India, March 22 -- SEBI is considering doing away with the requirement for stock brokers to get specific approval from the markets regulator to operate from the International Financial Services Centre (IFSC) in GIFT city.

Under the existing rules, it is mandatory for stock brokers to obtain a no objection certificate (NOC) from SEBI to set up subsidiaries or form joint ventures (JVs) to conduct securities market related activities in GIFT-IFSC.

In a consultation paper, the markets regulator has proposed ending the NOC requirement for stock brokers and allowing them to operate from GIFT city under a separate business unit (SBU).

"In order to ensure ease of doing business and to leverage the existing infrastructure of the stock brokers, ...