IFSCA/ on May 08, 2024 has issued additional requirements for carrying out the permissible activities by Finance Company as a Lessor under ‘Framework for Ship Leasing’. It is hereby specified that an applicant under the SL Framework or a lessor, who has obtained a Certificate of Registration (CoR), shall not undertake transactions which involves transfer, in any form, of the ownership and/or leasehold right of a ship or ocean vessel from a person resident in India for the purpose of providing services solely to person resident in India.
However, an applicant or lessor, may acquire a new ship or ocean vessel or enter into a new leasehold right contract with person resident outside India so as to cater to person resident in India.
