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<h1>SEBI Issues Guidelines for Stock Brokers Seeking NOC to Establish Subsidiaries or Joint Ventures in GIFT IFSC.</h1> The Securities and Exchange Board of India (SEBI) issued guidelines for stock brokers and clearing members seeking a No Objection Certificate (NOC) to establish wholly owned subsidiaries, step down subsidiaries, or joint ventures in GIFT IFSC. Applicants must submit their applications through the stock exchange where they are members, including necessary documents and NOCs from all relevant exchanges and depositories. The stock exchanges or clearing corporations will verify and forward complete applications to SEBI with recommendations. This circular, effective immediately, aims to streamline the application process and is issued under SEBI's regulatory authority to protect investor interests and regulate securities markets.