Consultation Paper on Secondary Listing of Exchange Traded Funds in IFSC

CONSULTATION PAPER ON Secondary Listing of Exchange Traded Funds in IFSC

Published on: August 27, 2026 A. Objective

1. The objective of this Consultation Paper is to seek comments from the public on the proposal relating to a framework whereby a fund manager, duly regulated in India or in a foreign jurisdiction, may secondary list its ETF on a recognised stock exchange in the IFSC.

B. Background

1. In its endeavour to design a globally benchmarked regulatory regime providing opportunities to the fund managers to undertake a variety of fund management related activities from GIFT-IFSC, the Authority instituted the IFSCA (Fund Management) Regulations, 2022, which came into effect in May 2022, and were subsequently reviewed and replaced with the IFSCA (Fund Management) Regulations, 2025 (“FM Regulations”) in February 2025.

2. The fund management ecosystem in GIFT IFSC has grown at a healthy pace. As on July 31, 2026, there are 235 FMEs and 416 schemes at IFSC.

3. While the funds ecosystem in IFSC initially commenced with institutionally oriented investment products, the clarity with respect to the taxation of Retail Schemes and ETFs provided during the Union Budget FY 2024-25 has led to the launch of retail- oriented schemes as well. In line with this, the number of investors in Retail Schemes has grown appreciably, rising more than thirteen-fold from 255 as on September 30, 2025, to 3,438 as on March 31, 2026, marking a broadening of the funds landscape in the IFSC beyond institutional investors. This progression further invites attention to the investment products through which the wider investing Page 1 of 24public participates in the capital markets, wherein the ETF is globally recognised as one of the prominent products.

4. An ETF is an open-ended pooled investment vehicle which holds securities and trades on a stock exchange in the manner of a listed security. Within a single instrument, which is often based on a transparent rule-based index, the investor receives the diversification of the underlying basket and intraday liquidity of an exchange-traded security, at a cost that is amongst the lowest of any managed product. The creation and redemption mechanism operated by the authorised participants keeps the traded price tethered to the value of the underlying portfolio, while the market makers provide continuous two-way quotes on the exchange. This combination of simplicity, transparency and low cost has made the ETF the instrument of choice for households entering the capital markets across the major economies. While ETFs gained pace based on their index-aligned feature, in recent years actively managed ETFs have also become prevalent in some markets.

5. As per the industry estimates1, the global ETF market has grown to approximately USD 23.11 trillion in assets by July 2026. In addition to the rising AUM, the industry has also witnessed growth in the number of ETF offerings, rising from 14,640 in July 2025 to 17,654 in July 2026. Significantly, for the present purpose, the 17,654 ETFs reported for July 2026 have 34,072 listings on 85 stock exchanges in 66 countries, representing the vastness of the mechanism of secondary listing and its significant share in the overall ETF activity.

C. Secondary Listing of ETF

1. A secondary listing of an ETF admits an existing ETF traded on a stock exchange in its home jurisdiction to trade on a stock exchange in another jurisdiction (host jurisdiction) while the ETF retains, in its home jurisdiction, its primary listing, its 1 ETFGI Press Release dated August 19, 2026 Page 2 of 24manager, its portfolio and its ISIN (International Securities Identification Number).

Therefore, a secondary listed ETF does not lead to creation of a new product, and merely adds a trading venue to the existing ETF which is already regulated in its home market.

2. Chapter VII of the FM Regulations already envisages such admission into the IFSC. Regulation 114 permits an ETF that is listed in India (outside IFSC) or in a foreign jurisdiction and is in compliance with the law of its home jurisdiction, to list and trade on a recognised stock exchange in the IFSC. The provision, as presently framed, however, proceeds on the basis that the fund is brought to the IFSC by a FME registered with the Authority.

3. In the course of the Authority’s interactions with the global fund managers, they have expressed interest in secondary listing, in the IFSC, of their ETFs listed in foreign jurisdictions. Such managers, while duly regulated in their home jurisdictions, are not necessarily registered with the Authority as FMEs and the establishment of a FME in the IFSC solely for the purpose of bringing an existing fund to trade may not be proportionate to the activity involved, given that the fund continues to be managed and primarily regulated in its home jurisdiction.

4. The interest so expressed brings into focus the manner in which secondary listing is ordinarily undertaken across jurisdictions. While the presence of the manager of the secondary listed ETF in the host jurisdiction is understood to be the most regulatorily robust approach as it ensures direct regulatory scrutiny of the manager and its offerings in the host jurisdiction, in the prevailing international practice, the manager is not ordinarily required to establish itself in the host jurisdiction. The manager, instead, appoints a representative, a person with local presence and preferably under the regulatory purview of the regulator of the host jurisdiction, while the listing norms of the regulator / stock exchanges govern the trading related conduct.

Page 3 of 245. Since the Authority intends to provide a globally benchmarked regulatory framework for fund management activities in the IFSC, the extant requirement of the fund manager being present in the IFSC is being reviewed in light of the practices of some of the foreign jurisdictions. Based on the understanding of the available literature and the prevalent norms, such practices are summarised in the following section.

D. International Practices

1. Hong Kong: The Securities and Futures Commission (“SFC”) authorises the offering and listing of foreign funds under its Code on Unit Trusts and Mutual Funds. The management company of such a fund is required either to be licensed or registered in Hong Kong or to be based in a jurisdiction whose regulator operates an inspection regime acceptable to the SFC, the acceptability, inter alia, resting on whether the overseas authority inspects its investment management firms in a manner generally consistent with the SFC. Further, apart from mandatory market making, SFC also requires a local licensed / registered entity to be appointed as the local representative, which is encouraged to be within the management group of the fund manager.

2. Singapore: The Monetary Authority of Singapore (“MAS”) recognises a collective investment scheme constituted outside Singapore for offer to the retail investors under the Securities and Futures Act. Such recognition primarily relies on equivalence of investor protection norms of the home jurisdiction with that in Singapore. Further, MAS requires appointment of a local representative in Singapore as a prerequisite for such recognition. Furthermore, under the SZSE- SGX ETF Link, MAS has, inter alia, also placed the requirement for the ETF to have a trading history of at least 1 year, meet the prescribed thresholds of size and is managed by a licensed firm having a track record of at least 5 years in managing investments.

Page 4 of 243. Mexico: Foreign securities, including ETFs, are permitted admission to the Mexican stock exchanges / platform when the issuer is subject, in its home jurisdiction, to the supervision of an authority or of a self-regulatory entity, under a legal regime that protects the interests of the investors, ensures the order and transparency of the operations, prevents and sanctions the misuse of privileged information and market manipulation, and avoids conflicts of interest. Further, a domestic broker or bank acts as the local representative by sponsoring the admission. The stock exchange reviews the eligibility of the foreign security/ETF and reports to the regulator, CNBV.

4. Read together, while none of these jurisdictions requires the manager to establish itself in the host jurisdiction, the regulatory regimes broadly insist on the quality of the home jurisdiction regulation of the manager, a home listing with a demonstrable track record for the ETF product, a mandatory local representative, timely disclosures and market making for continuous and orderly quotes in the host jurisdiction. Further, as an exchange traded product, the managers of the secondary listed ETFs are also required to comply with the requirements specified by the stock exchanges in the host jurisdictions.

E. Expected Benefits

1. Enabling secondary listing of ETFs in the IFSC on the lines of the international practices is expected to advance several objectives – a. For the investors, the globally renowned ETFs through which the world holds its equities, bonds and other assets would become available on a recognised stock exchange in the IFSC. This will offer the investors access to the global ETFs at a single trading venue, housed in the fastest-growing major economy, and regulated by a unified regulator.

b. For the recognised stock exchanges, such listings and the trading flow accompanying them would deepen the market in the IFSC by bringing in Page 5 of 24more trading participants and trading volumes, and shall also be instrumental in changing the product profile available on the IFSC exchanges from the extant predominantly derivative and debt-oriented products, which are more aligned towards institutions, to equity-oriented products, which are equally relevant for the retail investors.

c. For the global fund managers, the framework would offer a calibrated route to bring their global products to the IFSC ecosystem, in a manner which is consistent with the global best practices and addresses the supervisory concerns of the Authority.

d. For the fund management ecosystem of the IFSC, the listings, the market making and the investor familiarity that come with secondary listing would, in time, strengthen the market for the ETFs domiciled in the IFSC. As the preferred gateway for the global flows into and out of India, GIFT IFSC has the unique advantage to host primary listings of – i. India-bound ETFs for the global investors that seek to obtain exposure to Indian markets through a globally benchmarked regulatory and taxation regime, and ii. Foreign-bound ETFs for the Indian and regional investors that seek to obtain exposure to the foreign markets through a well-regulated channel.

F. Proposed Framework

1. The Authority proposes to amend Chapter VII of the FM Regulations so as to permit a fund manager regulated in its home jurisdiction to secondary list an ETF on a recognised stock exchange in the IFSC. The proposed amendments, together with the rationale and the relevant global precedents, are placed at Annexure to this Consultation Paper.

Page 6 of 242. The proposed framework, at a glance, is presented below:

ETF for Local Investor ETF Manager Secondary Process Representative Protection Listing •A Registered •An index- •If the manager •At least the •Application for FME (Retail) in replicating ETF, oftheETFisnot same level of secondary listing theIFSC,or listed and traded registered as a protection that of ETF to be for at least 12 FME, a local homejurisdiction filed with the months. representative to investors IFSC stock •A retail- regulated beappointed. receive. exchange.

manager from •Above Indiaoraforeign seasoning •Local •All disclosures •Exchange to jurisdiction that requirement representative to on IFSC verify the complies with relaxed for actasthebridge exchanges in eligibility and the IFSCA's fit managers with a between the English and intimate to the and proper sound track ETF manager concurrenttothe Authority.

norms. record. and investors / homeexchange.

Authority. •IFSC exchnage to frame rules to govern listing and trading conduct.

G. Public Comments

1. Comments and suggestions from the public are invited on the amendments proposed to the FM Regulations, placed at Annexure to this consultation paper.

2. Comments may be sent by email to the Division of Funds Regulation (Policy & Regulation) at FME-Regulations@ifsca.gov.in and Shri Shashwat Gupta, Consultant, at Shri.Gupta@govconsultant.nic.in, with a copy to Shri Aditya Sarda, Deputy General Manager, at Aditya.Sarda@ifsca.gov.in, latest by September 17,

2026.

3. The comments may be provided in the following format (MS Word or MS Excel only):

Page 7 of 24Name and details of the Person / Entity [Organization name (if applicable), Contact No., Email address] S. No. Regulation Comments / Suggestions Detailed Other No. / Proposed amendment Rationale supporting information* * such as relevant practices prevalent in other financial centres, practices in other business areas, potential impact of the suggestion, etc.

Page 8 of 24Annexure Amendments proposed to IFSCA (Fund Management) Regulations, 2025 (“FM Regulations”) # Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

1. Secondary Listing of an ETF Secondary Listing of an ETF or Investment Trust listed The extant regulation proceeds on the or Investment Trust listed in in India or Foreign Jurisdiction basis that the ETF is brought to the India or Foreign Jurisdiction IFSC by a FME registered with the

114. (1) An ETF or Investment Trust (by whatever name it Authority.

114. (1) An ETF or Investment may be called outside IFSC) may be allowed to be Trust (by whatever name it may launched for secondary listing and trading list and trade on be called outside IFSC) may be a recognised stock exchange provided:

The amendment enables a manager allowed to list and trade on a

(a) The ETF or Investment Trust, as the case may be, is regulated in its home jurisdiction to recognised stock exchange listed in India (outside IFSC) or in a foreign jurisdiction; and seek secondary listing of its ETF in

provided:

IFSC without obtaining registration as

(b) The ETF or Investment Trust is in compliance with the

(a) The ETF or Investment a FME. law of its home jurisdiction where it holds the primary Trust, as the case may be, is listing. listed in India (outside IFSC) or

(c) In case of an ETF: Further, it is aimed that the in a foreign jurisdiction; and mechanism of secondary listing leads

(i) its manager satisfies the criteria in regulation 114A; to achievement of the desired Page 9 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

(b) The ETF or Investment (ii) the ETF satisfies the criteria in regulation 114B; objectives of market development and Trust is in compliance with the investor protection. Therefore, certain

(iii) a representative is appointed in terms of regulation law of its home jurisdiction. criteria w.r.t. the manager and product 114C; are proposed, and the requirement of

(2) The application for listing of

(iv) the manager affords at least the same level of a local representative is proposed to such ETF or Investment Trust protection to the investors in IFSC as provided to the be introduced to provide a local shall be filed with the investors in the home jurisdiction;

contact for the investors and IFSCA. recognised stock exchange(s)

(v) in addition to the information specified in regulation These requirements and criteria are in the format and manner 114D, the manager submits all information and broadly in alignment with the global

provided by the recognised documents in English to the recognised stock exchange jurisdictions, such as Singapore, stock exchange(s). at the same time as they are submitted to the exchange Hong Kong and Mexico.

(3) The recognised stock where the ETF has a primary listing. exchange(s) may exempt the

(d) the recognised stock exchange permitting secondary continuous obligations and For reference, Mexico (CNBV) and listing of an ETF shall, prior to its admission for listing, disclosure requirements for Singapore (SGX) require the intimates the Authority regarding such listing and ETFs or Investment Trust listed exchange to keep home-market undertakes to pay the fee(s) as prescribed by the Authority.

on them, provided that the FME information available to investors with submits all information and the same timeliness and frequency Page 10 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission) documents in English to such (2) The application for listing of such ETF or Investment with which it is disclosed in the market exchange(s) at the same time Trust shall be filed by the manager of the ETF or of the country of origin or of principal as they are released to the investment trust with the recognised stock exchange(s) in listing.

home exchange where it has a the format and manner provided by the recognised stock primary listing. exchange(s).

Singapore (MAS) recognises a

(3) The recognised stock exchange(s) may exempt the foreign scheme where the home imposition of any additional continuous obligations and jurisdiction affords participants in disclosure requirements for ETFs or Investment Trust Singapore protection at least listed on them, provided that, in case of an investment equivalent to that afforded to trust, the FME manager submits all information and participants of schemes which are documents in English to such exchange(s) at the same wholly managed in Singapore.

time as they are released submitted to the home exchange where it has a primary listing, and in case of an ETF, the manager submits information to such exchange(s) in terms of regulation 114(1)(c)(v);

(4) Recognised stock exchange(s) shall also provide detailed rules for market makers, viz. eligibility, role and Page 11 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission) responsibility, minimum number of market makers, maximum spread, minimum quantity, if any, hours of availability, incentives, margin, net-settlement, etc.

2. Proposed insertion Eligibility criteria of the manager for secondary listing As a retail-oriented product, the ETF of an ETF holding a secondary listing in IFSC is proposed to be managed by a 114A. The recognised stock exchange permitting manager which has met the secondary listing of an ETF shall ensure that the manager regulatory scrutiny of its retail

of such ETF is: orientation, either in IFSC or in its

(a) either a Registered FME (Retail), or home jurisdiction.

(b) an entity which is licensed or regulated to carry on fund management for retail investors in India or a foreign For reference, Singapore (MAS) jurisdiction by the concerned financial sector regulator in requires the scheme to have a that jurisdiction, and meets the fit and proper requirements manager that is reputable and in terms of regulation 9(1); and supervised by an acceptable financial supervisory authority.

Page 12 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

(c) in compliance with any other criteria as may be specified by the Authority or the recognised stock Hong Kong (SFC) requires the exchange. management company to either be licensed or registered in Hong Kong or based in a jurisdiction with an inspection regime acceptable to the Commission.

3. Proposed insertion Eligibility criteria of the ETF for its secondary listing ETFs having index replication as their primary objective are transparent and 114B. (1) The recognised stock exchange permitting

rule-based products whose

secondary listing of an ETF shall ensure that such ETF: performance can be observed against

(a) has replication of an index as its primary objective; a published index.

(b) is subject, in its home jurisdiction, to a regulatory regime which protects the interests of investors, ensures As the host jurisdiction relies on the orderly and transparent operations, prevents the misuse of quality of regulation of the home unpublished price sensitive information and market jurisdiction in case of cross-listing, the manipulation, and addresses conflicts of interest; and Page 13 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

(c) has a track record of listing and trading on a stock expected minimum standard of the exchange in India or a foreign jurisdiction for at least twelve same is proposed to be specified.

(12) months:

For reference, Mexico (CNBV)

Provided that an ETF launched by a Registered FME requires the issuer to be subject to the

(Retail) or a manager having a sound track record shall be supervision of an authority or a self- exempt from the aforesaid requirement. regulatory entity under a legal regime that protects the interests of investors,

Explanation: For the purpose of this sub-regulation, “sound ensures the order and transparency of track record” shall mean that the manager has – its operations, prevents and sanctions i. at least five (5) years of experience in managing Assets the misuse of privileged information under Management (AUM) of at least USD 200 million and market manipulation and avoids with more than twenty-five thousand (25,000) conflicts of interest.

investors, and ii. under its management, at least five (5) ETFs, which are listed and traded on a stock exchange in India, IFSC or The track record of twelve (12) foreign jurisdiction(s), at the time of filing the application months ensures that the product arrives in the IFSC after being tested by the discipline of its home market, Page 14 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission) to the recognised stock exchange for secondary listing while the exemption recognises that a of its ETF. new product of an established manager carries the strength of that manager’s record.

For reference, Singapore (MAS), under the SZSE-SGX ETF Link, requires the master ETF to, inter alia, have a trading track record for at least one year and the manager of the master ETF to have a track record in managing investments for at least five

(5) years.

4. Proposed insertion Appointment of representative for secondary listing of A representative in the IFSC provides an ETF the investors and the Authority with a Page 15 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission) 114C. (1) The recognised stock exchange permitting point of contact within the local secondary listing of an ETF shall, prior to the admission of jurisdiction.

the ETF for listing on the exchange and thereafter on a continuing basis, ensure that the manager of such an ETF For reference, Singapore (MAS) and

has appointed a representative:

Hong Kong (SFC) require that a local

Provided that if the manager of the ETF is a Registered representative be appointed. In case FME (Retail), the aforesaid requirement shall not be of Hong Kong, it is further encouraged applicable. that appointment of such a

(2) Such a representative shall be: representative is from within the management group of the ETF

(a) an entity which is an associate of the manager of the manager.

ETF and regulated by the Authority either as a FME, a Capital Market Intermediary under the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025, or a Banking Unit under the International Financial Services Centres Authority

(Banking) Regulations, 2020; or Page 16 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

(b) a Registered FME (Retail); or

(c) a Registered FME (Non-Retail) having authorisation to provide third-party fund management services in terms of Part D of Chapter VI of these regulations.

(3) Such representative shall be authorised on behalf of

the manager of the ETF to:

(a) act as the liaison between the investors and the manager for all necessary purposes, including grievance redressal and disclosures;

(b) accept service of the notices, orders and any other correspondence of the Authority on behalf of the manager;

(c) provide such information or records as the Authority may require;

(d) notify the recognised stock exchange regarding suspension or halt in the trading activity of the ETF in its home jurisdiction or any other material information; and Page 17 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

(e) other functions as may be specified by the Authority.

5. Proposed insertion Additional Disclosures for secondary listing of an ETF In addition to the disclosures made by the manager of the ETF in the home 114D. (1) The manager of the ETF shall, prior to the jurisdiction, certain additional admission of the ETF for secondary listing and thereafter disclosures which are deemed on a continuing basis, arrange to disclose in the English pertinent to the investors investing in language on the recognised stock exchange and the secondary listed ETF in the IFSC marketing material, if any, information relating to:

are proposed.

(a) place of constitution of the ETF and the name of the financial sector regulator of the jurisdiction where the ETF has a primary listing;

(b) a statement to the effect that the ETF holds a secondary listing in the International Financial Services Centre and is not constituted in the International Financial Services Centre;

Page 18 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

(c) the name, address and contact information of the manager of the ETF;

(d) a statement to the effect that the manager of the ETF is not registered with the Authority as a Fund Management Entity, if applicable, and the details of registration of the manager with the Authority or the financial sector regulator in India or foreign jurisdiction, as may be applicable;

(e) the name, address and contact information of the representative, where applicable;

(f) the roles and responsibilities of the manager and the representative;

(g) the arrangements for and information relating to trading, market making, clearing, settlement and other related aspects for the secondary listing of the ETF in IFSC;

Page 19 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

(h) the fees and charges payable by the investors in respect of the ETF;

(i) the tax treatment applicable to the investors of the ETF;

(j) the additional risk factors associated with investment in the secondary listing of ETF;

(k) the mechanism put in place by the manager for the queries and grievances of the investors, and

(l) any other information which is deemed by the manager to be relevant for the investors or as may be specified by the Authority or recognised stock exchange.

6. Suspension of Listing and Suspension of Listing and Trading The amendment clarifies that the Trading continuity of listing and trading

115. (1) The Authority or the recognised stock exchange remains subject to the conditions

115. (1) The Authority or the may suspend the listing and trading of units of an specified by the recognised stock

recognised stock exchange Investment Trust or schemes or ETF if: exchange. may suspend the listing and Page 20 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission) trading of units of an (a) the Investment Trust or parties to the Investment Trust Investment Trust or schemes or the FME are in non-compliance with the regulatory

or ETF if: provisions specified by Authority or the conditions specified by the recognised stock exchange(s);

(a) the Investment Trust or parties to the Investment Trust (b) the Investment Trust or schemes or ETF is suspended or the FME are in non- in any other stock exchange; or compliance with the regulatory

(c) the suspension is required for ensuring orderly provisions specified by operation of market.

Authority or the recognised stock exchange(s);

(b) the Investment Trust or schemes or ETF is suspended in any other stock exchange; or

(c) the suspension is required for ensuring orderly operation of market.

Page 21 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

7. Delisting by Recognised Delisting by Recognised Stock Exchange This amendment adds the reference Stock Exchange to the manager so that the grounds of

116. The recognised stock exchange may delist delisting operate equally where the

116. The recognised stock Investment Trust or schemes or ETF if it is satisfied that:

ETF is brought to the IFSC by a exchange may delist

(a) the Investment Trust / Scheme / ETF is suspended for manager regulated in its home Investment Trust or schemes trading for more than six months or the concerned parties jurisdiction.

or ETF if it is satisfied that: to Investment Trust or FME or manager, as the case may

(a) the Investment Trust / be, are not taking adequate action to obtain restoration of Scheme / ETF is suspended for listing and trading; trading for more than six

(b) the Investment Trust / Scheme / ETF or parties to months or parties to Investment Trust or FME is no longer eligible for listing or Investment Trust or FME are trading or the concerned parties to Investment Trust or not taking adequate action to FME or manager, as the case may be, are no longer obtain restoration of listing and eligible under the extant regulations;

trading;

(c) the Investment Trust or schemes or ETF have been

(b) the Investment Trust or compulsorily delisted from another exchange; parties to Investment Trust or Page 22 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission) FME is no longer eligible for (d) if the exchange is satisfied that there are special listing or trading; circumstances that require delisting of the Investment Trust or schemes or ETF; or

(c) the Investment Trust or schemes or ETF have been (e) it is directed to do so by the Authority or any other compulsorily delisted from relevant authority or any court order of applicable another exchange; jurisdiction.

(d) if the exchange is satisfied that there are special circumstances that require delisting of the Investment Trust or schemes or ETF; or

(e) it is directed to do so by the Authority or any other relevant authority or any court order of applicable jurisdiction.

Page 23 of 24# Existing Regulation Proposed Regulation Rationale and global practices (Underlined text indicates proposed insertion whereas struck-through (where relevant) text indicates proposed omission)

8. Voluntary Delisting Voluntary Delisting This amendment adds the reference to the manager of the secondary listed

117. The recognised stock 117. The recognised stock exchange may delist ETF so that the voluntary delisting exchange may delist Investment Trust or scheme or ETF, based on request remains available, in an orderly Investment Trust or scheme or received from the concerned parties to the Investment manner, to the ETF which is brought ETF, based on request Trust or FME or manager, as the case may be, in the to the IFSC by a manager regulated in received from the Investment manner provided by the recognised stock exchange(s) or its home jurisdiction.

Trust or FME, in the manner the Authority.

provided by the recognised stock exchange(s) or the Authority.

Page 24 of 24