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JSA Advises Hero Future Energies

JSA advises on USD450m Hero Future Energies deal

JSA has advised Hero Future Energies Global (HFE Global) and Hero Future Energies Private Limited (HFE India) in securing a INR36 billion (USD450 million) private equity investment from global firm KKR. Partners Manvinder Singh and...
butter chicken trademark

Spice wars

How a trademark dispute over the invention of an iconic north Indian dish descended into a food fight. By Vandana Chatlani On a balmy summer’s day in South Mumbai, I stood in a kitchen with...
Loan transparency

Giving all the facts is key to transparency

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The Reserve Bank of India (RBI) has long been concerned about the lack of adequate disclosure of all the charges borrowers must pay when taking out loans and scant transparency concerning the rates they...
CAM NARCL IDRCL NBFC resolution

Cyril Amarchand advises on resolution plan for NBFCs

Cyril Amarchand Mangaldas has advised the National Asset Reconstruction Company Limited (NARCL) and the India Debt Resolution Company Limited (IDRCL) on the resolution plan for two non-banking financial companies (NBFCs) under insolvency proceedings. “This was...
India DPDP Act tech companiesvideo

Data privacy considerations for technology companies

By Harsh Kumar and Indraneel Chakraborty, Kaizen Law
← Back to index India’s first comprehensive data protection law, the Digital Personal Data Protection Act (DPDP Act), was enacted in August 2023 to regulate the processing of digitalised personal data of individuals (data principals). Most...
India’s data protection goals with AI

Black list or white: Navigating India’s data protection goals with AI

By Arnav Joshi and Ashima Obhan, Obhan & Associates
← Back to index In the digital era, the debate over data localisation laws has become increasingly nuanced and complex, particularly in countries like India, where technological advancement intersects with regulatory oversight. This intersection has...
E-Mobility Startup Investment

JSA acts for B Capital on investment in e-mobility startup

JSA has advised technology investment firm B Capital on an additional injection of capital into e-mobility startup Bounce, operated by Wickedride Adventure Services, for an undisclosed amount. Partners Manvinder Singh and Anant Mishra led the...
RBI financial climate risk

RBI’s draft directive for housing finance companies

By Sawant Singh and Aditya Bhargava, Phoenix Legal
In 2020, with the commencement of the transfer of the regulation of housing finance companies (HFC) from the National Housing Bank (NHB) to the Reserve Bank of India (RBI), the RBI began introducing various...
RBI financial climate risk

A new climate for regulating financial risk

By Sawant Singh and Aditya Bhargava, Phoenix Legal
In its February 2024 statement on developmental and regulatory policies, the Reserve Bank of India (RBI) explicitly recognised that “climate change can translate into climate-related financial risks” for regulated entities (RE) “which can have...
RBI's new credit card rules

RBI issues new credit card rules

The Reserve Bank of India (RBI) announced amendments to the Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022. This move was made under section 35A of the Banking Regulation...
Paytm Bank's cease operations order

Paytm Payments Bank ordered to cease operations

The Reserve Bank of India (RBI) directed Paytm Payments Bank (PPB) to halt most of its operations by 15 March 2024, following persistent non-compliance and material supervisory concerns. This action was carried out under...
India's digital transactions

Digital India is now leading the world

By Rajesh Narain Gupta and Aniket Vijay Singh Rajpurohit, SNG & Partners
The World Bank reported at the 2023 G20 Summit that Indian digital transactions had exceeded INR14.89 trillion (USD18 billion) by May 2023, marking an unprecedented achievement. It praised India’s strategic use of digital public...
IBLJ Deals of the year 2023

Deals of the Year 2023

India Business Law Journal reveals 50 standout deals and disputes of 2023, and the law firms that successfully concluded them The year 2023 will be remembered for its several notable highs for corporate India –...

Flow interrupted!

The central bank’s move to curb evergreening loans looks set to backfire as the future of alternative investment funds may hang in the balance, writes Freny Patel Many non-bank finance companies (NBFCs) are running pillar-to-post...
India-In-house-counsel-award-IBLJ-2023-2024

In-house Counsel Awards 2023-24

In-house counsel and corporate legal teams honoured by their peers for outstanding legal work. Katherine Abraham reports Individual Awards Team Awards The third edition of the In-House Counsel Awards continues our endeavour to recognise the driving forces...
Central bank's fintech SROs framework

RBI drafts framework for self-regulatory organisations

Amid transformation of the financial services industry due to technological advancements, fintech firms have emerged as both disruptors and facilitators. Playing a crucial role in redefining the financial services landscape, fintech is also raising...
RBI-rolls-out-framework-for-NCDs,-CPs-L

RBI guidelines boost transparency in India’s debt market

In a bid to bring more transparency and stability to the short-term debt market, the Reserve Bank of India (RBI) has issued new guidelines governing commercial papers (CPs) and non-convertible debentures (NCDs) with maturities...

Building an infrastructure superhighway

Mukul Shastry details how state and central governments can plug the legal and regulatory gaps holding back the infrastructure sector Human civilisation has been in existence for at least 5,000 years. During much of those...
RBI on SRO

RBI may be learning to trust SROs

By Sawant Singh and Aditya Bhargava, Phoenix Legal
It is a truism that regulation often trails the market. This is partly because the distance from the market means that regulators may be disconnected from what is happening in the market. While regulators...
Legal-year-review-2023

2023 – The legal year in review

From artificial intelligence and de-risking from China to energy transitions and global taxation, law firms and in-house counsel had plenty to keep them busy in 2023. George W Russell looks back at an eventful...

Does private credit need stricter regulation?

By Aditya Vikram Dua and Aniket Sawant, SNG & Partners
Private credit has become an attractive source of funding for issuers, compared to traditional sources. This is because the Reserve Bank of India (RBI) has stricter regulations and has tightened lending standards for banks...
Supervision of cross-border payment

Cross-border payment supervision tightened

The Reserve Bank of India (RBI) has introduced new directives tightening supervision of cross-border payment operations. Entities like online payment gateway service providers (OPGSPs) and collection agents now fall under the Payment Aggregator – Cross...

Fresh directions

National Company Law Tribunal Mumbai counsel Mansi Kaku explores crucial changes that the insolvency board seeks to better align the corporate insolvency resolution process and overcome significant challenges It is often said that, in...
RBI consumer loans surveillance

RBI as consumer loans watchdog or obstruction

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Following many months of telegraphing its continued discomfort with the rapid growth in personal loans and unsecured credit, the Reserve Bank of India (RBI) has issued its most obvious sign of tougher action to...
S&R-assists-Ashv-Finance-to-raise-USD10m-in-series-E-funding

S&R assists Ashv Finance to raise USD10m in series E funding

S&R Associates has advised Ashv Finance, a Reserve Bank of India-registered non-banking finance company, to raise USD10 million in a series E funding round. Partner Viral Mehta and counsel Kinnari Sanghvi led the transaction team,...
RBI revamps defaulter guidelines

RBI revamps defaulter guidelines in draft paper

The Reserve Bank of India (RBI) has unveiled a draft paper of proposed revisions to the guidelines for handling wilful defaulters. According to the bankers’ bank, the suggested changes encompass an expanded scope for regulated...
RBI stiffens IT rules

RBI stiffens IT rules for finance sector players

The Reserve Bank of India (RBI) is introducing specific guidelines for information technology practices in banks and non-banking financial companies (NBFCs). The Reserve Bank of India (Information Technology Governance, Risk, Controls, and Assurance Practices) Directions,...
trademarks reversed NCLT Kolkota

Assignment of trademarks reversed by NCLT’s Kolkata bench

By Manisha Singh and Anvita Sharma, LexOrbis
The Trade Marks Act, 1999 (act) protects trade marks and safeguards the rights of proprietors, who invest time and money building a reputation. The aim is to prevent the fraudulent use and registration of...
RBI fines ICICI and Kotak Mahindra banks

RBI fines ICICI, Kotak Mahindra banks over breaches

The Reserve Bank of India (RBI) has imposed INR120 million (USD1 million) and INR40 million in penalties on ICICI Bank and Kotak Mahindra Bank, respectively, for violating regulatory norms. The penalties were levied as...
Issues Impacting India's Emerging Startup Ecosystem

Growing pains in startup crib

Turmoil within high-profile unicorns, a downturn in funding and an investor emphasis on profitability have resulted in a picture for startups that is not so rosy. Indrajit Basu reports Startups were called “the backbone of...
write-offs framework

Regulation for stressed assets needs work

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The Reserve Bank of India (RBI) in its June 2023 development statement noted that while the Prudential Framework for Resolution of Stressed Assets of June 2019 provides a “broad principle-based framework”, to further encourage...
gems and jewel FDIvideo

Gems the jewel in the FDI crown

By Rohit Jain and Apeksha Lodha, Singhania & Co.
The government permits 100% foreign direct investment (FDI) in the gems and jewellery sector under the automatic route. The sector is the second largest foreign exchange earner in India. It plays a significant role...
video

No green finance framework no sustainable development

By Rajesh K Sehgal, Dentons Link Legal
India’s growing economy faces challenges from climate change and environmental degradation. Its target, under the Paris Agreement goal, of 450GW of renewable energy (RE) capacity by 2030 needs investment of USD30-40 billion annually. Transitioning...
India Business Law Journal

The subtle art of self-regulation

Differing priorities complicate the process Recent months have seen supportive messages from Reserve Bank of India (RBI) Governor Shaktikanta Das and his deputy governors favouring self-regulation as a way forward for the fintech sector. The industry...
Khaitan & Co advises Svatantra Microfin

Khaitan acts for Svatantra Microfin in NBFC-MFI acquisition

Khaitan & Co has advised Svatantra Microfin on its proposed acquisition of Navi Finserv and Navi Technologies’ shareholding in Chaitanya India Fin Credit. Khaitan partners Saswat Subasit and Vidushi Gupta led the transaction team with...
India digital lending default loss guarantee

Default loss guarantees in digital lending revisited

By Sawant Singh and Aditya Bhargava, Phoenix Legal
In August 2022, the Reserve Bank of India (RBI) issued a press release announcing the partial implementation of the recommendations of its working group on digital lending. Among the proposals made by the working...
Full-speed-ahead-L

Full speed ahead

Foreign firms grab the reins to fuel India Inc’s rising ambitions. Vandana Chatlani reports The past year has been one of renewed optimism. India overtook the UK to become the world’s fifth-largest economy, with the...
RBI guidelines for minimum capital

RBI’s new guidelines for minimum capital

The Reserve Bank of India (RBI) has released a master direction on minimum capital requirements for operational risk. It directs specified commercial banks to maintain adequate regulatory capital to cover operational risk exposures. Once implemented,...
SEBI strengthens regulations undertaking sales approvals

New framework for default loss guarantees to boost digital lending

By Shubhangi Garg and Arjun Khandelwal, Shardul Amarchand Mangaldas & Co
The Reserve Bank of India (RBI) on 8 June 2023, published a new regulatory framework, permitting the issue of default loss guarantees in digital lending (DLG guidelines). This is a significant departure from the...

A finance and technology GIFT to investors

By Rohit Jain and Kunal Sharma, Singhania & Co.
The Gujarat International Finance Tec-City (GIFT City) was conceived as an International Financial Services Centre (IFSC), offering international connectivity and a business-friendly environment. It is the only greenfield smart city in India set up...

Self-policing fintech

India’s banking regulator wants the fintech sector to form self-regulatory organisations, but diverse interests in the industry aren’t the only challenges in making this happen. Freny Patel reports India is home to one of the...
SEBI-strengthening-governance-and-protecting-minority-shareholders-L

SEBI strengthening governance and protecting minority shareholders

By Abhishek Guha and Amrita Ghosh, Shardul Amarchand Mangaldas & Co
The Securities and Exchange Board of India (SEBI) notified the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023 (LODR amendment) on 14 June 2023. Among other matters, it sets out provisions to...
CEPA boost India-UAE trade

Eyes on the Middle East

UAE trade pact is spearheading regional interest in India, writes Vandana Chatlani February 2023 was the first anniversary of the signing of the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates...
RBI-releases-prudential-norms-for-urban-banks-L

RBI releases prudential norms for urban banks

The Reserve Bank of India (RBI) has released a Master Circular on Prudential Norms for Capital Adequacy in Primary (Urban) Co-operative Banks (UCBs), which consolidates and updates all the instructions and guidelines on the...
RBI reform proposals

Discipline not profit drives RBI reform proposals

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The Reserve Bank of India’s (RBI) statement of February 2023 on developmental and regulatory policies noted that RBI supervisory reviews found divergent practices among regulated entities (RE), excessive charging of penal interest, and resulting...

Home and profits are where the heart is

By Puja Sondhi, Roma A Das and Harjas Singh, Shardul Amarchand Mangaldas & Co.
Some startups in India have set up foreign holding companies (HoldCo), attracting investment from venture capital and private equity funds. Often, HoldCos have been formed through restructuring, also known as externalisation or flipping, taking...
No stamp no arbitration

No stamp, no arbitration

Supreme Court judgment on 25 April 2023 (NN Global Mercantile Pvt Ltd v Indo Unique Flame Ltd) finally settled the ongoing legal conundrum of the enforceability of an arbitration agreement in an unstamped contract. In...
Never-bet-against-regulation-in-online-gaming-L

Never bet against regulation in online gaming

By Ashima Obhan and Akanksha Dua, Obhan & Associates
The online gaming industry, particularly real money gaming, has grown significantly. At the same time, the industry has experienced uncertainty and disruption, leading to an increased need for regulation and guidelines. The Ministry of...
disruptive technology as convenience

Disruptive technology or disruption disguised as convenience

By Gaurav Sahay and Ashita Sahay, SNG & Partners
Finance, bookkeeping, transaction-making, investment, credit, insurance and trade have always operated under the strict eye of the regulator. The sector has always been a conventional one and an authoritarian compliance regime has overseen its...
rise of rupees

India brings rupee to the world

By Reena Asthana Khair, Kochhar & Co.
The US dollar is widely used in international trade and finance, with more than 70% of transactions using that currency. It also serves as the dominant reserve currency for central banks around the world....

Cashing in on new green deposits framework

By Sawant Singh and Aditya Bhargava, Phoenix Legal
On 11 April 2023, the Reserve Bank of India (RBI) put in place a new framework, effective from 1 June 2023, encouraging RBI regulated entities (RE) to offer green deposits for financing green activities...
Best Top Indian Law Firms 2023

Indian Law Firm Awards 2023

Recognising and rewarding exceptional legal work. Katherine Abraham reports India’s legal industry is experiencing a surge in activity, driven by increased deal-flow and record-breaking IPOs. While the most recognised law firms continue to dominate on...
Digital disruption in the finance and banking sector

Disruptive technology or disruption disguised as convenience

By Gaurav Sahay and Ashita Sahay, SNG & Partners
Finance, book-keeping, transaction-making, investment, credit, insurance and trade have always operated under the strict eye of the regulator. The sector has always been a conventional one, and an authoritarian compliance regime has overseen its...
Paynow and UPI regulator link

Regulators link Singapore’s PayNow and India’s UPI

The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) have launched a real-time payment system linkage between Singapore's PayNow and India's Unified Payments Interface (UPI). According to the announcement, this is...

Judging retirement

Are mandatory retirement ages for senior judges discriminatory? And are we pushing out our finest legal minds just as they hit their peaks of knowledge? Our regular columnist for sister publication China Business Law...

Shortfall undertaking is financial debt under IBC

By Aditya Vikram Dua and Parvathi Menon, SNG & Partners
In lending transactions, standard practice is to obtain shortfall undertakings, that is meeting any shortfall in the repayment of the underlying facility from holding companies of the borrower or financially strong companies in the...
continued growth in FDI Indiavideo

India benefits from continued growth in FDI

By Rohit Jain and Diviay Chadha, Singhania & Co.
Foreign Direct Investment (FDI) is an integral part of the Indian economy. Over the years, India has emerged as a popular destination for FDI owing to its huge domestic demand, the availability of natural...

Constitution bench decision will impact progress of arbitration

After delivering a pro-arbitration judgment in the case of NN Global Mercantile Pvt Ltd v M/s Indo Unique Flame Ltd and Ors, the Supreme Court referred the case to a constitution bench of the...
india online gaming regulation

The Test

While curbs and regulation of the burgeoning online gaming industry are necessary, has the government gone too far? Freny Patel reports. A deep dive into amendments to India’s 2021 information technology rules and recently proposed...
RBI told to report daily on foreign remittances

RBI told to report daily on foreign remittances

The Ministry of Home Affairs has mandated the State Bank of India (SBI) to daily reporting on all details of overseas donors, including the purpose of remittances. In response, the Reserve Bank of India (RBI)...

RBI draft guidelines for Basel III minimum capital

The Reserve Bank of India (RBI) has published draft guidelines for minimum capital requirements for market risk under the international Basel III framework. The bank has requested comments on the draft guidelines by 15...

Deals of the year 2022

India Business Law Journal reveals the standout deals and disputes of 2022 and the law firms that showed their worth in successfully concluding them Despite concerns of a resurgence in covid-19 cases at the beginning...

Securing the future of stressed assets

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Securitisation is the aggregating of commercial debt and repackaging it as capital market instruments. India has separate regulatory frameworks for the securitisation of standard or performing assets, which involve banks and financial institutions, and...
Swiss-lessons-in-simplified-mergers-L

Swiss lessons in simplified mergers

Having completed a simplified takeover in seven working days under the 2003 Swiss merger act, Yashasvini Kumar, Pooja Gondalia and Bhakti Sampat look at how the approval process could be made quicker in India,...
india digital currency

Cashing in on a digital currency

By Devyani Dhawan and Neha Pethe, SNG & Partners.
Throughout history, money has taken many different forms, finally developing into the most widely used, paper currency. During the past decade, money has further evolved into something previously thought impossible, cryptocurrency. The ongoing global...
India Business Law Journal

Caught in the crosshairs

Fierce campaign to tame online space The digital sphere has been firmly in the sights of the government. When the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, were announced last year,...
Global investment trendsvideo

Keymasters

As the world acknowledges the real threat of global recession, where and how a Company should invest has never been more challenging. General counsel hold the keys To unlocking opportunity, and more than ever...
Sovereign green bond framework

Green & keen

A framework for the deployment of sovereign green bonds shows the government is committed to a marriage of climate and infrastructure. Environmental advocate Ashutosh Senger explains To tap finance from potential investors for deployment in...
Pass wealth on next generation

Where there’s a will

While estate planning is an uncomfortable subject, it is also an unavoidable one for those looking to leave behind an enduring legacy, writes K Satish Kumar, the group chief legal officer of Intellect Design Arena,...
insolvency service providers

Enforcing integrity

As the insolvency and bankruptcy board turns up the heat on insolvency practitioners, Karuna Sharma and Atul Malhotra examine the tools of inspection and investigation at their disposal to ensure compliance with the code T...
RBI released new ARCs regulatory framework

ARCs can be resolution applicant

The Reserve Bank of India (RBI) released a new regulatory framework for Asset Reconstruction Companies (ARCs) on 11 October allowing them to be resolution applicant (RA) entities under the Insolvency and Bankruptcy Code, 2016...
India Business Law Journal

Much needed revamp

Changes proposed to competition act see mixed response The introduction of the Competition (Amendment) Bill, 2022, seeks to overhaul the competition law framework in India. Several competition law practitioners have hailed the bill for its...
India's CBDC outline

Giving India’s pilot CBDC wings to fly

By Shilpa Mankar Ahluwalia, Shardul Amarchand Mangaldas & Co
The Reserve Bank of India (RBI) has recently released a Concept Note on Central Bank Digital Currency (CBDC) (CN) outlining the principles it will adopt when developing an ecosystem for India’s first CBDC or...
Missed opportunity on new framework ARCs

New framework for ARCs perhaps a missed opportunity

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The April 2021 statement on developmental and regulatory policies of the Reserve Bank of India (RBI) noted the growth of asset reconstruction companies (ARCs), mentioning that “their potential for resolving stressed assets is yet...
Here comes the sunvideo

Here comes the sun

With the worst of the pandemic behind us, and despite looming clouds in the global economy and geopolitics, India Business Law Journal’s annual market survey finds law firms in a buoyant mood on the...
RBI on digital lending app

Lending apps under RBI scrutiny

India’s digital lending industry, which is expected to grow in worth to USD1.3 trillion by the end of the decade, has been subject to a clampdown by the central bank. The Reserve Bank of...
S&R Associates assists Light Microfinance

S&R guides Light Microfinance in USD23.7m fundraising

S&R Associates represented Light Microfinance in its INR1.96 billion (USD23.7 million) series B funding round led by British International Investment along with existing investors Nordic Microfinance Initiative, Triple Jump and Incofin. The S&R team was...
RBI on digital lending

Digital lending goes up; RBI cracks down

By Mathew Chacko, Aadya Misra and Shristi Kumar, Spice Route Legal
India’s vibrant digital lending sector has grown at an unprecedented rate, increasing from USD9 billion in 2009 to USD110 billion a decade later. Participants in the industry include banks and financial institutions regulated by...

Internal ombudsman deadline for CICs

The Reserve Bank of India, in its monetary policy statement on 5 August 2022, directed all registered credit information companies (CICs) to appoint an internal ombudsman (IO) by 1 April 2023 for addressing grievances...

Supreme Court decision clouds insolvency process

The Supreme Court’s judgment in the case of Vidarbha Industries Power v Axis Bank opened a Pandora’s box earlier this year when it unsettled a long established practice of the adjudicating authority admitting insolvency...
India-amusement-park-Imagicaaworld-Entertainment-L

DSK, CAM, Link Legal lead advisers in Imagicaa debt restructuring

DSK Legal, Cyril Amarchand Mangaldas (CAM) and Link Legal advised in India amusement park Imagicaaworld Entertainment’s debt restructuring that saw Malpani Group acquire a 66.5% stake in its rival. Malpani’s acquisition in Imagicaaworld is valued...
cross-border trade settlement in India

Framework for cross-border settlement in rupees

The Reserve Bank of India (RBI) has announced an extensive mechanism to accelerate cross-border trade settlements in Indian rupees (INR) in a move to bolster trade in the Indian currency. To execute the plan,...
India sustainable financial management

Sustainable financial management push

In a move that aligns with global climate risk mitigation, the Reserve Bank of India (RBI) has asked banks in the country to promote sustainable financial management and embed environmental, social and governance (ESG)...
Reserve bank of india on forex inflow

RBI announces forex inflow measures to curb risk

The Reserve Bank of India (RBI) issued notifications covering a range of foreign investment options to increase foreign exchange inflows in response to a weakening rupee and a tightening of global financial conditions. Liberalisation...
RBI on digital lending guidelines

RBI perhaps too suspicious of digital lending

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Consistent with its customer-protection orientation, and its hawkish stance towards the fintech sector, the Reserve Bank of India (RBI) set up a working group in January 2021 to evaluate “digital lending including lending through...
RBI takes credit for curbing PPI financing

RBI takes credit for curbing PPI financing

By Shilpa Mankar Ahluwalia, Shardul Amarchand Mangaldas & Co
On June 20, 2022, the Reserve Bank of India (RBI) issued directions to all non-bank prepaid payment instrument (PPI) issuers that loading of PPIs through credit lines was not permitted (PPI credit circular). This...

Forex inflows need open doors not small windows

By Sawant Singh and Aditya Bhargava, Phoenix Legal
On 6 July 2022, the Reserve Bank of India (RBI) issued a press release setting out measures it proposed to introduce to “mitigate volatility and dampen global spillovers” caused by “high risk aversion” gripping...
RBI extends card tokenisation deadline

RBI extends card tokenisation deadline

The Reserve Bank of India (RBI) has extended the deadline for card-on-file (CoF) tokenisation from 30 June to 30 September 2022, citing implementation issues highlighted by merchants. “Industry stakeholders have highlighted some issues related to...
Condition critical

Condition critical

A conflict has played out before several judicial forums over the fate of Future Retail, a company in grave health with creditors and two of the world’s richest men entangled in its fate. Freny...
India Business Law Journal

Strength during adversity

Enduring challenges amid a perfect storm The country is in the midst of grappling with unfavourable circumstances such as high unemployment and high inflation. Together these can potentially become as disruptive as the pandemic, but...
RBI increases responsibilities of loan transfer parties, Aditya Vikram Dua, Parvathi Menon

RBI increases responsibilities of loan transfer parties

By Aditya Vikram Dua and Parvathi Menon, SNG & Partners
The Reserve Bank of India (RBI) issued the Transfer of Loan Exposures Directions, 2021 (directions) in September 2021, which prescribe a comprehensive and robust framework to facilitate the sale, transfer and acquisition of loan...
Time not ripe for mutual funds to buy offshore

Time not ripe for mutual funds to buy offshore

As India’s foreign exchange reserves continue to shrink well below USD600 billion and the rupee continues to close at all-time lows, it is unlikely the Reserve Bank of India (RBI) will lift the restriction...
Who dares wins, but not at our expense

Who dares wins, but not at our expense

By Sawant Singh and Aditya Bhargava, Phoenix Legal
To align the regulatory framework for non-banking financial companies (NBFCs) with mainstream governance practices, the Reserve Bank of India (RBI) introduced a scale-based regulatory framework for NBFCs in October 2021. This included governance-related requirements. The...
Pricing dilemma in acquisitions by foreign owned companies, Anshuman Mozumdar, Ankur Kumaris

Pricing dilemma in acquisitions by foreign owned companies

By Anshuman Mozumdar and Ankur Kumar, L&L Partners
Rule 23(1) of the Foreign Exchange Management (Non-Debt Instruments) Rules 2019 (rules) provides that investments by foreign-owned or controlled companies (FOCC) in an Indian company shall be subject to “entry route, sectoral caps, pricing...

Indian Law Firm Awards 2022

Discover our other annual awards Award In a celebration of hard work, ingenuity and excellence, India Business Law Journal reveals the winners of the 2022 Indian Law Firm Awards. Vandana Chatlani reports In the past 12...
India Business Law Journal

Building trust

No legacy as rich as honesty The world’s richest man Elon Musk’s move to take over Twitter has the world engrossed. Twitter’s hope of finding a white knight, a counter-offer to fend off Musk’s hostile...
CCI’s-hands-tied-in-debt-trustee-dispute

CCI’s hands tied in debt trustee dispute

India’s antitrust probe into the alleged collusion over fees charged by debt trustees of the State Bank of India, Axis Bank and IDBI Bank took a back seat following an intervention by the Bombay...
Insolvent-financial-service-providers-a-class-apart

Insolvent financial service providers a class apart

By Abhirup Dasgupta and Bhawana Sharma, HSA Advocates
When the Insolvency and Bankruptcy Code (IBC) was introduced in 2016, an exception was made under section 3(17) for financial service providers (FSP) to prevent them from being dragged into insolvency. The legislature has...
RBI recasts framework for microfinance providers

RBI recasts framework for microfinance providers

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Microfinance regulation has previously focused on non-banking financial companies – microfinance institutions (NBFC – MFI), and not on other entities engaged in microfinance such as banks and other NBFCs. The Reserve Bank of India...
Private client models enter the modern world

Private client models enter the modern world

By Rishabh Shroff and Chirag Shah, Cyril Amarchand Mangaldas
Traditional family-run businesses are giving way to a new age of startups and technology-driven business models. Given India Inc’s desire for a global footprint, migration or foreign passports are now common. Many families and...
Fintech is the future of inclusive finance

Fintech is the future of inclusive finance

By Bagmisikha Puhan and Siddhant Gupta, TMT Law Practice
The banking and financial services sector has long been a pioneer and centre of technological innovation, providing end-user banking and financial services. Fintech has emerged as a direct competitor to legacy banking, but has...
RBI to revise export-import payment aggregation framework

RBI to revise export-import payment aggregation framework

By Shilpa Mankar Ahluwalia and Himanshu Malhotra, Shardul Amarchand Mangaldas & Co
The Reserve Bank of India (RBI) on 7 April 2022, released draft guidelines for the processing and settlement of small-value export and import related payments facilitated by online export-import facilitators (OEIF) (draft guidelines). The...
Assured increase of FDI in the insurance sector Shinoj Koshy

Assured increase of FDI in the insurance sector

By Shinoj Koshy and Muskan Agrawal, L&L Partners
On 14 March 2022, the government issued Press Note 1 of 2022 allowing 20% foreign direct investment (FDI) through the automatic route in the Life Insurance Corporation of India (LIC) a corporation established and...
For their eyes only

RBI relief for fintech’s credit report quandary

By Kaushal Mathpal
Reserve Bank of India's move to allow fintech companies to access credit information via credit bureaus is a positive move, but ownership and control issues remain unresolved, writes Kaushal Mathpal A s per the Reserve Bank...
India Business Law Journal

Cryptic question

Viable alternative or Dutch tulip? There should be little surprise that India continues to struggle with the knotty problem that is virtual currencies, which according to a May 2020 ruling of the Supreme Court, “elude...
Daoism: a new kind of faith

DAOism: a new kind of faith

The idea for a decentralised autonomous organisation, where the rules are baked into its code with no management structure or board of directors, has emerged with the rise of blockchain technology. Andrew Godwin examines...
RBI raises FI cap under voluntary route

RBI raises FI cap under voluntary route

The Reserve Bank of India (RBI) issued a circular to raise the investment limit for foreign portfolio investors (FPIs) under the voluntary retention route (VRR) to INR2.5 trillion (USD32.93 billion). The earlier limit was...
Regulations to implement changes to Factoring Act

Regulations to implement changes to Factoring Act

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Factoring is considered an important source of short-term and working capital financing for micro, small and medium enterprises. It enables them to obtain upfront credit for invoices raised, without over-leveraging balance sheets. Factoring is...
Tightened-norms-for-financial-institutions

Tightened norms for financial institutions

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The Reserve Bank of India (RBI) has been gradually aligning the regulations applicable to banks and non-banking financial companies (NBFCs). Apart from implicitly recognising that NBFCs are fast narrowing the gap with banks in...

Giving credit greater access to data

By Shilpa Mankar Ahluwalia and Akshita Agrawal, Shardul Amarchand Mangaldas & Co.
Digital lending in India has grown exponentially over the past 24 months powered by lending partnerships between fintech platforms and regulated lenders. A key driver has been non-traditional credit analytics that rely on alternative...
The-cryptic-question

No escape

By Freny Patel
Lack of clarity over future legitimacy and plans to levy hefty taxes threaten to clip the wings of jittery cryptocurrency investors. Freny Patel reports Among many things, the ongoing Russia-Ukraine war has put the spotlight...
Growing a conscience

Growing a conscience

Current events dictate that ESG considerations are increasing in importance for companies as well as regulators, warns Ashutosh Senger, lead counsel at Florence Capital The challenges faced by societies due to the pandemic and the...
Meta ready to throw in towel

Meta ready to throw in towel

By Freny Patel
Facebook’s parent has threatened to call it quits in India as it fears the data privacy law could force it to modify or cease existing business practices. On 2 February, Meta Platform expressed concerns in...
Regulatory landscape for debt capital markets-L

Regulatory landscape for debt capital markets

By Aditya Bhargava and Sristi Yadav, Phoenix Legal
Rather than being overly prescriptive, applying an even-handed approach to regulations will better serve the SEBI’s overall goals, write Aditya Bhargava and Sristi Yadav Traditionally, debt raising in India has been skewed to borrowings from banks. From a...
Deals of the Year 2021-opener_img_3

Deals of the Year

Deals of the year 2022 Deals of the year 2020 Deals of the year 2019 Deals of the year 2018 Deals of the year 2017 Deals of the year 2016 Deals of the year 2015 Deals of...
Cheques and balances

Cheques and balances

The number of criminal cases filed against cheque defaulters has overwhelmed India’s judicial system. One obvious solution is to decriminalise what is often a civil dispute, but lawyers aren’t convinced that’s the answer. George...
Offline digital transactions are now on point Sawant Singh Aditya Bhargava

Offline digital transactions are now on point

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Financial sector stakeholders keep a close watch on the release of statements from the Reserve Bank of India (RBI) on developmental and regulatory policies. These statements provide guidance on the RBI’s thought processes and...
Special-situation-L

SEBI introduces special situation funds

The Securities and Exchanges Board of India (SEBI) has introduced a new sub-category under alternate investment funds to recognise special situation funds (SSFs). On 24 January 2022, the securities regulator notified the amended SEBI (Alternative...
India and Singapore relax over stressed assets Dhananjay Kumar Surbhi Pareek

India and Singapore relax over stressed assets

By Dhananjay Kumar and Surbhi Pareek, Cyril Amarchand Mangaldas
The Insolvency and Bankruptcy Code, 2016 (code) provides for the comprehensive rules-based resolution of insolvent corporate debtors, and has become a significant and successful means of stressed asset resolution. The success of the code...
RBI further extends deadline for deletion of card-on-file data Shilpa Mankar Ahluwalia Shobhit Shukla

RBI further extends deadline for deletion of card-on-file data

By Shilpa Mankar Ahluwalia and Shobhit Shukla, Shardul Amarchand Mangaldas & Co
On 23 December 2021, the Reserve Bank of India (RBI) further extended for six months the deadline for removal of card-on-file (CoF) data. Payment aggregators (PAs) and merchants may thus continue to store customer...

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