Expanding financial horizons: IFSC opens doors for non-bank entities to issue derivative instruments, complete details inside! Expanding financial horizons: IFSC opens doors for non-bank entities to issue derivative instruments, complete details inside! The authority had permitted IFSC Banking Units, registered with SEBI as FPIs, to issue derivative instruments with Indian securities as underlying assets in GIFT-IFSC as per the first phase. Rakesh Deshmukh / Saturday, May 4, 2024 / Article rating: 4.3 The authority has decided to permit IFSCA-registered non-bank entities, registered with SEBI as FPIs, to issue derivative instruments with Indian securities as underlying assets in GIFT-IFSC.