Regulation 5 - Application for registration - International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025

5. Application for registration (1) An entity desirous of obtaining a certificate of registration as a CMI in IFSC shall submit an application form through SWIT along with documents and application fees, in the manner as specified by the Authority: Provided that the applicant seeking registration to act as a broker dealer, clearing member, depository participant shall make the application along with such additional information through the recognised stock exchange, recognised clearing corporation, recognised depository, as the case may be. (2) The recognised stock exchange, the recognised clearing corporation or the recognised depository, as the case may be, shall examine the eligibility of the applicant in terms of these regulations, applicable Acts, rules, regulations and bye-laws, and forward the application to the Authority along with its recommendation no later than thirty days of receipt of the complete application. (3) An application which is not complete in all respects shall be liable to be rejected. (4) Subject to approval by the concerned recognised stock exchange, and without any requirement of a separate certificate of registration, - (a) a clearing member may be permitted to act as a broker dealer in a recognised stock exchange; and (b) a broker dealer may be permitted to operate in more than one recognised stock exchange. (5) Subject to approval by the concerned recognised clearing corporation, and without any requirement of a separate certificate of registration, - (a) a broker dealer may be permitted to act as a clearing member in a recognised clearing corporation; and (b) a clearing member may be permitted to operate in more than one recognised clearing corporation. (6) An entity filing an application for seeking registration as a capital market intermediary shall comply with additional norms and requirements as may be specified by the Authority. (7) The provisions of these regulations, as applicable to the grant of registration shall also apply to an application for renewal of registration of a capital market intermediary, wherever applicable.