9911796707
TMI BlogSecurities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – AmendmentsX X X X Extracts X X X X X X X X Extracts X X X X ..... order to further streamline the operations at IFSC, based on the internal discussions and consultations held with the stakeholders, it has been decided to amend provisions of the aforesaid guidelines, which are as follows: 2.1. Eligibility and Shareholding in Stock Exchanges, Clearing Corporations and Depositories Clauses 4 (1), (2) and (3) of SEBI (IFSC) Guidelines, 2015 which specify the eligibility and shareholding limit for stock exchanges, clearing corporations and depositories desirous of operating in IFSC are being replaced as follows: 4. (1) Eligibility and shareholding limit for stock exchanges desirous of operating in IFSC: Any Indian recognised stock exchange or any recognised stock exchange of a foreign jurisdictio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Indian jurisdiction, provided that any one of the aforesaid entities may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, upto fifteen per cent. of the paid up equity share capital of such clearing corporation. (3) (a) Eligibility and shareholding limit for foreign depositories desirous of operating in IFSC: Any regulated depository of a foreign jurisdiction shall 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 juri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stock exchange and clearing corporation in IFSC at all times. 2.3. Intermediaries in IFSC Clause 8 of SEBI IFSC Guidelines which specifies that any recognised entity or entities desirous of operating in IFSC as an intermediary, may form a company to provide such financial services relating to securities market has been amended as follows: 8. (1) Any SEBI-registered intermediary (except trading member or clearing member) or its international associates in collaboration with such SEBI registered intermediary may provide financial services relating to securities market, in IFSC, without forming a separate company, subject to the prior approval of the Board. (2) Trading members and clearing members desirous of operating in IFSC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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