IFSCA vide circular dated September 05, 2024 has issued penalty for failure to maintain prescribed Net Worth by Capital Market Intermediaries. IFSCA (Capital Market Intermediaries) Regulation, 2021 mandates Capital Market Intermediaries (CMIs) to maintain Net Worth at all times.
In this regard, it is clarified that CMIs failing to maintain Net Worth at any time shall not undertake any existing or new business activity in IFSC till the time the net worth is restored.