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F. No. IFSCA-PLNP/4/2021-Capital Markets
December 03, 2021
To,
All investment bankers in the International Financial Services Centre (IFSC)
All banking units in the IFSC
Dear Sir/Madam,
Sub: Investment banking in the IFSC
The International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 (CMI Regulations) provide the regulatory framework for various categories of intermediaries operating in the capital markets in the IFSC, including investment banking activities in the IFSC.
The investment bankers play an important role in facilitating issuance and listing of securities on the recognised stock exchanges in the IFSC and overall development of the ecosystem for primary market issuances in the IFSC. The IFSCA (Issuance and Listing of Securities) Regulations, 2021 have already been notified providing the necessary regulatory framework in this regard.
(a) The banking unit shall intimate to the Authority before commencing operations relating to investment banking, along with fees, in the format provided in Annexure - I.
(b) The banking unit operating as an investment banker shall comply with all the provisions applicable to an investment banker in the IFSC, including obligations and responsibilities prescribed in the CMI Regulations, the requirements prescribed in this circular and such requirements as may be specified by the Authority from time to time.
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(a) Application fee: USD 1,000 (USD One thousand only)
(b) Registration/ authorisation fee: USD 10,000 (USD Ten thousand only)
(c) Fee every three years post registration/ authorisation ($4^{\text{th}}$ year onwards): USD 10,000 (USD Ten thousand only).
However, the banking unit operating as an investment banker shall pay authorisation fee indicated at (b) and (c) above only.
(1) The fee amount mentioned hereinabove, shall be remitted online, to the following bank account of IFSCA:
| Account Name: | International Financial Services Centres Authority |
| Account Number: | 970105000174 |
| Type of Account: | USD Current Account |
| Bank Name: | ICICI Bank Limited |
| SWIFT Code: | ICICINBBIBU |
| NOSTRO Details: | BOFAUS3N, Bank of America, New York Branch, A/c no: 6550491848 |
(2) However, entities coming from India (outside IFSC) will have the option to pay the application fee and registration fee in INR into the account of IFSCA mentioned below:
| Account Name: | IFSCA FUND 2 |
| Account Number: | 39907189884 |
| Type of Account: | INR Current Account |
| Bank Name | State Bank of India |
| IFSC Code: | SBIN0060228 |
| SWIFT Code: | SBININBB255 |
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For the entities remitting the fee in INR, the latest RBI reference rate available at https://www.fbil.org.in/#/home (which would normally be 7 days before the current date) will be considered.
This circular is issued in exercise of powers conferred under section 12 of the IFSCA Act, 2019 and regulation 72 of the CMI Regulations.
A copy of this circular is available on the website of IFSCA at www.ifsca.gov.in.
Yours faithfully,
Arjun Prasad
Deputy General Manager
arjun.pd@ifsca.gov.in
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| S. No. | Particulars | Details |
|---|---|---|
| 1. | Details of the Banking Unit | |
| 1.1 | Name | |
| 1.2 | IFSCA License No. |
(Provide a copy of the certificate issued by IFSCA) | | | 1.3 | Conditions, if any
(Provide a copy of the IFSCA letter) | | | 2. | Investment Banking business proposed to be undertaken | | | 2.1 | Profile (in brief)
(Information shall include details of existing activities in the IFSC) | | | 2.2 | Details of investment banking activities proposed to be undertaken in the IFSC | | | 3. | Past Experience (if any) | | | 3.1 | Provide details of any past experience by the applicant or any of its group/ associate company relating to investment banking in any jurisdiction | |
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| 4. | Fees
Details regarding payment of fees to IFSCA | | --- | --- | | 5. | Declaration |
We hereby agree and declare that the information supplied in the application, including the attachment sheets, is complete and true to our knowledge.
We further agree that, we shall notify the International Financial Services Centres Authority (IFSCA) immediately of any material change in the information provided in this form.
We further agree that we shall comply with, and be bound by the International Financial Services Centres Authority Act, 2019, and the regulations, circulars, guidelines and instructions thereunder as issued by IFSCA from time to time.
We further agree that as a condition of authorisation as an investment banker, we shall abide by such instructions or directives as may be issued by IFSCA from time to time.
For and on behalf of (Please insert name of the applicant)
Authorised signatory
(Name)(Signature)
Date:
Place:
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Name:
Registration No. / License No. (in case of banking unit operating as an investment banker)
Name of the Compliance Officer
Addition / deletion / change in address etc. of office from last submitted report
Change in control, if any, since the last report. If yes, provide details.
Change, if any, in directorship details since the last report
| Name | Induction/ retirement/ resignation | Reasons | Effective Qualification Date | Brief Experience (in case of induction) | Shares in the company |
|---|---|---|---|---|---|
| Name | Date of Appointment/ Resignation / Termination | Qualification | Experience |
|---|---|---|---|
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| Name | Nature of change | Activities handled | Nature of interest with investment banker |
|---|---|---|---|
| Activity | When commenced/ discontinued | Object of the new activities/ reasons for discontinuation |
|---|---|---|
Details of all pending litigations involving the investment banker
Issue management activities (attach separate sheet if required):
| Sr. No. | Type of issue | Name of issuer | Instrument | Offer size | Issue Price | Issue opening date | Issue closing date | No. of times oversubscribed |
|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| Functional Responsibility | Stock Exchanges where instruments were to be listed | Date of listing | Reasons for delay in listing (if any) | Opening Price | Current market price | Remarks |
|---|---|---|---|---|---|---|
| 9 | 10 | 11 | 12 | 13 | 14 | 15 |
Regulatory action, if any, by IFSCA or any other financial services regulator
Underwriting activities
13.1 Total number of issues underwritten during the period
13.2 Total amount underwritten during the period
13.3 Outstanding underwriting commitment at the close of the period
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13.4 Details of disputed/devolved case
