Sebi revises eligibility, shareholding limit for clearing corp at IFSC

Markets regulator Sebi on Friday amended international financial services centre (IFSC) guidelines pertaining to eligibility criteria and shareholding limit for clearing corporations that wish to operate in such centres.

The decision, aimed at streamlining the operations of IFSC, has been taken after consultation with stakeholders, the Securities and Exchange Board of India (Sebi) said in a circular.

Under the norms, any Indian recognised stock exchange or clearing corporation, or, any recognised stock exchange or clearing corporation of a foreign jurisdiction, will form a subsidiary to provide the services of clearing corporation in IFSC wherein at least 51 per cent stake