Notification under section 393A of the Companies Act, 2013

Last updated: 06 August 2021
Quick Summary
The Ministry of Corporate Affairs has issued a notification under Section 393A of the Companies Act, 2013. This notification exempts foreign companies and companies incorporated outside India from certain provisions related to prospectuses when offering securities within International Financial Services Centres (IFSCs). This exemption applies to requirements from sections 387 to 392 of the Act.

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 5th August, 2021 S.O. 3156(E).In exercise of the powers conferred by section 393A of the Companies Act, 2013 (18 of 2013), the Central Government hereby exempts, from the provisions of sections 387 to 392 (both inclusive), the following:
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FAQ :

The notification exempts certain foreign and overseas companies from specific provisions of the Companies Act, 2013, concerning prospectuses when they offer securities in International Financial Services Centres (IFSCs).

The exemption applies to sections 387 to 392, inclusive, of the Companies Act, 2013.

The exemption is for foreign companies and companies incorporated outside India, regardless of whether they have or will establish a place of business in India.

This exemption is specifically for offerings made within International Financial Services Centres (IFSCs) set up under section 18 of the Special Economic Zones Act, 2005.

The exemption covers requirements related to the prospectus for offering securities for subscription and all incidental matters thereto.

 
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