Format of Net Worth Certificate and Checklist for Audit of Global Access Providers

CIRCULAR eF.No. IFSCA-DSI/12/2025-Capital Markets

February 12, 2026 To, All Broker Dealers in the International Financial Services Centre (IFSC) All Recognised Stock Exchanges in the IFSC All Global Access Providers (GAPs) in the IFSC

Madam/Sir, Subject: Format of Net Worth Certiϐicate and Checklist for conducting Audit of GAPs

1. Reference may be drawn to the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”) and circular titled “Regulatory Framework for Global Access in the IFSC” (“GAP Circular”) dated August 12, 2025, in particular clauses 13 and 14 which, inter-alia, provides the requirement of maintaining minimum net worth by GAPs and other broker dealers accessing global markets on proprietary basis through GAPs.

2. In this regard, the format of the net worth certiϐicate to be submitted by GAPs and other broker dealers accessing global markets on proprietary basis through GAPs is speciϐied in Annexure I hereto.

3. The net worth certiϐicate shall be certiϐied by an independent member of the Institute of Chartered Accountants of India, and shall be submitted on yearly basis to the Authority via email to cmi-supervision@ifsca.gov.in, latest by September 30th for the preceding ϐinancial year.

4. Further, reference may also be drawn to clause 49 of the GAP Circular which mandates GAPs and Introducing Broker (IBs) to get its Global Access activities audited annually.

5. In this regard, it is directed that the annual audit shall be conducted, through a peer reviewed member of the Institute of Chartered Accountants of India or the Institute of Company Secretaries of India or the Institute of Cost Accountants of India, by relying upon the indicative checklist of documents speciϐied in Annexure-II hereto.

6. This circular is issued in exercise of powers conferred under sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulation 27 and 45 of the CMI Regulations, and shall come into force with immediate effect.

A copy of this circular is available on the website of International Financial Services Centres Authority at www.ifsca.gov.in.

Yours faithfully, Sd/-

Amit Prajapati Deputy General Manager prajapti.amit@ifsca.gov.in

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Annexure I

(see clause 2) Certiϐicate of Net Worth

I (name of certifying authority/member) hereby certify that (name of GAP/ Other Broker Dealer accessing global markets on proprietary basis through GAP), holding authorisation / registration as Global Access Provider/Broker Dealer and conducting proprietary trade / client trade or accessing global markets through GAP:

a) has a net worth of __________ USD as on DD/MM/YYYY; and b) is Compliant with clauses 13 and 14 of IFSCA Circular eF.No. IFSCA-PLNP/80/2024-Capital Markets dated August 12, 2025, titled “Regulatory Framework for Global Access in the IFSC”.

Statement of Computation of Net Worth is as per Annexure ___ attached below.

Name and Signature of Certifying Authority UDIN: Date:

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Annexure II: Indicative check list for peer reviewed members of ICAI, ICSI or ICMAI for conducting annual audit*

(see clause 5)

• This list is only indicative, and the certifying member shall verify such additional documents as may be deemed ϔit to ensure compliance with CMI Regulations and the circular issued thereunder.