IFSCA, with an objective to promote ease of doing business in IFSC and taking into account the representations from investors and discussions with the Stock Exchanges, the has announced the following:
- Unless otherwise specified by IFSCA, settlement of funds shall be done as per the Agreement/Consent Letter between the Broker Dealer and its client. The Stock Exchanges in IFSC may specify the format of such Agreement/ Consent Letter for the Broker Dealers.
- Such an Agreement/Consent Letter needs to be executed between the Broker Dealer and the Client at the time of onboarding itself.
- In case of existing clients, the Broker Dealers in IFSC may adopt a procedure to operationalize the same.
- The Stock Exchanges in IFSC shall put in place a mechanism for monitoring clients’ funds lying with the Broker Dealers.
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