<h1>Finance Companies in IFSC to get Section 186 exemptions similar to NBFCs under proposed amendment</h1> The Ministry of Corporate Affairs issued a public notice inviting comments on draft amendments to the Companies (Meetings of Board and its Powers) Rules, 2014. The proposed changes would extend exemptions from Section 186 requirements of the Companies Act, 2013 to Finance Companies registered with the International Financial Services Centres Authority, similar to existing exemptions for Non-Banking Financial Companies registered with RBI. Currently, NBFCs engaged in lending, guarantees, or securities business are exempt from most Section 186 provisions. The amendment aims to provide ease of doing business for Finance Companies in IFSC jurisdiction by including activities like lending, credit enhancement, securitisation, financial lease, and Global or Regional Corporate Treasury Centre operations within the exemption scope. Stakeholders can submit suggestions through the Ministry's e-Consultation Module until a specified deadline. The amendment was prepared after consultation with relevant authorities including RBI and IFSCA.