MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 4th November, 2022
S.O. 5160(E).—In exercise of the powers conferred by sub-section (1) of section 31 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the Central Government hereby directs that certain provisions of the Companies Act, 2013 (18 of 2013) as specified in column (2) of the table below, shall apply with such exceptions, modifications and adaptations as specified in column (3) of the said table, to financial products, financial services or financial institutions in an International Financial Services Centre, namely:—
TABLE
|
Sl. No. |
Provisions of Companies Act, 2013 | Exceptions, modifications and adaptations for financial products, financial services or financial institutions in an International Financial Services Centre |
| (1) | (2) | (3) |
| 1. | Chapter I, clause (1) of section 2 | In clause (1) of section 2, for the words “Securities and Exchange Board”, the words “International Financial Services Centres Authority” shall be substituted. |
| 2. | Chapter II, clause (ii) of sub- section (8) of section 13 | In clause (ii) of sub-section (8) of section 13, for the words “Securities and Exchange Board”, the words “International Financial Services Centres Authority” shall be substituted. |
| 3. | Chapter III, section 24 | For section 24, the following section shall be substituted, namely:-
“24. Power of International Financial Services Centres Authority to regulate issue and transfer of securities, etc.— (1) The provisions contained in this Chapter, Chapter IV and in section 127 shall,— a. in so far as they relate to — i. issue and transfer of securities; and ii. non-payment of dividend, by listed companies or those companies which intend to get their securities listed on any recognised stock exchange in an International Financial Services Centre, except as provided under this Act be administered by the International Financial Services Centres Authority by making regulations in this behalf; b. in any other case, be administered by the Central Government. Explanation.—For the removal of doubts, it is hereby declared that all powers relating to all other matters relating to prospectus, return of allotment, redemption of preference shares and any other matter specifically provided in this Act, shall be exercised by the Central Government, the Tribunal or the Registrar, as the case may be. (2) The International Financial Services Centres Authority shall, in respect of matters specified in sub-section (1), exercise the powers under sub-sections (1), (2A), (3) and (4) of section 11, sections 11A, 11B and 11D of the Securities and Exchange Board of India Act, 1992 (15 of 1992), as conferred upon it under section 13 of the International Financial Services Centres Authority Act, 2019 (50 of 2019).”. |
| 4. | Chapter III, sub- section (1) of section 26 | In sub-section (1) of section 26, for the words “Securities and Exchange Board”, the words “International Financial Services Centres Authority” shall be substituted |
| 5. | Chapter III, proviso to sub- section (1) of section 26 | In the proviso to sub-section (1) of section 26, for the words “until the Securities and Exchange Board specifies”, the words “until the International Financial Services Centres Authority specifies” shall be substituted. |
| 6. | Chapter III, sub- section (2) of section 27 |
In sub-section (2) of section 27, for the words “Securities and Exchange Board”, the words “International Financial Services Centres Authority” shall be substituted. |
| 7. | Chapter III, sub- section (1) of section 31 |
In sub-section (1) of section 31, for the words “Securities and Exchange Board”, the words “International Financial Services Centres Authority” shall be substituted. |
| 8. | Chapter III, sub- section (4) of section 32 |
In sub-section (4) of section 32, for the words “Securities and Exchange Board”, the words “International Financial Services Centres Authority” shall be substituted. |
| 9. | Chapter III, sub-section (2) of section 39 | In sub-section (2) of section 39, for the words “Securities and Exchange
Board”, the words “International Financial Services Centres Authority” shall be substituted. |
| 10. | Chapter III, sub-section (3) of section 39 | In sub-section (3) of section 39, for the words “Securities and Exchange Board”, the words “International Financial Services Centres Authority” shall be substituted. |
| 11. | Chapter III, clause (b) of Sub-Section (3) of Section 40 | In clause (b) of sub-section (3) of section 40, for the words “Securities and Exchange Board”, the words “International Financial Services Centres Authority” shall be substituted. |
| 12. | Chapter III, Explanation II of sub-section (3) of section 42 | In Explanation II of sub-section (3) of section 42, the following words shall be inserted at the end, “unless regulations in this regard are specified by the International Financial Services Centres Authority”. |
| 13. | Chapter IV, clause (d) of sub-section (1) of section 54. | In clause (d) of sub-section (1) of section 54, for the words “Securities and Exchange Board”, the words “International Financial Services Centres Authority” shall be substituted. |
| 14. | Chapter IV, sub- section (4) of section 59. |
In sub-section (4) of section 59, after the words “the holder of the securities or the Securities and Exchange Board”, the words “or International Financial Services Centres Authority” shall be inserted. |
| 15. | Chapter IV, sub- section (2) of section 66. | In sub-section (2) of section 66, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be” shall be inserted. |
| 16. | Chapter IV, proviso to sub- section (2) of section 66. | In the proviso to sub-section (2) of section 66, after the words “Securities and Exchange Board”, the words “ , International Financial Services Centres Authority” shall be inserted. |
| 17. | Chapter IV, clause (f) of sub-section (2) of section 68. | In clause (f) of sub-section (2) of section 68, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be” shall be inserted. |
| 18. | Chapter IV, sub-section (6) of section 68. | In sub-section (6) of section 68, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be” shall be inserted. |
| 19. | Chapter IV, sub-section (10) of section 68. | In sub-section (10) of section 68, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be” shall be inserted. |
| 20. | Chapter IV, sub-section (11) of section 68. | In sub-section (11) of section 68, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be” shall be inserted. |
| 21. | Chapter VII, sub- section (1) of section 91. | In the sub-section (1) of section 91, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be” shall be inserted. |
| 22. | Chapter XV, first proviso to sub-section (3) of section 230. | In first proviso to sub-section (3) of section 230, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be” shall be inserted. |
| 23. | Chapter XV, sub-section (5) of section 230. | In sub-section (5) of section 230, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be” shall be inserted. |
| 24. | Chapter XV, proviso to sub- section (11) of section 230 . | In the proviso to sub-section (11) of section 230, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be” shall be inserted. |
| 25. | Chapter XV, proviso to sub- clause (B) of clause (h) of sub-section (3) of section 232. | In the proviso to sub-clause (B) of clause (h) of sub-section (3) of section 232, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be,” shall be inserted. |
| 26. | Chapter XV, Explanation to sub-section (8) of section 236. | In the Explanation to sub-section (8) of section 236, after the word and figure “Regulations 1997,” the following words shall be inserted “unless regulations in this regard are specified by the International Financial Services Centres Authority”. |
| 27. | Chapter XV, clause (b) of sub-section (9) of section 236. | In clause (b) of sub-section (9) of section 236, after the words “Securities and Exchange Board”, the words “or International Financial Services Centres Authority, or both, as the case may be,” shall be inserted. |
| 28. | Chapter XXVIII, first proviso to sub-section (2) of section 439. | In the first proviso to sub-section (2) of section 439, after the words “Securities and Exchange Board of India”, the words “or International Financial Services Centres Authority” shall be inserted. |
[F. No. 10/6/2010-ECB-Part (1)]
SURBHI JAIN, Jt. Secy.
