The International Financial Services Centres Authority (IFSCA) on August 16, 2022, has issued a Framework for Ship Lease and hereby specifies the following Framework for entities to get registered under Finance Company Regulations for undertaking ship lease transactions which are –
The following has been stated namely: -
Part I which is Ship Operating Lease contains Permissible Activities under an operating lease, Capital requirements, and Fees.
Part II which is Ship Financial Lease contains Permissible Activities under financial lease and hybrid of operating and financial lease, Capital Requirement, Prudential, and Other Requirements, and fees.
Part III which is General Conditions contains Currency for Conduct of Business, Maintenance of Books of Accounts, Records, and Documents, Submissions of Report / Information, Compliance with Other Requirements, Action in Case of Default, and Power to Remove Difficulties, Specify Procedures, and Issue Clarifications.
[Notification No.496/IFSCA/FC/SLF/2022-23/001]
