The International Financial Services Centres Authority (IFSCA) has notified the International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2026, effective from the date of publication in the Official Gazette. The amendment introduces definitions for “Special Purpose Vehicle (SPV)” and “Trust and Company Service Provider (TCSP)” into the Finance Company Regulations, 2021. An SPV is defined as a finance company incorporated or administered by a TCSP for carrying out permissible activities, while a TCSP refers to an entity authorised under the IFSCA (TechFin and Ancillary Services) Regulations, 2025. The amendment further expands permissible finance company activities by allowing leasing or financing activities undertaken by an SPV, subject to approval by the Authority. A new entry has also been inserted in the Schedule prescribing minimum owned fund requirements for SPVs, linked to the Companies Act, 2013 or such amount as specified by the Authority, while exempting such SPVs from regulations 4 and 8.
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) 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 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 (in USD or equivalent amount in any other freely convertible currency) | Exempted Regulations, if Any |
| 4 | leasing or financing activity undertaken by an SPV | The minimum owned fund, or paid-up share capital, shall be equivalent to the amount prescribed under the Companies Act, 2013 or such other amount as may be specified by the Authority. | (i) regulation (4)
(ii) regulation (8). |
PRAVEEN TRIVEDI, Executive Director
[ADVT.-III/4/Exty./76/2026-27]
Note:
1. The International Financial Services Centres Authority (Finance Company) Regulations, 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.
