MANU/SSMD/0037/2020

Ministry : Securities and Exchange Board of India

Department/Board : International Financial Services Centres

Circular No. : SEBI/HO/IFSC/CIR/P/2020/117

Date : 09.07.2020

1. All Recognised Stock Exchanges, Depositories and Clearing Corporations
(including those in International Financial Services Centres)
2. All Registered Intermediaries (including those in International Financial Services Centres)

Dear Sir/Madam,

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

Kindly refer to SEBI (IFSC) Guidelines, 2015 which were notified by SEBI on March 27, 2015 and SEBI Circular dated July 27, 2017.

2. In order to further streamline the operations at IFSC, based on the internal discussions and consultations held with the stakeholders, it has been decided to amend clause 4 (1) of SEBI (IFSC) Guidelines, 2015 to read as follows:

"4. 1) Eligibility and shareholding limit for stock exchange desirous of operating in IFSC

Any Indian recognized stock exchange or any stock exchange of a foreign jurisdiction may form a subsidiary to provide the services of stock exchange in IFSC wherein at least fifty one per cent. of paid up equity share capital is held by such stock exchange and remaining share capital may be offered to any other person (whether Indian or of foreign jurisdiction) and such person shall not at any time, directly or indirectly, either individually or together with persons acting in concert, acquire or hold more than five per cent of the paid up equity share capital in a recognised stock exchange in IFSC, subject to applicable law.

Provided that,--

(a) a stock exchange,

(b) a depository,

(c) a banking company,

(d) an insurance company,<........