INDIA: SEBI Grants Approval for International Exchange and International Clearing Corporation

Tuesday November 8 2016

On the 1st November 2016, BSE (formerly known as Bombay Stock Exchange Ltd.) received in-principal approval from Securities and Exchange Board of India (SEBI) to set up an international exchange and international clearing corporation. The outlines for the International Financial Services Centre (IFSC) were first announced by the Ministry of Finance on March 1, 2015.

SEBI was the first regulator to announce the IFSC guidelines on March 27, 2015 for Capital Markets. The BSE Board in its meeting held on May 5, 2016 approved the creation of two wholly owned subsidiary companies for the purpose of setting up the first International Exchange and International Clearing Corporation.

BSE’s plan is to operationalise the International Exchange in early 2017.

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