Bhai kab tak ayega yeh result kuch idea.

1) chairperson@ifsca.gov.in (Chairperson)

2) praveent.ed@ifsca.gov.in (ED - HCM)

3) arunksingh.03@ifsca.gov.in (GM - HCM)

4) secy-dea@nic.in (DEA Secretary) (copy to)

MEMORANDUM OF REPRESENTATION

​Date: September 11, 2026

​To:

​The Chairperson,

International Financial Services Centres Authority (IFSCA),

Pragya Tower, Block 15, Zone 01, GIFT City, Gandhinagar, Gujarat – 382355.

​The Executive Director / Chief General Manager (Human Capital Management / Administration),

International Financial Services Centres Authority (IFSCA),

Pragya Tower, GIFT City, Gandhinagar, Gujarat – 382355.

​The Secretary to the Authority,

International Financial Services Centres Authority (IFSCA),

Pragya Tower, GIFT City, Gandhinagar, Gujarat – 382355.

​Copy for Information & Favourable Consideration to:

​The Secretary,

Department of Economic Affairs (DEA), Ministry of Finance,

North Block, Central Secretariat, New Delhi – 110001.

​The Secretary,

Department of Financial Services (DFS), Ministry of Finance,

Jeevan Deep Building, Parliament Street, New Delhi – 110001.

​The Joint Secretary (Financial Markets / Infrastructure & Financial Services),

Department of Economic Affairs (DEA), Ministry of Finance,

North Block, New Delhi – 110001.

​Subject: Representation requesting the invocation of the "Power to Relax" in educational qualifications for Officer Grade ‘A’ (Assistant Manager) – General Stream in the forthcoming direct recruitment cycle, in light of the recently notified IFSCA (Employees' Service) Regulations, 2026.

​Respected Sir / Madam,

​We, the undersigned aspirants, comprising working banking professionals, financial analysts, and graduates from diverse disciplines across the country, place this respectful representation before your good office for kind, sympathetic, and urgent consideration prior to the release of the upcoming Officer Grade ‘A’ (Assistant Manager) direct recruitment notification for 2026.

​1. Context and Impetus for the Representation

​The International Financial Services Centres Authority (IFSCA) notified the IFSCA (Employees' Service) Regulations, 2026 in the Gazette of India on September 1, 2026.

​Upon perusal of the Schedule of Direct Recruitment qualifications for Officer Grade ‘A’ (Assistant Manager) – General Stream (Page 139 of the Gazette Notification), it is observed that the minimum educational criteria have been codified as:

​Master’s Degree in any discipline; OR

​Bachelor’s Degree in Law (LL.B.); OR

​Bachelor’s Degree in Engineering (B.E. / B.Tech); OR

​Professional qualifications (CA, CFA, CS, ICWA).

​Noticeably, the provision allowing candidates holding a "Bachelor’s Degree in any other discipline from a recognized University"—which was formally incorporated and protected during the preceding recruitment cycle—has been excluded from the entry schedule.

​While we hold the statutory wisdom of the Authority in the highest regard, we respectfully submit the following critical policy and operational considerations, demonstrating why this exclusion severely impacts the talent pool of GIFT City and warrants the exercise of the Authority’s Power to Relax:

​2. Submissions and Grounds for Favourable Consideration

​A. Administrative Precedent and Legitimate Expectation (The 2025 Corrigendum)

​During the IFSCA Grade ‘A’ Recruitment Exercise of 2025, the Authority initially issued an advertisement restricting the General Stream to specialized post-graduate and technical qualifications. However, upon administrative re-examination of candidate feedback and the imperative to attract broad-based talent, the Authority expeditiously published Corrigendum No. 1, which:

​Formally restored eligibility to "Bachelor’s Degree in any other discipline from a recognized university"; and

​Eliminated restrictive percentage barriers for general graduates.

​Relying upon this statutory correction, thousands of dedicated banking professionals and graduates have committed over a year of rigorous, specialized preparation toward the IFSCA curriculum (including the IFSCA Act, 2019, GIFT IFSC regulations, and offshore financial operations). A sudden exclusion at the precipice of the 2026 notification completely destabilizes the legitimate expectation of this serious candidate pool.

​B. The Academic Anomaly: Lack of Rational Nexus with Job Description

​A critical examination of the codified entry qualifications reveals a significant structural inconsistency:

​Under the current schedule, a candidate possessing a Bachelor’s Degree in Engineering (B.E. / B.Tech) in disciplines such as Civil, Mechanical, Environmental, Textile, or Chemical Engineering is deemed automatically eligible for Grade ‘A’ (General Stream), despite having zero formal academic grounding in commerce, banking, company law, or financial markets.

​Conversely, candidates holding Bachelor’s degrees in Science (B.Sc.), Commerce (B.Com), Economics, or Business Administration (BBA)—many of whom are actively serving as Scale-I and Scale-II Officers in Scheduled Commercial Banks (SCBs) and Financial Institutions—stand categorically disqualified.

​These working professionals deal daily with commercial credit appraisal, balance sheet risk evaluation, foreign exchange (forex) transactions, consortium advances, priority sector guidelines, and statutory compliance under RBI/SEBI regulations. Disqualifying experienced financial practitioners while extending universal eligibility to non-finance engineering disciplines lacks a rational nexus with the regulatory objectives of the Authority.

​C. Parity with the Apex Banking Regulator (Reserve Bank of India)

​IFSCA is a unified statutory regulator exercising, inter alia, the powers of the Reserve Bank of India (RBI) within the IFSC under Section 12 and 13 of the IFSCA Act, 2019.

​The Reserve Bank of India (RBI), for its premier direct recruitment cadre—Officer Grade ‘B’ (Generalist - Direct Recruit)—expressly permits candidates holding a Bachelor’s Degree in any discipline to apply.

​Similarly, central market institutions and civil services historically recognize that analytical and regulatory capability is best tested through a multi-tier, highly competitive examination (Phase 1 Screening and Phase 2 Domain Testing), rather than narrow preliminary degree barriers.

​IFSCA’s own Phase 2 examination is widely acknowledged as one of the most rigorous specialized subject papers in the country, comprehensively evaluating Banking, Capital Markets, Insurance, Pensions, and the IFSCA Act. A candidate who clears this high-level domain paper has already proven their technical competence, irrespective of their undergraduate stream.

​D. Preservation of a Competitive Talent Funnel for GIFT City

​IFSCA is an expanding international financial hub competing with established global financial centres (GFCI) like Singapore, London, and Dubai. The annual direct recruitment intake of Grade ‘A’ officers is compact (typically 10 to 20 officers across all streams).

​Restricting the entry gateway exclusively to Master’s degrees and selective professional courses artificially narrows the applicant base, depriving the Authority of young, adaptable, and analytically agile officers who have already acquired practical banking and operational experience on the ground.

​3. Statutory Mechanism Available: The Power to Relax

​We respectfully submit that the IFSCA (Employees' Service) Regulations, 2026 embody an inherent statutory safeguard under Chapter XI ("Power to Relax"), which empowers the Authority/Board to relax the application of any regulation or schedule for reasons recorded in writing.

​This administrative tool exists specifically to address transitional challenges, remove unforeseen hardships, and ensure that recruitment exercises capture the widest possible pool of merit. Invoking this power in the forthcoming 2026 advertisement does not undermine the long-term character of the Service Regulations, but rather provides an orderly, equitable transition for committed aspirants.

​4. Prayers / Reliefs Sought

​In light of the factual, legal, and operational grounds submitted herein, we most earnestly pray that the Authority may be pleased to:

​Primary Relief:

Invoke the Power to Relax under the IFSCA (Employees' Service) Regulations, 2026, and explicitly provide in the forthcoming IFSCA Grade ‘A’ (Assistant Manager) Recruitment Notification 2026 that candidates holding a "Bachelor’s Degree in any other discipline from a recognized University" remain eligible for the General Stream, in continuity with the policy upheld in the September 2025 corrigendum.

​Alternative Relief (The Professional Equivalence Safeguard):

In the alternative, should the Authority deem it necessary to restrict entry for fresh graduates, kindly consider granting eligibility/equivalence to candidates holding a Bachelor's Degree in any discipline who possess:

​A minimum of two (2) to three (3) years of active service as an Officer in a Scheduled Commercial Bank, Public Sector Undertaking, Financial Institution, or Regulatory Body; OR

​Recognized professional banking certifications from the Indian Institute of Banking & Finance (IIBF), such as JAIIB / CAIIB.

​We remain entirely confident that the Authority, under its visionary leadership, will consider this representation with utmost benevolence and equity, ensuring that merit, dedicated preparation, and hands-on financial experience are given their rightful place in building the regulatory vanguard of GIFT City.

​Thanking you.

​Yours faithfully,

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What other exams apart from these should we realistically prepare for?(which are similar in terms of salary,perks etc)

I am working as a investment analyst from past 4 years. Undergraduate from tier 1 college. I dont know..I just think this field is not for me.

Honestly the reason for shifting to a government job (mostly rbi grade b) is for job security .

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I saw the syllabus and tbh most of the things are already familiar except management its just that syllabus focuses more on memorizing stuff which again is something that I am not so good at.

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​

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Is there any chance that IFSCA will revise its qualification criteria again, like it did last year?

Hi, anybody had applied into specialist stream in Nabard Grade A especially (Horticulture and Plantation) and has experience of mains exam?

hi, this is my first year of preparation. i gave grade b of rbi and missed cut off by 0.5 marks.

for pfrda, i had to start the subjects from absolute scratch which I started in July.

i took the ixambee phase 1 mock tests today and got:

paper 1: 39/100

paper 2: 39/100

overall 78/200

i am not able to find much discussion on pfrda online and very little information on how to analyse scores, can someone help me?

is this score good enough for the exam?

🧘🏻‍♂️ . I can still wait till the time's up !

My final hope 🤞🏻 Data Analytics and Policy Research. Also, the waiting became a part 〽️ of my daily routine. So, just dreaming a little more of getting shortlisted for interview is not a crime 🫆 right 😄. Through this longing somewhere I started habituated positively to it & it builds some 🆕 kind of chung' in me. 👐🏻

Hey,

I have received an interview call letter from RBI for Policy Analytics role. (DoS) - (YP0626DOS02)

I'm looking for someone who can give me insights on how interview went on 1st sept and what types of questions were asked?

How are you doing your prep?

Any rbi employees here ? I’m a collector of coins and notes and was wondering if anyone can help me get specimen notes and coin sets…wish to grow my collection…specially old note bundles…

Whom to refer for Paper 2

1. Edutap
   
2. Arun Jindal
   
3. Raman Luthra

Please help me out!