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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteIFSCA’s defining jurisdiction is covered financial activity within an International Financial Services Centre (IFSC); RBI’s remit combines central-bank responsibilities with regulation of banking and specified financial systems and markets; and SEBI focuses on investor protection and the securities market. To work out which rules apply to a firm or transaction, start with where the activity takes place, what it involves, and which law and authorization cover it.
How the three regulators differ
| Regulator | Geographic or functional boundary | Core remit | First question to ask |
|---|---|---|---|
| IFSCA | Covered financial activity in an IFSC in India | Developing and regulating covered financial products, services, and institutions in IFSCs, including specified powers associated with domestic regulators under the IFSCA Act | Is the activity carried on in an IFSC, and is it covered or authorized under the Act and applicable IFSCA rules? |
| RBI | Central-bank functions and activities assigned to RBI by law | Monetary policy, currency, banking and specified non-bank regulation and supervision, payment systems, foreign exchange, government securities, and other statutory functions | Which RBI-administered law and regulated-entity category governs this activity? |
| SEBI | Securities-market activity assigned to SEBI by law | Investor protection, securities-market development, and securities-market regulation | Does securities-market law or a specific rule assign this instrument, intermediary, or infrastructure to SEBI? |
This is an orientation, not a substitute for checking the law and current rules for a particular firm, product, or transaction. Regulatory boundaries depend on both the activity and the legal authority assigned to it.
IFSCA: authority tied to the IFSC perimeter
The International Financial Services Centres Authority Act, 2019 establishes IFSCA to develop and regulate the financial-services market in India’s IFSCs. Sections 12 and 13 address its functions and powers over financial products, services, and institutions in an IFSC, including specified powers of domestic regulators under listed laws insofar as they relate to covered IFSC activity. See the International Financial Services Centres Authority Act, 2019 and IFSCA’s overview of its role.
The key limit is geographic and statutory: IFSCA is not the regulator for all financial activity across India. Its special authority applies to covered activity in IFSCs, subject to the Act’s scope and the relevant rules. IFSCA describes GIFT IFSC as the maiden IFSC.
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Market infrastructure in an IFSC
IFSCA’s framework covers stock exchanges, clearing corporations, and depositories operating in an IFSC. Its Market Infrastructure Institutions page identifies the applicable unified framework and states that the regulations shown there are amended through November 1, 2024. That date describes the page’s stated amendment status, not a guarantee that no subsequent rule has changed.
RBI: central-bank duties and several statutory regulatory roles
RBI is India’s central bank, but its remit is not limited to monetary policy and currency. Its official profile of RBI describes responsibilities across laws governing banking, foreign exchange, government securities, and payment systems, among other functions. The relevant legal source varies by responsibility, so “RBI-regulated” does not identify a single statute or rulebook.
RBI’s published account of financial-market responsibilities distinguishes money, foreign-exchange, and government-securities markets from equity and corporate-bond markets. It describes the latter as SEBI-regulated and identifies RBI’s role in the former areas; it also places credit institutions and credit markets within RBI’s regulatory frame. This is useful as a broad map, but the account is an older institutional report. For a specific instrument or transaction, check the current governing law and applicable regulations rather than relying on a market label alone. See RBI’s financial-market responsibilities report and report on financial-agency roles.
SEBI: investor protection and the securities market
SEBI’s statutory objectives are to protect investors in securities, promote development of the securities market, and regulate that market. RBI’s published account describes SEBI’s regulatory authority over securities markets and market institutions such as stock exchanges and intermediaries. The objectives are set out in the RBI report on financial-market responsibilities.
Do not assume that every instrument called a “security” is automatically assigned to SEBI without qualification. RBI’s published market overview describes RBI-regulated government-securities and money-market activity alongside SEBI-regulated equity and corporate-bond markets. The actual allocation for an instrument, participant, and transaction depends on the applicable law and current rules.
A practical way to identify the relevant oversight
- Locate the activity. Establish whether it is carried on in an IFSC or elsewhere in India. IFSC location is the first clue to whether IFSCA’s special framework may apply.
- Describe what the firm does. Distinguish, for example, banking, payment services, securities intermediation, market infrastructure, or trading in a particular instrument. A firm’s general description may not identify every regulated activity it conducts.
- Identify the legal category and authority. Check the relevant statute, notifications, and regulator rules for that activity and entity type. For IFSC activity, check whether it falls within the IFSCA Act and applicable IFSCA rules; otherwise, identify the RBI or SEBI framework assigned by law.
- Verify the specific authorization. Use the relevant regulator’s current rules and official directories to confirm whether a named institution is authorized for the service in question. The regulator’s general remit alone does not establish a particular firm’s authorization.
How the regulators coordinate
The mandates are not simply a one-regulator-per-sector chart. IFSCA’s authority affects the allocation for covered activity within IFSCs, while RBI and SEBI have distinct statutory functions that can relate to connected entities or markets. IFSCA and RBI have an MoU for technical cooperation and information exchange concerning entities in their respective jurisdictions. The IFSCA–RBI MoU announcement describes this cooperation; it does not mean the MoU transfers all authority or replaces the laws that determine each regulator’s jurisdiction.
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