The International Financial Services Centres Authority (Listing) Regulations, 2024, as amended up to 14 October 2025, mark a significant milestone in India’s ambition to position its International Financial Services Centres (IFSCs) as globally-competitive capital-market hubs. These Regulations provide a unified, modern regulatory framework for the issuance and listing of a variety of financial products—including equity shares, depository receipts, debt securities and other permitted products—on recognised stock exchanges located within India’s IFSCs (for example, at GIFT City).
Key Objectives
The Listing Regulations were notified under the IFSCA Act, 2019 and related securities legislation, with the primary aims of:
- Promoting ease of doing business in the IFSC ecosystem, by aligning listing norms with international best practices.
- Protecting investor interests, and ensuring that capital markets within the IFSC remain fair, efficient and transparent.
- Facilitating raising of capital by issuers (both Indian and foreign) through IFSC-based exchanges, thereby strengthening India’s financial services architecture.
What’s Covered — Scope & Applicability
Under the Regulations:
- Issuers incorporated either in an IFSC in India or in a foreign jurisdiction may list specified securities, depository receipts, debt securities or other permitted financial products on recognised IFSC stock exchanges.
- The Regulations apply to initial public offerings (IPOs) of specified securities, follow-on offers, rights issues, preferential issues or qualified institutional placements by listed entities, and listing of debt securities, commercial paper, certificates of deposit or secondary listings.
- Specified securities include equity shares and convertible securities (e.g., convertible debt or preference shares) of the issuer, among others.
Highlights & Practical Implications
Some of the more notable provisions/effects of the Regulations include:
- A credit-rating requirement for issuers of debt securities intended for listing on IFSC exchanges: for example, under Regulation 72, the issuer must obtain a credit rating from a recognised credit-rating agency registered with IFSCA or a foreign regulator.
- The shift to bringing many listing processes under one harmonised regime (replacing earlier IFSCA “Issuance and Listing of Securities Regulations, 2021”).
- A reduction in certain listing-thresholds (via related rules under the companies or securities statutes) that makes IFSC listing more accessible. For example, one amendment reduced the minimum public shareholding requirement for companies listing in IFSCs from 25 % to 10 %.
Amendment & Update (as of 14 October 2025)
While the core Regulations remain from 2024, there was a key amendment via the IFSCA (Listing) (Amendment) Regulations, 2025 which came into force on 14/17 October 2025. Notable changes include:
- An increase in maximum penalty parameters (for instance replacing “one hundred and thirty-five” with “one hundred and eighty” in sub-regulation (8) of regulation 16).
- In some other sub-regulations (e.g., 25(2), 52(3)), the fine quantum has been substituted from “five” to “eight”.
- A change in timeline for disclosure of half-yearly financial statements: under substituted regulation 96(2), a listed entity must disclose its first half-year financial statements no later than 45 days after the end of the first half-year after board approval.
What This Means for Issuers & Investors
For issuers looking to list in an IFSC, the framework offers greater clarity, less fragmentation, and better alignment with global listing standards. It means:
- More streamlined regulatory processes, more predictable compliance obligations.
- A potentially larger investor base (global investors looking via IFSCs) and enhanced liquidity.
For investors and market participants, the Regulations reinforce investor safeguards, disclosure regimes and a more transparent governance environment.
Concluding Thoughts
The IFSCA (Listing) Regulations, 2024 (with amendments as of October 2025) reflect India’s ambition to build its IFSCs into world-class capital-market platforms. By aligning with global best practices and refining listing and disclosure norms for IFSCs, the framework sends a strong signal: India is open for business on the international financial stage. For both issuers and investors, the environment is becoming more accessible, transparent and investor-friendly. As the IFSC ecosystem matures, these Regulations will play a foundational role in shaping how global capital engages with India’s financial services architecture.