The International Financial Services Centres Authority (‘IFSCA’) has, by way of a Circular dated May 12, 2026, clarified the scope of ‘implementation services’ that may be provided by investment advisers registered in the IFSC under the IFSCA (Capital Market Intermediaries) Regulations, 2025 (‘CMI Regulations’). The Circular prescribes permissible execution channels based on product type: (i) for financial products listed on stock exchanges in foreign jurisdictions, implementation must be routed through a Global Access Provider or Introducing Broker in the IFSC; (ii) for financial products listed on a recognised stock exchange in the IFSC, through a member of such exchange; and (iii) for unlisted financial products, through formal arrangements with regulated platforms or asset management companies in foreign jurisdictions.