SEBI sets norms to govern international financial centres
The Securities and Exchange Board of
India (SEBI) approved guidelines to govern international financial services
centres (IFSC). These guidelines were approved by SEBI board meeting on 22
March 2015. The news guidelines relax the norms for Stock exchanges and
clearing corporations to set up IFSC. It also relaxes norms and allows existing
exchanges to set up their subsidiaries in the IFSC. Stock exchanges will be set
up with Rs. 25 crore capital. This capital is against the previous normal
requirement of 100 crore rupees. However, this initial capital should be raised
to 100 crore rupees within next 3 years. Such exchanges will also be given 3
years to complete de-mutualisation. The initial capital requirement will be 50
crore rupees for a clearing corporation, against the previous norm of Rs. 300
crore. But it will have to be achieved within 3 years period.
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