Tag Archives: stock exchange

bullion trading/ clearing members in IFSC

IFSCA has vide its circular dated 17th September, 2021 allowed all members of stock exchanges and clearing corporation in the IFSC to become automatic members of the bullion exchange and bullion clearing corporation. All new members will have to follow the registration criteria and make fresh applications in this regard.

The existing members will be added subject, of course, to fulfilling the net worth criteria as is specified by the bullion exchange.

https://ifsca.gov.in/Viewer/Index/230

On-Boarding of existing registered members in GIFT-IFSC

  1. IFSCA has received representation from market participants requesting for all registered trading members and clearing members of the stock exchanges and clearing corporations respectively to be grandfathered as members of the Bullion Exchange and Bullion Clearing Corporation. Accordingly, it has been decided to permit all members of the stock exchanges and clearing corporations in GIFT-IFSC to be enabled as Bullion Trading/ Clearing Members subject to the fulfilment of requisite net worth criteria as specified by the Authority.
    New entities desirous of operating as Bullion Trading/Clearing Members
  2. New entities who intend to become Bullion Trading/Clearing Members shall follow the membership criteria and registration process for membership as determined by the Bullion Exchange /Bullion Clearing Corporation, subject to eligibility criteria as specified in IFSCA circular No. 415/IFSCA/Consolidated Operating Guidelines/2021-22 dated August 25, 2021.
    Net-Worth criteria
  3. The net worth requirement for initial 6 months from the date of operationalization of
    Bullion Exchange shall be as under:

  1. Base Minimum Capital
  2. The Base Minimum Capital for initial 6 months from the date of operationalization of Bullion Exchange shall be as under:
  1. Additional Requirements
  2. Any entity desirous of operating as Bullion Trading/Clearing Member shall be a body corporate, incorporated in India or in a foreign jurisdiction.
  3. Any entity desirous of functioning as a trading member / clearing member under the branch structure in GIFT-IFSC shall adequately ring fence the operational, technology and financial aspects of its branch in IFSC from its overseas operations.

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regulatory framework for REITs and InvITs in IFSC

https://pib.gov.in/PressReleasePage.aspx?PRID=1666500

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in IFSC.

IFSCA has permitted global participants i.e. REITs and InvITs incorporated in FATF compliant jurisdictions to list on the stock exchanges in GIFT IFSC.Additionally, InvITs have been permitted to raise funds through private placements also.

The REITs and InvITs registered in IFSC have been permitted to invest in real estate assets and infrastructure projects respectively in IFSC, India and other foreign jurisdictions, which is in line with the framework provided in the global financial centres.

Additionally, the REITs and InvITs that are already listed in any of the permissible jurisdictions other than IFSC (currently USA, Japan, South Korea, United Kingdom excluding British Overseas Territories, France, Germany, Canada and India) or India have been permitted to list and trade on the recognised stock exchanges in IFSC, subject to compliance with their respectivelaws of home jurisdiction.

The listing of REITs and InvITs in IFSC shall be in accordance with the requirements of the stock exchanges in IFSC.

The entities in IFSC can participate and benefit from the growth of real estate and infrastructure sector in international jurisdictions.

Further details on the framework for REITs and InvITsare available on the IFSCA website at the URL:https://ifsca.gov.in/Circular

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