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Market regulator SEBI on Tuesday said Indian and foreign entities can set up a company in the IFSC to act as trading members of stock exchanges. There may not be a need to form a separate company.
The same rule will be applicable to any such entity keen on operating as clearing member of a clearing corporation in the International Financial Services Centre (IFSC).
Earlier, the guidelines said trading members and clearing members desirous of operating in IFSC as an intermediary, would need form a company to provide such financial services relating to the securities market.
GIFT City in Gujarat is being developed as the country’s first IFSC to enable Indian entities compete on an equal footing with offshore financial centres and to provide facilities and regulations comparable with other international financial centres in the world.
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