**Summary:**
This circular, issued by the Securities and Exchange Board of India (SEBI) on August 21, 2020, announces amendments to the SEBI International Financial Services Centres (IFSC) Guidelines, 2015. The amendment, incorporated as Clause 8.3, permits entities based in India or foreign jurisdictions to provide financial services within the IFSC, contingent upon compliance with the regulatory framework and guidelines specified by SEBI. This decision follows consultations with stakeholders and aims to streamline operations at the IFSC. The circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect investor interests, promote development, and regulate the securities market. The circular is applicable to all recognized stock exchanges, depositories, clearing corporations (including those in IFSCs), and all registered intermediaries (including those in IFSCs). Further information can be obtained from Sanjay Purao, General Manager, Market Regulation Department, at sanjayp@sebi.gov.in. The circular is available on the SEBI website (www.sebi.gov.in).
Key Entities Referenced
India: The country where the entity providing financial services in IFSC may be based.
Securities and Exchange Board of India: The regulatory body issuing the circular.
International Financial Services Centres: A special economic zone within India that allows companies to operate in multiple currencies.
SEBI IFSC Guidelines, 2015: The guidelines issued by SEBI regarding International Financial Services Centres, which are being amended by this circular.
Securities and Exchange Board of India Act, 1992: The act of parliament that established SEBI and defines its powers.
Sanjay Purao: General Manager, Market Regulation Department at SEBI.
Stock Exchanges: Recognized Stock Exchanges
Depositories: All Depositories
भारतीय प्रततभतू त और तितिमय बोर्ड
Securities and Exchange Board of India
CIRCULAR
SEBI/HO/MRD1/DSAP/CIR/P/2020/155 August 21, 2020
To,
1. All Recognized Stock Exchanges, Depositories and Clearing Corporations
(including those in International Financial Services Centres)
2. All Registered Intermediaries(including those in International Financial Services
Centres)
Dear Sir / Madam,
Subject: Securities and Exchange Board of India (International Financial Services
Centres) Guidelines, 2015 - Amendments
Kindly refer to SEBI (IFSC) Guidelines, 2015 which were notified by SEBI on March 27,
2015 and subsequent amendments thereof.
2. In order to further streamline the operations at IFSC, based on consultations with the
stakeholders, it has been decided to amend provisions of the aforesaid guidelines, by
incorporating new Clause 8 (3) as under:
“8 (3) An entity, based in India or in a foreign jurisdiction, may provide financial services
in IFSC, subject to compliance with the applicable regulatory framework/ guidelines
for such financial services, as specified by the Board, from time to time.”
3. This circular is issued in exercise of powers conferred under Section 11 (1) of the
Securities and Exchange Board of India Act, 1992, to protect the interests of investors
in securities and to promote the development of, and to regulate the securities market.
This circular is available on SEBI website at www.sebi.gov.in.
Yours faithfully,
Sanjay Purao
General Manager
Market Regulation Department
Email: sanjayp@sebi.gov.in