On 24-12-2025, the International Financial Centres Authority notified the International Financial Services Centres Authority (Global In-House Centres) Regulations, 2025 to position India’s International Financial Services Centres as dynamic global hubs for high-value financial and related services. The provisions came into force on 29-12-2025.
Key Provisions:
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These Regulations repeals the International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020.
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Main objectives:
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To set up Global In-House Centres (“GICs”) as financial service units that help develop International Financial Service Centres (“IFSC”) into global hubs for high-value financial services, create jobs, and strengthen India’s role in the global financial value chain.
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To bring back the India centric financial services and transactions that are currently carried out in offshore financial centres to International Financial Service Centre by offering world class business and regulatory environment.
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Registration of a Global In-House Centre Unit:
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Eligibility criteria:
✓ Only entities classified as a ‘Financial Institution Group’ can apply under these regulations.
If a third-party model is allowed, the third party can apply with prior written authorization from the Financial Institution Group, which should be submitted to the Authority. The Authority will decide whether an applicant qualifies as a “Financial Institution Group” and its decision will be final.
✓ If a GIC Unit is set up as a branch, the parent entity must be from a jurisdiction not listed by Financial Action Task Force as a ‘High-Risk Jurisdiction subject to call for action.
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Legal Form of the Applicant: The applicant should be a company or Limited Liability Partnership incorporated in the IFSC, or a branch of a company/LLP incorporated outside the IFSC, or any other form approved by the Authority. All promoters or partners must be from jurisdictions not listed by the Financial Action Task Force as ‘High-Risk Jurisdictions subject to call for action.
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Procedure for Making Applications:
✓ No entity can start GIC operations in an IFSC without first obtaining a registration certificate from the Authority;
✓ Applicant will have to submit application to the Auhtority through SWIT, along with the requisite documents and applications fees;
✓ If the Authority finds deficiencies in the application, it will inform the applicant and allow 30 days to fix them. If not corrected, the application may be rejected. However, no application will be rejected without giving the applicant a chance to submit written explanations.
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Grant of Registration:
✓ On considering the application, the Authority can grant in-principle approval to the applicant.
✓ After receiving in-principle approval, the applicant will have to comply with all regulations and approval conditions within 180 days, unless the Authority grants an extension.
✓ Once the Authority is satisfied that all conditions of the in-principle approval are met, it can issue a registration certificate with any conditions it considers appropriate.
✓ The registration certificate will remain valid unless suspended/ canceled by the Authority or voluntarily surrendered by the GIC Unit.
Voluntary surrender will take effect only after the Authority accepts it.
✓ The GIC Unit must immediately inform the Authority of any material changes affecting its registration, including updates to previously submitted information.
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Permissible services:
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The GIC unit will provide services in relation to financial products and services.
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It will provide services to the entities of the Financial Institution Group which are ‘non-resident’ and are located in the jurisdictions which have not been identified in the public statement of Financial Action Task Force as “High-Risk Jurisdiction subject to call for action.
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The GIC will not be set up in a IFSC by way of transferring of existing contracts or work arrangements from entities of its Financial Institutions Group in India.
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The GIC units will carry out its operation in any of the Specified Foreign Currency. It may also open an INR account for administrative and statutory expenses or other purposes allowed by law.
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GIC will furnish information relating to its operations to the Authority. This report will be done in US dollars.
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In case of any default, the Authority can initiate action against the GIC Unit.
Note: Authority means “International Financial Centres Authority”.