Obligation to seek Registration and Exemptions therefrom

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....it in IFSC desirous of undertaking any of the below mentioned activities shall obtain a certificate of registration from the Authority: (a) Broker dealer; (b) Clearing member; (c) Credit rating agency; (d) Custodian; (e) Debenture Trustee; (f) Depository participant; (g) Distributor; (h) ESG Ratings and Data Products Provider;....

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.... (a) 'Research Entity', if an investment adviser or credit rating agency or Fund Management Entity registered with the Authority which issues, circulates or distributes a research report to public. (5) The following persons are exempted from the requirement of seeking registration under these regulations - (a) as an 'investment adviser', if- (i) a person who gives gener....

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....ee of an entity, to his clients, incidental to his professional service; (v) a broker dealer or an investment banker who offers investment advice to its clients, incidental to its primary activity; (vi) a fund manager, by whatever name called, providing advice to a mutual fund, retail fund, alternative investment fund or any other fund registered or regulated by the Authority or ....

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....Authority; (b) a credit rating agency, arranger, distributor, debenture trustee, ESG rating agency, ESG data products providers or registrars to an issue or share transfer agents or such other intermediaries as may be specified by the Authority located outside IFSC and providing services to an entity in an IFSC or an issuer whose securities are listed or proposed to be listed on a recogni....