policy provide a solid foundation. The development of maritime financial capability through GIFT IFSC adds the critical missing pillar.

IFSCA’s role in creating a globally competitive regulatory environment has enabled India to participate meaningfully in maritime finance.

As India expands its role in global trade, the ability to finance and own shipping assets will become increasingly important.

GIFT IFSC, under IFSCA’s stewardship, provides the institutional framework to support this transformation, positioning India not merely as a maritime trading nation, but as a maritime capital power.

Disclaimer: The views expressed are those of the authors and do not necessarily reflect the official position of IFSCA or the Government of India. *** IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)40 DATA AND STATISTICS DATA AND STATISTICS ____________________________________________________________________________________ Licenses/ Registrations/ Authorisations by IFSCA Table 1: Number of Licenses/ Registrations/ Authorisations issued by IFSCA (As on Quarter-End) Segment Category Mar 2026 Jun 2026 IFSC Banking Unit (IBU) 37 41 Banking Global Administrative Office (GAO) 2 2 Payment Service Provider (PSP) 4 7 Payments Payment System Operator (PSO) 1 1 Aircraft Leasing (AL) Entity 35 37 Ship Leasing (SL) Entity 36 38 Global/ Regional Corporate Treasury Centre (GRCTC) 9 10 Finance Company Finance Company – Core (Excluding GRCTCs) 8 8 International Trade Financing Services (ITFS) Platform 4 4 Finance Company – Non-Core (other than AL, SL, ITFS) 1 1 Market Infrastructure Institution (MII) 5 5 Broker Dealer 92 101 Clearing Member 24 28 Depository Participant 10 11 Registered Distributor 23 27 Investment Adviser 6 8 Custodian 7 7 Capital Market Debenture Trustee 4 5 Credit Rating Agency (CRA) 2 2 Investment Banker 7 7 Global Access Provider (GAP) 9 18 Research Entity 1 1 KYC Registration Agency (KRA) 1 1 ESG Ratings and Data Products Provider (ERDPP) 1 1 Fund Management Entity (FME) 217 235 Fund Management AIFs/ Schemes 360 401 Insurance/ Reinsurance Entity (IIO) 36 37 Insurance Insurance Intermediary (IIIO) 34 33 BATF Service Providers 10 12 Financial Support TechFin and Ancillary Service (TAS) Provider 120 127 Service Global In-House Centre (GIC) 4 4 Market Infrastructure Institution (MII) 2 2 Metals and Bullion Intermediary 23 25 Commodities Vault Manager 3 3 FinTech Sandbox Entity (Limited Use Authorisation)20 6 7 Foreign University International Branch Campus (IBC) 3 3 Final Licenses/ Registrations/ Authorisations 1147 1260 In-Principle/ Provisional Approvals across sectors 66 76 Total Licenses/ Registrations/ Authorisations21 1213 1336 20 47 entities have exited the FinTech Sandbox 21 Including in-principle/ provisional approvals IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)DATA AND STATISTICS 41 Banking Table 2: Number of Operational IBUs as on Quarter-End Q2 Q3 Q4 Q1 Particulars 2025-26 2025-26 2025-26 2026-27 No. of Operational IBUs 32 34 35 37

Note: As of June 30, 2026, 41 IBUs were registered in GIFT IFSC, of which 37 were operational.

Table 3: Assets of IBUs As on Month End Apr 2026 May 2026 Jun 2026 Particulars Amount (in USD Mn) Investments 7448.70 7235.49 6644.93 Sovereign securities 3615.17 3369.88 2526.18 Corporate Bonds 3357.29 3403.50 3659.97 Other investments 476.24 462.11 458.78 Trade Finance 13866.20 14750.00 15486.63 Commercial Loans 62505.63 65198.33 65926.47 External Commercial Borrowing (ECB) 41903.49 43526.27 44541.93 Commercial Loans other than ECB 20602.14 21672.06 21384.54 Retail Loans 30.20 34.92 740.55 Other Loans 769.95 721.16 1175.42 Inter-Bank/ Inter-Branch Placements 19841.87 20974.84 24519.75 Others 5863.88 5730.3825 6193.18 Total 110,326.43 114,645.12 120,686.93 Table 4: Liabilities of IBUs As on Month End Apr 2026 May 2026 Jun 2026 Particulars Amount (in USD Mn) Customer Deposits 8887.95 8948.16 9383.49 Inter-Bank/ Inter-Branch Borrowings 79504.92 83398.49 86972.02 Bilateral Borrowings 10911.44 10967.01 10960.25 Multilateral Borrowings 750.70 926.23 1071.06 MTN Borrowings and Other Debt Instruments 1759.50 1729.23 2786.51 Others 8511.92 8675.99 9513.60 Total 110,326.43 114,645.12 120,686.93 Table 5: Status of Stage 3 Assets in IFSC Particulars Value (%) Gross Stage-3 Asset Ratio 0.04% Table 6: Customer Deposits in IBUs As on Month End Apr 2026 May 2026 Jun 2026 Deposits (in USD Mn) Demand Time Demand Time Demand Time Retail Deposits 1394.58 629.39 1441.82 656.68 1409.10 643.48 Corporate Deposits 973.00 5890.97 881.59 5968.08 1164.91 6165.99 Total 2,367.58 6,520.36 2,323.41 6,624.76 2,574.01 6,809.47 Table 7: Resident and Non-Resident (NR) Deposits in IBUs IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)42 DATA AND STATISTICS Accounts held Accounts held by Accounts held by Month Category by Resident Non-Resident Non-Residents Ended (With Amount in USD Mn) Indians Indians (NRIs) (Other Countries) No. of accounts 1012 24029 308 Retail Amount 35.98 1938.49 49.50 Apr 2026 No. of accounts 2931 844 3588 Corporate Amount 1631.73 1049.10 4183.14 No. of accounts 1161 27915 308 Retail Amount 38.60 2010.84 49.06 May 2026 No. of accounts 3019 877 3566 Corporate Amount 1546.59 1112.21 4190.87 No. of accounts 1442 30309 307 Retail Amount 41.31 1963.06 48.21 Jun 2026 No. of accounts 3226 925 3834 Corporate Amount 1797.21 1159.86 4373.83 Table 8: Derivative Outstanding of IBUs (Notional) Amount in USD Mn As on Month End Apr 2026 May 2026 Jun 2026 FCY-INR Derivatives (to be settled in FCY) 39804.32 44720.42 48268.10 FCY-FCY Derivatives (to be settled in FCY) 30871.68 28577.00 32551.37 INR Interest Rate Derivatives (to be settled in FCY) 42326.16 39773.29 36963.81 FCY Interest Rate Derivatives (to be settled in FCY) 77256.01 76389.82 75111.31 Others 1500.82 1485.00 1814.45 Total 191,758.99 190,945.53 194,709.04 Table 9: ODI Outstanding of IBUs by Types of ODI Instruments Amount in USD Mn As on Month End Apr 2026 May 2026 Jun 2026 Government Securities 444.91 441.52 215.63 Corporate Bond 420.02 515.94 457.36 Commercial Paper 27.27 27.23 27.46 Pass Thru Certificate 46.36 33.13 21.56 Total ODI amount 938.56 1,017.8 722.01 Table 10: Industry-Wise Credit Exposure of IBUs As on Month End Apr 2026 May 2026 Jun 2026 Sector Industries Amount Outstanding (in USD Mn) Auto Components 376.07 352.97 339.82 Automobile 558.71 606.10 593.77 Capital Goods 655.23 462.27 447.52 Cement and Cement Products 1092.96 1096.60 1134.26 Manufacturing Electronic Systems 2619.94 2382.93 2430.46 Food Processing 1017.92 1035.11 887.38 Glass and Glassware 47.57 67.74 65.74 Iron & Steel 1653.21 1696.73 1734.63 Laminates/ Plywood/ Boards 16.89 16.35 18.10 Leather and Leather Products 4.01 6.76 8.06 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)DATA AND STATISTICS 43 As on Month End Apr 2026 May 2026 Jun 2026 Sector Industries Amount Outstanding (in USD Mn) Medical and Medical Equipment 146.46 145.78 117.46 Metals 1702.88 2247.71 1708.58 Paper and Packaging 102.31 102.61 102.72 Petrochemicals 5409.08 5591.96 5764.96 Plastic and Plastic Products 136.44 162.29 137.76 Textiles and Apparels 183.21 252.67 257.43 Vehicles, Vehicle Parts, and

421.53 847.37 1684.70 Transport Equipment Banking and Finance 16959.72 16991.4 18296.06 Clearing Corporation 1.44 1.44 1.44 E ducation 56.12 58.63 48.41 Financial Services 1795.01 1779.60 1896.22 Healthcare 507.30 548.84 550.71 IT and Software Industry 676.00 599.38 879.19 Services Logistics 321.76 315.67 431.74 NBFC 20594.18 22033.85 21223.93 Professional Services 76.07 77.04 132.28 Retail and e-commerce 307.45 329.21 396.47 Telecommunication 2428.94 2482.89 2701.43 Tourism & Hospitality 288.06 286.43 287.54 Trade/ Distributor 648.18 673.90 617.07 Construction 1201.18 1200.67 359.54 Mining 1107.62 1270.73 1249.73 Oil and Gas 2972.63 3069.68 3233.29 Infrastructure Ports and Shipping 1020.9 1020.45 830.81 Power Sector 3833.82 3861.89 3576.83 Renewable Energy 2242.38 2622.75 2958.29 Roads and Highways 59.67 54.23 53.21 Agriculture and Forestry 450.60 424.00 482.05 Aviation 891.22 999.81 1022.70 Chemicals 1664.79 1747.26 1703.74 Jewellery 448.65 440.91 457.53 Paints 107.49 107.34 107.91 Pharmaceuticals 1534.75 1493.87 1680.25 Other Sectors 6041.58 6459.16 8578.31 Total 84,381.90 88,025.01 91,190.04 Table 11: Country-Wise Exposure of IBUs Apr 2026 May 2026 Jun 2026 %age of Total %age of Total %age of Total Country Name Country Name Country Name Exposure Exposure Exposure India 75.46% India 75.79% India 75.62% USA 6.79% USA 6.96% USA 6.45% United Kingdom 2.71% Singapore 2.56% United Kingdom 3.03% Singapore 2.58% United Kingdom 2.49% Singapore 2.53% Netherlands 2.23% Netherlands 2.23% UAE 2.32% Mauritius 2.12% Mauritius 2.19% Mauritius 2.15% UAE 2.11% UAE 2.05% Netherlands 2.04% Hong Kong 0.97% Hong Kong 0.91% Hong Kong 0.96% IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)44 DATA AND STATISTICS Apr 2026 May 2026 Jun 2026 %age of Total %age of Total %age of Total Country Name Country Name Country Name Exposure Exposure Exposure Ireland 0.71% Ireland 0.75% Ireland 0.68% Japan 0.43% Japan 0.53% Japan 0.52% Others 3.88% Others 3.54% Others 3.72% Table 12: Quarter-wise Trade Finance Transaction Booked by IBUs Cumulative for the Quarter Q1 Q2 Q3 Q4 Q1 (Amount in USD Bn) 2025-26 2025-26 2025-26 2025-26 2026-27 Trade Finance Transaction Booked 11.28 12.61 13.89 12.90 15.42 Table 13: Cumulative Trade Finance Transaction Booked by IBUs for Financial Year Cumulative for the FY FY FY FY FY Apr-Jun (Amount in USD Bn) 2022-23 2023-24 2024-25 2025-26 2026-27 Trade Finance Transaction Booked 29.55 35.09 46.62 50.67 15.42 Table 14: Month-Wise Trade Finance Turnover for the Quarter Trade Finance Turnover (Amount in USD Mn) Apr 26 May 26 Jun 26 Fund Based Turnover 4,252.51 5,003.25 5,125.55 Working Capital Loans 131.71 345.11 223.01 Term Loans 0.00 0.00 0.00 Bills Purchased & Discounted 510.60 724.81 684.92 Buyers Credit 2592.83 2576.75 2440.15 Suppliers Credit 168.43 98.58 87.02 Reimbursement Authorisation (RA) Financing 411.69 239.59 321.01 Others 437.25 1018.41 1369.43 Non-Fund Based Turnover 144.49 560.78 330.58 Letters of Credit (LCs) 69.83 343.35 65.41 Guarantees 12.26 178.56 116.93 Others 62.40 38.87 148.24 Total Trade Finance Turnover (Fund Based & Non-Fund Based) 4,397.00 5,564.03 5,456.12 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)DATA AND STATISTICS 45 Capital Markets Table 15: Turnover of IFSC Stock Exchanges Traded Value (Amount in USD Mn) Month Apr 2026 May 2026 Jun 2026 Total for the Quarter No. of Traded No. of Traded No. of Traded No. of Traded Particulars Contracts Value Contracts Value Contracts Value Contracts Value Index 2,149,647 103,098.55 2,154,538 102,879.90 2,316,503 110,961.82 6,620,688 316,940.28 Futures Index 24,415 26.33 28,907 18.79 35,551 18.56 88,873 63.68 Options Depository Receipts on 56,321 0.48 59,669 0.50 108,195 0.62 224,185 1.60 US stocks Total 2,230,383 103,125 2,243,114 102,899 2,460,249 110,981 6,933,746 317,006 Table 16: Aggregate Open Interest (OI) of all Derivative Contracts on IFSC Stock Exchanges As on Last Trading Day of the Month Open Interest (No. of contracts) Value (in USD Mn) Apr 2026 259,910 15,353.26 May 2026 346,208 16,419.20 Jun 2026 343,972 16,518.06 Table 17: Quarter-wise Demat Accounts Opened with Depositories in IFSC Particulars Q2 2025-26 Q3 2025-26 Q4 2025-26 Q1 2026-27 No. of Accounts Opened during the Quarter 43 39 24 26 Table 18: Active Demat Accounts with Depositories in IFSC as on Quarter-End Particulars Sep 2025 Dec 2025 Mar 2026 Jun 2026 Total No. of Active Accounts as on Quarter-End 69,254 69,280 69,270 69,302 Table 19: Settlement by Clearing Corporations in IFSC Name of Avg. Daily Settlement22 Highest Settlement Value23 Month Clearing Corporation Value (in USD) for the Month (in USD) Apr 2026 3,759.25 23,651.00 India International May 2026 4,354.43 17,867.00 Clearing Corporation (IFSC) Limited Jun 2026 10,177.19 32,639.00

Derivatives: 361,766 Derivatives: 1,160,643 Apr 2026

Cash: 8,589 Cash: 30,201

NSE IFSC Derivatives: 548,458 Derivatives: 1,988,643 May 2026 Clearing Corporation Limited24 Cash: 6,540 Cash: 16,586

Derivatives: 396,370 Derivatives: 1,388,011 Jun 2026

Cash: 9,553 Cash: 40,223 22 Average Daily Settlement Value = Total Settlement value for the Month / Total number of trading days.

23 Highest Settlement Value for the Month = Highest Pay-in Amount in single settlement in a month.

24 Cash values refer to settlement statistics in Depository Receipts on US Stocks.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)46 DATA AND STATISTICS Table 20: Number of Clients onboarded by Global Access Providers in IFSC Particulars Q1 2026-27 As on Jun 2026 Number of Clients onboarded by GAPs in IFSC 484,842 2,991,442 Table 21: Business Operations conducted by Global Access Providers in IFSC as on Quarter-End Particulars Trading Product Category No. of GAPs Derivatives - Client Trade Other than Derivatives 6 Both 2 Derivatives 3 Proprietary Trade Other than Derivatives - Both 3 Derivatives - Both (Client & Proprietary Trade) Other than Derivatives - Both 4 Total Number of Global Access Providers (GAPs) in IFSC 18 Table 22: Debt Listings at IFSC Exchanges Particulars Q1 Q2 Q3 Q4 Q1 (Amount in USD Bn) 2025-26 2025-26 2025-26 2025-26 2026-27 Debt Listings During the Quarter 0.023 1.47 1.42 2.28 2.20 Cumulative Debt Listings as on Quarter-End 65.13 66.6 68.03 70.31 72.51 Table 23: Listings of Debt Securities at IFSC Exchanges (During Apr – Jun 2026-27) Amount Coupon Rate Tenure S. No. Name of the issuer Listing Date Labels (USD Mn) (in %) (in yrs) 1 Satin Finserv Limited April 09, 2026 - 4 4.5 + 6M-TS 3 2 UGRO Capital Limited April 24, 2026 - 20 4.5 + 6M-TS 3 3 ATSOL Global IFSC Ltd May 20, 2026 - 500 6.117 15 4 Varthana Finance Private Limited May 22, 2026 - 5.87 6 5 5 Satin Creditcare Network Limited June 03, 2026 - 20 3.10 + 6M-TS 3 State Bank of India (acting 6 June 08, 2026 - 200 4.5 4 through its London Branch) 7 IIFL Finance Limited June 11, 2026 Social 500 7.6 3 8 HDFC Bank Limited June 17, 2026 - 200 5.067 5

NSE IX:

June 22, 2026 4.25 + Term 9 Choice Finserv Private Limited - 4 3

INDIA INX: SOFR June 23, 2026 10 HDFC Bank Limited June 25, 2026 - 750 5.067 5 Total Listings of Debt Securities during the Quarter USD 2,203.87 Mn

Note: 6M-TS means 6 Month Term SOFR.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)DATA AND STATISTICS 47 Fund Management Table 24: Number of FMEs and Funds/ Schemes in IFSC Q1 Q2 Q3 Q4 Q1 Particulars 2025-26 2025-26 2025-26 2025-26 2026-27 No. of Fund Management Entities (FMEs)25 177 194 202 217 235 No. of Funds/ Schemes26 272 305 327 360 401 Table 25: Snapshot of Fund Management Activities in IFSC (Non-Retail Schemes)27 Cumulative Data as on Jun 30, 2026 (Amount in USD Mn) Investments Investments Total No. of Commitments Funds Investments into Foreign Type of Schemes into India Investments Schemes Raised Raised Made Jurisdictions

(A) (A+B)28

(B) VC & Angel Schemes 21 313.21 127.37 109.04 69.15 36.35 105.50 Category I & II AIFs 114 20,507.67 13,692.48 12,436.89 10,426.98 925.04 11,352.02 Category III AIFs 228 24,255.51 9,106.53 8,500.03 7,369.14 681.59 8,050.73 Total 363 45,076.39 22,926.38 21,045.96 17,865.27 1,642.98 19,508.25

Note: Category III AIFs include 1 Family Investment Fund.

Table 26: Trends of Fund Management Activity (Non-Retail Schemes) Amount in USD Mn Particulars Q1 Q2 Q3 Q4 Q1 FY 2025–26 FY 2025–26 FY 2025–26 FY 2025–26 FY 2026–27 Cumulative Commitments Raised 22,110.50 26,302.03 32,133.47 39,087.05 45,076.39 Cumulative Funds Raised 10,492.76 12,270.72 17,347.05 19,509.69 22,926.38 Table 27: Snapshot of Fund Management Activities (Retail Schemes) Snapshot of Retail Fund Management Activities as on June 30, 2026 Cumulative Data Activity during the Quarter Data as of Quarter-End No. of (in USD Mn) (in USD Mn) (in USD Mn) Schem Type of Investments es Investments Total Schemes Funds Redempti Funds Redempti Avg. into Foreign Author into India Investments Raised ons Raised ons AUM Jurisdictions ised (A) (A+B)29

(B) Retail 14 99.59 0.27 54.13 0.24 69.13 18.78 68.54 87.32 25 Excluding in-principle approvals 26 Excluding surrendered funds 27 Based on the data reported by FMEs 28 This excludes exposure towards derivative contracts, cash equivalents, etc. In the case of fund of funds schemes, cash maintained and expenses incurred by the underlying fund are also excluded.

29 This excludes exposure towards derivative contracts, cash equivalents, etc. In the case of fund of funds schemes, cash maintained and expenses incurred by the underlying fund are also excluded.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)48 DATA AND STATISTICS Table 28: Portfolio Management Services (PMS) as on Quarter-End Q4 2025-26 Q1 2026-27 Type of Services No. of AUM No. of AUM Investors (in USD Mn) Investors (in USD Mn) Discretionary & Non-Discretionary PMS 239 958.96 270 929.13 Advisory Services 99 432.48 100 2436.29 Total 338 1,391.44 370 3,365.42 Table 29: Investors Data for IFSC Funds as on Quarter-End No. of Investors for IFSC Funds Type of Scheme Q2 2025-26 Q3 2025-26 Q4 2025-26 Q1 2026-27 Category I AIFs (incl. VC & Angel Schemes) 646 722 772 853 Category II AIFs 1273 1503 1611 1655 Category III AIFs 2559 3257 3773 5175 Retail Schemes 255 1239 3438 8467 Total 4733 6721 9594 16150 Table 30: Total Indian Diaspora-Linked Fund Investments in IFSC as on Quarter-End Q2 Q3 Q4 Q1 Particulars (Amount in USD Mn) FY 2025–26 FY 2025–26 FY 2025–26 FY 2026–27 Indian Diaspora-Linked Fund Investments 536.20 630.10 747.30 851.09 Metals and Commodities Table 31: Participants on IIBX as on Quarter-End Participants Sep 2025 Dec 2025 Mar 2026 Jun 2026 Qualified Jewellers 185 197 214 236 Clients 133 145 161 183 Special Category Clients 52 52 53 53 Qualified Suppliers 40 45 45 47 Clients 36 41 41 43 Special Category Clients 2 2 2 2 QS IFSC 2 2 2 2 Valid India UAE CEPA TRQ Holders30 0 0 337 360 Total 225 242 596 643 Table 32: Regulated Entities/ Intermediaries on IIBX as on Quarter-End Regulated Entities (REs) on IIBX Sep 2025 Dec 2025 Mar 2026 Jun 2026 Trading Members 7 6 6 6 Trading Cum Self Clearing Members 3 3 3 3 Trading Cum Clearing Members 9 12 12 14 Professional Clearing Members 2 2 2 2 Vault Managers 3 3 3 3 Total 24 26 26 28 30 Since DGFT didn’t allocate TRQ for FY 2025–26 until Dec 31, 2025, no entity was notified as ‘Valid India UAE CEPA TRQ Holders’ by IFSCA during FY 2025–26 up to Dec 2025.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)DATA AND STATISTICS 49 Table 33: SPOT Segment of IIBX During Q3 2025-26 During Q4 2025-26 During Q1 2026-27 Traded Traded Traded Traded Traded Traded Product Value Volume Value Volume Value Volume (USD Mn) (in kg) (USD Mn) (in kg) (USD Mn) (in kg) LBMA 1 kg Gold 995 0.00 0.00 0.00 0.00 0.00 0.00 LBMA 100 gm Gold 999 0.00 0.00 0.00 0.00 0.00 0.00 UAE GD 1 kg Gold 995 36.30 275.00 48.01 299.00 521.56 3521.00 UAE GD 100 gm Gold 999 3.73 29.60 0.81 5.00 270.48 1804.90 UAEGD TRQ 1 kg Gold 995 0.00 0.00 13.59 88.00 69.66 472.00 UAEGD TRQ 100 gm Gold 999 0.00 0.00 22.96 147.00 199.94 1370.20 Total (Gold) 40.03 304.60 85.37 539.00 1,061.64 7,168.10 UAEGD CEPA Silver Grains 0.00 0.00 0.00 0.00 0.00 0.00 UAEGD Silver Grains 0.00 0.00 0.00 0.00 0.00 0.00 Silver Grains 0.00 0.00 0.00 0.00 0.00 0.00 UAEGD Silver Bar 0.00 0.00 0.00 0.00 0.00 0.00 Silver Bar 0.00 0.00 0.00 0.00 0.00 0.00 Total (Silver) 0.00 0.00 0.00 0.00 0.00 0.00 Table 34: Futures Segment of IIBX During Q3 2025-26 During Q4 2025-26 During Q1 2026-27 Traded Traded Traded Traded Traded Traded Product Type Volume Value Volume Value Volume Value (in kg) (in USD Mn) (in kg) (in USD Mn) (in kg) (in USD Mn) GOLD1KGFUTMAR26 0.00 0.00 42.00 6.54 0.00 0.00 GOLD1KGFUTAUG25 0.00 0.00 0.00 0.00 0.00 0.00 GOLD1KGFUTOCT25 0.00 0.00 0.00 0.00 0.00 0.00 Total (GOLD Futures) 0.00 0.00 42.00 6.54 0.00 0.00 SILVER30KGFUTSEP25 0.00 0.00 0.00 0.00 0.00 0.00 SILVER30KGFUTOCT25 0.00 0.00 0.00 0.00 0.00 0.00 Total (SILVER Futures) 0.00 0.00 0.00 0.00 0.00 0.00 Table 35: OTC Transactions (Forwards) in IFSC During Q4 2025-26 During Q1 2026-27 Commodity Type Traded Volume Traded Value Traded Volume Traded Value (in kg) (in USD Mn) (in kg) (in USD Mn) Gold 32017.08 5,063.51 40484.51 5,934.63 Silver 26847.45 74.65 126974.22 283.36 Table 36: OTC Transactions (Options) in IFSC Monthly Figures – Volume in Kg During Q1 2026-27 Commodity Type Apr 2026 May 2026 Jun 2026 Volume in Kg Gold 0 0 600 600 Silver 0 0 0 0 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)50 DATA AND STATISTICS Table 37: OTC Transactions (Swap) in IFSC Monthly Figures – Volume in Kg During Q1 2026-27 Commodity Type Apr 2026 May 2026 Jun 2026 Volume in Kg Gold 436.23 1062.78 551.55 2050.56 Silver 0 0 0 0 Sustainable Finance Table 38: ESG labelled Debt Listings at IFSC Exchanges Q1 Q2 Q3 Q4 Q1 Particulars 2025-26 2025-26 2025-26 2025-26 2026-27 ESG Debt Listings during the Quarter (in USD Mn) 8.21 300.00 450.00 616.36 500.00 Cumulative ESG Labelled debt listings (in USD Bn) 15.43 15.73 16.19 16.81 17.31 Table 39: Listings of ESG labelled Debt Securities at IFSC Exchanges for the Quarter S. No. Name of the issuer Listing Date Labels Amount (in USD Mn) 1 IIFL Finance Limited June 11, 2026 Social 500.00 Total 500.00 Table 40: Overall Sustainable Financing by IBUs (During the latest Half-year) During H2 (Oct–Mar) of FY 2025–26 Medium / Short Term Loans (in USD Mn) Cumulative Classification Long Term in FY 25-26 Working Capital/ Loans Trade Finance Others (in USD Mn) Supply Chain Finance (in USD Mn) Green 1102.55 586.14 5.65 0 2924.26 Social 974.69 342.32 20.9 0 2221.63 Sustainable 125.36 59.7 0 0 448.95 Sustainability Linked 141.31 0 0 0 188.17 Others 164.12 0 0 0 467.53 Total 2,508.03 988.16 26.55 0 6,250.55

Note: The FY 2025–26 cumulative sustainable financing figure incorporates reclassification adjustments by an IBU, including addition of USD 3.81 Mn and exclusion of USD 36.27 Mn, resulting in a net difference of USD 32.46 Mn from the aggregate of half-yearly figures reported in previous bulletins.

Table 41: Sector-wise Classification of Sustainable Financing by IBUs (During the latest Half-year) During H2 (Oct–Mar) of FY 2025–26 Sector (List is Indicative) Amount (in USD Mn) No. of transactions Renewable Energy 1490.36 509 Energy Efficiency 372.49 36 Pollution Prevention and Control 21.8 61 Sustainable Water and Wastewater Management 1.3 19 Clean Transportation 42.36 30 Climate Change Adaptation 0 0 Green Buildings 4.29 1 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)DATA AND STATISTICS 51 During H2 (Oct–Mar) of FY 2025–26 Sector (List is Indicative) Amount (in USD Mn) No. of transactions Affordable Basic Infrastructure 0 0 Affordable Housing 159.92 4 Food Security and Sustainable Food Systems 60.06 63 Social Project as per Framework 530.75 5 Sustainable Project as per Framework 13.84 13 Health Care 46.22 114 Social Education 0 0 Social Loan 70 1 MSME 195.24 1543 Others 514.1 1201 Total 3,522.73 3,600 Table 42: Snapshot of ESG Funds in IFSC Snapshot of ESG Schemes as on June 30, 2026 No. of Cumulative Data (in USD Mn) ESG Schemes Commitments Raised Funds Raised Investments Made 3 85.75 32.36 18.04

Note: "Investments Made" does not include deployment in cash equivalents.

Insurance Table 43: Number of IIOs and IIIOs as on Quarter-End S. No. Particulars Mar 2026 Jun 2026 IFSC Insurance Offices (IIOs) 36 37 Life Insurance Company 08 08 1 General Insurance Company 04 04 Health Insurance Company 02 02 Reinsurance Company 22 23 IFSC Insurance Intermediary Offices (IIIOs) 34 33 Insurance Broker 28 26 2 Corporate Agent 05 06 Surveyor and Loss Assessor 01 01 Third Party Administrator 00 00 Total 70 70

Note: During the quarter, the CoRs of two insurance brokers were cancelled/surrendered, while one new Corporate Agent and one new Reinsurance Company were registered.

Table 44: Written/ Transacted Premium by IIOs and IIIOs31 Written/ Transacted Premium (in USD Mn) Particulars FY Q1 Q2 Q3 Q4 Q1 2025–26 2025–26 2025–26 2025–26 2025–26 2026–27 IFSC Insurance Offices (IIOs) 648.68 42.75 246.24 157.38 202.3 419.164 Intermediary Offices (IIIOs) 481.36 103.5 111.25 134.9 131.71 127.781 31 Unaudited data IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)52 DATA AND STATISTICS Table 45: Direct Insurance Business (Life and General)32 Gross Written Premium (in USD Mn) Class of Business Q1 Q2 Q3 Q4 Q1 FY 2025-26 2025-26 2025-26 2025-26 2025-26 2026-27 Engineering 0.213 0.213 0 0 0 0.000 Fire 2.185 1.322 0 0.863 0 0.861 Health + PA 17.021 2.327 6.418 3.966 4.31 4.514 Trade Credit 1.037 0.113 0.176 0.456 0.292 0.032 Marine Cargo 0.037 0 0.004 -0.01 0.043 0.000 Marine Hull 0 0 0 0 0 0.000 Life 19.434 1.574 3.458 3.772 10.63 13.254 Aviation 0.78 0 0.48 0.2 0.1 0.207 Other Misc. 0.008 0.007 0 0.001 0 0.000 Total 40.716 5.556 10.536 9.248 15.375 18.868 Table 46: Reinsurance Business33 Gross Written Premium (in USD Mn) Class of Business FY Q1 Q2 Q3 Q4 Q1 2025–26 2025–26 2025–26 2025–26 2025–26 2026–27 Engineering 14.457 1.06 5.021 3.02 5.356 14.943 Fire 163.444 5.96 71.572 39.404 46.508 115.964 Health + PA 293.449 13.69 77.82 81.418 120.521 75.903 Liability 7.068 -0.162 4.18 2.117 0.933 3.574 M Cargo 5.823 0.878 1.525 1.292 2.128 5.270 M Hull 4.061 0.684 0.752 0.821 1.804 3.990 Motor 56.165 12.86 22.24 7.496 13.569 9.620 WC/EL 0.023 0.003 0.01 0.01 0 1.666 Aviation 1.603 0.02 0.221 0.685 0.677 0.000 Trade Credit 1.9 0 1.2 0.5 0.2 42.551 Crop 36 0 40.4 7.1 -11.5 1.822 Life 10.7 0 8.7 1.2 0.8 96.662 Other Misc. 13.272 2.206 2.067 3.068 5.932 28.331 Total 607.96 37.199 235.708 148.131 186.928 400.296 Table 47: Claims Data (Retail/ Reinsurance)34 Q4 FY 2025–26 Q1 FY 2026–27 Particulars Claim Amount Claim Amount No. of Claims No. of Claims (in USD Mn) (in USD Mn) Claims pending at the beginning 57,489 122.71 50,271 173.94 New Claims registered 87,505 117.74 50,639 72.99 Claims settled 89,621 66.19 48,302 51.14 Claims rejected 5,102 0.31 1,431 0.11 Claims outstanding at the end 50,271 173.94 51,177 195.67 32 Ibid 33 Unaudited data 34 Unaudited data. No. of Claims and Claim amount includes for retail insurance business and reinsurance recoveries.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)DATA AND STATISTICS 53 Finance Company Table 48: Finance Companies/ Finance Units in IFSC As on Jun 30, 2026 Registrations Final S. No. Business Segment/ Category (incl. in-principle/ Registrations provisional) 1 Aircraft Leasing (AL) Entity 37 44 2 Ship Leasing (SL) Entity 38 45 3 Global/ Regional Corporate Treasury Centre (GRCTC) 10 15 4 Finance Company – Core (Excluding GRCTCs) 8 11 5 International Trade Financing Services (ITFS) Platform 4 4 6 Finance Company – Non-Core (other than AL, SL, ITFS) 1 2 Total 98 121 Table 49: Assets Leased by Aircraft/ Ship Leasing Entities in IFSC as on Quarter-End Type of Asset Sep 2025 Dec 2025 Mar 2026 Jun 2026 Aviation Assets Leased Aircraft 134 196 203 237 Engines 84 89 84 87 Aircraft Auxiliary Power Units (APU) 85 85 85 85 Aviation Training Simulation Device (ATD) 0 0 1 1 Landing Gear 0 0 0 2 Total Aviation Assets Leased as on Quarter-End 303 370 373 412 Ship Assets Leased Indian Flagged Ships 15 18 21 23 Foreign Flagged Ships 13 16 16 19 Total Ships Leased as on Quarter-End 28 34 37 42 Table 50: Total Financing Received from IBUs by Leasing Entities of IFSC (in USD Mn) Particulars As on Sep 2025 As on Dec 2025 As on Mar 2026 As on Jun 2026 Aircraft Leasing Entities 257.17 614.85 614.85 664.77 Ship Leasing Entities 71.10 71.10 60.10 60.10 Table 51: Transactions Financed by ITFS Platforms as on Quarter-End Particulars June 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Number of Transactions 1617 1849 2106 2487 2857 Value of Transactions (in USD Mn) 63.26 73.91 87.37 105.75 126.92 Table 52: Business Details of Treasury Centres (GRCTCs) As on As on As on As on Mar As on Jun Particulars Jun 2025 Sep 2025 Dec 2025 2026 2026 Loans & Advances (in USD Mn) 2725.54 3122.50 4028.29 5609.12 6540.61 Total Investments (in USD Mn) 78.31 233.09 234.45 234.4 495.77 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)54 DATA AND STATISTICS Table 53: Business Details of Core Finance Companies (e.g. Lending, Export Financing) As on As on As on As on As on Particulars Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Loans & Advances (in USD Mn) 11.26 18.46 33.72 64.77* 73.42 Total Investments (in USD Mn) 0.00 15.58 80.97 58.9 63.35 * Data corrected/ revised from previous publication(s).

FinTech, Payments & Financial Support Services (FSS) Table 54: FinTech (Sandbox) Ecosystem in IFSC as on Quarter-End S. No. Particulars Sep 2025 Dec 2025 Mar 2026 Jun 2026 Number of Sandbox Entities 08 07 06 07 1 Innovation Sandbox 05 05 05 05 Regulatory Sandbox 03 02 01 02 2 Number of Entities exited from Sandbox 42 43 46 47 Total Count 50 50 52 54 Table 55: Number of Operational Payment Service Providers (PSPs) Particulars (As on Quarter-End) Sep 2025 Dec 2025 Mar 2026 Jun 2026 No. of Operational PSPs 03 03 03 03 Table 56: Payment Accounts and Transaction Value Q1 Q2 Q3 Q4 Q1 Particulars 2025–26 2025–26 2025–26 2025–26 2026–27 Number of Accounts Payment Accounts Opened during the Quarter 4 98 627 1604 1147 Active Payment Accounts as on Quarter-End 10 108 731 2330 3458 Transaction Value (in USD Mn) Transaction Value during the Quarter 0.11 2.33 8.43 36.26 110.99 Cumulative Transaction Value as on Quarter-End 0.11* 2.44* 10.87* 47.14 158.12 * Data corrected/ revised from previous publication(s).

Table 57: Month-wise Payment Account Issuances in IFSC Apr 2026 May 2026 Jun 2026 No. of Payment Accounts Storing Not Storing Storing Not Storing Storing Not Storing e-Money e-Money e-Money e-Money e-Money e-Money As at the beginning of the 2011 319 2536 396 2745 469 reporting period Issued/ opened during the 532 77 221 73 207 37 reporting period Closed during the reporting 7 0 12 0 0 0 period As at the end of the reporting 2536 396 2745 469 2952 506 period IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)DATA AND STATISTICS 55 Table 58: Quarter-wise Number of Transactions in Payment Accounts Quarter USD AED GBP EUR Total (For Quarter) Q1 2025-26 20 2 0 0 22 Q2 2025-26 613 0 0 0 613 Q3 2025-26 3702 185 0 0 3887 Q4 2025-26 15150 766 2 4 15922 Q1 2026-27 52571 912 0 0 53483 Table 59: Quarter-wise Number of Cross-Border & Intra-IFSC Money Transfer Transactions Outward Inward Other Quarter Intra-IFSC Total Cross-Border Cross-Border Cross-Border Q1 2025-26 7 5 2 2 16 Q2 2025-26 4 514 0 94 612 Q3 2025-26 209 2991 192 492 3884 Q4 2025-26 571* 13077* 775* 1348 15771* Q1 2026-27 2448 46270 913 3534 53165 * Data corrected/ revised from previous publication(s).

Table 60: Value of Cross-Border & Intra-IFSC Money Transfer Transactions (Amount in USD Mn) Outward Inward Other Quarter Intra-IFSC Total Cross-Border Cross-Border Cross-Border Q1 2026-27 2.80 54.94 3.48 47.14 108.36 Table 61: Number of Merchant Acquisition Service Transactions Quarter-wise Particulars USD AED GBP EUR Total Q1 2025-26 18 2 0 0 20 Q2 2025-26 538 0 0 0 538 Q3 2025-26 3050 185 0 0 3235 Q4 2025-26 13226 766 2 4 13998 Q1 2026-27 48234 912 0 0 49146 Table 62: Value of Merchant Acquisition Service Transactions (Amount in USD Mn) Particulars USD AED GBP EUR Total Cumulative Figures 106.58 6.21 0.00 0.00 112.79 For Q1 2026-27 79.20 3.48 0.00 0.00 82.68

Note: EUR and GBP transactions are reported as 0.00, although there were transactions at a nascent scale.

Table 63: FCSS Transactions in IFSC Months Number of transactions Amount (in USD Mn) Q3 2025-26 36 0.63 Q4 2025-26 43 6.60 Q1 2026-27 123 22.87 Cumulative Figures as on Quarter-End 202 30.10 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)56 DATA AND STATISTICS Table 64: Number of Entities for Financial Support Services (including GICs) As of 30 June, 2026 Authorisations S. No. Business Segment/ Category Final Authorisations (incl. in-principle/ provisional) 1 BATF Service Providers 12 14 2 TechFin and Ancillary Service Providers 127 139 3 Global In-House Centres (GIC) 4 4 Total 143 157 Office of Administrator (IFSCA) Table 65: Approvals by SEZ UAC (prior to issue of IFSCA Registrations/ Authorisations) During Cumulative Figures as on Quarter-End Particulars Q1 Sep 2025 Dec 2025 Mar 2026 Jun 2026 2026–27 Unit Approval Committee (UAC) Meetings 13 71 84 97 110 New Unit Applications considered 99 543 636 747 846 New Unit Applications approved 98 540 633 742 840 LOA issued 93 540 633 742 835

Note: The difference between the number of applications considered and LOAs issued, if any, is attributable to units whose applications were either withdrawn, deferred, or deferred and subsequently approved in the following UAC meetings.

Table 66: Types of Requests and Approvals Type of Request During Q4 2025-26 During Q1 2026-27 Physical BLUT 148 120 LOA Extension 77 74 Commencement 81 89 Exit 16 09 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)ABBREVIATIONS 57 ABBREVIATIONS ____________________________________________________________________________ Abbreviation Full Form ADB Asian Development Bank AED United Arab Emirates (UAE) dirham AI Artificial Intelligence AIF Alternative Investment Fund AJNIFM Arun Jaitley National Institute of Financial Management AML Anti-Money Laundering APU Auxiliary Power Unit ASSOCHAM Associated Chambers of Commerce and Industry of India AUM Assets Under Management Authority International Financial Services Centres Authority BATF Book-keeping, Accounting, Taxation and Financial Crime Compliance Services BFSI Banking, Financial Services, and Insurance BLUT Bond-Cum-Legal Undertaking Bn Billion BOT Build-Operate-Transfer CAD Current Account Deficit CCIL Clearing Corporation of India Ltd.

CEPA Comprehensive Economic Partnership Agreement CFT Combating the Financing of Terrorism CGM Chief General Manager CISO Chief Information Security Officer CKYCR Central KYC Records Registry CMI Capital Market Intermediary COB Conduct of Business CoR Certificate of Registration CPI Consumer Price Index DEA Department of Economic Affairs DGFT Directorate General of Foreign Trade DGM Deputy General Manager DIFC Dubai International Financial Centre DPDP Digital Personal Data Protection (Act) DRs Depository Receipts DTC Depository Trust Company DWT Deadweight Tonnage ECB External Commercial Borrowing ED Executive Director EFTA European Free Trade Association EoDB Ease of Doing Business EPA Economic Policy and Analysis EPM Export Promotion Mission ERDPP ESG Ratings and Data Products Provider ESG Environmental, Social and Governance ETF Exchange-Traded Fund ETP Electronic Trading Platform EUR Euro FATF Financial Action Task Force FC/FU Finance Company/ Finance Unit FCNR Foreign Currency Non-Resident (account) FCSS Foreign Currency Settlement System IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)58 ABBREVIATIONS FCY Foreign Currency FDI Foreign Direct Investment FEMA Foreign Exchange Management Act FIU Financial Intelligence Unit FME Fund Management Entity FPI Foreign Portfolio Investment FSC Financial Supervisory Commission (Taiwan) FSS Financial Support Services FX Foreign Exchange FY Financial Year GAO Global Administrative Office GBP Pound Sterling GCC Global Capability Centre GDP Gross Domestic Product GFIN Global Financial Innovation Network GIC Global In-house Centre GIFT Gujarat International Finance Tec-City GM General Manager GRCTC Global/ Regional Corporate Treasury Centre GST Goods and Services Tax GWP Gross Written Premium H1 First half of the year IAIS International Association of Insurance Supervisors IBC International Branch Campus IBU IFSC Banking Unit ICAI Institute of Chartered Accountants of India ICC International Chamber of Commerce ICSD International Central Securities Depository ICSI Institute of Company Secretaries of India IFSC International Financial Services Centre IFSCA International Financial Services Centres Authority IIBX India International Bullion Exchange IICA Indian Institute of Corporate Affairs IIIO IFSC Insurance Intermediary Office IIO IFSC Insurance Office IIT Indian Institute of Technology IMF International Monetary Fund IMPS Immediate Payment Service India INX India International Exchange (IFSC) Limited INR Indian Rupee IOSCO International Organization of Securities Commissions IPO Initial Public Offering IRDAI Insurance Regulatory and Development Authority of India ISIN International Securities Identification Number IT Information Technology ITFS International Trade Financing Services KMP Key Managerial Personnel KRA KYC Registration Agency KYC Know Your Customer LFPR Labour Force Participation Rate LOA Letters of Approval LRS Liberalised Remittance Scheme MFSA Malta Financial Services Authority IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)ABBREVIATIONS 59 MII Market Infrastructure Institution Mn Million MNC Multinational Corporation MNRE Ministry of New and Renewable Energy MoU Memorandum of Understanding MPC Monetary Policy Committee (RBI) MPR Monthly Performance Report MSME Micro, Small, and Medium Enterprises MTN Medium-Term Note NBFC Non-Banking Financial Company NEFT National Electronic Funds Transfer NISM National Institute of Securities Markets (SEBI) NPA Non-Performing Asset NPCI National Payments Corporation of India NRE Non-Resident External (account) NRI Non-Resident Indian NSE IFSC NSE IFSC Limited NSO National Statistics Office OCI Overseas Citizen of India ODI Offshore Derivative Instrument OECD Organisation for Economic Co-operation and Development OTC Over-the-Counter PFRDA Pension Fund Regulatory and Development Authority PIB Press Information Bureau PID Public Interest Director PIO Person of Indian Origin PLFS Periodic Labour Force Survey PMI Purchasing Managers’ Index PMLA Prevention of Money Laundering Act PMS Portfolio Management Services PRID Press Release ID PSO Payment System Operator PSP Payment Service Provider PSS Payment and Settlement System Q1 First Quarter QIP Qualified Institutional Placement QJ Qualified Jeweller QS Qualified Supplier RBI Reserve Bank of India RE Regulated Entity RRU Rashtriya Raksha University RTC Regional Treasury Centre SAC Services Accounting Code SEBI Securities and Exchange Board of India SERF Service Exports Reporting Form SEZ Special Economic Zone SNRR Special Non-Resident Rupee SOFR Secured Overnight Financing Rate SPV Special Purpose Vehicle SWIFT Society for Worldwide Interbank Financial Telecommunication TAS TechFin and Ancillary Services TCSP Trust and Company Service Provider Tn Trillion IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)60 ABBREVIATIONS TRQ Tariff Rate Quota UAC Unit Approval Committee UAE United Arab Emirates UK United Kingdom UPI Unified Payments Interface USA United States of America USD United States Dollar VC Venture Capital WEF World Economic Forum WTO World Trade Organization

Note: This list includes certain abbreviations that have featured in the Bulletin over the preceding quarters and are retained here for continuity and ease of reference; accordingly, some entries may not be referenced within the present edition.

IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)FIGURES AND IMAGES 61 FIGURES AND IMAGES ____________________________________________________________________________ Figure 1: Growth of IFSCA Registrations/ Authorisations (including in-principle/ provisional approvals) .......... 6 Figure 2: IBUs - Assets over Time with Outstanding Customer Credit and ECB Exposure ................................. 6 Figure 3: IBUs - Trade Finance, Investment in Securities and Inter-Branch/ Inter-Bank Placements .................. 6 Figure 4: Deposits Growth in IBUs ............................................................................................................. 7 Figure 5: Country-wise Exposure of IBUs .................................................................................................... 7 Figure 6: Sector-wise Credit Exposure of IBUs as of Quarter-End .................................................................. 7 Figure 7: Derivatives Outstanding of IBUs .................................................................................................. 7 Figure 8: ODI Outstanding of IBUs ............................................................................................................ 8 Figure 9: Trade Finance Transactions Booked by IBUs ................................................................................. 8 Figure 10: IFSC Stock Exchanges - Traded Value ......................................................................................... 8 Figure 11: IFSC Stock Exchanges – No. of Contracts .................................................................................... 8 Figure 12: Demat Accounts in IFSC ............................................................................................................ 9 Figure 13: Cumulative Debt Listings at IFSC ............................................................................................... 9 Figure 14: Growth of FMEs and Schemes in IFSC ........................................................................................ 9 Figure 15: Trends of Fund Management Activity .......................................................................................... 9 Figure 16: No. of investors by Type of Scheme ........................................................................................... 10 Figure 17: Diaspora-Linked Fund Investments in IFSC ............................................................................... 10 Figure 18: Growth of Insurance Entities in IFSC ........................................................................................ 10 Figure 19: Quarter-wise Written/ Transacted Premium by IIOs and IIIOs ..................................................... 10 Figure 20: Direct Insurance and Reinsurance Business ............................................................................... 11 Figure 21: Growth of Aviation Assets Leased from IFSC ............................................................................. 11 Figure 22: Assets Leased by Ship Leasing Entities ...................................................................................... 11 Figure 23: Financing Received from IBUs by Leasing Entities in IFSC ......................................................... 11 Figure 24: Transactions facilitated through ITFS platforms ......................................................................... 12 Figure 25: GRCTCs - Loans & Advances, and Investments .......................................................................... 12 Figure 26: Core Finance Companies - Loans & Advances, and Investments ................................................... 12 Figure 27: Growth of Financial Support Service Entities in GIFT IFSC ........................................................ 13 Figure 28: Participants on IIBX ................................................................................................................ 13 Figure 29: Payment Accounts opened during the quarter ............................................................................. 13 Figure 30: No. of Transactions in Payment Accounts .................................................................................. 13 Figure 31: Value of Transactions in Payment Accounts ............................................................................... 14 Figure 32: New Unit Applications approved during the quarter .................................................................... 14 Figure 33: Hon’ble Union Finance Minister Smt. Nirmala Sitharaman, chairing a review meeting on GIFT IFSC ............................................................................................................................................................. 25 Figure 34: Hon’ble CM of Gujarat and Hon’ble Union Minister of Civil Aviation at IALFS 2.0 ....................... 25 Figure 35: MoU exchange between IFSCA and FICCI ................................................................................ 25 Figure 36: Secretary, Department of Commerce interacting with IFSCA officials ........................................... 26 Figure 37: IFSCA officials with the delegation members from Stony Brook University .................................... 26 Figure 38: Dr. Dipesh Shah, ED, IFSCA virtually addressing INDIA FIX Conference 2026 ............................. 26 Figure 39: Millennium Mams’ delegation with Dr. Dipesh Shah, ED, IFSCA during their visit to IFSCA HQ .... 27 Figure 40: Chairperson, IFSCA with TheCityUK delegation at IFSCA HQ .................................................... 27 Figure 41: Secretary, MSME and IFSCA officials with market participants ................................................... 27 Figure 42: Dr. Dipesh Shah, ED, IFSCA during the Opening Keynote Panel Discussion at Money20/20 Asia .... 27 Figure 43: IFSCA officials met Under Secretary for Financial Services & Treasury, Hong Kong SAR .............. 28 Figure 44: Chairperson, IFSCA with IIBF officials ..................................................................................... 28 Figure 45: Chairperson, IFSCA giving overview about GIFT IFSC............................................................... 28 Figure 46: IFSCA officials addressing ICAI delegation ............................................................................... 29 Figure 47: DG Shipping roundtable on GIFT IFSC ..................................................................................... 29 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)62 FIGURES AND IMAGES Figure 48: Chairperson, IFSCA during the fireside chat at IBLA Summit ...................................................... 29 Figure 49: Chairperson, IFSCA chairing at Chintan Shivir meeting in presence of market participants ............ 30 Figure 50: Chairperson, IFSCA addressing FCI annual meeting virtually ..................................................... 30 Figure 51: Dr. Dipesh Shah, ED, IFSCA during a panel discussion .............................................................. 30 Figure 52: IFSCA addressing European media delegation ........................................................................... 31 Figure 53: Shri Supriyo Bhattacharjee, CGM, IFSCA delivering an address during Money 20/20 Asia ............. 31 Figure 54: Shri K. Rajaraman, Chairperson, IFSCA delivering an address at the Treasury Conference ............ 31 Figure 55: A moment from 26th Receivables Finance International Convention .............................................. 31 Figure 56: Shri Praveen Kamat, GM at HaRBInger 2025 ............................................................................ 32 Figure 57: Chairperson, IFSCA delivering an address at SBI-SG Conclave on Capital Markets ....................... 32 Figure 58: Dr. Praveen Trivedi, ED, IFSCA during the ALB Summit............................................................. 33 Figure 59: AMs of Batch 2025 during a visit to the Sansad Bhawan, Delhi .................................................... 33 Figure 60: Moments from International Yoga Day 2026 .............................................................................. 34 Figure 61: A moment from the workshop on Consumer Education ................................................................ 34 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)LIST OF TABLES 63 LIST OF TABLES ____________________________________________________________________________ Table 1: Number of Licenses/ Registrations/ Authorisations issued by IFSCA (As on Quarter-End) ..................... 40 Table 2: Number of Operational IBUs as on Quarter-End ...................................................................................... 41 Table 3: Assets of IBUs ............................................................................................................................................ 41 Table 4: Liabilities of IBUs ...................................................................................................................................... 41 Table 5: Status of Stage 3 Assets in IFSC................................................................................................................. 41 Table 6: Customer Deposits in IBUs ........................................................................................................................ 41 Table 7: Resident and Non-Resident (NR) Deposits in IBUs ................................................................................... 41 Table 8: Derivative Outstanding of IBUs (Notional) ............................................................................................... 42 Table 9: ODI Outstanding of IBUs by Types of ODI Instruments ............................................................................ 42 Table 10: Industry-Wise Credit Exposure of IBUs ................................................................................................... 42 Table 11: Country-Wise Exposure of IBUs .............................................................................................................. 43 Table 12: Quarter-wise Trade Finance Transaction Booked by IBUs ..................................................................... 44 Table 13: Cumulative Trade Finance Transaction Booked by IBUs for Financial Year ......................................... 44 Table 14: Month-Wise Trade Finance Turnover for the Quarter ............................................................................ 44 Table 15: Turnover of IFSC Stock Exchanges ......................................................................................................... 45 Table 16: Aggregate Open Interest (OI) of all Derivative Contracts on IFSC Stock Exchanges ............................ 45 Table 17: Quarter-wise Demat Accounts Opened with Depositories in IFSC ......................................................... 45 Table 18: Active Demat Accounts with Depositories in IFSC as on Quarter-End ................................................... 45 Table 19: Settlement by Clearing Corporations in IFSC ......................................................................................... 45 Table 20: Number of Clients onboarded by Global Access Providers in IFSC ....................................................... 46 Table 21: Business Operations conducted by Global Access Providers in IFSC as on Quarter-End ..................... 46 Table 22: Debt Listings at IFSC Exchanges ............................................................................................................. 46 Table 23: Listings of Debt Securities at IFSC Exchanges (During Apr – Jun 2026-27) .......................................... 46 Table 24: Number of FMEs and Funds/ Schemes in IFSC ....................................................................................... 47 Table 25: Snapshot of Fund Management Activities in IFSC (Non-Retail Schemes)............................................... 47 Table 26: Trends of Fund Management Activity (Non-Retail Schemes) .................................................................. 47 Table 27: Snapshot of Fund Management Activities (Retail Schemes) .................................................................... 47 Table 28: Portfolio Management Services (PMS) as on Quarter-End ..................................................................... 48 Table 29: Investors Data for IFSC Funds as on Quarter-End ................................................................................. 48 Table 30: Total Indian Diaspora-Linked Fund Investments in IFSC as on Quarter-End ........................................ 48 Table 31: Participants on IIBX as on Quarter-End ................................................................................................. 48 Table 32: Regulated Entities/ Intermediaries on IIBX as on Quarter-End .............................................................. 48 Table 33: SPOT Segment of IIBX ............................................................................................................................. 49 Table 34: Futures Segment of IIBX .......................................................................................................................... 49 Table 35: OTC Transactions (Forwards) in IFSC ................................................................................................... 49 Table 36: OTC Transactions (Options) in IFSC ...................................................................................................... 49 Table 37: OTC Transactions (Swap) in IFSC .......................................................................................................... 50 Table 38: ESG labelled Debt Listings at IFSC Exchanges ...................................................................................... 50 Table 39: Listings of ESG labelled Debt Securities at IFSC Exchanges for the Quarter ........................................ 50 Table 40: Overall Sustainable Financing by IBUs (During the latest Half-year) ................................................... 50 Table 41: Sector-wise Classification of Sustainable Financing by IBUs (During the latest Half-year) .................. 50 Table 42: Snapshot of ESG Funds in IFSC .............................................................................................................. 51 Table 43: Number of IIOs and IIIOs as on Quarter-End ......................................................................................... 51 Table 44: Written/ Transacted Premium by IIOs and IIIOs ..................................................................................... 51 Table 45: Direct Insurance Business (Life and General) ......................................................................................... 52 Table 46: Reinsurance Business ............................................................................................................................... 52 Table 47: Claims Data (Retail/ Reinsurance) .......................................................................................................... 52 Table 48: Finance Companies/ Finance Units in IFSC ........................................................................................... 53 Table 49: Assets Leased by Aircraft/ Ship Leasing Entities in IFSC as on Quarter-End ........................................ 53 Table 50: Total Financing Received from IBUs by Leasing Entities of IFSC (in USD Mn) .................................... 53 Table 51: Transactions Financed by ITFS Platforms as on Quarter-End ............................................................... 53 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)64 LIST OF TABLES Table 52: Business Details of Treasury Centres (GRCTCs) .................................................................................... 53 Table 53: Business Details of Core Finance Companies (e.g. Lending, Export Financing).................................... 54 Table 54: FinTech (Sandbox) Ecosystem in IFSC as on Quarter-End ..................................................................... 54 Table 55: Number of Operational Payment Service Providers (PSPs) .................................................................... 54 Table 56: Payment Accounts and Transaction Value ............................................................................................... 54 Table 57: Month-wise Payment Account Issuances in IFSC .................................................................................... 54 Table 58: Quarter-wise Number of Transactions in Payment Accounts .................................................................. 55 Table 59: Quarter-wise Number of Cross-Border & Intra-IFSC Money Transfer Transactions ............................ 55 Table 60: Value of Cross-Border & Intra-IFSC Money Transfer Transactions (Amount in USD Mn) ................... 55 Table 61: Number of Merchant Acquisition Service Transactions Quarter-wise .................................................... 55 Table 62: Value of Merchant Acquisition Service Transactions (Amount in USD Mn) ........................................... 55 Table 63: FCSS Transactions in IFSC ..................................................................................................................... 55 Table 64: Number of Entities for Financial Support Services (including GICs) ..................................................... 56 Table 65: Approvals by SEZ UAC (prior to issue of IFSCA Registrations/ Authorisations) ................................... 56 Table 66: Types of Requests and Approvals ............................................................................................................. 56 IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY Building ID 12-B, Block 12, Zone 1, GIFT SEZ, GIFT City, Gandhinagar, Gujarat – 382355

Website: https://www.ifsca.gov.in/ IFSCA BULLETIN | Q1 FY 2026–27 (Apr–Jun 2026)INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY