Corporate Laws (Amendment) Bill 2026 defines new IFSC LLP category

This Bill amends the Limited Liability Partnership Act, 2008 and the Companies Act, 2013 to regulate Limited Liability Partnerships (LLPs) established in International Financial Services Centres (IFSCs) and to allow specific trusts to convert into LLPs.

Limited Liability Partnerships (LLPs), specifically those designated as 'Specified International Financial Services Centre LLPs', firms, private companies, unlisted public companies, and specified trusts registered with the Securities and Exchange Board of India or the International Financial Services Centres Authority.

• Defines 'Specified International Financial Services Centre LLP' as an LLP set up in an IFSC and regulated by the International Financial Services Centres Authority (IFSCA).
• Requires Specified IFSC LLPs to maintain their registered office in an IFSC and include the suffix 'International Financial Services Centre LLP' in their name.
• Mandates that Specified IFSC LLPs account for partner contributions and maintain books of account in a 'permitted foreign currency' specified by IFSCA, with an option to use Indian Rupees if allowed by IFSCA.
• Allows specified trusts (registered with SEBI or IFSCA) to convert into LLPs, with assets and liabilities transferring to the new LLP and the original trust deemed dissolved.
• Introduces a penalty of ten thousand rupees for failing to comply with a requisition from the Registrar.
• Allows appeals against decisions of the Registrar under sections 12 or 16 to an officer of the Central Government.
• Permits LLPs or partners to apply for adjudication of penalties under section 76A.

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