Question
What are the various categories of clients to whom the
intermediary permitted by the Board for operating within the IFSC shall provide financial services as per the SEBI (International Financial Services Centres) Guidelines, 2015?Solution
Guideline 9 Nature of clients: .(1) Any intermediary permitted by the Board for operating within the IFSC shall provide financial services to the following categories of clients: (i) a person not resident in India; (ii) a non-resident Indian; (iii) a financial institution resident in India who is eligible under FEMA to invest funds offshore, to the extent of outward investment permitted; (iv) a person resident in India who is eligible under FEMA, to invest funds offshore, to the extent allowed under the Liberalized Remittance Scheme of Reserve Bank of India, subject to a minimum investment as specified by the Board from time to time: Provided that clients referred to in clauses (ii) to (iv) may be provided services, subject to guidelines of Reserve Bank of India.
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