New Delhi, Nov 15 (PTI) Markets regulator Sebi hasallowed multilateral and statutory organisations abroad toissue securities in the International Financial ServicesCentre (IFSC) in India.
India's only IFSC has been set up in GIFT City, Gujarat,to enable Indian entities to compete on an equal footing withoffshore financial centres.
IFSC is aimed at providing facilities and regulationscomparable to other international financial centres in theworld.
Amending the definition of issuer, the Securities andExchange Board of India (Sebi) said in a circular last nightthat an entity incorporated in a foreign jurisdiction,provided it is permitted to issue securities outside thecountry of its incorporation, can issue securities.
Besides, multilateral or statutory organisations, havingpermission to issue securities, can issue them in the IFSC, itsaid.
Currently, any entity incorporated in India seeking toraise capital in foreign currency and has obtained requisiteapproval under Foreign Exchange Management Act (FEMA) canissue securities. PTI SPSA.
This is unedited, unformatted feed from the Press Trust of India wire.