{"id":264973,"date":"2022-04-04T10:30:29","date_gmt":"2022-04-04T05:00:29","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=264973"},"modified":"2022-04-04T10:05:18","modified_gmt":"2022-04-04T04:35:18","slug":"ifsca-notifies-guidelines-for-liquidity-enhancement-scheme","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/04\/ifsca-notifies-guidelines-for-liquidity-enhancement-scheme\/","title":{"rendered":"IFSCA notifies guidelines for liquidity enhancement scheme"},"content":{"rendered":"

On March 31, 2022, International Financial Services Centres Authority has issued a circular notifying the guidelines for liquidity enhancement scheme for all Stock Exchanges in IFSC.<\/p>\n

 <\/p>\n

Key points:<\/p>\n

Introduction of<\/span> L<\/span>iq<\/span>uidity<\/span> E<\/span>nhancement<\/span> S<\/span>chemes<\/span><\/span><\/h4>\n

The<\/span> Stock Exchange<\/span> may introduce liquidity enhancement schemes<\/span> in<\/span> any security\/ li<\/span>sted <\/span>products<\/span> subject to the<\/span> following:<\/span><\/span><\/span><\/span><\/span>
<\/span><\/p>\n

    \n
  1. The scheme shall have the prior approval of the<\/span> Governing<\/span> Board<\/span> of the<\/span> Stock Exchange <\/span>and<\/span> its<\/span> implementation and outcome shall be monitored by the Board at quarterly <\/span>intervals.<\/span><\/span><\/span><\/span><\/li>\n
  2. The scheme shall be objective, transparent, non<\/span>–<\/span>discretionary and non<\/span>–<\/span>discriminatory.<\/span><\/span><\/span><\/span><\/li>\n
  3. The scheme shall specify the incentives available to the market makers \/<\/span> liquidity <\/span>prov<\/span>iders and such incentives may include discount in fees, adjustment in fees in other <\/span>segments, cash payment or issue of shares, including options and warrants.<\/span><\/span><\/span><\/span><\/li>\n
  4. The scheme shall not compromise market integrity or risk management.<\/span><\/span><\/span><\/span><\/li>\n
  5. The effectiveness of the sch<\/span>eme shall be reviewed by the<\/span> Stock Exchange<\/span> every six months <\/span>and the<\/span> Stock Exchange<\/span> shall submit half<\/span>–<\/span>yearly reports to<\/span> IFSCA.<\/span><\/span><\/span><\/span><\/li>\n
  6. The scheme, including any modification therein or its discontinuation, shall be<\/span> disclosed <\/span>to the market atleast 15 days in<\/span> advance.<\/span><\/span><\/li>\n
  7. Outcome of the scheme (incentives granted and volume achieved<\/span> \u2013<\/span> market<\/span> maker wise <\/span>and security wise) shall be disseminated monthly.<\/span><\/span><\/li>\n<\/ol>\n

     <\/p>\n

    Securities eligible for<\/span> L<\/span>iquidity<\/span> E<\/span>nhancement<\/span> S<\/span>chemes<\/span><\/span><\/strong><\/p>\n

    The<\/span> Stock Exchange<\/span>s<\/span> shall formulate<\/span> their<\/span> own benchmarks for selecting the securities for <\/span>liquidity enhancement with the broad objective of enhancing liquidity in illiquid securities.<\/span><\/span><\/p>\n

      \n
    1. The<\/span> Stock Exchange<\/span>s shall introduce liquidity enhancement schemes on any security for <\/span>a maximum<\/span> period of<\/span> five<\/span> y<\/span>ears.<\/span> Once the scheme is discontinued, the scheme can be re<\/span>– <\/span>introduced on the same security provided it is less than the<\/span> five<\/span> year period since the <\/span>introduction of scheme on that security.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n
    2. Further, a<\/span> Stock Exchange<\/span> may introduce liquidity enhancement schemes in securities <\/span>where liquidity enhancement scheme has been introduced in another<\/span> Stock Exchange<\/span>. <\/span>Such schemes cannot be continued beyond the period of liquidity enhancement schemes <\/span>of the initiating<\/span> Stock Exchang<\/span>e<\/span>.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n
    3. The list of securities eligible for liquidity enhancement shall be disseminated to the <\/span>market.<\/span><\/span><\/li>\n<\/ol>\n

       <\/p>\n

      Market<\/span> I<\/span>ntegrity<\/span><\/span><\/strong><\/p>\n

      The<\/span> Stock Exchange<\/span> shall ensure the following:<\/span><\/span><\/span><\/span><\/span>
      <\/span><\/p>\n

        \n
      1. The<\/span> Stock Exchange<\/span> shall have systems and defined procedures in place to monitor <\/span>collusion between stock brokers indulging in trades solely for seeking incentives and <\/span>prevent payment of incentives in such cases.<\/span><\/span><\/span><\/span><\/li>\n
      2. Incentives shall not be provided for the trades where the coun<\/span>terparty is self, i.e., same <\/span>Unique Client Code (UCC) is on both sides of the transaction.<\/span><\/span><\/span><\/span><\/li>\n<\/ol>\n

         <\/p>\n

        Market maker \/ liquidity enhancer<\/span><\/span><\/strong><\/p>\n

        The exchange shall prescribe and monitor the<\/span> obligations of liquidity enhancers (liquidity <\/span>provider, market<\/span>–<\/span>maker, maker<\/span>–<\/span>taker or by whatever name called)<\/span><\/span><\/p>\n

          \n
        1. All market maker \/ liquidity enhancer orders \/ trades should be identifiable by the<\/span> Stock <\/span>Exchange<\/span><\/span><\/span><\/span><\/li>\n
        2. A conflict of interest framework shall be put in place by the<\/span> Stock Exchange<\/span> for the <\/span>liquidity enhancement scheme. Such a framework shall provide for obligation on the part <\/span>of the market maker \/ liquidity enhancer to disclose any conflict of interest while <\/span>participating in the scheme. The same shall be disclosed by the<\/span> Stock Exchange<\/span> on their<\/span>
          website.<\/span><\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

          On March 31, 2022, International Financial Services Centres Authority has issued a circular notifying the guidelines for liquidity enhancement scheme for all <\/p>\n","protected":false},"author":8808,"featured_media":248110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-264973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"\nIFSCA notifies guidelines for liquidity enhancement scheme | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/04\/ifsca-notifies-guidelines-for-liquidity-enhancement-scheme\/\" \/>\n<meta property=\"og:locale\" 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