Sources for the BFSI and fintech guide

Foreign investment and FEMA

• DPIIT. Consolidated FDI Policy 2020, 15 Oct 2020. https://www.dpiit.gov.in/static/uploads/2025/07/6457fc2703ee6082366c4a958b6473a8.pdf
• DPIIT. Press Note 1 (2026 Series): Review of FDI policy on insurance sector, 9 Feb 2026. https://www.dpiit.gov.in/static/uploads/2026/02/4eddf849f19d658e3a74dc32d344b5f9.pdf
• DPIIT. Press Note 2 (2026 Series): land-border investment, 15 Mar 2026. https://www.dpiit.gov.in/static/uploads/2026/03/b9da5830b052c2f2d788593e97d07c63.pdf
• DPIIT. SOP for processing FDI proposals (FIF portal), 4 May 2026. https://fifp.gov.in/Forms/SOP.pdf
• DPIIT. Fact Sheet on FDI inflow, April 2000 to March 2026, March 2026. https://www.dpiit.gov.in/static/uploads/2026/06/41192ca92c1de34eb064800fbffa0379.pdf
• Reserve Bank of India. Master Direction – Foreign Investment in India, updated June 2026. https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11200
• Reserve Bank of India. Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 (FEMA 395), 17 October 2019. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11723&Mode=0
• Reserve Bank of India. Master Direction – Establishment of Branch Office, Liaison Office and Project Office in India, as updated. https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10398&Mode=0
• Invest India. Navigating India’s Legal and Regulatory Framework, December 2025. https://static.investindia.gov.in/s3fs-public/2025-12/navigating_india_s_legal_and_regulatory_framework.pdf
• Invest India. Doing Business in India: Investor’s Guide 2025-26, 2025. https://static.investindia.gov.in/s3fs-public/2025-10/doing_business_in_india_investor_s_guide_at_a_glance_2025-26.pdf
• Trilegal (secondary). Foreign investment in India: the 2026 reset, 2026. https://trilegal.com/news-insights/thought-leadership/foreign-investment-in-india-the-2026-reset/

Financial-sector regulation

• Reserve Bank of India. FAQs: All you wanted to know about NBFCs, April 2025. https://www.rbi.org.in/commonman/Upload/English/FAQs/PDFs/ALLNBFC23042025.pdf
• Taxguru (secondary). RBI (NBFC – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025, 28 Nov 2025. https://taxguru.in/rbi/rbi-non-banking-financial-companies-registration-exemptions-framework-scale-based-regulation-directions-2025.html
• Medianama (secondary). Explained: RBI’s Master Direction for Payment Aggregators, 16 Sep 2025. https://www.medianama.com/2025/09/223-explained-rbi-master-direction-payment-aggregators/
• Skadden, Arps, Slate, Meagher & Flom (secondary). India’s landmark insurance sector reforms, 25 Feb 2026. https://www.skadden.com/insights/publications/2026/02/indias-landmark-insurance-sector-reforms
• PIB (Ministry of Finance). Insurance sector: penetration, premiums and reforms, 23 Apr 2026. https://www.pib.gov.in/PressNoteDetails.aspx?NoteId=158322&ModuleId=3&reg=5&lang=1
• PIB (Ministry of Finance). UPI completes 10 years, 30 Apr 2026. https://www.pib.gov.in/PressReleasePage.aspx?PRID=2257087&reg=3&lang=1
• PIB. DPDP Rules, 2025 notified, 17 Nov 2025. https://www.pib.gov.in/PressReleasePage.aspx?PRID=2190655&reg=48&lang=2

Budget, tax and transfer pricing

• Ministry of Finance. Economic Survey 2025-26, January 2026. https://static.investindia.gov.in/s3fs-public/2026-03/economic_survey_25-26.pdf
• Ministry of Finance. Budget speech 2026-27, 1 Feb 2026. https://www.indiabudget.gov.in/doc/budget_speech.pdf
• Ministry of Finance. Memorandum explaining the provisions in the Finance Bill, 2026, 1 Feb 2026. https://www.indiabudget.gov.in/doc/memo.pdf
• Government of India (Gazette). Finance Act, 2026 (No. 4 of 2026), 30 Mar 2026. https://www.incometaxindia.gov.in/documents/d/guest/finance-act-2026-pdf-1
• Gazette of India. Taxation and Other Laws (Amendment) Act, 2026 (No. 21 of 2026), 17 Aug 2026. https://gazettetracker.com/g/CG-DL-E-17082026-275521
• Income-tax Act 2025 (text via EZTax). Section 206: minimum alternate tax and alternate minimum tax, retrieved 1 Oct 2026. https://eztax.in/income-tax-act-2025/section-206
• Invest India. Union Budget 2026-27, retrieved 1 Oct 2026. https://www.investindia.gov.in/team-india-blogs/indias-union-budget-fy-2026-27-key-highlights
• BDO India. Key amendments to the Finance Bill 2026 as passed by Lok Sabha, 27 Mar 2026. https://www.bdo.in/en-gb/insights/alerts-updates/direct-tax-alert-key-amendments-to-the-finance-bill-2026-as-passed-by-lok-sabha
• RSM India. Key Amendments in the Finance Act, 2026 vis-à-vis the Finance Bill, 2026, 2026. https://www.rsm.global/india/insights/rsm-india-newsflash-key-amendments-finance-act-2026-vis-vis-finance-bill-2026
• PIB. Safe harbour for IT services: Budget 2026-27 release, 1 Feb 2026. https://www.pib.gov.in/PressReleasePage.aspx?PRID=2221428
• Aurtus. Transfer pricing alert: safe harbour rules, Feb 2026. https://static1.squarespace.com/static/602be9735116c32c97e7ff22/t/699fcbc734bc061346699c4a/1772080071848/Aurtus_Transfer+Pricing+Alert_Safe+Harbour+Rules.pdf
• CLC Law. Safe harbour, APA and transfer pricing under the Income-tax Rules 2026, 2026. https://www.clclaw.in/blog/safe-harbour-apa-and-transfer-pricing-under-new-income-tax-rules-2026-june-30-compliance-deadline
• Khaitan & Co. SC denies India-Mauritius tax treaty benefit for Tiger Global, 16 Jan 2026. https://www.khaitanco.com/thought-leadership/SC-denies-India-Mauritius-tax-treaty-benefit-for-Tiger-Global-rejects-grandfathering-protection-under-GAAR
• KPMG TaxNewsFlash. India: GAAR applied to deny capital gains exemption under Mauritius treaty, 20 Jan 2026. https://kpmg.com/us/en/taxnewsflash/news/2026/01/tnf-india-gaar-applied-to-deny-capital-gains-exemption-for-indirect-share-transfer-under-mauritius-treaty-supreme-court-decision.html

GST and registration

• PIB. Recommendations of the 56th GST Council meeting, 3 Sep 2025. https://www.pib.gov.in/PressReleasePage.aspx?PRID=2163555
• KPMG India (secondary). Recommendations of the 56th GST Council meeting, September 2025. https://www.in.kpmg.com/taxflashnews/KPMG-Flash-News-Recommendations-of-56th-GST-Council-meeting.pdf
• The Tribune / ANI (secondary). Low-risk businesses to get GST registration within 3 days from 1 November, 23 September 2025. https://www.tribuneindia.com/news/cbic/come-nov-1-small-low-risk-businesses-will-get-gst-registration-approval-within-3-days

GIFT City and state sources

• GIFT City (giftgujarat.in). Doing Business in GIFT City 2024, 2024. https://api.giftgujarat.in/public/tool-guiedes-for-setting/DoingBusinessInGIFTCity.pdf
• India Briefing (secondary). GIFT City IFSC: a brief profile for investors, retrieved 1 Oct 2026. https://www.india-briefing.com/news/india-first-international-financial-services-center-gift-city-key-features-incentives-27636.html/
• Government of Tamil Nadu (hosted by Invest India). Tamil Nadu FinTech Policy 2021, 2021. https://static.investindia.gov.in/s3fs-public/2022-10/Tamil%20Nadu%20FinTech%20Policy%202021.pdf
• TIDCO. Fintech City Chennai brochure, retrieved 1 Oct 2026. https://tidco.com/TIDCO-FINTECH-CITY-BROCHURE.pdf

Deals and market data

• Reuters (via Yahoo Finance) (secondary). Factbox: Large foreign investments in India’s financial sector, 13 Aug 2026. https://sg.finance.yahoo.com/news/factbox-large-foreign-investments-indias-021921758.html
• Business Standard (secondary). India’s financial sector sees $8 billion in deals, 20 Oct 2025. https://www.business-standard.com/finance/news/india-s-financial-sector-sees-8-billion-in-deals-m-as-jump-127-in-2025-125102000153_1.html
• Business Standard. Emirates NBD completes acquisition of 60% majority stake in RBL Bank, 18 Jun 2026. https://www.business-standard.com/companies/news/emirates-nbd-completes-majority-stake-acquisition-in-rbl-bank-126061800500_1.html
• Business Standard. Japan’s MUFG Bank acquires 20% stake in Shriram Finance for ₹39,618 crore, 8 Apr 2026. https://www.business-standard.com/companies/news/japan-s-mufg-bank-acquires-20-stake-in-shriram-finance-for-39-618-cr-126040800863_1.html

Note: The brochure lists these references on two pages without thematic headings; they are grouped by subject here. Statistics are quoted from the sources listed and have not been independently audited. This guide summarises laws, policies and schemes as of 1 October 2026 and is not legal, tax or investment advice.