The Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026, notified on 9 February 2026, (“2026 Amendment”) marks one of the most significant overhauls of India’s External Commercial Borrowing (“ECB”) framework in recent years. The direction is clear: move from a prescriptive, approval-heavy regime to a flexible, market-aligned framework — while tightening compliance where it matters. Here’s what businesses, investors, and advisors should