Recently the Securities and Exchange Board of India (SEBI) said any stock exchange can form a subsidiary to provide services in an IFSC, provided it holds at least a 51% stake in that unit.
The remaining stake can be held by any other stock exchange, bank, depository, commodity derivatives exchange, a public FI or an insurer. None of such entities can hold more than a 15% stake on its own.
For depositories, minimum 49% stake in an IFSC-based depository can be held by any domestic or foreign depository, stock exchange or clearing corporation. The rules for setting up subsidiaries at IFSC will be a bit easier as they need not hold a majority ownership.