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<h1>New Framework for Issuing and Trading Debt Securities in IFSC: SEBI Approval Required for Issuers, Trade Reporting Rules Set.</h1> The circular outlines the framework for issuing, listing, and trading debt securities on stock exchanges in International Financial Services Centres (IFSC). Stock exchanges must establish eligibility criteria and issue requirements for issuers, which require SEBI approval. Debt securities issued outside IFSC can be listed if the issuer is from a Financial Action Task Force member jurisdiction. Over-the-counter trading is permitted, subject to clearing and settlement through IFSC clearing corporations, with mandatory trade reporting within 15 minutes. Indian residents are restricted from investing or trading in Rupee-denominated bonds and other debt securities issued or listed in IFSC, except as permitted by the Reserve Bank of India.