SEBI has vide its circular dated 7th August, 2020 amended the SEBI (International Financial Services Centres) Regulations 2015 by allowing other entities to pick up stake in a clearing corporation to be set up in an IFSC. The majority stake of 51% shall continue to be held by a recognised stock exchange or clearing corporation in India or of a foreign jurisdiction and they may have to in turn form a subsidiary to provide the services of a clearing corporation in an IFSC.
The remaining portion of the shareholding of the said clearing corporation in an IFSC can be held by any person whether Indian or foreign jurisdiction but they cannot hold more than 5% of the equity of the said clearing corporation whether directly or indirectly, individually or jointly or acting in concert.
But entities like i) any other stock exchange, ii) a clearing corporation,
iii) a depository, iv) a banking company, v) an insurance company, whether Indian or of foreign jurisdiction for (i) to (v), vi) a public financial institution of Indian jurisdiction, vii) a foreign commodity derivatives exchange; and viii)a bilateral or multilateral financial institution approved by the Central Government, may hold upto 15 % of the equity share capital of the said clearing corporation whether directly or indirectly, individually or jointly or acting in concert.
Copy of the SEBI circular can be found here https://www.sebi.gov.in/legal/circulars/aug-2020/sebi-international-financial-services-centres-guidelines-2015-amendment_47281.html