IFSCA proposes unique KYC ID for seamless use across GIFT City entities
Mumbai, Jun 29, 2026
Draft framework aims to eliminate repetitive KYC by introducing a unique client ID and mandatory KRA integration for regulated entities in GIFT City
The International Financial Services Centres Authority (IFSCA) has proposed measures to streamline Know Your Customer (KYC) processes, including assigning a unique identification number to each client that can be used across regulated entities in GIFT-IFSC.
According to a consultation paper issued on June 26, KYC Registration Agencies (KRAs) will generate this unique code for every client in their database. The identifier will allow clients to use their verified KYC credentials for onboarding and availing of services with multiple regulated entities, removing duplication in the process.
The proposal is part of a draft circular aimed at integrating all regulated entities in IFSCs with KRAs to promote ease of doing business. Under the framework, entities will be required to integrate with at least one KRA for uploading, storing, retrieving, and updating clients' KYC records.
Regulated entities must complete integration within two months of the circular's issuance. All new clients onboarded on or after September 1, 2026, must have their KYC details uploaded to the KRA system. For clients onboarded before this date, entities will be required to upload KYC records by October 30, 2026.
Where KYC information already exists in the system, entities will need to download, verify, and update the records to ensure that the latest information is maintained.
The framework builds on the IFSCA (KYC Registration Agency) Regulations, 2025, which mandate the uploading of KYC data within three working days of completion of the process.
However, the mandate will not be applicable to certain activities or entities that are exempt under the IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
The GIFT City regulator has invited comments from stakeholders on the draft circular, with submissions open until July 16, 2026.
[The Business Standard]
