INDIA: IFSCA Announces Directions for obtaining ISINs from a Recognised Depository in IFSC

Tuesday February 10 2026

On 6^th February 2026, International Financial Services Centres Authority (IFSCA) published a circular noting that while some Units operating in the IFSC obtain International Securities Identification Numbers (ISINs) from the recognised depository in the IFSC, several Units in the IFSC continue to obtain ISINs and hold their securities with the domestic depositories in India.

To develop a holistic regulatory and supervisory ecosystem, it is hereby directed that:

• All Units in the IFSC intending to dematerialise securities or other permitted financial products shall obtain ISINs from a depository recognised by the IFSCA.
• The Units in IFSC which have already obtained ISINs from the domestic depositories in India for the securities or other permitted financial products, shall obtain new ISINs from a depository recognised by the IFSCA, by August 31, 2026.

Responsibilities of recognised depository in the IFSC

To ease the process of obtaining new ISINs, the recognised depository in the IFSC shall:

• prepare a standardized process flow in coordination with the domestic depositories in India to ensure seamless onboarding; and
• issue Frequently Asked Questions and notices, as required, for providing guidance to the Units in the IFSC for smooth transition.

The recognised depository in the IFSC shall submit a compliance report to IFSCA confirming completion of the transition process, by September 30, 2026

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