Overview

• The DFSA issued a Decision Notice on September 25, effective September 26, restricting the DIFC branch from onboarding or soliciting any new clients.
• The order prohibits financial promotions and new-client activities including advising on products, arranging investment deals, arranging or advising on credit, and arranging custody.
• Existing customers remain unaffected, and clients previously offered services may complete onboarding under the notice’s limited exceptions.
• HDFC Bank says it has begun remediation, is cooperating with the DFSA, and views the DIFC unit as non‑material with 1,489 customers as of September 23.
• Reports link the scrutiny to alleged mis‑selling of Credit Suisse AT1 bonds to NRIs and related Indian investigations, and the DFSA restrictions will stay in place until amended or revoked in writing.