Securities Contracts (Regulation) Amendment Rules, 2024
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 28th August, 2024
G.S.R. 518(E).— In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) Rules, 1957, namely:–
1. (1) These rules may be called the Securities Contracts (Regulation) Amendment Rules, 2024.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Securities Contracts (Regulation) Rules, 1957 (hereinafter referred to as the said rules), in rule 2, after the clause (c), the following clauses shall be inserted, namely: –
‘(ca) “International Financial Services Centre” means 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 (50 of 2019);
(cb) “International Financial Services Centres Authority” means the Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019 (50 of 2019);’.
3. In the said rules, in rule 19, in sub-rule (2), in clause (b), after the fourth proviso, the following explanation shall be inserted, namely: –
“Explanation. – For the purposes of this clause, the provisions of sub-clause (i) shall apply to, or in relation to, an applicant company desirous of getting its securities listed on a recognised stock exchange in an International Financial Service Centre, subject to the modification that the reference to “twenty-five per cent.” in that sub-clause shall be construed as reference to “ten per cent.”, irrespective of the post issue capital of such company and sub-clauses (ii), (iii) and (iv) shall not apply.”.
4. In the said rules, in rule 19A, after the explanation to sub-rule (6), the following explanation shall be inserted, namely: –
“Explanation. – For the purposes of this rule, the provisions of sub-rules (1) to (5) shall apply to, or in relation to, a company listed on a recognised stock exchange in an International Financial Service Centre, subject to the modification that references to “twenty-five per cent.” in those sub-rules shall be construed as references to “ten per cent.” and the first proviso to sub-rule (5) shall not apply to such company.”.
[F. No. 1/2/2024-PM]
SURBHI JAIN, Jt. Secy. (Financial Markets)
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3 vide number S.R.O, dated the 21st February, 1957 and subsequently amended vide numbers as under:
(1) G.S.R. 1096, dated the 14th July, 1967;
(2) G.S.R. 685, dated the 3rd June, 1972;
(3) G.S.R. 959, dated the 8thAugust, 1972;
(4) G.S.R. 2641, dated the 1st November, 1975;
(5) G.S.R. 1083, dated the 11th November, 1985;
(6) G.S.R. 666(E), dated the 20th July, 1987;
(7) G.S.R. 1070(E), dated the 15th November, 1988;
(8) G.S.R. 870(E), dated the 13th November, 1992;
(9) G.S.R. 617(E), dated the 20th November, 1993;
(10) G.S.R. 749(E), dated the 12th October, 1994;
(11) G.S.R. 790(E), dated the 7th November, 1995;
(12) G.S.R. 121(E), dated the 9th March, 1995;
(13) G.S.R. 291(E), dated the 27th March, 1995;
(14) G.S.R. 581(E), dated the 23rd December, 1996;
(15) G.S.R. 654(E), dated the 8th August, 2000;
(16) G.S.R. 655(E), dated the 8th August, 2000;
(17) G.S.R. 415(E), dated the 7th June, 2001;
(18) G.S.R. 696(E), dated the 28th August, 2003;
(19) G.S.R. 395(E), dated the 10th June, 2009;
(20) G.S.R. 469(E), dated the 4th June, 2010;
(21) G.S.R. 662(E), dated the 9th August, 2010;
(22) G.S.R. 705(E), dated the 25th October, 2013;
(23) G.S.R. 21(E), dated the 16th January, 2014;
(24) G.S.R. 611(E), dated the 22nd August, 2014;
(25) G.S.R. 682(E), dated the 22nd September, 2014;
(26) G.S.R. 819(E), dated the 19th November, 2014;
(27) G.S.R. 125(E), dated the 26th February, 2015;
(28) G.S.R. 268(E), dated the 20th March, 2017;
(29) G.S.R. 664(E), dated the 28th June, 2017;
(30) G.S.R. 822(E), dated the 3rd July, 2017;
(31) G.S.R. 675(E), dated the 25th July, 2018;
(32) G.S.R. 738(E), dated the 3rd August, 2018;
(33) G.S.R. 189(E), dated the 19th March, 2020;
(34) G.S.R. 485(E), dated the 31st July, 2020;
(35) G.S.R. 423(E), dated the 19th June, 2021;
(36) G.S.R. 520(E), dated the 30th July, 2021 and
(37) G.S.R. 03(E), dated the 2nd January, 2023.
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