NOC procedure for setting up subsidiaries in GIFT IFSC requires exchange forwarded application with NOCs and fit and proper undertakings. Applications for NOC to establish WOS, SDS, JVs or take equity in GIFT IFSC must be submitted through the applicant's Stock Exchange/Clearing Corporation with NOCs from all Exchanges/Clearing Corporations/Depositories of which the applicant is a member/participant; the Exchange/Clearing Corporation shall verify and forward the complete application with recommendation to SEBI. The application must include prescribed corporate details, audited or provisional networth certificates, proposed investment and purpose, shareholding pattern, a declaration of compliance with Schedule II fit and proper criteria, and specified enclosures.