Exemption for Foreign Companies from Certain Matters in International Financial Services Centres

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Sep 30, 2021

Exemption for Foreign Companies from Certain Matters in International Financial Services Centres

The MCA has, by a Notification dated August 5, 2021, exempted the following categories of companies from the provisions of Sections 387 to 392 of Companies Act, 2013 (‘Companies Act’) insofar as they relate to the offering for subscription in securities in the International Financial Services Centres set up under Section 18 of the Special Economic Zones Act, 2005: (a) foreign companies; and (b) companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India. The exemptions are for the requirements applicable to foreign companies related to the prospectus and all matters incidental thereto.

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