SEBI amends norms relating to net worth requirement by clearing corporations in IFSCs

SEBI has amended the SEBI (IFSC) Guidelines, 2015. Under revised norms every applicant seeking recognition as a clearing corporation shall have a minimum net worth of Rs. 50 Crores in form liquid assets. Also clearing corporation on commencement of operations shall have a minimum net worth equivalent of Rs. 50 Crores at all times in form of liquid assets, and shall have to enhance its net worth to minimum equivalent of Rs. 100 crores over a period of 3 yrs from commencement of operation.

from taxmann.com News http://bit.ly/2ZBgeDR