SNA structures permitted

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The Securities and Exchange Board of India (SEBI) issued a circular on 24 May permitting segregated nominee account (SNA) structures in international financial services centres (IFSCs) to further ease market access for foreign investors in such centres. Under this framework, the orders of foreign investors are permitted to be routed through eligible SNA providers for trading on stock exchanges in the IFSC while adhering to regulatory requirements.

To provide SNA services to their end clients, SNA providers are required to register with the stock exchange/clearing corporation in the IFSC. SEBI-registered brokers in the IFSC, SEBI-registered foreign portfolio investors (FPIs), and trading/clearing members of international stock exchanges/clearing corporations that are regulated by a member of the Financial Action Task Force are eligible to seek registration as SNA providers.

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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley, Munich and New York. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.

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