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Date: 26-May-2023 Category: Extra Ordinary State: Union Government Country: India

The International Financial Services Centres Authority, having considered the application for grant of recognition

Issued by International Financial Services Centres Authority · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification announces the renewal of recognition granted to NSE IFSC Clearing Corporation Limited (NICCL) by the International Financial Services Centres Authority (IFSCA).
  • This recognition allows NICCL to operate as a clearing corporation within the International Financial Services Centre (IFSC).

Key Changes

  • IFSCA has renewed the recognition of NSE IFSC Clearing Corporation Limited for a period of one year.
  • The renewed recognition is effective from May 29, 2023, to May 28, 2024.
  • The recognition is subject to the condition that the clearing corporation complies with the conditions specified by IFSCA from time to time.
  • The notification references the powers conferred by Section 12 of the International Financial Services Centres Authority Act, 2019 and Section 4 read with sub-section (4) of Section 8A of the Securities Contracts (Regulation) Act, 1956.

Impact Analysis

NSE IFSC Clearing Corporation Limited (NICCL)

  • NICCL should review and implement any new guidelines or directives issued by IFSCA during the recognition period.

International Financial Services Centres Authority (IFSCA)

  • IFSCA retains the power to prescribe or impose additional conditions on NICCL's recognition.

Securities Market Participants

  • The continued operation of a recognized clearing corporation contributes to the stability and efficiency of the securities market within the IFSC.

Key Entities Referenced

International Financial Services Centres Authority (IFSCA): The regulatory authority for the development and regulation of financial services in International Financial Services Centres in India. NSE IFSC Clearing Corporation Limited (NICCL): A clearing corporation operating within the International Financial Services Centre (IFSC) at GIFT City, Gandhinagar. International Financial Services Centres Authority Act, 2019: The Act that establishes IFSCA and defines its powers and functions. Securities Contracts (Regulation) Act, 1956: An Act to prevent undesirable transactions in securities by regulating the business of dealing therein. International Financial Service Centres Authority (Market Infrastructure Institutions) Regulations, 2021: Regulations pertaining to Market Infrastructure Institutions
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-जी.जे.-अ.-27052023-246127 xxxGIDHxxx CG-GJ-E-27052023-246127 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 349] नई ददल्ली, िुक्रिार, मई 26, 2023/ज्य ष्े ि 5, 1945 No. 349] NEW DELHI, FRIDAY, MAY 26, 2023/JYAISHTHA 5, 1945 अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधसचू ना गांधीनगर, 24 मई, 2023 आईएफएससीए/2020-21/एनआईसीसीएल/245.—अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण, अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (बािार अिसंरचना संस्ट्थान) जिजनयम, 2021 के जिजनयम 12 के अधीन मान्यता प्रदान करने के जलए एनएसई आईएफएससी समािोधन जनगम जलजमटेड, इकाई संख्या 1202, जिगेड इंटरनेिनल फाइनेंजियल सेंटर, 12िां तल, भिन संख्या 14-क, ब्लॉक 14, िोन-1, जगफ्ट एसईिेड, गांधीनगर, गुिरात- 382355 द्वारा ददए गए आिेदन पर जिचार करने के बाद और इस बात से संतुष्ट होने पर दक ऐसा करना व्यापार के जहत में, प्रजतभूजत बािार के जहत में और सािविजनक जहत में भी होगा, प्रजतभूजत अनुबंध (जिजनयमन) अजधजनयम, 1956 की धारा 4 के साथ पठित और अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 की धारा 12 और धारा 4 द्वारा प्रदत्त िजियों का प्रयोग करते हुए, प्रजतभूजतयों में अनुबंधों के संबंध में नीचे दी गई ितों के अध्यधीन या िैसा भी जनधावठरत दकया िाएगा या इसके बाद आरोजपत दकया िाएगा, उि समािोधन जनगम की मान्यता का निीनीकरण एक िर् व अथावत 29 मई 2023 से 28 मई 2024 तक की अिजध के जलए प्रदान करता ह:ै • समिोधन जनगम समय-समय पर आईएफएससीए द्वारा यथा-जनर्दवष्ट ितों का पालन करेगा। इंिेती श्रीजनिास, अध्यक्ष [जिज्ञापन-III/4/असा./130/2023-24] 3366 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 24th May, 2023 IFSCA/2020-21/NICCL/245.—The International Financial Services Centres Authority, having considered the application for grant of recognition under Regulation 12 of the International Financial Service Centres Authority (Market Infrastructure Institutions) Regulations, 2021 by NSE IFSC Clearing Corporation Limited, Unit No. 1202, Brigade International Financial Centre, 12th Floor, Building No. 14-A, Block 14, Zone-1, GIFT SEZ, Gandhinagar, Gujarat- 382355, and being satisfied that it would be in the interest of the trade, in the interest of securities market and also in the public interest to do so, hereby grants, in exercise of the powers conferred by section 12 of the International Financial Services Centres Authority Act, 2019 and section 4 read with sub-section (4) of section 8A of the Securities Contracts (Regulation) Act, 1956, recognition to said Clearing Corporation for one year, commencing on the 29th day of May 2023 to 28th day of May 2024 in respect of contracts in securities subject to the conditions stated herein below or as may be prescribed or imposed hereafter: • The Clearing Corporation shall comply with conditions as specified by IFSCA from time to time. INJETI SRINIVAS, Chairperson [ADVT.-III/4/Exty./130/2023-24] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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