Electronic Trading Platform Operators must comply with cyber security and cyber resilience requirements specified by the Authority from time to time. The obligation is continuing and applies under Regulation 17 of the International Financial Services Centres Authority (Electronic Trading Platforms) Regulations, 2026.

Electronic Trading Platform Operators must establish and maintain a business continuity plan and a disaster recovery site. The arrangements must protect data and transaction integrity and ensure continuity of operations.

Electronic Trading Platform Operators facilitating clearing and settlement through an electronic system must maintain satisfactory arrangements for timely discharge of transaction rights and liabilities, and disclose the arrangements and changes to Participants. Such arrangements must be made with an entity approved in advance by the Authority. Operators intending to provide clearing or settlement of funds must obtain prior authorisation as a payment system operator before offering those services.

Electronic Trading Platform Operators must maintain risk-management systems, participant access controls, resilient trading systems, order-threshold controls, trading halts for significant price movements, and error-trade management procedures. They must prevent and report Market Abuse. Algorithmic Trading System access requires disclosure to other Participants, prior testing to protect normal platform operations, and adequately trained and qualified personnel.

Electronic Trading Platform operators must maintain a board-approved operating policy that is fair, transparent, non-discriminatory, legally binding and enforceable against participants. It must address participant onboarding, suspension and termination, operator responsibilities, breach liability, platform-use conditions, order execution, risk controls, and complaint and dispute mechanisms. Material changes affecting contractual performance must be promptly intimated to the Competent Authority. Operators must ensure participant compliance, correct policy deficiencies promptly, and publish the policy and its changes on their official website.

Electronic Trading Platform Operators are restricted to permitting trading in Eligible Instruments specified under clause (a) of sub-regulation (2) of regulation 5. This restriction thereby limits all products available for trading on the Electronic Trading Platform to that specified category and requires each operator to confine its trading offering within the prescribed eligibility boundary.

Electronic Trading Platform Operators must prescribe objective, fair, transparent and non-discriminatory admission criteria. Before admission, they must conduct due diligence to establish an applicant's good repute, competence and experience in platform transactions, and adequate organisational, financial and technological arrangements. Participants must be uniquely identified through a Legal Entity Identifier, Permanent Account Number or equivalent document.

Electronic Trading Platform operators must maintain transparent trading rules, objective order-execution criteria, tradable-instrument eligibility criteria, and a conflict-of-interest policy. They must provide publicly available information, screen-based trade execution or submission, secure participant connectivity, sound technical operations and business continuity. Real-time surveillance of prices, volumes and positions, defined investigation, escalation and regulatory-reporting procedures, real-time dissemination of trade, quantity and quote information, and grievance redressal are required. Settlement-related disputes are governed by applicable laws and Operating Policy.

Electronic Trading Platform Operators must continuously maintain the prescribed minimum net worth, with branch operators maintaining it with their parent. A higher requirement may be specified according to business nature and scale. Operators must submit an audited net-worth certificate within six months after each financial year closes and must immediately rectify and report any net-worth shortfall within fifteen days.

An Electronic Trading Platform Operator may apply to surrender its registration in the specified form and manner. The Authority may permit surrender, subject to appropriate conditions, if it is satisfied that the surrender is unlikely to materially adversely affect the financial services market in the International Financial Services Centre or the interests of Participants. Surrender takes effect only upon the Authority's acceptance.

Registration of an Electronic Trading Platform Operator may be suspended or cancelled for breach of certificate conditions, applicable regulations, or an Authority order or direction, or where operations prejudice Participants' interests. The operator must be given a reasonable opportunity to be heard through written submissions before a suspension or cancellation order is issued.

Before refusing registration, the Authority must communicate application deficiencies and allow thirty days for rectification, subject to permitted extensions. Extensions beyond ninety days require the Chairperson's permission and recorded reasons, with a maximum period of one hundred and eighty days. If deficiencies remain unrectified, refusal must be reasoned and preceded by a reasonable opportunity to file written submissions. A fresh registration application may be made six months after communication of refusal.

Registration of an Electronic Trading Platform Operator requires in-principle approval where the applicant prima facie fulfils registration conditions. Such approval may include additional conditions and may be revoked if those conditions are not fulfilled to the Authority's satisfaction. Final registration is granted upon fulfilment of all requirements, specifies eligible instruments and participant categories, and remains subject to continuing conditions until cancellation or surrender.

Registration eligibility for an electronic trading platform depends on the applicant's track record, management expertise, financial soundness, staffing capability, risk-management systems, internal controls, net-worth capacity, and viable business plan and projections. Directors, key managerial personnel, and natural persons exercising ultimate ownership, control, or significant influence must satisfy fit and proper criteria throughout the validity of registration.

Registration as an Electronic Trading Platform Operator is required for operation of an Electronic Trading Platform in the IFSC, subject to exemptions for specified IFSC Banking Units and offshore platform operators serving IFSC entities. Eligible applicants include IFSC-incorporated companies, branches in the IFSC of platform operators from eligible jurisdictions, and IFSC financial institutions subject to specified terms and conditions. Applications must be made to the Authority in the prescribed form and manner with the prescribed fee.

Regulation 2 defines the framework for electronic trading platforms in an IFSC, including Eligible Instruments, Electronic Trading Platforms, ETP Operators, Participants, Algorithmic Trading Systems, Market Abuse, and Net Worth. Eligible Instruments include specified financial instruments and Indian Rupee-denominated instruments settled in foreign currency. Market Abuse covers conduct intended to disadvantage participants, distort pricing, or create artificial supply and demand. Net Worth includes specified capital and reserve components subject to prescribed exclusions, while undefined terms adopt meanings under relevant financial, banking, and corporate laws.

International Financial Services Centres Authority (Electronic Trading Platforms) Regulations, 2026 take effect upon publication in the Official Gazette. They are made under powers conferred by the International Financial Services Centres Authority Act, 2019, read with cited provisions of the Reserve Bank of India Act, 1934, concerning electronic trading platforms in International Financial Services Centres.

Every IIO must maintain a Board-approved investment policy, value assets and liabilities, preserve solvency, and hold investment assets at least equal to liabilities while matching their nature, duration, currency and uncertainty. Investment assets must generally satisfy investment-grade asset and sovereign-rating criteria, comply with asset-class and concentration limits, remain free from encumbrances, and be subject to independent due diligence, risk monitoring, internal controls, audits and prescribed reporting. Exceeding exposure limits or a downgrade below investment grade requires additional capital as specified.

GST registration may be suspended where return comparisons or other prescribed analysis reveal significant anomalies indicating contravention capable of leading to cancellation. The registered person must receive electronic intimation and explain within thirty days why cancellation should not follow. Pending dedicated portal functionality, notice is made available through FORM GST REG-17, with reply submitted in FORM GST REG-18. The proper officer may drop proceedings and revoke suspension through FORM GST REG-20, or cancel registration through FORM GST REG-19 after examining the response.

Input tax credit on invoices or debit notes not uploaded by suppliers is restricted and must be claimed through taxpayer self-assessment. The restriction is calculated on a consolidated basis, not supplier-wise, and unuploaded credit cannot exceed 20 percent of otherwise eligible credit relating to uploaded invoices or debit notes. The relevant uploaded details are determined from Form GSTR-2A on the due date for suppliers' outward-supply reporting. Restricted balance credit may be claimed in later months as suppliers upload the requisite details.