📘 How to Become a Member of India INX: Step-by-Step Guide for Market Participants
- GIFT CFO
- Jul 25
- 3 min read
Updated: Aug 7
🌐 Introduction
India INX, India’s first international stock exchange at GIFT City (IFSC), offers global access to Indian and international financial products — including equities, bonds, and derivatives. But before you can trade or clear transactions on this platform, you must become a registered member.
This blog simplifies the official Membership Guide of India INX, walking you through:
The membership process
Who is eligible
Different types of memberships
Capital and compliance requirements
Fees, deposits, and documentation
Whether you’re a broker, financial institution, or foreign entity — this blog will help you understand how to legally and seamlessly enter India’s global trading environment.
🧭 Step-by-Step Membership Process
Here’s how an entity becomes a member of India INX:
Step | Action |
1️⃣ | Apply for name availability with ROC (Registrar of Companies) including “IFSC” in the name |
2️⃣ | Obtain No Objection Certificate (NOC) from GIFT SEZ to use GIFT City address |
3️⃣ | Incorporate the company and obtain a PAN Card |
4️⃣ | Receive Letter of Approval (LOA) under SEZ Act & submit acceptance |
5️⃣ | Appear before the Unit Approval Committee (UAC) |
6️⃣ | Apply to the Development Commissioner for setting up unit |
7️⃣ | Submit application to India INX and IFSCA for membership |
8️⃣ | Execute Bond-Cum-Legal Undertaking under SEZ Rules |
✅ Eligibility Criteria
A. For Domestic Entities
As per SEBI’s IFSC Guidelines (March 27, 2015)
Must be incorporated in IFSC (GIFT City) and registered with ROC
Can serve:
Non-resident individuals
Non-resident Indians (NRIs)
Eligible Indian residents under FEMA and Liberalised Remittance Scheme (LRS)
B. For Foreign Entities As per IFSCA Circular (December 11, 2020):
Must be from a FATF-compliant jurisdiction
Must be a regulated stockbroker in home country
Must set up a branch office in IFSC
Must ring-fence operations (separate tech/finance infra from parent entity)
Must appoint a Designated Director/Compliance Officer
Must obtain a registration certificate from IFSCA
📊 Types of Membership
India INX offers four distinct categories:
Membership Type | Trading | Clearing | Description |
Trading Member (TM) | ✅ | ❌ | Execute trades for self and clients; must clear via another clearing member |
Self-Clearing Member (SCM) | ✅ | ✅ (self only) | Execute and clear trades for self and clients |
Trading & Clearing Member (TCM) | ✅ | ✅ | Full privileges — execute & clear trades for self and others |
Professional Clearing Member (PCM) | ❌ | ✅ | Only clears trades for other trading members |
💰 Fees, Deposits & Net Worth Requirements
A. For Domestic (IFSCA-Incorporated) Entities:
Membership Type | Application Fee | Annual Fee | Interest-Free Deposit | Total Deposit (USD) | Net Worth Requirement (INR) |
TM | $500 | $3,000 | $10,000 | $10,000 | ₹1 Crore |
TM + SCM | $500 | $3,000 | $20,000 | $85,000 | ₹5 Crore |
TM + CM (TCM) | $500 | $3,000 | $20,000 | $85,000 | ₹10 Crore |
PCM | $500 | - | $10,000 | $75,000 | ₹10 Crore |
B. For Foreign Entities:
Membership Type | Application Fee | Annual Fee | Interest-Free Deposit | Total Deposit (USD) | Net Worth (USD) |
TM | $500 | $3,000 | $10,000 | $10,000 | $135,000 |
TM + SCM | $500 | $3,000 | $20,000 | $85,000 | $675,000 |
TM + CM (TCM) | $500 | $3,000 | $20,000 | $85,000 | $1.35 million |
💼 BMC (Base Minimum Capital) Deposit Requirements
Trading Type | BMC Deposit (USD) |
Only proprietary trading (no Algo) | $15,000 |
Only client trading (no Algo) | $25,000 |
Both prop + client trading (no Algo) | $40,000 |
Any trading with Algo | $75,000 |
🔎 Note: Foreign brokers and clearing members must maintain minimum $75,000 BMC.
📋 Key Compliance Requirements
Appoint a Compliance Officer
Maintain books of accounts and submit regular filings
Ensure client due diligence as per AML, FEMA, and SEBI rules
Trading infrastructure (servers, surveillance) must be hosted in IFSC
🧠 Summary: Fast Facts on Becoming a Member at India INX
Element | Details |
Regulator | IFSCA (International Financial Services Centres Authority) |
Exchange | India INX (India International Exchange) |
Location | GIFT City IFSC, Gujarat |
Eligible Participants | NRIs, foreign entities, Indian corporates, regulated brokers |
Membership Types | TM, SCM, TCM, PCM |
Fees & Deposits | Application: $500; Net worth: ₹1–10 Cr or $135k–$1.35M |
Compliance Requirements | KYC, AML, regulatory filings, Indian hosting, audits |
Tech Requirement | All trading servers must be in IFSC jurisdiction |
✍️ Final Thoughts
Becoming a member of India INX unlocks access to international capital markets, seamless cross-border trading, and participation in a globally benchmarked financial ecosystem. While the process may seem intensive, it ensures that only serious, compliant, and well-capitalized players enter this vibrant market.
Whether you’re a local broker looking to scale internationally or a foreign player eyeing Indian markets — India INX membership is your official entry point.
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