Introduction
On April 20, 2026, the International Financial Services Centres Authority (“IFSCA”) issued a landmark circular introducing Guidelines on Cyber Security and Cyber Resilience for Market Infrastructure Institutions (MIIs) operating in IFSCs, including GIFT City.
This circular builds upon IFSCA’s earlier baseline framework issued on March 10, 2025, and establishes a more prescriptive, risk-sensitive regime tailored specifically for systemically important financial market infrastructure.
Entities Covered
The Guidelines apply to all MIIs operating in IFSCs, including:
- Stock Exchanges
- Clearing Corporations
- Depositories
- Bullion Exchanges
These entities are recognized as systemically critical, given their role in maintaining market integrity, settlement finality, and operational continuity.
