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<h1>Ministry of Corporate Affairs Modifies Companies Act Provisions for Private IFSC Entities in Special Economic Zones.</h1> The notification issued by the Ministry of Corporate Affairs grants exemptions and modifications to certain provisions of the Companies Act, 2013, for private companies operating as International Financial Services Centre (IFSC) entities within Special Economic Zones. These companies, licensed by the Reserve Bank of India, Securities and Exchange Board of India, or Insurance Regulatory and Development Authority of India, are subject to specific adaptations, such as aligning financial years with foreign parent companies, using 'IFSC' in their names, and having registered offices within the IFSC. Various sections of the Companies Act are modified or exempted to facilitate the streamlined operation of these entities.