**Executive Summary**
This notification by the International Financial Services Centres Authority, dated January 5, 2026, specifies operating leases (including hybrid leases) related to "oilfield equipment" as financial products. This is done under Section 12 of the International Financial Services Centres Authority Act, 2019, read with a prior Ministry of Finance notification from December 14, 2021. The notification is effective from the date of its publication in the Official Gazette.
**Key Points / Main Content**
* **Specification of Financial Product:**
* Operating leases (including any hybrid of operating and financial leases) in respect of "oilfield equipment" are now designated as financial products.
* **Definition of "Oilfield Equipment":**
* "Oilfield equipment" refers to goods used in connection with an oilfield, as specified in Notification No. 3/2017-Central Tax (Rate), dated June 28, 2017.
* **Definition of "Oilfield":**
* "Oilfield" carries the same meaning as in clause (e) of section 3 of the Oilfields (Regulation and Development) Act, 1948.
* **Effective Date:**
* The notification is effective from the date of its publication in the Official Gazette.
**Impact Analysis**
**Stakeholder:** International Financial Services Centres (IFSCs)
* **Impact:** IFSCs can now offer and deal with operating leases related to oilfield equipment as financial products.
* **Action Required:** IFSCs should update their product offerings and procedures to include and comply with the new specification for operating leases of oilfield equipment.
**Stakeholder:** Businesses Involved in Oilfield Activities
* **Impact:** Businesses operating in oilfields now have access to operating leases for oilfield equipment as a recognized financial product within IFSCs.
* **Action Required:** Businesses should evaluate the implications and potential benefits of utilizing operating leases for oilfield equipment in their financial planning.
**Stakeholder:** International Financial Services Centres Authority (IFSCA)
* **Impact:** IFSCA is now responsible for regulating and overseeing operating leases related to oilfield equipment as financial products within IFSCs.
* **Action Required:** IFSCA should develop and implement regulatory guidelines and oversight mechanisms for these financial products.
Key Entities Referenced
International Financial Services Centres Authority Act, 2019: The act that empowers the International Financial Services Centres Authority to specify financial products.
International Financial Services Centres Authority: The Authority issuing the notification, responsible for regulating financial services in International Financial Services Centres in India.
Oilfields (Regulation and Development) Act, 1948: The Act which defines the term "oilfield".
Ministry of Finance: The Indian government ministry whose notification empowers IFSCA.
Gandhinagar: Location where the International Financial Services Centres Authority is situated.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-जी.जे.-अ.-09012026-269244
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CG-GJ-E-09012026-269244
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 21] नई दिल्ली, बृहस्ट्प जतिार, िनिरी 8, 2026/पौष 18, 1947
No. 21] NEW DELHI, THURSDAY, JANUARY 8, 2026/PAUSHA 18, 1947
अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण
अजधसचू ना
गांधीनगर, 5 िनिरी, 2026
फा. स.ं आईएफएससीए/िीएन/2026/001.—भारत सरकार के जित्त मंत्रालय द्वारा दिनांक 14 दिसंबर, 2021
को िारी और दिनांक 14 दिसंबर, 2021 को भारत के रािपत्र, असाधारण, भाग II, अनुभाग 3, उप-अनुभाग (ii), म ें
प्रकाजित अजधसूचना संख्या एसओ. 5199(ङ) के साथ पठित अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019
(2019 का 50) की धारा 12 द्वारा प्रित्त िजियों का प्रयोग करते हुए, प्राजधकरण एतद्द्वारा "तेलक्षेत्र उपकरण" के संबंध म ें
संचालन लीि, जिसमें संचालन और जित्तीय लीि का कोई भी हाइजिड िाजमल है, को जित्तीय उत्पाि के रूप में जिजनर्ििष्ट
करता ह।ै
स्ट्पष्टीकरण-इस अजधसूचना के प्रयोिन के जलए –
i. अजभव्यजि "तले क्षेत्र उपकरण" का तात्पय िउन िस्ट्तओंु स ेहोगा, जिनका उपयोग तले क्षेत्र के संबधं म ेंदकया
िाता ह,ै िैसा दक भारत सरकार द्वारा दिनांक 28 िून, 2017 को िारी और भारत के रािपत्र, असाधारण,
193 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
भाग II, अनुभाग 3, उप-अनभु ाग (i) के अधीन िी.एस.आर. 675(ङ) में प्रकाजित अजधसूचना संख्या
3/2017-केंद्रीय कर (िर) म ेंिी गई सारणी के साथ सलं ग्न सूची में जिजनर्ििष्ट ह।ै
ii. अजभव्यजि "तले क्षेत्र" का िही तात्पय ि होगा िो इस े तले क्षेत्र (जिजनयमन और जिकास) अजधजनयम, 1948
(1948 का 53) की धारा 3 के खंड (ङ) म ेंदिया गया ह;ै और
2. यह अजधसूचना आजधकाठरक रािपत्र में प्रकािन की तारीख से प्रभािी होगी।
प्रिीण जत्रिेिी, कायिकारी जनिेिक
[जिज्ञापन-III/4/असा./597/2025-26]
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 5th January, 2026
F. No. IFSCA/GN/2026/001.—In exercise of the powers conferred by Section 12 of the International
Financial Services Centres Authority Act, 2019 (50 of 2019), read with notification number S.O. 5199(E), dated the
December 14, 2021, issued by the Ministry of Finance, Government of India, published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (ii), dated the December 14, 2021, the Authority hereby specifies operating
lease, including any hybrid of operating and financial lease, in respect of “oilfield equipment” as a financial product.
Explanation- For the purpose of this notification –
i. the expression “oilfield equipment” shall mean the goods, used in connection with an oilfield, as
specified in the list annexed to the table provided in the Notification No. 3/2017-Central Tax (Rate),
dated the June 28, 2017, issued by the Government of India, published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (i), under G.S.R. 675(E).
ii. the expression “oilfield” shall have the same meaning as assigned to it in clause (e) of section 3 of the
Oilfields (Regulation and Development) Act, 1948 (53 of 1948); and
2. This notification shall come into force on the date of publication in the Official Gazette.
PRAVEEN TRIVEDI, Executive Director
[ADVT.-III/4/Exty./597/2025-26]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.