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Date: 09-Jan-2025 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

  • This gazette notification announces the renewal of recognition for India International Clearing Corporation (IFSC) Limited as a clearing corporation within the International Financial Services Centre (IFSC).

Key Changes

  • The International Financial Services Centres Authority (IFSCA) has renewed the recognition of India International Clearing Corporation (IFSC) Limited for a period of one year.
  • The renewal is effective from December 29, 2024, and will expire on December 28, 2025.
  • This renewal is granted under 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.
  • The renewal is subject to the condition that the Clearing Corporation shall comply with conditions specified by IFSCA from time to time.

Impact Analysis

Impact on India International Clearing Corporation (IFSC) Limited

  • Failure to comply with IFSCA conditions may lead to penalties or revocation of recognition.

Impact on Market Participants

  • Market participants should be aware of any new conditions imposed by IFSCA on the clearing corporation.

Impact on IFSCA

  • IFSCA has ensured the continued smooth functioning of the market infrastructure within the IFSC.

Suggested Action Items

  • IFSCA should continue to monitor the operations of the clearing corporation and ensure compliance with regulations.

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 International Financial Services Centre. The International Financial Services Centres Authority Act, 2019: The primary legislation governing the establishment and operation of IFSCA. Securities Contracts (Regulation) Act, 1956: The act regulating securities contracts in India. International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021: Regulations governing the operation of market infrastructure institutions within the IFSC.
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