📘 How to Become a Member of India INX: Step-by-Step Guide for Market Participants

🌐 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.

Financial executive at GIFT City meticulously reviews India INX membership documents.

🧭 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.