The Bill proposes amendments to the Limited Liability Partnership Act, 2008 and the Companies Act, 2013 to introduce provisions relating to International Financial Services Centers, compliance requirements, penalty framework, and regulatory strengthening of audit oversight.

• Insertion of definitions relating to IFSC, permitted foreign currency, and specified IFSC LLPs.
• Introduction of special provisions for IFSC LLPs including foreign currency contribution, mandatory IFSC office, and naming requirements.
• Insertion of Section 57A and Fifth Schedule enabling conversion of specified trusts into LLPs.
• Application of valuation provisions of Companies Act, 2013 to LLPs.
• Amendments under Companies Act 2013 including:
  • Increase in thresholds and compliance changes
  • Enabling electronic and hybrid meetings
  • Insertion of Section 43A for foreign currency share capital in IFSC companies
• Strengthening of penalty provisions by replacing fines with penalties across sections.

Expansion of powers and framework of National Financial Reporting Authority through insertion of Sections 132A to 132K.