Is Belong Regulated by IFSCA? Licences and Legal Entities Explained
Every week someone writes to us with a version of the same question. "You say you are IFSCA regulated. Regulated to do what, exactly?"
It is a sharper question than it first appears. Plenty of platforms hold one narrow licence and describe themselves as regulated.
The honest answer requires naming companies, licences and boundaries. This article does that, with a link to every certificate.
We would rather you read the paperwork than trust the marketing. Belong benefits when readers get more sceptical, not less.
Also read: Is Belong safe?
The short answer
Yes. The Belong app is operated by IFSCA licensed entities.
Three separate authorisations sit behind it. There is a Payment Services Provider authorisation, a Broker Dealer registration and a Distributor registration.
Each certificate is a public PDF. Open them. The rest of this article explains what each one actually permits.
One brand, three companies
Belong is a brand. Brands cannot hold licences, so it helps to know the corporate map.
The app is built and owned by Betafront Technologies Private Limited, registered in Bengaluru. Its corporate identity number appears in our website footer and can be checked on the MCA portal.
That parent company is not the regulated entity. Two subsidiaries in GIFT City hold the licences.
Betafront Financial Services (IFSC) Private Limited holds the payments authorisation. Betafront Securities (IFSC) Private Limited holds the broking and distribution registrations.
👉 Tip: When any platform says "we are regulated", ask which legal entity holds the licence. The brand name is rarely the answer.
We have written a broader introduction to how our GIFT City setup works in Belong's NRI investment guide.
What each licence actually permits
The three licences do very different jobs. Confusing them is how people misread what a platform can and cannot do.
The payments authorisation is what allows the wallet inside the app. It sits under the IFSCA Payment Services Regulations, 2024.
Those regulations recognise a defined set of payment services. A payment provider in the IFSC operates in foreign currency and cannot hold Indian rupees.
The broking and distribution registrations sit under the IFSCA Capital Market Intermediaries Regulations, 2025. That framework replaced the earlier 2021 regulations.
Broker Dealer is what permits execution on the NSE International Exchange. If you want the background on that venue, read our explainer on NSE IFSC features and benefits.
The boundary that matters most
Here is the part we want you to internalise.
We are not a bank. We do not take your deposit onto our own books. We are not the fund manager either.
When you place a USD fixed deposit, the deposit is with a partner bank's IFSC Banking Unit. The money is that bank's liability, not ours.
Those banks are regulated by IFSCA inside GIFT City and by RBI as Indian banks. Our note on GIFT City banking explained covers how banking units work.
When you invest in a fund, the scheme is run by a Fund Management Entity registered with IFSCA. That entity is the manufacturer. We distribute.
This mirrors the onshore structure. An asset management company is regulated by SEBI, and a distributor is a separate regulated party.
👉 Tip: A platform that blurs the line between distributing a product and manufacturing it is worth a second look.
Who regulates what
Readers often assume one regulator covers everything. GIFT City works differently.
IFSCA is a unified authority. It was established under the International Financial Services Centres Authority Act, 2019. It combines functions that RBI, SEBI, IRDAI and PFRDA perform onshore.
That single window is convenient. It also means domestic protections do not automatically apply, which we cover in GIFT City versus RBI regulations.
Our fuller explainer on who regulates GIFT City investments maps this out in detail.
Why the location changes the law
GIFT City sits in Gujarat but is treated as offshore for exchange control purposes.
Entities set up there are treated as non-resident under FEMA. That is why an NRI can invest without opening an NRE or NRO account.
The zone also operates as a special economic zone, which brings a second approval requirement. Regulated entities must hold both an IFSCA registration and a valid Letter of Approval under the SEZ Act.
We have separated these threads in GIFT City versus SEZ and in our guide to FEMA rules for GIFT City.
Still unsure whether any of this is genuine? Is GIFT City real answers the sceptical version.
The wider context sits in GIFT City IFSC explained and GIFT City India.
What being licensed obliges us to do
A licence is not a badge. It is a set of continuing obligations.
Intermediaries under the capital market framework must maintain a minimum net worth. These capital rules exist to support ongoing solvency.
Registered entities must follow anti money laundering and counter terrorist financing norms. They must retain electronic records for a prescribed period.
They must also run a grievance redressal system, maintain business continuity plans, and file an annual compliance audit with IFSCA.
Directors and key personnel must meet fit and proper criteria. Registration can be suspended or cancelled by the regulator.
IFSCA also issued a direction in April 2025 reminding regulated entities to hold valid registrations and approvals at all times. Some entities had been operating without them.
What a licence does not promise
We want to be blunt here, because this is where trust is usually lost.
An IFSCA licence is not a guarantee of returns. It does not make a market linked product safe.
It also does not create deposit insurance. Deposits at an IFSC Banking Unit fall outside DICGC cover.
If something goes wrong, there is a defined complaint route rather than a compensation fund. We have set that out in IFSCA complaints and grievance redressal. Our own complaint handling policy is published on our site.
How to verify all of this yourself
Do not stop at reading this page. Three checks take under ten minutes.
First, open the IFSCA public directory and search the two Betafront entity names. IFSCA's own homepage carries a standing warning to deal only with listed entities.
Second, open the three certificate PDFs linked above. Match the registration numbers against the directory entry.
Third, read the commercial documents. Our terms and conditions, wealth terms, schedule of charges and consumer charter are all public.
Run the same three checks on any competitor. Compare using our roundup of GIFT City investment platforms.
If you are an NRI
Your practical question is which licence touches your money.
The payments authorisation governs how funds move in and out. The distribution registration governs how funds are offered to you.
Neither makes us the custodian of your investment. Confirm the underlying bank or fund manager in your account statement.
Compare current deposit options with our NRI FD rates explorer before committing.
If you are a resident Indian
GIFT City fixed deposits are not open to residents. Your route is outbound investing under the Liberalised Remittance Scheme.
The same distribution licence applies when a fund is offered to you. Your extra homework is the remittance and reporting side.
Explore the current universe through GIFT City mutual funds and alternative investment funds. Individual schemes include the Tata India Dynamic Equity Fund and the DSP Global Equity Fund.
Others include the Edelweiss Greater China Equity Fund and the Sundaram India Mid Cap Fund. Our mutual funds product page explains access.
For a wider view, see our GIFT City mutual funds list. We also have a guide to alternative investment funds.
The mistake we see
People check the licence and stop there. Then they invest in a product the licence has nothing to do with.
Someone recently asked whether our broking registration covered a fixed deposit. It does not. Deposits sit with a bank under its own banking permission.
Match the licence to the product, not to the brand. That habit protects you everywhere, not just with us.
Decision clarity
If your goal is confirming legitimacy, check the IFSCA directory first and the certificates second.
If your goal is understanding risk, the licence is the wrong document. Read the product terms and the deposit insurance position instead.
If you plan to trade rather than invest, the broking registration is the relevant one. Track the GIFT Nifty before you start.
If you are exploring public issues, read our note on the first GIFT City IPO and the IPO product page.
FAQ
Is Belong regulated by SEBI?
No. Our operating entities are registered with IFSCA, not SEBI. IFSCA is the unified regulator for GIFT City and performs functions that SEBI and RBI perform onshore.
How many licences does Belong hold?
Three. A Payment Services Provider authorisation, a Broker Dealer registration and a Distributor registration. All three certificates are published on our website.
Which company actually holds them?
Betafront Financial Services (IFSC) Private Limited holds the payments authorisation. Betafront Securities (IFSC) Private Limited holds the broking and distributor registrations.
Does an IFSCA licence mean my money is guaranteed?
No. A licence sets conduct and capital obligations on the entity. It is not a return guarantee and does not create deposit insurance.
Where can I verify these licences independently?
Search the entity names on the IFSCA public directory. Then match the registration numbers against the certificate PDFs linked in this article.
Sources
IFSCA public directory of registered and authorised entities: ifsca.gov.in/DirectoryList
IFSCA (Payment Services) Regulations, 2024: ifsca.gov.in legal documents
IFSCA capital market intermediaries framework: ifsca.gov.in Capital Market Intermediaries
IFSCA master circular for distributors in the IFSC: ifsca.gov.in circular
IFSCA consumer education and protection: ifsca.gov.in Consumer Protection
Belong licence certificates: PSP, Broker, Distributor
Belong legal pages: terms and conditions, privacy policy, refund policy
The stories here are illustrative composites drawn from common patterns, not specific individuals.
Disclaimer
This article is for information only and is not investment advice. It describes our own regulatory status, so treat it as a disclosure rather than a neutral review.
Licences, regulations and corporate structures change. Verify every detail independently on the IFSCA directory before acting.
Consult a qualified advisor and tax professional in your country of residence.
