Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 - Amendments
Summary
This circular amends specific provisions of the SEBI (IFSC) Guidelines, 2015 to streamline operations in International Financial Services Centres. It modifies Clause 8(1) regarding financial services by intermediaries and Clause 19 concerning the reporting of financial statements. The amendments are issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992.
Text
Clause 8 (1) is amended to allow SEBI-registered intermediaries or their international associates to provide securities market financial services in IFSC without forming a separate company, subject to prior Board approval, unless services are exclusively for institutional investors.
Prior permission of the Board is not required if such financial services are offered exclusively to institutional investors.
Prior approval of the Board is not required for non SEBI-registered intermediaries offering services exclusively to institutional investors if such intermediary is a recognized entity in a foreign jurisdiction as defined under clause 2 (1) (j).
Entities issuing and/or listing debt securities in IFSC shall prepare statements of accounts in accordance with IFRS/ US GAAP/ IND AS or applicable standards in their place of incorporation.
If an entity does not prepare accounts in accordance with IFRS/ US GAAP/ IND AS, it must prepare a quantitative summary of significant differences between national accounting standards and IFRS and incorporate it in disclosure documents filed with the exchange.
Source: SecMarx — Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 - Amendments. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.