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The market regulator Sebi on Friday rationalised the process of application by stockbrokers or clearing members for setting up wholly-owned subsidiaries, step down subsidiaries, and joint ventures in GIFT IFSC.

Generally, Sebi receives applications from Stock Brokers/ Clearing Members for granting NOCs for setting up Wholly Owned Subsidiaries, Step Down Subsidiaries, Joint Ventures, etc. in GIFT IFSC.

Under the new guidelines issued today, Sebi directs the format of the application along with a list of supporting documents for seeking NOC for setting up Wholly Owned Subsidiaries, Step Down Subsidiaries, or entering into Joint Ventures in GIFT IFSC is placed as Annexure-A.

Further, Sebi directs stock brokers and clearing members to apply through a Stock Exchange where the applicant is a member, along with the required information, documents and NOC received from all Stock Exchanges/Clearing Corporations/Depositories in which the applicant is a member/participant.

Also, stock exchanges and clearing corporations are directed to forward the complete application to SEBI, after verification along with its recommendation.

The above-mentioned circular has come into force with immediate effect.

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