Indian stock exchanges can operate in an International Financial Services Centre (IFSC) through a subsidiary where the Indian stock exchange holds at least 51% equity. The remaining shares may be held by other entities holding no more than 5% each, except for a stock exchange which may hold up to 15% with regulatory approval. The subsidiary can only provide stock exchange services in the IFSC.

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SEBI – International Financial Services
Centres, Guidelines, 2015 – Amendments
Eligibility and Shareholding limit for stock exchange desirous of operating in IFSC
Indian Recognized Stock Exchange Foreign Stock Exchange
Subsidiary to provide the services of stock
exchange in IFSC
At least 51% of paid up equity share capital is held by such stock exchange
AND
Remaining share capital may be offered to any other person
Such person shall not any time,
directly or indirectly (either individually or together with acting in concert)
acquire or hold more than 5 % of the paid-up equity share capital
in the recognized stock exchange in IFSC, subject to applicable law.
Provided that :-
a. A Stock Exchange May acquire or hold
Either Directly or indirectly,
Either individually or together with person, up
to 15% of the paid up equity share capital of a
RSE with the prior approval of Board.
b. a depository
c. a Banking Company
d. an Insurance Company
e. a commodity derivatives exchange
(Indian or foreign jurisdiction)
f. a public financial institution
g. a bilateral or multilateral financial
institution approved by the CG
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