The International Financial Services Centres Authority (IFSCA) on April 30, 2026, issued a Consolidated list of Public Comments on the proposed IFSCA (Finance Company) (Amendment) Regulations, 2026.
The following has been stated:-
•Stakeholders sought clearer roles, stating SPVs/sponsors should handle capital requirements, not trustees, and asked for stronger clarity on governance responsibilities.
•Concerns were raised over low minimum capital for SPVs and the need for economic substance norms (local directors, operations) to ensure global credibility.
•Multiple suggestions emphasized defining bankruptcy-remote SPV structures, ring-fencing assets, and enabling orphan SPVs for investor protection.
•Requests included expanding permissible activities (beyond leasing), clarifying tax neutrality, cross-border recognition, and improving global competitiveness.
•IFSCA considered these inputs and modified the draft regulations before final review in its April 17, 2026 meeting.
The detailed notification is given in the document below.
