Govt. Mandates 10% Public Offer for Companies Listing in IFSC Under Amended SCRA Rules
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- Last Updated on 30 August, 2024
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Notification No. G.S.R 518(E); Dated: 28.08.2024
The Govt. has notified the Securities Contracts (Regulation) Amendment Rules, 2024. As per the amended norms, the applicant companies desirous of getting their securities listed on a recognised stock exchange in an International Financial Service Centre (IFSC) are now required to offer at least 10% of their equity shares or convertible debentures to the public, irrespective of the post-issue capital.
Further, the Govt. has defined the terms ‘IFSC’ and ‘IFSC Authority’ under Rules 2(ca) and 2(cb). The term ‘IFSC’ refers to an International Financial Services Centre as defined in clause (g) of sub-section (1) of section 3 of the International Financial Services Centres Authority Act, 2019.
‘IFSCA’ refers to the Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019. The amended norms shall come into force from August 28, 2024.
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