The Securities and Exchange Board of India (SEBI), on March 27, 2015, had notified the Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 [SEBI (IFSC) Guidelines, 2015] and various amendments made thereto from time to time were made.
Based on the consultations held with the stakeholders and to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, the SEBI has decided to amend the definition of ‘issuer’ as given in Clause 2 (1) (i) which shall now read as follows:
"issuer" shall mean:
(i) any entity incorporated in India seeking to raise capital in foreign currency other than Indian rupee which has obtained requisite approval under Foreign Exchange Management Act, 1999 (FEMA) or exchange control regulations as may be applicable; or
(ii) an entity incorporated in a foreign jurisdiction, provided such entity is permitted to issue securities outside the country of its incorporation or establishment or place of business as per the laws and regulations of its country of incorporation, jurisdiction or its constitution, or
(iii) any supranational, multilateral or statutory organization/institution/agency provided such organization/institution/agency is permitted to issue securities as per its constitution.