Registration requirement for IFSC capital market intermediaries, with specified exemptions for incidental and institutional advisers. Units in the IFSC undertaking listed capital market intermediary activities must obtain a certificate of registration; Banking Units may act as banker to an issue or as investment banker subject to Authority conditions and authorisation. Exemptions include research distributed by registered advisers or rating agencies, various persons providing only incidental or institutional advice, and certain non IFSC intermediaries serving IFSC entities, while entities that set up an IFSC unit remain subject to registration.