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ARTICLE · 05 OCTOBER 2026

IFSCA Proposes Changes To The Framework For Secondary Listing Of ETFs In IFSC

Lakshmikumaran & Sridharan
Lakshmikumaran & Sridharan
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Lakshmikumaran & Sridharan

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IFSCA has proposed amendments to allow ETFs and Investment Trusts already listed in India or foreign jurisdictions to obtain secondary listings on IFSC exchanges without requiring their managers to establish as Fund Management Entities in the IFSC. The consultation paper introduces new eligibility criteria for managers and ETFs, local representative requirements, and enhanced disclosure obligations that could significantly broaden the range of investment products available through IFSC exchanges.

IndiaFinance and Banking
Vinod Joseph
Vinod Joseph
Akhil Ganatra
Akhil Ganatra
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IFSCA published a consultation paper on August 27, 2026 (‘Consultation Paper’) which proposes to amend the IFSCA (Fund Management) Regulations, 2025 (FM Regulations) in order to make the secondary listing of ETFs and Investment Trusts in the IFSC easier. The proposed amendments will allow an ETF, that is already listed in India or a foreign jurisdiction, to obtain a secondary listing on a recognised stock exchange in the IFSC, without requiring its manager to establish itself as a Fund Management Entity (FME) in the IFSC, subject to specified eligibility, representation, disclosure and exchange requirements.

Amendments to Regulation 114 – Secondary listing

Currently, Regulation 114 of the FM Regulations permits an ETF or Investment Trust listed in India outside the IFSC or in a foreign jurisdiction, to list and trade on a recognised stock exchange in the IFSC. Regulation 114, as presently framed, however, proceeds on the basis that the ETF or Investment Trust is brought to the

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