CS Professional · June 2026 · Paper 4.6
CS Professional IFSCA - Regulations, Listing and Compliances June 2026: paper analysis
Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICSI; read them on ICSI's website.
Chapter-wise marks
Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).
What each question tested
In our words, by question number. Open the official paper for the full question.
| Q | Marks | Tests | Chapter |
|---|---|---|---|
| 1(a) | 5 | Companies Act relaxations for IFSC companies on CSR and director resignation filing | IFSCA Ecosystem and Regulatory Framework |
| 1(b) | 5 | Fund manager net worth and private placement process for an unlisted InvIT in IFSC | Fund Management Services |
| 1(c) | 5 | Net worth requirement for a non-retail registered fund management entity | Fund Management Services |
| 1(d) | 5 | Permissible activities of an IFSC banking unit for an aviation financing proposal | Banking Services and Finance Companies in IFSC |
| 2(a) | 5 | Requirement for a bullion exchange to appoint a chief legal officer | India International Bullion Exchange (IIBX) |
| 2(b) | 5 | Annual compliance audit of a capital market intermediary: auditor eligibility, timelines and filing | Capital Market Intermediaries |
| 2(c) | 5 | Transition and client onboarding conditions for BATF ancillary service providers | Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS |
| 3(a) | 5 | IT and IS audit timelines and auditor eligibility for an ITFS operator, including after system upgrades | Banking Services and Finance Companies in IFSC |
| 3(b) | 5 | IFSCA investor protection framework and time-bound grievance redressal | IFSCA Ecosystem and Regulatory Framework |
| 3(c) | 5 | Barriers to uptake of transition bonds including taxonomy gaps and risk perception | Listing and Issuance of Securities |
| 3(d) | 5 | Separation and conflict-of-interest safeguards for finance company non-core activities | Banking Services and Finance Companies in IFSC |
| 4(a) | 5 | Computing net worth for bullion trading member eligibility | India International Bullion Exchange (IIBX) |
| 4(b) | 5 | KYC upload timelines and data sharing obligations of a stock broker in IFSC | Capital Market Intermediaries |
| 4(c) | 5 | Eligibility of the compliance officer and disclosure obligations of an IFSC-listed entity | Listing and Issuance of Securities |
| 4A(i) | 5 | Registration obligations for an IFSC reinsurer and for managing general agent arrangements | Insurance and Reinsurance |
| 4A(ii) | 5 | Eligibility and permitted service scope of a global in-house centre unit | Overview of FinTech and Service Providers in IFSC |
| 4A(iii) | 5 | Eligibility conditions for a qualified supplier on the bullion exchange | India International Bullion Exchange (IIBX) |
| 5(a) | 5 | Eligibility conditions for direct listing of an unlisted Indian company on an IFSC exchange | Listing and Issuance of Securities |
| 5(b) | 5 | Legal basis for outbound and inbound FinTech regulatory referrals | Overview of FinTech and Service Providers in IFSC |
| 5(c) | 5 | Classifying assurance, review, compilation and bookkeeping assignments as ancillary services | Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS |
| 6(a) | 5 | International branch campus eligibility and permissible programmes in IFSC | IFSCA Ecosystem and Regulatory Framework |
| 6(b) | 5 | Fee currency and academic equivalence requirements for branch campuses | IFSCA Ecosystem and Regulatory Framework |
| 6(c) | 5 | Visa compliance for foreign faculty and promotion of parent university courses | IFSCA Ecosystem and Regulatory Framework |
| 6A(i) | 3 | Steps to establish an IFSC banking unit | Banking Services and Finance Companies in IFSC |
| 6A(ii) | 3 | Capital and governance standards for an IFSC banking unit | Banking Services and Finance Companies in IFSC |
| 6A(iii) | 3 | AML and CFT compliance for an IFSC banking unit | Banking Services and Finance Companies in IFSC |
| 6A(iv) | 3 | Integrating KYC registration agencies into client onboarding | Banking Services and Finance Companies in IFSC |
| 6A(v) | 3 | Restrictions and reporting obligations for foreign currency operations of a banking unit | Banking Services and Finance Companies in IFSC |
What stood out
- Case-based questions (Q1, Q3 and Q6 or Q6A) carried 55 marks; the rest were 45 marks of application problems with no pure theory part.
- IFSCA Ecosystem and Regulatory Framework led with 25 marks, covering IFSC company relaxations, investor grievance redressal and international branch campuses.
- Banking Services and Finance Companies drew 15 marks on the compulsory path, rising to 30 if the Q6A banking unit alternative was chosen.
- Bullion exchange eligibility (net worth computation, qualified supplier conditions) appeared on both Q4 and Q4A paths.
- Q1(b) and Q1(c) overlapped on the fund management entity net worth test; Insurance and Reinsurance appeared only in alternative 4A(i).
Practise the chapters that carried the marks
Banking Services and Finance Companies in IFSC, IFSCA Ecosystem and Regulatory Framework, India International Bullion Exchange (IIBX): study guides and practice questions in the CS Professional format.