Date: 2026-05-07Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by sub section (1) of section 28 read with sub section (1) of Section 12 and sub section (1) of Section 13 of the International Financial Services
**Executive Summary**
The International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2026, amends the principal 2021 regulations to formally integrate Special Purpose Vehicles (SPVs) into the financial framework. It establishes definitions for SPVs and Trust and Company Service Providers (TCSPs) while outlining capital requirements for leasing and financing activities. These regulations became effective upon their publication in the Official Gazette on May 7, 2026.
**Key Points / Main Content**
**New Regulatory Definitions**
* **Special Purpose Vehicle (SPV):** Defined as a Finance Company incorporated or administered (or both) by a Trust and Company Service Provider in a manner specified by the Authority for permissible activities.
* **Trust and Company Service Provider (TCSP):** Defined as an entity authorized to provide services under the International Financial Services Centres Authority (TechFin and Ancillary Services) Regulations, 2025.
**Permissible Activities and Amendments**
* The regulations now explicitly include "leasing or financing activity undertaken by an SPV" as an authorized activity, provided it is permitted by the Authority.
* The word "and" is omitted from sub-clause (m) of regulation 5(1)(iii) to accommodate the insertion of these new provisions.
**Financial and Compliance Requirements**
* **Minimum Owned Fund (MOF):** For leasing or financing activities undertaken by an SPV, the minimum owned fund or paid-up share capital must be equivalent to the amount prescribed under the Companies Act, 2013, or as otherwise specified by the Authority.
* **Currency Standard:** Financial requirements must be maintained in USD or an equivalent amount in any other freely convertible currency.
* **Regulatory Exemptions:** Specific activities undertaken by an SPV are granted exemptions from Regulation (4) and Regulation (8) of the principal regulations.
**Impact Analysis**
**Special Purpose Vehicles (SPVs)**
**Impact**
SPVs are now recognized as legitimate Finance Companies capable of conducting leasing or financing activities within the IFSC. They are subject to specific capital requirements but benefit from certain regulatory exemptions.
**Action Required**
Must ensure that their minimum owned fund or paid-up share capital complies with the Companies Act, 2013, or specific levels dictated by the Authority.
**Trust and Company Service Providers (TCSPs)**
**Impact**
TCSPs are identified as the primary entities responsible for the incorporation or administration of SPVs.
**Action Required**
Must maintain authorization under the IFSCA (TechFin and Ancillary Services) Regulations, 2025, to legally incorporate or administer SPVs.
**International Financial Services Centres Authority (IFSCA)**
**Impact**
The Authority gains defined oversight over SPV-led financial activities and the entities that administer them.
**Action Required**
Responsible for specifying the manner of SPV administration and determining any financial requirements that deviate from the Companies Act, 2013.
Key Entities Referenced
International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2026: The primary regulation being notified to amend rules concerning finance companies, special purpose vehicles, and leasing activities within IFSCs.
International Financial Services Centres Authority (IFSCA): The statutory regulator and primary authority responsible for the notification and oversight of financial services in International Financial Services Centres.
International Financial Services Centres Authority (Finance Company) Regulations, 2021: The principal regulatory document being amended to include new definitions and requirements for Special Purpose Vehicles (SPVs).
International Financial Services Centres Authority Act, 2019: The parent legislation that grants the Authority the power to make and amend regulations for financial institutions.
Companies Act, 2013: Referenced legislation used to define the minimum owned fund and paid-up share capital requirements for SPVs undertaking leasing or financing activities.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-जी.जxxे.-xअGI.D-H0x8x0x 52026-272323
CG-GJxx-ExG-0ID8E0x5x2x0 26-272323
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 308] नई ददल्ली, बृहस्ट्प जतिार, मई 7, 2026/ििै ाख 17, 1948
No. 308] NEW DELHI, THURSDAY, MAY 7, 2026/VAISAKHA 17, 1948
अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण
अजधसचू ना
गांधीनगर, 5 मई, 2026
अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण (जित्त कंपनी) (सिं ोधन) जिजनयम, 2026
फा. स.ं आईएफएससीए/िीएन/2026/ 009.— अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 की
धारा 12 की उप-धारा (1) और धारा 13 की उप-धारा (1) के साथ पठित धारा 28 की उप-धारा (1) द्वारा प्रदत्त िजियों
का प्रयोग करते हुए, अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण एतद्द्वारा अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (जित्त कंपनी)
जिजनयम, 2021 (जिसे इसके बाद 'मूल जिजनयम' कहा िाएगा) में और संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता
ह,ै अथाात:-
1. (1) इन जिजनयमों को अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (जित्त कंपनी) (संिोधन) जिजनयम, 2026
कहा िाएगा।
(2) ये जिजनयम रािपत्र में इनके प्रकािन की तारीख स े प्रभािी होंगे।
2. मूल जिजनयमों में, जिजनयम 2 की उप-जिजनयम (1) के खडं (ड) के बाद, जनम्नजलजखत खडं िोडे िाएंग,े अथाात:् -
3212 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
“(ढ) “जििेष प्रयोिन िाहन (एसपीिी)” का अजभप्राय ऐसी जित्त कंपनी से ह ैजिसे प्राजधकरण द्वारा यथा-जनर्दष्टा
तरीके स ेदकसी रस्ट्ट और कंपनी सेिा प्रदाता द्वारा जनगजमत या प्रिाजसत, या दोनों दकया गया हो, तादक अनुमत
कायाकलाप संपन्न दकए िा सकें;
(ण) “रस्ट्ट और कंपनी सेिा प्रदाता (टीसीएसपी)” का तात्पय ा ऐसी एंठटटी स े ह ै जिस े अतं रराष्ट्रीय जित्तीय सेिा
केंद्र प्राजधकरण (टेकदफन और सहायक सेिाएँ) जिजनयम, 2025 के अधीन टीसीएसपी सेिाएँ प्रदान करन े के
जलए अजधकृत दकया गया हो;”
3. मूल जिजनयमों म,ें जिजनयम 5 की उप-जिजनयम 1 के खडं (iii) के उप-खडं (ड) म,ें “और” िब्द का जिलोप दकया
िाएगा;
4. मूल जिजनयमों में, जिजनयम 5 की उप-जिजनयम 1 के खंड (iii) के उप-खंड (ड) के बाद, जनम्नजलजखत िोडा
िाएगा, अथाात:् -
“(डक) दकसी एसपीिी द्वारा प्राजधकरण द्वारा यथा-अनुमत पट्टेदारी या जित्तपोषण कायाकलाप;” और
5. मूल जिजनयमों की अनुसूची में, क्रम संख्या 3 के बाद, जनम्नजलजखत क्रम संख्या समाजिष्ट दकया िाएगा, अथाात:-
सख्ं या कायाकलाप न्यनू तम स्ट्िाजमत्ि जनजध की आिश्यकता छूटप्राप्त जिजनयम, यदद कोई हो
(अमठे रकी डॉलर में या स्ट्ितत्रं रूप स े
पठरितना ीय दकसी अन्य मद्रु ा म ेंसमतल्ु य राजि)
4 दकसी एसपीिी द्वारा की न्यूनतम स्ट्िाजमत्ि जनजध, या प्रदत्त िेयर पूंिी, (i) जिजनयम (4)
गई पट्टेदारी या जित्तपोषण
कंपनी अजधजनयम, 2013 के अधीन जनधााठरत
कायाकलाप
राजि या प्राजधकरण द्वारा यथा-जनर्दाष्ट दकसी (ii) जिजनयम (8).
अन्य राजि के समतुल्य होगी।
प्रिीण जत्रिेदी, कायाकारी जनदेिक
[जिज्ञापन-III/4/असा./76/2026-27]
नोट:
1. अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (जित्त कंपनी) जिजनयम, 2021, भारत के रािपत्र (असाधारण)
में अजधसूचना संख्या आईएफएससीए/2020-21/िीएन/आरईिी010 के तहत 25 माचा 2021 को
प्रकाजित दकए गए थे, जिसे 12 अप्रलै , 2021 के िुजिपत्र के साथ पढा िाए।
2. अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (जित्त कंपनी) (संिोधन) जिजनयम, 2022, भारत के रािपत्र
(असाधारण) म ें अजधसूचना संख्या आईएफएससीए/2022-23/िीएन/आरईिी026 के तहत 1 िलु ाई,
2022 को प्रकाजित दकए गए थे।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 5th May, 2026
International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2026
F. No. IFSCA/GN/2026/ 009.— In exercise of the powers conferred by sub-section (1) of section 28 read
with sub- section (1) of Section 12 and sub-section (1) of Section 13 of the International Financial Services Centres
Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations,
further to amend the International Financial Services Centres Authority (Finance Company) Regulations, 2021
(hereinafter referred to as the principal regulations), namely:-
1. (1) These regulations may be called the International Financial Services Centres Authority (Finance Company)
(Amendment) Regulations, 2026.
(2) These regulations shall come into force on the date of their publication in the Official Gazette.
2. In the principal regulations, after clause (m) of sub-regulation (1) of regulation 2, the following clauses shall be
inserted, namely:-
“(n) “Special Purpose Vehicle (SPV)” means a Finance Company incorporated or administered or both, by a
Trust and Company Service Provider, in such manner as may be specified by the Authority, for undertaking
permissible activities;
(o) “ Trust and Company Service Provider (TCSP)” means an entity authorised under the International Financial
Services Centres Authority (TechFin and Ancillary Services) Regulations, 2025, to provide TCSP services;”
3. In the principal regulations, in sub-clause (m) of clause (iii) of sub-regulation 1 of regulation 5, the word “and” shall
be omitted;
4. In the principal regulations, after sub-clause (m) of clause (iii) of sub-regulation 1 of regulation 5, the following shall
be inserted, namely:-
“(ma) leasing or financing activity undertaken by an SPV, as permitted by the Authority;” and
5. In the Schedule to the principle regulations, after serial number 3, the following serial no. shall be inserted, namely:-
No. Activity Minimum Owned Fund Requirement Exempted Regulations, if
(in USD or equivalent amount in any Any
other
freely convertible currency)
4 leasing or financing The minimum owned fund, or paid-up (i) regulation (4)
activity undertaken by share capital, shall be equivalent to the
an SPV amount prescribed under the (ii) regulation (8).
Companies Act, 2013, or such other
amount as may be specified by the
Authority.
PRAVEEN TRIVEDI, Executive Director
[ADVT.-III/4/Exty./76/2026-27]
Note:
1. The International Financial Services Centres Authority (Finance Company) Regulation, 2021 were published
in the Gazette of India Extraordinary vide notification No. IFSCA/2020-21/GN/REG010 on 25th March 2021,
read with Corrigendum dated 12th April, 2021.
2. The International Financial Services Centres Authority (Finance Company) (Amendment) Regulation, 2022,
was published in the Gazette of India Extraordinary vide notification No. IFSCA/2022-23/GN/REG026 on
1st July, 2022.
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.