The Securities and Exchange Board of India vide its notification dated 27th February 2020 has amended the Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015.
The Amendment has altered Clause 8(1) so as to allows the intermediaries or its international associates, in collaboration with such SEBI-registered intermediaries to provide financial services relating to securities market, in IFSC, without forming a separate company, subject to the prior approval of the Board. When such financial services are offered exclusively to institutional investors by a non SEBI-registered intermediary, prior approval of the board is not required.
Further SEBI has changed the guidelines for reporting of financial statements by issuers listing their debt securities at IFSC.
The entities issuing or listing their debt securities in IFSC shall prepare their statement of accounts in accordance with IFRS/ US GAAP/ IND AS or Accounting standards as applicable to them in their place of incorporation.
Click here to read the Notification.
