The International Financial Services Centre Authority (“IFSCA”) recently released the IFSCA (Issuance and Listing of Securities) Regulations, 2021 (“Regulations”). These are meant to serve as an all-encompassing unified regulatory framework specifying the requirements for issuance and listing of various types of securities, and disclosures.1 The Regulations seek to create an ecosystem for listing of Special Purpose Acquisition Companies (“SPACs”) and of depositary receipts on the stock exchanges in the International Financial Services Centre (“IFSC”). They also provide for issuance and listing of securities by start-ups, Small and Medium Enterprises (“SMEs”), and debt securities focusing on Environment, Social and Governance (“ESG
General Eligibility Criteria
Eligible Issuers: Companies incorporated in foreign jurisdictions, in India, and in the IFSC are to be eligible to list their securities on a stock exchange in the IFSC recognized by the IFSCA (i.e. a Recognized Stock Exchange, or “RSE”).
The Regulations also seek to