Para 3 - Applicability and scope - SEBI (International Financial Services Centres) Guidelines, 2015

Applicability and scope. 3. (1) Any entity desirous of organising or assisting in organising any stock exchange or clearing corporation or depository, or desirous of undertaking any other financial services relating to securities market, shall be a recognised entity and such an entity shall seek permission of the Board in accordance with the norms specified herein or as may be specified by the Board, from time to time. (2) Any entity desirous of operating in an IFSC for rendering financial services relating to securities market, shall comply with the provisions relating to registration or recognition, as the case may be, of applicable regulations of the Board: Provided that certain entities shall be permitted to operate in IFSC subject to these guidelines. (3) Save as otherwise provided in these Guidelines or as specified by the Board from time to time, all provisions of securites laws shall apply to a financial institution operating in an IFSC. (4) These Guidelines shall be subject to the guidelines of Governement of India on foreign investment.