The International Financial Services Centres Authority (IFSCA) on February 09, 2024, issued a circular regarding the Direct Listing of Indian companies on the stock exchanges in IFSC – Monitoring of investments from countries sharing land borders with India.
Based on suggestions received from stakeholders, IFSCA hereby specifies the following mechanism to ensure compliance by permissible holders:
• Know Your Customer (KYC) and Client Due Diligence (CDD) by Broker Dealers, Depository Participants and Custodians
• Declaration by Clients
• Primary Market Issuance
• Secondary Market Trading
• Off-Market Transfer
• Monitoring and Surveillance by stock exchanges
The circular shall come into force with immediate effect.
Please refer to the circular attached below for more details.
[Circular no. IFSCA-PLNP/7/2023-Capital Markets]
