SEBI (Worldwide Monetary Providers Centres) Pointers, 2015 – Modification



Securities and Trade Board of India


CIRCULAR


SEBI/HO/MRD2/DCAP/CIR/P/2020/149


August 07, 2020


All acknowledged Clearing Companies in Worldwide Monetary Providers Centres (IFSC)


Expensive Sir / Madam,


Topic: Securities and Trade Board of India (Worldwide Monetary Providers Centres) Pointers, 2015 – Modification


Kindly consult with SEBI (IFSC) Pointers, 2015 which have been notified by SEBI on March 27, 2015 and SEBI Round SEBI/HO/CIR/P/2017/85 dated July 27, 2017.


2. With a view to additional streamline the operations at IFSC, primarily based on consultations held with the stakeholders, it has been determined to amend clause 4 (2) of SEBI (IFSC) Pointers, 2015 to learn as follows:


“4. 2A) Eligibility and shareholding restrict for clearing firms desirous of working in IFSC


Any Indian acknowledged inventory trade or clearing company, or, any acknowledged inventory trade or clearing company of a international jurisdiction shall kind a subsidiary to supply the companies of clearing company in IFSC whereby a minimum of fifty one per cent. of paid up fairness share capital is held by such inventory trade or clearing company.


2B) The remaining share capital could also be acquired or held by every other individual (whether or not Indian or of international jurisdiction) and such individual shall not at any time, instantly or not directly, both individually or along with individuals performing in live performance, purchase or maintain greater than 5 per cent of the paid up fairness share capital in a recognised clearing company in IFSC, topic to relevant regulation:


Supplied additional that


i) every other inventory trade,


ii) a clearing company,


iii) a depository,


iv) a banking firm,


v) an insurance coverage firm, whether or not Indian or of international jurisdiction for (i) to (v)


vi) a public monetary establishment of Indian jurisdiction,


vii) a international commodity derivatives trade; and


viii)a bilateral or multilateral monetary establishment authorized by the Central Authorities,


could purchase or maintain, both instantly or not directly, both individually or along with individuals performing in live performance, upto fifteen per cent. of the paid up fairness share capital of such clearing company:


2C) For the aim of clause 2A) and 2B) above, that the provisions of Regulation 19, 19A and 20 of Securities Contracts (Regulation) (Inventory Exchanges and Clearing Companies) Laws, 2018 must be, mutatis mutandis, complied with”.


3. This round is issued in train of powers conferred beneath Part 11 (1) of the Securities and Trade Board of India Act, 1992, to guard the pursuits of buyers in securities and to advertise the event of, and to manage the securities market. This round is offered on SEBI web site at www.sebi.gov.in.


Yours faithfully,


Amit Tandon
Common Supervisor
Market Regulation Division
E mail: amitt@sebi.gov.in






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