Separate Business Unit permitting stock brokers to operate in GIFT IFSC subject to regulatory ring fencing and segregated accounts. SEBI permits registered stock brokers to operate securities market related activities in GIFT-IFSC through a Separate Business Unit (SBU), qualifying branch, or subsidiary without specific SEBI approval. SBUs must engage only in IFSCA permitted activities, be subject to the concerned regulatory authority's framework, and be segregated and ring fenced from the broker's Indian securities market activities with separate accounts and segregated net worth. Exchange grievance mechanisms, Investor Protection Fund and SCORES will not apply to SBU clients.