Para 4 - Eligibility and shareholding - SEBI (International Financial Services Centres) Guidelines, 2015

CHAPTER II STOCK EXCHANGES, CLEARING CORPORATIONS AND DEPOSITORIES Eligibility and shareholding 4. (1) Eligibility and shareholding limit for stock exchanges desirous of operating in IFSC : Any Indian recognised stock exchange or any stock exchange of a foreign jurisdiction may form a subsidiary to provide the services of stock exchange in IFSC where atleast fifty one per cent. of paid up equity share capital is held by such exchange and remaining shares may be offered to any other recognised stock exchange, whether Indian or of foreign jurisdiction. (2) Eligibility and shareholding limit for clearing corporations desirous of operating in IFSC : Any Indian recognised stock exchange or clearing corporation, or any recognised stock exchange or clearing corporation of a foreign jurisdiction may form a subsidiary to provide the services of clearing corporation in IFSC where atleast fifty one per cent. of paid up equity share capital is held by such stock exchange or clearing corporation, and remaining shares may be held by any other recognised stock exchange or clearing corporation, whether Indian or of foreign jurisdiction. (3) Eligibility and shareholding limit for depositories desirous of operating in IFSC : Any Indian registered depository or any regulated depository of a foreign jurisdiction may form a subsidiary to provide the depository services in IFSC where atleast fifty one per cent. of paid up equity share capital is held by such depository and remaining shares may be offered to any other registered depository or recognised stock exchange or clearing corporation, whether Indian or of foreign jurisdiction. (4) Every person who acquires equity shares of a recognised stock exchange or recognised clearing corporation or registered depository in IFSC shall inform the Board within fifteen days of such acquisition.