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Date: 01-Jan-2024 Category: Extra Ordinary State: Union Government Country: India

The International Financial Services Centres Authority IFSCA, having considered the application for grant of renewal of recognition under Regulation

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 for India International Clearing Corporation (IFSC) Limited by the International Financial Services Centres Authority (IFSCA).

Key Changes

  • IFSCA has renewed the recognition of India International Clearing Corporation (IFSC) Limited as a clearing corporation for contracts in securities.
  • The renewal is effective for one year, commencing on December 29, 2023, and ending on December 28, 2024.
  • The renewal is subject to the condition that the Clearing Corporation complies with the conditions specified by IFSCA from time to time.

Impact Analysis

India International Clearing Corporation (IFSC) Limited

  • Action Item: Ensure ongoing compliance with all conditions specified by IFSCA to maintain recognition.

Securities Market Participants in IFSC

  • Action Item: Monitor IFSCA communications for any new or updated conditions applicable to clearing corporation activities.

Investors in IFSC

  • No specific action item required.

International Financial Services Centres Authority (IFSCA)

  • Action Item: Ensure effective monitoring and enforcement of compliance by India International Clearing Corporation (IFSC) Limited.

Key Entities Referenced

International Financial Services Centres Authority (IFSCA): The regulatory authority for International Financial Services Centres in India. India International Clearing Corporation (IFSC) Limited: A clearing corporation operating within the GIFT SEZ, responsible for clearing and settling securities transactions. The International Financial Services Centres Authority Act, 2019: The Act that establishes IFSCA and defines its powers and functions. The Securities Contracts (Regulation) Act, 1956: The Act regulating securities contracts in India. International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021: Regulations governing market infrastructure institutions operating in IFSCs.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-जी.जे.-अ.-02012024-251094 xxxGIDExxx CG-GJ-E-02012024-251094 असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 3] नई दि्ली, सोििार, िनिरी 1, 2024/पौर् 11, 1945 No. 3] NEW DELHI, MONDAY, JANUARY 1, 2024/PAUSHA 11, 1945 अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधसचू ना गांधीनगर, 28 दिसम् बर, 2023 आई.एफ.एस.सी.ए./इंजडया आई.सी.सी./निीकरण/2023-24.—अंतरराष्ट्रीय जित्तीय सेिा केन्द्द्र प्राजधकरण, इंजडया इंटरनेिनल क्लीयररंग कारपोरेिन (आई.एफ.एस.सी.) जलजिटेड, प्रथि तल, यूजनट सं. 102, जसग्नेचर जबल्डंग सं. 13बी, रोड 1सी, जोन 1, जगफ्ट सेज, जगफ्ट जसटी, गांधीनगर-382355, द्वारा अतं रराष्ट्रीय जित्तीय सेिा केन्द्द्र प्राजधकरण (बाजार अिसंरचना संस्ट्था) जिजनयि, 2021 के जिजनयि 12 के अधीन िान्द्यता का निीकरण प्रिान करने के जलए दकए गए आिेिन पर जिचार करन े और यह सिाधान हो िाने के पश्चात ् दक ऐसा करना व्यापार के जहत ि,ें प्रजतभूजत बाजार के जहत िें और लोक जहत िें भी होगा, अंतरराष्ट्रीय जित्तीय सेिा केन्द्द्र प्राजधकरण (बाजार अिसंरचना संस्ट्था) जिजनयि, 2021 के जिजनयि 9 के साथ पठित अतं रराष्ट्रीय जित्तीय सेिा केन्द्द्र प्राजधकरण अजधजनयि, 2019 की धारा 12 और प्रजतभूजत संजििा (जिजनयिन) अजधजनयि, 1956 की धारा 8क द्वारा प्रित्त िजियों का प्रयोग करत े हुए, उि क्लीयररंग कारपोरेिन को तारीख 29 दिसम्बर, 2023 से प्रारंभ होन े िाली और 28 दिसम्बर, 2024 को सिाप्त होन े िाली एक िर् ष की अिजध के जलए, इसि ें इसके नीच े कजथत ितों या इसके पश्चात् जिजहत या अजधरोजपत की िाने िाली ितों के अधीन रहत ेहुए, प्रजतभजू तयों िें संजििाओं की बाबत िान्द्यता का निीकरण प्रिान करता ह ै:  यह क्लीयररंग कारपोरेिन आई.एफ.एस.सी.ए. द्वारा सिय-सिय पर जिजनर्िष्टष ितों का अनपु ालन करेगा । के. रािारािन, अध्यक्ष [जिज्ञापन-III/4/असा./658/2023-24] 24 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 28th December, 2023 IFSCA/India ICC/Renewal/2023-24.—The International Financial Services Centres Authority (IFSCA), having considered the application for grant of renewal of recognition under Regulation 12 of the International Financial Service Centres Authority (Market Infrastructure Institutions) Regulations, 2021 by India International Clearing Corporation (IFSC) Limited, 1st Floor, Unit No. 102, The Signature Building No. 13B, Road 1C, Zone 1, GIFT SEZ, GIFT CITY Gandhinagar-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 sub-section (4) of section 8A of the Securities Contracts (Regulation) Act, 1956 read with regulation 9 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021, renewal of recognition to the said Clearing Corporation for one year, commencing on the 29th day of December, 2023 and ending on the 28th day of December, 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 specified by IFSCA from time to time. K. RAJARAMAN, Chairperson [ADVT.-III/4/Exty./658/2023-24] 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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