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ECB

Tweaks to ECB directions helpful, but clarity needed

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Until recently, proceeds of external commercial borrowings (ECB) were not allowed to be used for working capital or general corporate purposes, or for the repayment of rupee loans, except where an ECB with a...
intermediaries

How much regulation can intermediaries bear?

By Shilpa Mankar Ahluwalia, Shardul Amarchand Mangaldas & Co
Payment gateways (PGs) and payment aggregators (PAs) are payment intermediaries (PIs) that facilitate payments online between a customer and a merchant. The Reserve Bank of India (RBI) has, so far, adopted a light-touch approach...
ECB

IBC to lure foreign funds following ECB reforms

By Sameen Vyas and Vishrut Kansal, L&L Partners
Consistent with the views of the government, the Reserve Bank of India (RBI) regards the Insolvency and Bankruptcy Code, 2016 (IBC), as a credible way of removing obstructions to economic progress represented by non-performing...
sandbox

Innovative play in the sandbox

Regulators in this sphere need to be flexible, writes Sanhita Katyal The triad of financial regulators in India – the Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI) and Insurance Regulatory and...
investments

Overseas investments by residents face policy gaps

By Vikrant Kumar, Vasudev Dibbur and Bissheesh Roy, L&L Partners
Investments by resident individuals in shares of foreign entities fall within the framework of either the Master Direction on Liberalised Remittance Scheme (LRS scheme) or the Master Direction on Direct Investment by Residents in...
Fintech

Changes to expect in fintech with digital KYC

By Shilpa Mankar Ahluwalia and Himanshu Malhotra, Shardul Amarchand Mangaldas & Co
Fintech players are now offering the Aadhaar-based know your customer (KYC) authentication services (Aadhaar e-KYC) made available by the Unique Identification Authority of India (UIDAI) to customers quickly and at a fraction of the...
Supreme Court

Equal treatment of all parties to legislation

By Karthik Somasundram and Sneha Jaisingh, Bharucha & Partners
To enhance the attraction of arbitration, the Supreme Court ruled in Pam Developments Pvt Ltd v State of West Bengal that the government, as a party to arbitration, is not entitled to special or...
PPA

Enforcing PPA: Guarding against unilateral change

By Abhishek Tripathi and Anura Gupta, Sarthak Advocates & Solicitors
Private sector participation in power generation has been at the core of power security in the last two decades, with independent power producers (IPP) currently owning 46% of the total installed generation capacity in...

Mandatory benchmark linking a good move

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Communication of any relaxation in lending rates is one of the cornerstones of the monetary policy of the Reserve Bank of India (RBI). One reason for this is that unless the benefit of any...
railway

PPP model for railways – the viable future option?

By Geeta Saha, Mrinal Vashishtha and Shivam Jatadhari, HSA Advocates
Indian Railways, state-owned by the Ministry of Railways, has been the backbone of India’s mass public transportation network for decades. The Indian railway network is among the world’s largest and with constantly increasing and...
Amrapali

SC Amrapali judgment: A warning for lenders

By Soumyajit Mitra and Mohit Yadav, SNG & Partners
The landmark judgment of the Supreme Court in favour of over 42,000 homebuyers in the projects being constructed by the Amrapali group of companies in Noida and Greater Noida, Uttar Pradesh was a huge...
ADB

A Legal legacy

The man who has steadied the legal tiller of the good ship ADB is leaving after seven years. He talks to John Church about the bank’s activities in India, its plans for governance reform...
arbitration

Pressing issue

As the government pushes through with the International arbitration act, Experts believe ‘under-regulation’ is key to making India a global dispute resolution hub. M Rochan reports The government aims to put India on the global...
Shilpa Mankar Ahluwalia, Shardul Amarchand Mangaldas & Co

Is government’s plan to ban cryptocurrency warranted?

By Shilpa Mankar Ahluwalia, Shardul Amarchand Mangaldas & Co
An inter-ministerial committee (IMC) chaired by Subhash Garg (former secretary of department of economic affairs), which examined issues related to virtual currencies recently, recommended a complete ban on cryptocurrency. The IMC, also submitted a...
Lagna Panda, Chandhiok & Mahajan

RBI’s localization mandate: Cure without a problem?

By Lagna Panda, Chandhiok & Mahajan
The Reserve Bank of India (RBI), recently, issued clarifications to its 6 April 2018 directive on localization of payment data. The directive mandated payment system operators (PSO) to store their entire data relating to...

Sandbox helps businesses and regulators innovate

By Archana Tewary and Arjun David Alexander, J. Sagar Associates
A regulatory sandbox is an enabling interface or infrastructure constructed by a regulator, to conduct live tests on new financial innovations and technology, in which, the regulator may permit certain regulatory relaxations for testing....
Abhishek Tripathi and Anura Gupta, Sarthak Advocates & Solicitors

Ideas for government to reform ailing power sector

By Abhishek Tripathi and Anura Gupta, Sarthak Advocates & Solicitors
The Narendra Modi government’s ambition to make India a US$5 trillion economy by the financial year 2024-25 will require many pieces to come together and the revival of the power sector will be central...
sandbox

Enter sandbox

Dear Editor, In an article on the regulatory sandbox proposed by the Reserve Bank of India (RBI), Shilpa Mankar Ahluwalia gave a comprehensive overview on the guidelines. While she raised concerns such as restrictive eligibility...
Fintech startups

Making sense of regulatory sandbox for Fintech startups

By Nivedita Nivargi and Vishnu Kale, Samvad Partners
Over the past few years India has seen rapid development in the financial technology sector and it has the second highest number of Fintech startups in the world. According to certain estimates, India’s Fintech...
SEBI

SEBI limits exemption from open offer on debt conversion

By Ambarish and Mihir Roy, Shardul Amarchand Mangaldas & Co
The Securities and Exchange Board of India (SEBI) no longer considers entities that are not scheduled commercial banks (SCBs) or all India financial institutions (AIFIs) as “lenders” for exemption from a mandatory open offer...