India INX Membership

> Eligibility Criteria

Eligibility Criteria

For Others-

As per SEBI circular on IFSC Guidelines Dated March 27th, 2015. Any recognised entity or entities desirous of operating in IFSC as an intermediary, may form a company to provide such financial services relating to securities market, as permitted by the Board.

Nature of clients.

1. Any intermediary permitted by the Board for operating within the IFSC shall provide financial services to the following categories of clients:
- (I) a person resident outside India
- (II) a non-resident Indian.
- (III) a non-individual resident in India who is eligible under FEMA to invest funds offshore, to the extent of outward investment permitted.
- (IV) an individual resident in India who is eligible under FEMA to invest funds offshore, to the extent allowed in the Liberalized Remittance Scheme of Reserve Bank of India
2. A registered capital market intermediary shall appoint a person as its compliance officer for ensuring compliance with the regulatory requirements.
3. In order to avail investment advisory or portfolio management services in IFSC, the client shall be:
- (I) a person resident outside India.
- (II) a non-resident Indian.
- (III) a non-individual resident in India who is eligible under FEMA to invest funds offshore, to the extent of outward investment permitted.
- (IV) an individual resident in India who is eligible under FEMA to invest funds offshore, to the extent allowed in the Liberalized Remittance Scheme of Reserve Bank of India.

For Foreign Entities-

As per IFSCA circular on membership of Stock Exchanges dated December 11, 2020,

1. Any entity from a foreign jurisdiction (hereinafter referred to as “The entity”) desirous of operating in IFSC as a stock broker of a Stock Exchange in IFSC, may set up a branch office in IFSC to provide stock broking services, subject to the following conditions:
- a) The entity is from a Financial Action Task Force (FATF)compliant jurisdiction
- b) The entity is a stock broker regulated by a securities market regulator in its home jurisdiction
- c) The entity has adequately ring fenced the operational, technology and financial aspects of its branch in IFSC from its overseas operations
2. The entity is required to obtain a certificate of registration from the Authority prior to commencement of operations of its branch office.
3. All the other fees applicable to a stock broker in IFSC shall be applicable to such a branch office of the entity, from time to time.
4. The branch office shall be governed by:
- a) the Rules, Bye-Laws and Regulations of the Stock Exchange at IFSC with which it is registered as a stock broker and
- b) by all the applicable regulations and guidelines prescribed by the Authority from time to time
5. The trading servers of the entity shall be located within the IFSC.
6. The branch office of the entity located in IFSC is required to have a Designated Director/Compliance Officer for ensuring timely execution of compliance and regulatory reporting functions.
7. The branch of the entity shall comply, at all times, with:
- a) The net worth and capital requirement as prescribed by the Authority/Stock Exchange from time to time
- b) The periodic reporting requirements as prescribed by the Authority/Stock Exchange from time to time
8. The entity shall pay a registration fee of USD 1,000 for grant of certificate of registration.