investment bankers

IFSCA has clarified the procedure for banking units to register themselves as investment bankers in the IFSC – GIFT city. Salient features are as under:

  1. Regulation 3(4) of the CMI Regulations provides that IFSCA may specify norms for authorisation of capital market intermediaries in the IFSC. Considering that the investment banking activities in the capital markets are being carried out by banks or their associates in various jurisdictions globally, and with the purpose of facilitating ease of doing business, it has been decided that a banking unit licensed by the IFSCA shall be permitted to undertake investment banking activities in the IFSC, in
    accordance with the below framework:
    a) The banking unit shall intimate to the Authority before commencing operations relating to investment banking, along with fees, in the format provided in Annexure – I.
    b) The banking unit operating as an investment banker shall comply with all the provisions applicable to an investment banker in the IFSC, including obligations and responsibilities prescribed in the CMI Regulations, the requirements prescribed in this circular and such requirements as may be
    specified by the Authority from time to time.

c) The banking unit shall maintain arm’s length relationship between its investment banking activity and other activities.

  1. All the investment bankers in the IFSC shall submit a report to IFSCA on a half-yearly basis, within 45 days, in the format provided in Annexure II.
  2. All other details such as fees payable, manner of payment of fees etc. annexures are given in the said circular.
  3. https://ifsca.gov.in/Viewer/Index/253

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