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

Last updated: 25 August 2020

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The Securities and Exchange Board of India (SEBI) has issued amendments to the SEBI (International Financial Services Centres) Guidelines, 2015. A new clause, 8(3), has been introduced to streamline operations within the IFSC. This amendment permits entities, whether based in India or abroad, to offer financial services in the IFSC, provided they adhere to SEBI's specified regulatory framework.

Securities and Exchange Board of India

CIRCULAR

SEBI/HO/MRD1/DSAP/CIR/P/2020/155

August 21, 2020

To,
1. All Recognized 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,

Subject: 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 subsequent amendments thereof.

2. In order to further streamline the operations at IFSC, based on consultations with the stakeholders, it has been decided to amend provisions of the aforesaid guidelines, by incorporating new Clause 8 (3) as under:

“8(3) An entity, based in India or in a foreign jurisdiction, may provide financial services in IFSC, subject to compliance with the applicable regulatory framework/ guidelines for such financial services, as specified by the Board, from time to time.”

3. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. This circular is available on SEBI website at www.sebi.gov.in.

Yours faithfully,

Sanjay Purao
General Manager
Market Regulation Department
Email: sanjayp@sebi.gov.in

FAQ :

The circular introduces amendments to the SEBI (International Financial Services Centres) Guidelines, 2015, specifically by adding a new clause 8(3) to streamline operations in the IFSC.

Clause 8(3) states that an entity, regardless of whether it is based in India or a foreign jurisdiction, can provide financial services in an IFSC, as long as it complies with the applicable regulatory framework and guidelines set by SEBI.

This circular is addressed to all recognised Stock Exchanges, Depositories, Clearing Corporations (including those in IFSCs), and all Registered Intermediaries (including those in IFSCs).

The original SEBI (IFSC) Guidelines, 2015 were notified on March 27, 2015.

This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992.