SEZ Compliance FAQ Booklet 2026: GIFT IFSC Compliance Guide
GIFT IFSC units operate under the Special Economic Zone (SEZ) framework. This means businesses need to follow specific requirements for approvals, operations, reporting and ongoing compliance.
The SEZ Compliance FAQ Booklet (v2.0), August 2026 brings together important guidance for IFSC units. It covers the key procedures and requirements that apply from setting up an IFSC unit through its ongoing operations and eventual exit from the SEZ framework.
This executive guide highlights the main GIFT IFSC SEZ compliance requirements that businesses should understand and monitor.
Obtaining a Letter of Approval (LOA) is one of the first steps for an IFSC unit. But SEZ compliance does not stop once the LOA is issued.
Units also need to manage requirements related to the Bond-cum-Legal Undertaking (BLUT), Eligibility Certificate, Lease Deed and authorised operations. Changes to the office premises or approved activities may also require further action under the SEZ framework.
The report explains the LOA application process, including the role of the Unit Approval Committee, deficiency handling and submissions through the SEZ Online portal. It also covers the steps an IFSC unit needs to take after receiving its LOA.
Ongoing SEZ Reporting
Regular reporting is an important part of GIFT IFSC SEZ compliance.
The report covers key reporting requirements such as:
- Monthly Performance Report (MPR)
- Service Exports Reporting Form (SERF)
- Annual Performance Report (APR)
- Commencement of operations
- Supporting documents and records
The booklet also provides guidance on the applicability of SOFTEX requirements for IFSC units.
Changes During Operations
Business requirements can change after an IFSC unit starts operations. The report covers important situations such as:
- Changing or adding office premises
- Removing premises
- Adding or changing authorised services
- Broadbanding of authorised operations
- Changes in name or shareholding
- Changes in directors or constitution
- Mergers and demergers
It also explains the procedures related to Instruction No. 122 and the role of the applicable authorities in processing these changes.
LOA Extension and Renewal
IFSC units also need to keep track of their LOA validity.
The report explains the requirements for:
- LOA extension
- Commencement of operations
- LOA renewal
- Applications after LOA expiry
- Present Progress reporting
Understanding these requirements can help units plan their applications and avoid missing important compliance timelines.
Other GIFT IFSC Compliance Requirements
The booklet also covers several supporting areas of SEZ compliance, including:
- Importer-Exporter Code (IEC)
- Registration-Cum-Membership Certificate (RCMC)
- Employee SEZ ID cards
- Storage of documents
- SEZ Online portal procedures
- Common portal-related issues
- Penal provisions
These requirements form part of the wider compliance framework that IFSC units need to manage during their operations.
Exit from the SEZ Framework
If an IFSC unit decides to stop its operations, it needs to follow the prescribed SEZ exit process.
The report covers the key steps involved in:
- Surrendering the LOA
- Applying for SEZ exit
- Completing pending compliances
- Submitting required documents
- Obtaining exit approval
- Actions required after exit
Download the full SEZ Compliance FAQ Booklet 2026 for a detailed overview of GIFT IFSC SEZ requirements, including LOA, BLUT, lease deed, authorised operations, commencement, MPR, SERF, APR, LOA renewal, organisational changes, SEZ exit and penalties.
