24.1 C
New York
Sunday, August 1, 2021

Sebi revises IFSC guidelines on financial reporting for debt issuers

Must read

Bolsonaro backers push for change to Brazil’s voting system

World7 minutes ago (Aug 01, 2021 06:36PM ET) 5/5 (C) Reuters. Supporters of Brazilian President Jair Bolsonaro pray during a protest calling for a printed and...

Square to buy Afterpay for $29 billion as buy now, pay later booms

Stock Markets8 minutes ago (Aug 01, 2021 06:35PM ET) (C) Reuters. FILE PHOTO: A logo for the company Afterpay is seen in a store window...

Square reports over 143% jump in revenue in Q2

Stock Markets18 minutes ago (Aug 01, 2021 06:25PM ET) (C) Reuters. FILE PHOTO: Jack Dorsey, CEO of Square and CEO of Twitter, uses his phone...

Tunisian president says in contact with ‘friendly countries’ to cut deficit

Economy23 minutes ago (Aug 01, 2021 06:20PM ET) 2/2 (C) Reuters. FILE PHOTO: A general view shows the commercial port of Rades in Tunis, Tunisia, May...

Mumbai: The Securities and Exchange Board of India (Sebi) revised its guidelines n reporting of statement of accounts for entities listing their debt securities in International Financial Services Centre (IFSC), in an effort to further streamlines the operations.

The country’s only IFSC Gujarat International Finance Tec (GIFT) City is located between Ahmedabad and Gandhinagar in the Gujarat state, and around approximately 225 units/companies are operational with more than 12,000 professionals employed in the city.

In a circular on Friday, the markets regulator said entities listing their debt securities in IFSC will now prepare their statement of accounts in accordance with International Financial Reporting Standards (IFRS) or US GAAP (Generally Accepted Accounting Principles) or Indian accounting standards (IND-AS) or as applicable in the place of their incorporation, and incorporate it in the relevant disclosure documents to be filed with the exchange.

In case, an entity does not prepare its statement of accounts in accordance with IFRS/ US GAAP/ IND AS, it will prepare a quantitative summary of significant differences between national accounting standards and IFRS .

The markets regulator also said that in case the issue is targeted at institutional investors, the quantitative summary of significant differences is not required and a statement of differences between local accounting standards and IFRS/ US GAAP/ IND AS would suffice.

In another circular, Sebi said an entity based in India or in a foreign jurisdiction may provide financial services in IFSC, subject to compliance with the applicable regulatory framework.

- Advertisement -

Latest article

Bolsonaro backers push for change to Brazil’s voting system

World7 minutes ago (Aug 01, 2021 06:36PM ET) 5/5 (C) Reuters. Supporters of Brazilian President Jair Bolsonaro pray during a protest calling for a printed and...

Square to buy Afterpay for $29 billion as buy now, pay later booms

Stock Markets8 minutes ago (Aug 01, 2021 06:35PM ET) (C) Reuters. FILE PHOTO: A logo for the company Afterpay is seen in a store window...

Square reports over 143% jump in revenue in Q2

Stock Markets18 minutes ago (Aug 01, 2021 06:25PM ET) (C) Reuters. FILE PHOTO: Jack Dorsey, CEO of Square and CEO of Twitter, uses his phone...

Tunisian president says in contact with ‘friendly countries’ to cut deficit

Economy23 minutes ago (Aug 01, 2021 06:20PM ET) 2/2 (C) Reuters. FILE PHOTO: A general view shows the commercial port of Rades in Tunis, Tunisia, May...

Pro traders look for this classic pattern to spot Bitcoin price reversals

Sign In/Free Sign Up 0 Cryptocurrency23 minutes ago (Aug 01, 2021 06:20PM ET) Pro traders look for this classic pattern to spot Bitcoin price...