THE CORPORATE LAWS (AMENDMENT) BILL, 2026
What does this law do?
This law amends the Limited Liability Partnership Act, 2008 and the Companies Act, 2013 to create special rules for "Specified International Financial Services Centre LLPs" operating in International Financial Services Centres, including requirements for foreign currency contributions and regulatory compliance.
Who it affects
Specified International Financial Services Centre LLPs (limited liability partnerships set up in International Financial Services Centres and regulated by the International Financial Services Centres Authority)
Key provisions
- Creates new definitions for 'International Financial Services Centre', 'International Financial Services Centres Authority', 'permitted foreign currency', and 'Specified International Financial Services Centre LLP'
- Requires Specified International Financial Services Centre LLPs to have their registered office in an International Financial Services Centre at all times
- Requires Specified International Financial Services Centre LLPs to include 'International Financial Services Centre LLP' in their name
- Requires Specified International Financial Services Centre LLPs to maintain contributions in permitted foreign currency
- Allows conversion of specified trusts into limited liability partnerships
- Allows limited liability partnerships to file documents in permitted foreign currency but pay fees in Indian rupees
Points worth noting
- This is an amendment to the Limited Liability Partnership Act, 2008 and Companies Act, 2013
- It creates new provisions for Specified International Financial Services Centre LLPs
- It allows conversion of specified trusts into limited liability partnerships
- It specifies that certain provisions of the Companies Act, 2013 apply mutatis mutandis to limited liability partnerships
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | 85 |
| Status | active (section: bill) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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Documents
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