The International Financial Services Centres Authority (IFSCA) has extended the timeline for units operating in International Financial Services Centres (IFSCs) to obtain International Securities Identification Numbers (ISINs) from a depository recognised by the IFSCA.
The extension has been provided pursuant to stakeholder representations and is aimed at facilitating a smoother transition for units that had previously obtained ISINs from domestic depositories in India.
Background
IFSCA had earlier issued a circular dated 6 February 2026 prescribing directions for obtaining ISINs from a recognised depository in the IFSC.
Under the earlier framework, units in the IFSC that had already obtained ISINs from domestic depositories in India for securities or other permitted financial products were required to obtain new ISINs from a depository recognised by IFSCA by 31 August 2026.
Extension of the ISIN Transition Timeline
Following representations received from stakeholders, IFSCA has now extended the deadline for completing this transition.
The revised timeline is as follows:
Accordingly, eligible units now have additional time until 31 December 2026 to obtain the required ISINs from a depository recognised by IFSCA.
What This Means for IFSC Units
The extension provides additional time for entities operating within the IFSC to complete the necessary transition from ISINs obtained from domestic Indian depositories to ISINs issued through an IFSCA-recognised depository.
Entities covered by the earlier ISIN Circular should therefore review their existing securities and permitted financial products, assess their current ISIN arrangements, and plan the transition within the revised timeline.
The extension should also provide greater operational flexibility to stakeholders and recognised depositories in completing the transition process in an orderly manner.
Compliance Timeline
The revised deadlines are important from a compliance and operational planning perspective:
31 December 2026
Deadline for the concerned IFSC units to obtain new ISINs from a depository recognised by IFSCA.
31 January 2027
Deadline for the recognised IFSC depository to submit its compliance report to IFSCA confirming completion of the transition process.
Regulatory Context
The circular has been issued by IFSCA in exercise of the powers conferred under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with Regulation 72 of the IFSCA (Market Infrastructure Institutions) Regulations, 2021.
The circular has come into force with immediate effect.
Key Takeaway
The extension of the ISIN transition deadline from 31 August 2026 to 31 December 2026 gives IFSC units additional time to complete the required transition to ISINs issued by recognised depositories within the IFSC framework.
Entities falling within the scope of the February 2026 ISIN Circular should use the extended timeline to ensure that the transition is completed within the revised deadline and that their securities and permitted financial products remain aligned with the applicable IFSC regulatory framework.
Source: IFSCA Circular dated 25 August 2026 – Extension of timeline for obtaining International Securities Identification Numbers (ISINs) from a recognised depository in IFSC.