Listing of Debt Securities on the recognised stock exchanges in the IFSC

Blog

24 Sep 2024

International Financial Services Centres Authority has issued a circular dated September 11, 2024, in respect of listing of debt securities on recognised stock exchange in International Financial Services Centre.

Foreign Exchange (Compounding Proceedings) Rules, 2024

Blog

17 Sep 2024

On September 12, 2024, the Ministry of Finance issued the Foreign Exchange (Compounding Proceedings) Rules, 2024. The 2024 Rules supersede the Foreign Exchange (Compounding Proceedings) Rules, 2000 and have been introduced as part of a broader initiative to streamline and rationalize existing rules and regulations to further facilitate ease of doing business.

Deal Value Threshold Enforced in India

Blog

11 Sep 2024

From 10 September 2024, deals valued over INR 20 billion (~USD 240 million) would require a pre-merger approval from the Competition Commission of India (CCI), if the target company meets the criteria for ‘substantial business operations in India’ (SBOI).

Foreign Exchange Management (Non-Debt Instruments) (Fourth Amendment) Rules, 2024

Blog

26 Aug 2024

On August 16, 2024, the Ministry of Finance issued the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2019 (Notification). This Notification was introduced to modify the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (NDI Rules) in response to the Union Budget 2024-25.

Securities and Exchange Board of India (Alternative Investment Fund) (Fourth Amendment) Regulations, 2024

Blog

13 Aug 2024

The SEBI has amended the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) vide gazette notification dated August 5, 2024.

The Recent Enforcement Directorate Investigations Into Technology Firms and Unicorns

Blog

17 Jul 2024

The Enforcement Directorate (ED) has initiated investigation into 4 (four) technology firms and unicorns regarding potential violations of the Foreign Exchange Management Act, 1999 (FEMA). The primary focus of the investigation is the offshore fundraising structures employed by these companies, particularly the ‘gift’ of shares to Indian founders in such offshore entities.

Partial Enforcement: The Telecommunication Act, 2023

Blog

01 Jul 2024

The Ministry of Communications, through the Department of Telecommunications, issued a notification to enforce certain provisions of the Telecommunications Act, 2023. The DoT will implement the Act in phases; therefore, the rules and orders under the Indian Telegraph Act, 1885, and the Indian Wireless Telegraphy Act, 1933, will remain in force until replaced by new rules under the Act.

Additional KYC Instructions in Respect of Business Connections

Blog

24 May 2024

On May 20, 2024, Ministry of Communications, Department of Telecommunications (Access Services Wing) (DoT) issued a notification regarding additional Know Your Customer (KYC) instructions in respect of business connections (Additional KYC Instructions).

Master Circular for Alternative Investment Funds

Blog

13 May 2024

This Master Circular incorporates the provisions of various circulars issued by SEBI under the SEBI (Alternative Investment Funds) Regulations, 2012, up until March 31, 2024, and supersedes the Master Circular for AIFs dated July 31, 2023.

SEBI Launches SCORES 2.0, Reinforces Investor Protection

Blog

04 Apr 2024

SEBI announced the implementation of SEBI Complaint Redressal System (SCORES) 2.0. It seeks to utilize new technology to strengthen the existing grievance redressal mechanism in the securities markets.

RBI Tweaks Rules for Investment in Alternative Investment Funds

Blog

30 Mar 2024

On March 27, 2024, RBI released circular on Investments in AIFs (2024 Circular) to address the concerns flagged in various representations received from stakeholders by the RBI.

SEBI Update: Repeal of Circular(s) Outlining Procedure for Cases Where Securities Were Issued Prior to April 01, 2014, Involving Offer/Allotment to More Than 49 but Up to 200 Investors in a Financial Year

Blog

15 Mar 2024

This framework provides for regulatory relaxations, elaborates on key design aspects, outlines the various stages of the Regulatory Sandbox process, and discusses guiding principles, benefits, as well as the risks and limitations of the Regulatory Sandbox.

FATF High Risk and Other Monitored Jurisdictions

Blog

12 Mar 2024

This framework provides for regulatory relaxations, elaborates on key design aspects, outlines the various stages of the Regulatory Sandbox process, and discusses guiding principles, benefits, as well as the risks and limitations of the Regulatory Sandbox.

RBI Update: Revisions to the Regulatory Sandbox Framework

Blog

04 Mar 2024

This framework provides for regulatory relaxations, elaborates on key design aspects, outlines the various stages of the Regulatory Sandbox process, and discusses guiding principles, benefits, as well as the risks and limitations of the Regulatory Sandbox.

SEBI Releases Consultation Paper on Proposals to Improve Ease of Doing Business with Respect to the Additional Disclosure Framework for FPIs

Blog

29 Feb 2024

The Securities & Exchange Board of India on February 27, 2024, proposed two exemptions to additional disclosure framework for Foreign Portfolio Institutions specified under the August 24, 2023, circular.

India Amends FDI Policy in Space Sector

Blog

23 Feb 2024

India’s space industry is on the cusp of a major transformation with the cabinet approval of amendments to the Foreign Direct Investment (FDI) policy on the Space Sector dated February 21, 2024. The Government had notified the much-awaited Indian Space Policy, 2023 in April last year, to replace the existing Satcom policy, 1997.

IFSCA releases Circular Monitoring of Investments from Countries Sharing Land Border with India

Blog

20 Feb 2024

The Government of India notified the Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2024 (NDI Rules) and the Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024 on January 24, 2024, enabling direct listing of equity shares by public Indian companies on the International Exchanges at the GIFT International Financial Services Centre (IFSC).

IBBI Committee Releases Report on Mediation Framework under IBC

Blog

16 Feb 2024

The Expert Committee, constituted by the Insolvency and Bankruptcy Board of India, to examine the scope of use of mediation in respect of processes under the Insolvency and Bankruptcy Code, 2016 has submitted its Report.

Delhi High Court Upholds Constitutional Validity of Anti-Profiteering Provisions in GST

Article

02 Feb 2024

The Hon’ble Delhi High Court (High Court) in a batch of writ petitions filed by companies aggrieved against orders/notices by the National Anti-Profiteering Authority (NAA), spanning across various sectors, has upheld the constitutional validity of the provisions pertaining to anti-profiteering under Goods and Services Tax.

Compliance Update: Karnataka Compulsory Gratuity Insurance Rules, 2024

Blog

16 Jan 2024

The Rules prescribe the requirement for employers to obtain a valid insurance policy for the employer’s liability towards payment of gratuity to eligible employees in accordance with the provisions of the Payment of Gratuity Act 1972. It aims to establish a framework for gratuity insurance and ensure timely payouts to eligible employees.

The Telecommunication Act, 2023

Article

02 Jan 2024

The Telecommunication Act, 2023 has received presidential assent. It recognizes the need for a legal framework that adapts to contemporary developments in communication technology and thus introduces an overhauled regulatory framework for governing telecommunication industry. The primary objective is to address the challenges posed by modern aspects of the telecommunication sector, including network security, spectrum allocation, consumer protection, and competition.

SEBI Streamlines Accredited Investor Registration Framework

Blog

20 Dec 2023

The Securities and Exchange Board of India (SEBI), through a circular dated December 18, 2023, has simplified the requirements for the grant of accreditation to investors, along with an extension to the validity of the certification.

RBI Cybersecurity Regulations for Financial Institutions

Article

19 Dec 2023

Rashi Dhir, Senior Partner & Head of Corporate, & Trisha Shreyashi, Consultant, write underlining the issue of cybersecurity in financial institutions and explain the RBI’s mandate on IT governance policies.

Broadcasting Services (Regulation) Bill, 2023

Blog

09 Dec 2023

Recognising the growing need to streamline the regulatory framework with the digitization of the broadcasting sector, the Ministry of Information and Broadcasting has proposed the Broadcasting Services (Regulation) Bill, 2023 (“BSR Bill”).

Facilitation of Small & Medium REITs – Amendments to SEBI (Real Estate Investment Trusts) Regulations, 2014 for creation of new regulatory framework

Blog

06 Dec 2023

The Securities and Exchange Board of India (SEBI) has recently notified amendments to SEBI (Real Estate Investment Trusts) Regulations, 2014, via the SEBI Board Meeting Report dated November 25, 2023.

IFSCA (Fund Management) Regulations 2022 FAQs for a Seamless FME Registration Process

Blog

23 Nov 2023

The FAQs on the Registration of Fund Management Entities (FMEs) and Authorization of Schemes or Funds under IFSCA (Fund Management) Regulations, 2022 provide comprehensive guidance for entities seeking registration and authorization within the International Financial Services Centres Authority (IFSCA) framework.

Comprehensive IT Directions for Banking Entities

Blog

22 Nov 2023

The Reserve Bank of India (RBI) on November 7, 2023, notified the Master Direction on Information Technology Governance, Risk, Controls and Assurance Practices (Directions) which will come into effect from April 1, 2024.

DPDP Act: Managing Data Protection Compliance in Businesses

Article

18 Nov 2023

Divya Sharma (Counsel) & Trisha Shreyashi (Consultant) explain the nuances of compliance management for organizations with huge data repositories and the way forward for them.

Direct Foreign Listing of Indian Companies: MCA Imposes Key Company Law Provisions

Blog

09 Nov 2023

The Ministry of Corporate Affairs (MCA) has notified effect to the provisions of sub-section (3) and (4) of Section 23 of the Companies Act, 2013 vide notification dated October 30, 2023. The said provisions were proposed to be inserted vide the Companies (Amendment) Act, 2020.

Law on InvITs: Change in SEBI Guidelines for Achieving Minimum Public Unitholding Requirement

Blog

08 Nov 2023

Regulation 14(1A) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 mandates all listed InvITs having public unitholding below 25% to increase its public unitholding to at least 25% within a period of 3 (three) years from the date of listing of units pursuant to initial offer.

Taxing Job Work Services By Malsters: Imbroglio Settled By GST Council

Article

27 Oct 2023

Authored by Shashank Shekhar (Partner), Tushar Joshi (Principal Associate), and TRISHA SHREYASHI (Consultant) for the BW Legal.

RBI’s New Regulatory Framework for NBFCs: Scale Based Regulation Directions 2023

Blog

26 Oct 2023

RBI vide circular dated October 19, 2023, has issued Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (NBFC Directions) which outlines the new regulatory framework for NBFCs.

CCI Releases Draft Regulations to Bust Cartels Under Leniency-Plus Regime

Blog

18 Oct 2023

Leniency plus mechanism allows a leniency applicant to avail an additional reduction in penalty (up to thirty per cent) in relation to the disclosed cartel on providing information and evidence relating to another undisclosed cartel.

SEBI Circular issued for Securities Market Intermediaries in relation to Anti-Money Laundering Standards and Combating the Financing of Terrorism Guidelines

Blog

17 Oct 2023

The Securities and Exchange Board of India (SEBI) vide a circular dated October 13, 2023, has amended the Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) obligations for Securities Market Intermediaries under the Prevention of Money Laundering Act (PMLA) and relevant rules.

Explained: New Rules for Foreign Portfolio Investors – SEBI’s Move to Slice through Corporate Layers

Article

16 Oct 2023

Rashi Dhir, Senior Partner and Head of Corporate, DMD Advocates, and Trisha Shreyashi explain and analyse the nuances of the law attempting to trace the ultimate benefactors investing via FPIs.

IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023

Blog

28 Sep 2023

The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 (Amendment Regulations) on 18th September, 2023.

Rajasthan Platform Based Gig Workers (Registration and Welfare) Act, 2023

Blog

19 Sep 2023

The Government of Rajasthan, on July 24, 2023, passed the Rajasthan Platform Based Gig Workers (Registration and Welfare) Act, 2023 (“Act”). With this initiative, Rajasthan has become the first state in India to pass a legislation, which regulates the engagement of gig workers and aims to provide social security and other benefits to platform-based gig workers.

The CCI’s Wider Merger Net Draws Deal Value into Focus

Article

14 Sep 2023

The regulator would need to apply ‘local nexus’ rules prudently to minimize false scrutiny triggers.

Foreign Owned or Controlled Companies under RBI Scanner for Deferred Construct

Blog

07 Sep 2023

Reserve Bank of India (RBI) seems to have issued notices to several Foreign Owned or Controlled Companies (FOCC) for structuring share purchases in Indian companies through the deferred (holdback) consideration construct.

Mediation Bill: A New Beacon of Hope

Article

31 Aug 2023

Crafted to alleviate the burden on courts and litigants, the Indian Parliament has passed the Mediation Bill, 2023. More than 45 million cases are pending in Indian Courts and introducing legislation backed mediation will definitely help this number from further spiraling upward.

Our Founder & Managing Partner, Delhi, Anuradha Dutt alongside Haaris Fazili, Associate Partner and Trisha Shreyashi discusses certain implications of the proposed legislation for The Hindu BusinessLine.

The United States Department of Justice Announced a Series of New Foreign Corrupt Practices Act (FCPA)-Related Charges, Resulting in Hefty Penalties and Fines Amounting to USD 91 Million for Various Companies

Blog

07 Aug 2023

The above charges are indicative that the FCPA-related risks continue to pose a serious compliance challenge to U.S-based businesses that operate in high-corruption-risk countries.

Companies with Better Governance Perform Better in Overall Corporate Performance vis-à-vis Companies with Low Governance Standards

Blog

29 Jun 2023

In a research paper published in Harvard University’s Quarterly Journal of Economics in February 2003, researchers shared results of a nine-year study (1990-1999) conducted on 1,500 large companies.

JPMorgan Paid $175 Million for a Hot Startup, Now Claims CEO Faked 4 Million Clients!

Blog

08 Jun 2023

JPMorgan Chase sued Charlie Javice, Founder and CEO of Frank, a college financial aid start-up acquired two years ago for $175 million, for fabricating its scale of operations and number of users.

Busting the Myth Around Compounding Competition Law Violations

Article

02 Jun 2023

Compounding is possible only if CCI initiates criminal proceedings for non-compliance of its orders. Competition law breaches cannot be compounded.

Competition Law Amendments: Of Penalties and Misses

Article

14 Feb 2023

Our Competition law Partner, Vivek Agarwal, shared his views on the latest tweaks to competition law amendments.

CCI can now impose penalties up to 10% of total global turnover. No settlement option for cartels. Net to catch cartel facilitators widened.

Online Platforms May Have to Rethink their Parity Deals

Article

11 Jan 2023

Our competition law Partner, Vivek Agarwal, shared his views on the need for large companies to revisit their ‘most-favoured nation’ clauses.

He has highlighted that a recent CCI order has provided guidance on the anti-competitive effects of MFN clauses which may be subject to closer scrutiny in 2023.

Gear Up Wisely to Clamp Down on Important Digital Intermediaries

Article

26 Dec 2022

Our competition law Partner, Vivek Agarwal, shared his views on the parliamentary committee’s report on anti-competitive practices by big tech companies.

He believes that the proposed Digital Competition Act must strike a balance between regulation and innovation and be tailored to the needs of the Indian digital economy. He has also emphasised the importance of developing the concept of voluntary and informed consent to make it compatible with the use of big data.

We’re a Step Closer to an Overhaul of our Competition Law

Article

15 Dec 2022

Our competition law Partner, Vivek Agarwal, shared his views on the parliamentary committee’s report on the Competition (Amendment) Bill, 2022.

He believes that the recommendations of the parliamentary committee are in the right direction and address some critical issues. There will be more clarity once the CCI regulations are out.

Supreme Court’s Decision to Review ‘Vijay Madanlal Chaudhary v. Union of India’, And Potential Knock-On Effects

Article

15 Sep 2022

In this article, Ambar Bhushan discusses the potential outcomes and effects of the pending review and possible knock-on effects on interpretation of PMLA.

CCI Clears Deal Without Remedies for the First Time Following Show Cause Notice

Article

06 Sep 2022

In a conversation with Global Competition Review (GCR), our competition law partner, Vivek Agarwal, discussed the CCI’s approval of PayU’s acquisition of BillDesk without remedies despite a show cause notice to push the deal into Phase II investigation.