Quick Summary
The MCA has notified a new set of Rules to amend the existing Companies (Registration of Foreign Companies) Rules, 2014 which shall come into force on the date of its publication in the Official Gazette (not yet published). In Rule 2(1)(c) of the said rules, the following explanation is inserted: Explanation- For the purposes of this clause, electronic based offering of securities, subscription thereof or listing of securities in the International Financial Services Centres set up under se
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FAQ :
It is a new set of rules notified by the MCA that amend the existing Companies (Registration of Foreign Companies) Rules, 2014.
The rules will come into force on the date of their publication in the Official Gazette.
The amendment clarifies that electronic-based offering, subscription, or listing of securities in International Financial Services Centres (IFSCs) will not be considered an 'electronic mode'.
The purpose is to exclude the electronic presence of a foreign company through these specific activities in IFSCs from the definition of a foreign company under section 2(42) of the Act.
No, it specifically addresses electronic-based offering, subscription, or listing of securities within International Financial Services Centres (IFSCs).
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