It has been decided to amend clause 4 (1) of SEBI (IFSC) Guidelines, 2015 to read as follows:
Eligibility and shareholding limit for stock exchange desirous of operating in IFSC
Any Indian recognized stock exchange or any stock exchange of a foreign jurisdiction may form a subsidiary to provide the services of stock exchange in IFSC wherein at least fifty one per cent. of paid up equity share capital is held by such stock exchange and remaining share capital may be offered to any other person (whether Indian or of foreign jurisdiction) and such person shall not at any time, directly or indirectly, either individually or together with persons acting in concert, acquire or hold more than five per cent of the paid up equity share capital in a recognised stock exchange in IFSC, subject to applicable law.
Provided that,— (a) a stock exchange, (b) a depository, (c) a banking company(d) an insurance company, (e) a commodity derivatives exchange [whether Indian or of foreign jurisdiction for (a) to (e)] (g) a public financial institution of Indian jurisdiction, and (h) a bilateral or multilateral financial institution approved by the Central Government.may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, upto fifteen per cent of the paid up equity share capital of a recognised stock exchange with prior approval of the Board.
Provided further that the provisions of Regulation 19 and 20 of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 should be complied with.
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