Electronic mode exclusion: IFSC electronic offerings and listings not treated as electronic mode under specified clause of the Act. The Companies (Specification of definitions details) Third Amendment Rules, 2021 add an explanation to clause (h) of sub-rule (1) of rule 2 clarifying that electronic-based offering, subscription or listing of securities in International Financial Services Centres under the Special Economic Zones Act shall not be construed as electronic mode for the purposes of clause (42) of section 2 of the Companies Act.