Net worth requirements: IFSC clearing corporations must meet staged liquid-asset thresholds and report quarterly compliance to regulator. Applicants for recognition as IFSC clearing corporations must maintain a minimum net worth in liquid assets at the initial threshold; recognized clearing corporations must at commencement maintain that threshold or the capital determined under SEBI's risk-based capital methodology and must increase liquid-asset net worth to a higher threshold within three years. Clearing corporations must submit a quarterly certificate signed by the managing director within fifteen days of quarter-end and immediately inform SEBI if net worth falls below the prescribed level with reasons and remedial measures.
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Provisions expressly mentioned in the judgment/order text.
Net worth requirements: IFSC clearing corporations must meet staged liquid-asset thresholds and report quarterly compliance to regulator.
Applicants for recognition as IFSC clearing corporations must maintain a minimum net worth in liquid assets at the initial threshold; recognized clearing corporations must at commencement maintain that threshold or the capital determined under SEBI's risk-based capital methodology and must increase liquid-asset net worth to a higher threshold within three years. Clearing corporations must submit a quarterly certificate signed by the managing director within fifteen days of quarter-end and immediately inform SEBI if net worth falls below the prescribed level with reasons and remedial measures.
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