Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments

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....discussions and consultations held with the stakeholders, it has been decided to amend provisions of the aforesaid guidelines, which are as follows: 2.1. Eligibility and Shareholding in Stock Exchanges, Clearing Corporations and Depositories Clauses 4 (1), (2) and (3) of SEBI (IFSC) Guidelines, 2015 which specify the eligibility and shareholding limit for stock exchanges, clearing corporations and depositories desirous of operating in IFSC are being replaced as follows: "4. (1) Eligibility and shareholding limit for stock exchanges desirous of operating in IFSC: Any Indian recognised stock exchange or any recognised stock exchange of a foreign jurisdiction shall form a subsidiary to provide the services of stock exchange in IFSC wherein ....

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....irectly or indirectly, either individually or together with persons acting in concert, upto fifteen per cent. of the paid up equity share capital of such clearing corporation. (3) (a) Eligibility and shareholding limit for foreign depositories desirous of operating in IFSC: Any regulated depository of a foreign jurisdiction shall form a subsidiary to provide the depository services in IFSC where atleast fifty one per cent of paid up equity share capital is held by such depository and remaining shares may be offered to any other registered depository or recognised stock exchange or clearing corporation, whether Indian or of foreign jurisdiction. (b) Setting up of IFSC Depositories Services by Indian registered depositories: Any Indian re....