IFSCA Grade A study guide
IFSCA Grade A · Work through your exam, one topic at a time.
The IFSCA Grade A recruitment examination is the entry route into the International Financial Services Centres Authority, described on its official site as "a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India." The Authority was established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019 and is headquartered at GIFT City, Gandhinagar in Gujarat. Because IFSCA acts as a unified regulator succeeding the earlier split mandate of RBI, SEBI, PFRDA and IRDAI over IFSC business, the paper spans the full breadth of the financial sector rather than one silo. The IFSCA Grade A study guide has 10 sections and about 3,579 words.
01Banking - IFSC Banking Units and the Limits of the Licence
The Banking section tests the IFSCA (Banking) Regulations, 2020 and the operating model of IFSC Banking Units (IBUs) in GIFT-IFSC: who may set up an IBU, what it may book, and where IFSCA's jurisdiction ends and RBI's FEMA jurisdiction begins. An IBU is a branch or division of the parent bank , not a subsidiary.
374 words, about 2 min02Fund Management - FMEs, Scheme Categories and LRS Limits
Fund management questions test the IFSCA (Fund Management) Regulations, 2022 - one registration regime for fund management entities (FMEs), the scheme categories they may launch, and the boundary with SEBI's AIF regime. A fund manager must be registered with IFSCA as an FME ; once registered, its IFSC-domiciled schemes do not need a parallel SEBI AIF registration.
356 words, about 2 min03Global In-House Centre - Captive Support Entities in the IFSC
The GIC domain tests IFSCA's framework for Global In-House Centres - captive support entities set up in GIFT-IFSC by regulated financial groups - and how they differ from third-party service providers. A GIC is a captive entity : it provides services only to its own group and cannot solicit or accept third-party business.
354 words, about 2 min04Capital Market - Exchanges, Intermediaries and Permissible Products
This domain covers the IFSCA (Capital Market) Regulations, 2021 and the market infrastructure regulations - recognised exchanges, clearing corporations and depositories in GIFT-IFSC, the intermediaries serving them, and the products they may offer. IFSCA recognises exchanges, clearing corporations and depositories; the operating venues are India INX and NSE IFSC, with their associated clearing corporation and depository.
348 words, about 2 min05Insurance - IFSC Insurance Offices, Reinsurance and Solvency
Insurance questions test the IFSCA (Insurance) Regulations, 2021 - how insurers and reinsurers operate from GIFT-IFSC as IFSC Insurance Offices (IIOs), the intermediary registrations, and the prudential standards that apply. Insurers - life, general, health and reinsurance - operate through an IIO, set up by an Indian insurer or by a foreign insurer as an IFSC branch.
346 words, about 2 min06Metals and Commodities - Bullion Exchange and Commodity Derivatives
This domain covers bullion and commodity market infrastructure in the IFSC: the IFSCA (Bullion Exchange) Regulations, 2020, the functioning of the India International Bullion Exchange (IIBX), and commodity derivatives traded on IFSC exchanges. IIBX is a bullion exchange inside the IFSC ; it is regulated by IFSCA, not SEBI, and trades gold and silver in USD, not INR.
370 words, about 2 min07BATF Service Providers - Professional Services Beyond the Captive Model
The BATF domain tests IFSCA's framework for Banking, Accounting, Treasury and Finance (BATF) service providers - professional-service firms operating from GIFT-IFSC for clients, as distinct from captive GICs. A BATF service provider is IFSCA-registered and may serve both group entities and unrelated third-party clients - the key difference from a GIC.
339 words, about 2 min08Aircraft Leasing - IFSCA Registration, Cape Town and DGCA
Aircraft leasing tests IFSCA's aircraft lessor framework, the Cape Town Convention remedies that make GIFT-IFSC attractive, and the interaction with DGCA registration and tax incentives. An aircraft lessor - Indian company, LLP or a foreign entity's branch - registers with IFSCA ; a pure lessor needs no RBI NBFC licence.
352 words, about 2 min09Fintech - Sandbox, FinTech Entity Registration and Payment Services
Fintech questions test IFSCA's toolkit - registration of FinTech Entities, a cohort-based regulatory sandbox, and the incentive scheme - plus the separate payment-services registration that money-movement businesses need. The regulatory sandbox lets an applicant test an innovative product on a limited scale for a defined period with relaxed entry requirements and defined testing parameters; entry is through cohort applications and relief is time-bound.
364 words, about 2 min10Ship Leasing - IFSCA Lessors, Bareboat Charters and Indian Flag
Ship leasing tests IFSCA's ship lessor framework, the interaction with Indian flag registration under the Merchant Shipping Act, and the commercial structures - bareboat charter, sale-and-leaseback, end-of-term purchase - used by shipowners. A ship lessor registers with IFSCA and may write finance leases, operating leases and bareboat charters for vessels to Indian and foreign lessees; a pure ship lessor needs no RBI NBFC licence.
376 words, about 2 min