• MLAs Nathabhai Patel, Jashubhai Patel, Punabhai Gamit, Virji Thumar tested Covid-19 positive ahead of Gujarat Assembly Monsoon session. They will not be able to attend the session.
  • Election Commission sends complaint against alleged false affidavits filed by Dhanera MLA Nathabhai Hegolabhai Patel to Central Board of Direct Taxes (CBDT) for probe in response to check alleged discrepancies in his election affidavit
  • Gujarat completes 129.27 per cent rain of normal average monsoon season
  • Inspector Pritesh J Patel's body hit by a bullet from his service revolver found from his car in Sachivalay campus in capital Gandhinagar in suspected case of suicide this morning. Inspector PJ Patel had not returned home last night. He was on duty of Sachivalay complex
  • 20 bills to be moved in Gujarat Assembly Monsoon session starting from September 21. Discussion on coronavirus pandemic situation in the state on the first day's second session for 2.5 hours
  • Unjha APMC Vice Chairman Shivam Rawal dies of Coronavirus infection He was admitted to Ahmedabad based private run Sterling hospital for last over one and half month
  • 1432 new cases of Covid-19 detected in 24 hours ending at 5 pm today in Gujarat as per the latest daily bulletin by the State health department
  • Jamnagar district SP Shweta Shrimali transferred to SRP Group 17 as Commandant; Deepan Bhadran, DCP of Ahmedabad Crime Branch replaces her as SP Jamnagar
  • Polling for election of Banas Dairy's Board of Directors to be held on 19 October
  • De-commissioned INS Viraat, a Centaur Class Aircraft Carrier, which was in service for 30 years, moves out of the Naval Dockyard for a ship-breaking yard at Alang in Gujarat .

Stock Holding IFSC Limited becomes first segregated nominee account provider of India INX and GIFT City IFSC

Mumbai: Stock Holding Securities IFSC Limited has become the first Segregated Nominee Account Provider (SNAP) to register with India International Exchange (IFSC) Limited (India INX) on November 13, 2019.

Stock Holding Securities IFSC can now provide services to its investors through the segregated nominee account structure, which was permitted by the SEBI at the IFSC in May 2018. As a Provider, Stock Holding Securities IFSC Limited, can enable its investors to access the index, currency, commodity derivatives and debt securities traded at the India INX under the new SNAP structure.

The SEBI has permitted three types of entities to register as Providers with the exchanges at the IFCS and they are :-

• SEBI-registered brokers at GIFT IFSC

• SEBI-registered FPIs (Category I and II)

• Trading members / clearing members of international stock exchanges / clearing corporations regulated by a member of FATF

Mr V Balasubramaniam, MD & CEO, India INX said, “We are delighted to have Stock Holding IFSC Limited as the first SNAP (segregated nominee account provider) of India INX and GIFT City IFSC. SNAP is a unique concept which applies only to GIFT IFSC and permitted by SEBI. SNAP will be able to seamless onboard foreign investors from all eligible FATF approved jurisdictions and enable them to trade on India INX with complete anonymity. This is a great boost towards ease of business in the IFSC.”

The segregated nominee account structure is an unique and innovative mechanism that facilitates easy access for foreign investors to IFSC by routing orders through eligible Providers, while adhering to regulatory requirements, inter alia, relating to identification of end-client, client level order placement, margining and position limit management. The structure is modelled on the internationally prevalent segregated omnibus account structure. The SNAP structure provides accelerated on-boarding of investors, margin funding by Providers for investors after entering into valid agreements, sophisticated risk management through grossing of margins across Provider and investor positions, lower overhead costs for trading members and investors participating in the markets etc.

DeshGujarat