Extended Time Limit for Certification of Capital Market Intermediary Personnel under IFSCA CMI Regulations, 2025
Background and Regulatory Context
The International Financial Services Centres Authority has issued Circular No. IFSCA-PLNP/80/2024-Capital Markets dated 30 September 2026, modifying the compliance timeline for mandatory certifications to be obtained by Key Managerial Personnel (KMPs) and other employees of Capital Market Intermediaries operating in International Financial Services Centres.
This change has been made under the framework of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”), specifically in reference to:
sub-regulation (5) of regulation 9of the CMI Regulations; and- earlier IFSCA circulars dated 2 April 2026 and 6 August 2026 relating to prescription and specification of certification courses.
The core objective of these provisions is to ensure that KMPs and relevant employees of Capital Market Intermediaries possess the requisite knowledge and qualifications through approved certification courses, thereby strengthening competence and governance standards in the International Financial Services Centres ecosystem.
Earlier Framework for Certification
Reference to April 02, 2026 Circular
The circular dated April 02, 2026 laid down, among other things:
- which certification courses would be considered valid for compliance with
regulation 9(5); and - a specific timeline for successful completion of the prescribed certification course by:
- KMPs of Capital Market Intermediaries; and
- other employees falling within the prescribed categories and functional roles.
The said circular formed the basis for initial planning and implementation of certification requirements by intermediaries, who were expected to map their personnel against designated functions and ensure timely completion of the mandated courses.
Reference to August 06, 2026 Circular
Subsequently, the circular dated August 06, 2026 further elaborated on, and clarified, aspects related to:
- Specification of Certification Courses required under
regulation 9(5)of the CMI Regulations; - the applicability of specific certifications to particular functions or roles; and
- the operational mechanism to ensure alignment between personnel roles and the mandated certifications.
Both these circulars collectively formed the operational backbone for implementation of the certification regime for Capital Market Intermediaries in the International Financial Services Centres.
Extension of Certification Timeline to 31 December 2026
Revised Deadline
Through Circular No. IFSCA-PLNP/80/2024-Capital Markets dated 30 September 2026, the International Financial Services Centres Authority has now extended the timeline earlier prescribed in paragraph 3 of the April 02, 2026 circular.
The timeline for successful completion of the certification course, specified in paragraph 3 of the circular dated April 02, 2026, has been extended to December 31, 2026.
This means that KMPs and other covered employees of Capital Market Intermediaries now have additional time up to 31 December 2026 to complete the required certification course(s), while all other conditions and course specifications remain exactly as earlier prescribed.
Scope of the Extension
The extension granted by IFSCA is limited only to the date by which the certification requirements must be successfully completed. Explicitly:
- The nature of the certification courses,
- the categories of personnel to whom the requirement applies, and
- the manner of compliance
remain unchanged from what was set out in the April 02, 2026 and August 06, 2026 circulars.