International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021

Last updated: 21 July 2021

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Quick Summary

The International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021, have been introduced to govern the issuance and listing of various securities within International Financial Services Centres (IFSCs). These regulations outline the general principles, eligibility criteria for issuers, and specific conditions for public offers, including Initial Public Offers (IPOs) and Follow-on Public Offers (FPOs). They also detail the necessary disclosures and procedures for obtaining approvals.

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 16th July, 2021 International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021 No. IFSCA/2021-22/GN/REG015.-In exercise of the powers conferred by sub-section (1) o

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FAQ :

These are regulations established by the International Financial Services Centres Authority (IFSCA) to govern the issuance and listing of securities within International Financial Services Centres (IFSCs).

Companies incorporated in an IFSC, India, or a Foreign Jurisdiction are eligible. Additionally, certain supranational organisations, municipalities, statutory bodies, and entities with sovereign guarantees are eligible for listing debt securities.

Key principles include true, correct, and adequate disclosure of material information, full, accurate, and timely disclosure of financial results and risks, fair and equitable treatment of all security holders, and maintenance of high standards of quality and management expertise.

For an IPO, an issuer must have operating revenue of at least USD 20 million in the preceding financial year, or an average pre-tax profit of at least USD one million over the preceding three financial years, or meet other IFSCA-specified criteria. The issuer must also have commenced business at least three years prior to filing the prospectus.

The offer document must contain comprehensive disclosures including an offer document summary, risk factors, general information, capital structure, details of the issue (objects, funds, pricing), underwriting, tax implications, issuer information, financial statements, related party transactions, legal information, and any other material disclosures.

The issue size shall not be less than USD fifteen million, or any other amount as may be specified by IFSCA.