| Clause | Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015. | Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments |
| Clause (8) | Any recognised entity or entities desirous of operating in IFSC as an intermediary, may form a company to provide such financial services relating to securities market, as permitted by the Board | Any SEBI-registered intermediary (except trading member or clearing member) or its international associates in collaboration with such SEBI-registered intermediary may provide financial services relating to securities market, in IFSC, without forming a separate company, subject to the prior approval of the Board.Provided that, in case, such financial services are offered exclusively to institutional investors, prior permission of the Board is not required.Provided, further that, in case, such financial services are offered exclusively to institutional investors by non SEBI-registered intermediary, prior approval of theBoard is not required, if such intermediary is recognized entity in a foreign jurisdiction as defined under clause 2 (1) (j) of these guidelines. |
| Clause 19 Reporting of Financial Statements | The issuer of debt securities in IFSC shall prepare its statement of accounts in accordance with Companies Act, 2013 as applicable in IFSC. | The entities issuing and/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. In case an entity does not prepare its statement of accounts in accordance with IFRS/ US GAAP/ IND AS, a quantitative summary of significant differences between national accounting standards and IFRS shall be prepared by such entity and incorporated in the relevant disclosure documents to be filed with the exchange. |
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