Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
Recently, The Securities and Exchange Board of India (SEBI) in May, 2022 has issued guidelines for seeking No Objection Certificate (NOC) by Stock Brokers or Clearing Members to establish joint ventures, Step Down Subsidiaries, Joint Ventures, Wholly owned subsidiaries in GIFT (Gujarat International Finance Tech-City) International Financial Service Centre (IFSC) and the list of supporting documents to be attached with the application.
Table of Contents
A step down subsidiary is a subsidiary company of a company who is a subsidiary of another company. For example where a company C is a subsidiary of a company B and company B is a subsidiary of company A. This means that company C shall be called as a step down subsidiary of company A.
SEBI guidelines on establishing wholly owned subsidiaries in GIFT shall be applicable on the following entities:
The general practice followed by Stock Brokers or Clearing Members for seeking NOC to establish or setting up Joint Ventures, Step down Subsidiaries, wholly owned subsidiaries in GIFT IFSC is to make an application to SEBI to grant NOC to set up the above mentioned legal entities by the Stock Brokers/ Clearing Members.
With these new guidelines, SEBI has streamlined and rationalised the process of obtaining NOC by Stock brokers/ Clearing members for setting up wholly owned subsidiaries in GIFT IFSC. Similar process goes for setting up Joint ventures, step down subsidiaries etc.
The new guidelines released by SEBI[1] for setting up wholly owned subsidiaries in GIFT IFSC are as follows:
The above guidelines shall come into force with immediate effect. The guidelines in the above circular have been issued in exercise of the powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992 (SEBI Act) in order to protect the interests of the investors in securities and to promote the development of and to regulate the securities market.
Read Our Article: Compliances for Foreign Subsidiary Company in India
With the rising inflation rates and various other economic factors, wealthy Americans are incre...
Before approaching the new suppliers or any other third parties, you should always go for the v...
With the increasing landscape of Fintech Companies, it is increasingly vital that fintech compl...
This blog gives a detailed description through an audit report for industrial waste by examinin...
On 1st March 2024, the IRDAI came up with a notification via F. No. IRDAI/Reg/5/199/2024 for Bi...
Are you human?: 5 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
As per the powers granted to SEBI under Section 11(1) of the SEBI Act 1992, read with provisions of regulation 77 o...
01 May, 2021
On 9th June 2022, vide circular number SEBI/HO/IMD/IMD-I/DOF2/P/CIR/2022/81, a Circular was issued by the Securitie...
13 Jun, 2022
Chat on Whatsapp
Hey I'm Suman. Let's Talk!