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No green finance framework no sustainable development
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...
Proposal to shorten IPO listing timelines
The Securities and Exchange Board of India (SEBI) has proposed reducing the time between initial public offerings and company share listings. Under the plan, the listing period would be shortened from six days to...
Regulating RE fractional ownership platforms
The Securities and Exchange Board of India (SEBI) is planning its next steps on proposed regulation for web-based platforms that offer fractional ownership of real estate assets. It aims to promote the development of...
A finance and technology GIFT to investors
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...
Fractional ownership – A piece of the action
Fractional ownership is a new buzz phrase in India's real estate market gaining popularity with retail investors looking for lucrative projects. Amit Aggarwal, a senior partner at SNG & Partners, and Devyani Dhawan, an...
The challenges of impact investment facing PE investors
Globally, private equity investors have been a driving force for economic growth, and have recently been adding responsible investments to their portfolios. This is driven by factors such as climate change, regulatory developments, and...
Expansion of QIB definition proposed
The Securities and Exchange Board of India (SEBI) has proposed to broaden the definition of qualified institutional buyer (QIB) for investing in debt securities.
According to the stock exchange regulator, the move will encourage participation...
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...
FDI into India through alternative investment platforms
Distributed ledger technology-driven alternative investment platforms (DLT platforms) contribute to the inclusive growth of an economy. They attract every level of society, from low and middle to high class. Traditionally, investments requiring large scale...
FPI onboarding process expedited
The Securities and Exchange Board of India (SEBI) has permitted authorised bank officials to use the Swift mechanism for certification of copies of original documents submitted by foreign portfolio investors (FPIs), “in order to...
Bombay High Court upholds pre-2013 put options
Option clauses are often included in shareholders’ agreements to protect investors and provide exit opportunities. While put options give shareholders the right to sell securities, call options give them the right to buy securities.
The...
Making sense of the promoter conundrum
During recent discussions with book running lead managers and other advisers, the Securities and Exchange Board of India (SEBI) indicated that, in an initial public offering of equity shares (IPO), it would categorise founders...
BRSR reporting proposals
The Securities and Exchange Board of India (SEBI) has proposed strengthening regulations on environmental, social and governance disclosures by listed entities to enhance their credibility.
In May 2021, SEBI named 1,000 listed companies to make...
New governance norms for trusts
The Securities and Exchange Board of India (SEBI) has announced governance norms for real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), in line with those for listed companies. It follows the board’s...
Intermediaries accountable for laundering, terrorism financing
The Securities and Exchange Board of India (SEBI) has issued a circular stating that intermediaries – including brokers, mutual funds and portfolio managers – can be held accountable for any fraudulent activities committed by...
TCFD is not storm in a teacup
In 2017, the Task Force for Climate-related Financial Disclosures (TCFD) delivered to the Financial Stability Board of the Bank for International Settlements, a set of consistent, comparable and transparent guidelines for the financial disclosure...
Reaching happy compromise on AIF exit timelines
India’s growth story can be linked to the massive fund mobilisation through alternative investment funds (AIFs). These privately pooled investment vehicles raised INR6.95 trillion (USD86.81 billion) from Indian and overseas investors up to mid-2022...
Tech companies favoured in issue of DR shares
The principle of one share, one vote was the gold standard of corporate governance in the 20th century. However, more elaborate capital structures, involving shares with differential rights, have gained global popularity over the...
Poison pills give immunity from hostile takeovers
While the term takeover is not formally defined, the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (takeover code), defines acquisition as “directly or indirectly, acquiring or agreeing to acquire shares or voting...
Deciding how material is an adverse event
The concepts of material adverse events (MAE) and material adverse changes (MAC) are widely incorporated into acquisition and investment documents. An MAE clause classically permits the acquirer to withdraw or walk away from a...
Stock regulator sets norms for submitting confidential DRHPS
The Securities and Exchange Board of India (SEBI) has introduced pre-filing or confidential filing or the draft red herring prospectus (DRHP) by companies planning to go public. At present, a company planning to list...
Planks missing from newly regulated online bond platforms
The Securities and Exchange Board of India (SEBI) has always kept a watchful eye on the proliferation of fintech entities everywhere in the consumer-facing side of the financial sector. In July 2022, the SEBI...
Changes planned for LODR disclosure norms
The Securities and Exchange Board of India (SEBI) has sought public comment on changing the disclosure requirements as applicable to listed companies. Among the major changes proposed is a tightened timeline, ranging from 30...
IPO disclosure norms modified
The Securities and Exchange Board of India (SEBI) in its board meeting on 30 September announced a number of modifications to various laws, which included stricter disclosure rules for initial public offerings (IPOs). The...
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...
Black & white
While the decision to update the competition act is commendable there are significant negatives, including the potential abuse of power, that lawyers say make the pending bill’s success anything but clear. Freny Patel reports
India’s...
Alternative investment funds are poised for growth
Recent years have seen significant growth in alternative investment funds (AIF), domestic privately-pooled investment vehicles for private and public market investments. Belying the general economic slow-down following the covid-19 pandemic and the Russia-Ukraine war,...
Regulators looking to rate ESG rating providers
Environmental social and governance (ESG) factors are increasingly important both globally and in India. ESG investments are now a separate investment class and private equity and venture capital investors often require ESG compliance by...
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...
Committee recommends recognition of stock appreciation rights
Soaring valuations and constant innovation have made the start-up landscape in India extremely competitive. Not only has this led to an increased demand for executive talent but it has also led to a more...
Questions arise over restricting ‘sale of pledged shares to self’
In the recent case of PTC India Financial Services Limited v Venkateswarlu Kari and Anr, the Supreme Court delivered a landmark judgement settling key aspects of the law in relation to pledges and the...
Sale to self of pledged securities not legal
In PTC India Financial Services Limited v Venkateshwarlu Kari and Anr., the Supreme Court ruled on the exercise of rights under a pledge of dematerialised shares. The issue was whether the re-classification of the...
Regulators ink co-operation pact
The Securities and Exchange Board of India (SEBI) entered into a memorandum of understanding (MoU) with Canada’s Manitoba Securities Commission (MSC) on 20 April 2022, to create a formal basis for cross-border co-operation, exchange...
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...
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...
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...
Improper communication in M&A leads to trouble
The restrictions on sharing unpublished price sensitive information (UPSI) are strict and not typical of the way such information is dealt with globally. However, by now, most stakeholders are comfortable with the standard requirements...
Don’t ignore CCI’s teeth
A more considered approach to investigations during tough pandemic times should not be construed as less commitment from the Competition Commission of India’s plans to ensure fair competition, write its Former Chair Dhanendra Kumar...
Monkey business
The NSE scandal comprising a mysterious Himalayan yogi, a 'group operating officer' who had never worked in the securities market, and a board that looked the other way shows that it takes only a...
A human tragedy
There are no winners from war
The Ukraine-Russia conflict has compelled nations to walk a diplomatic tightrope. While many have waited and watched in order to craft a measured response, others went swiftly down the...
Regulations strengthen Gift City funds industry
The International Financial Services Centres Authority (IFSCA), which regulates Gift City, India’s first international financial services centre (IFSC), plans to introduce single registration for all fund management activities and provide a green channel for...
Dilemma of a nominee director sharing confidential information
Company law states that directors must fulfil their fiduciary duty and act in the company’s best interests. However, it may be challenging for a nominee director (nominee), who has also to consider the interests...
Lock-in period to stabilise IPO listing prices
Last year was a record-breaker for the Indian IPO market, with more than 60 companies raising almost USD16 billion, the highest amount ever raised in a single year. But high IPO valuations took a...
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...
Regulatory landscape for debt capital markets
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...
Running with the bulls
With funds raised from ipos in india at an all-time high, it is the enthusiasm of retail investors that is fuelling the charge. Georgy Thomas reports
It was a record year – a stampeding bull market...
Decoding the amended preferential allotment norms
On 14 January 2022, the Securities and Exchange Board of India (SEBI) introduced the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2022 (amended preferential allotment norms). These...
Way paved for gold exchanges
The government of India has declared “electronic gold receipts” (EGR) as securities and notified the SEBI (Vault Managers) Regulations, 2021, paving the way for the creation of gold exchanges in India as well as...
India and Singapore relax over stressed assets
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...
Comment sought on preferential issue review
The Securities Exchange Board of India (SEBI) has issued a consultation paper to review guidelines for preferential issues regarding pricing, lock-in requirements, pledging of securities and other procedural matters.
“In order to facilitate fundraising by...
NBFCs are now subject to prompt corrective action
In October 2021, the Reserve Bank of India (RBI) released a scale-based regulatory framework for non-banking financial companies (NBFC) to tackle systemic risks posed by the sector. Continuing its steady march forward in aligning...
India tackles the difficulties of regulating cryptos
Cryptocurrency regulation started in 2018 with the Reserve Bank of India (RBI) prohibiting banks from involvement in crypto-based transactions. The Supreme Court overturned the ban, leading to significant growth in the trading of cryptocurrency,...
Building back better
Wise policymaking is need of the hour
Rebuilding after the pandemic was never going to be an easy task. Restoring confidence within communities and companies, coaxing workers back to offices and repairing the economy all...
Who’s in control?
The markets regulator has begun a process to move away from the broad concept of promoter to controlling shareholders in order to better identify who’s in charge. Shivanand Pandit reports
Paving the way for a...
Burning question
Do lawyers have an increased responsibility in averting a climate catastrophe? Vandana Chatlani reports
In August, the Intergovernmental Panel on Climate Change (IPCC), a UN body for assessing the science related to climate change, published...
AZB, K Law, Desai & Diwanji assist on Reliance’s stake in Sterling & Wilson...
AZB & Partners (AZB) and Krishnamurthy & Co (K Law) advised Reliance New Energy Solar, a subsidiary of Reliance Industries, when it agreed to a INR2.85 billion (USD385 million) acquisition of a 40% stake...
Consolidation of debt listing regulations a questionable endeavour
In May 2021, the Securities and Exchange Board of India (SEBI) issued a discussion paper on the consolidation of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008,...
Regulator develops blockchain platform for security
The Securities and Exchange Board of India (SEBI) is developing a security and covenant monitoring platform using distributed ledger technology (DLT), according to a 13 August circular by the market regulator.
The system, to be...
Straightening the winding road for MNCs going private
India, with its billion-plus marketplace, production and R&D facilities, occupies an important place in the global operations of multinational corporations (MNCs). The corporate vehicles of several foreign MNCs are listed on Indian stock exchanges....
Guidelines for provisional ratings by credit rating agencies
In November 2016, the Securities and Exchange Board of India (SEBI) issued a circular, requiring credit rating agencies to put in place policies on assigning provisional ratings. To “standardise and strengthen the policies on...
Cryptocurrencies unchained?
Since the Supreme Court overturned India's ban on cryptocurrencies, trading volumes have increased exponentially and home-grown crypto startups have blossomed. But the government has yet to establish a regulatory regime, and reports of another...
InvITs continue to evolve in infrastructure M&A
The infrastructure sector has seen much M&A and private equity activity in recent years. While some sub-sectors have contracted due to the pandemic with a consequent slowdown in M&As, others such as renewable energy...
Panacea or problem?
SPACS have generated tremendous interest in India, but are these re-emerging investment tools really a practical alternative to IPOs and a panacea for reviving capital markets? And just how tightly should they be regulated?...
Revised regulations on due diligence for listed debentures
In November 2020, the Securities and Exchange Board of India (SEBI) issued a circular on due diligence to be carried out by debenture trustees on security for listed debentures. The circular prescribed additional obligations...
More liability on the cards for independent directors
The Supreme Court decision last month that ended the four-year boardroom feud in the Tata-Mistry saga exposes the vulnerabilities of independent directors when they do not agree with promoters.
While the 26 March verdict is...
Differential voting rights may finally be accepted
Companies that issue shares with differential voting rights (DVR) give those shares increased or decreased voting rights, compared to simple equity issues with one share carrying one vote
Regulation(s) have been relaxed for the issue...
Businesses behaving badly
With a rise in corporate misdeeds, India's courts and parliament are rethinking the definition and treatment of executive liability, writes Vikramaditya Khanna
India’s economic rise has been accompanied by greater revelations of corporate wrongdoing. Whether...
Increased liabilities for AIF committee members
The Securities and Exchange Board of India (SEBI) recently amended the SEBI (AIF) Regulations, 2012. The amendment introduces several regulatory changes to the framework for governance of alternative investment funds (AIFs) in India. One...
Future legal leaders
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India Business Law Journal reveals 50 up-and-coming lawyers who are making a name for themselves in the profession
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In a year...
Changing regulatory landscape of AIFs
The regulatory framework governing alternative investment funds (AIF) has recently been amended in important ways, clarifying the regulatory intent of the Securities and Exchange Board of India (SEBI).
The first key amendment was the Securities...
The A-List 2020
India Business Law Journal reveals the country’s most recommended lawyers and legal icons
ACCESS THE A-LIST 2020
Each year, the A-List seeks to recognize India’s most outstanding lawyers. This year required the country’s top lawyers to...
Trustees to be watchdogs in the debt market
With the aim of improving protection and transparency for investors in debt markets, the Securities and Exchange Board of India (SEBI) by its circulars of 8 October 2020 significantly amended the SEBI (Debenture Trustees)...
Diversification rule ‘is good for funds’
The Securities and Exchange Board of India (SEBI) in 2017 had mandated multi-cap funds to allocate its investments to the tune of 65% in equity or equity-related instruments in either large, small or mid-cap...
Awkward regulatory tango over COVID-19 relief
The COVID-19 pandemic and its dampening effects on economies has compelled governments and regulators to introduce innovative measures, in particular to restore stakeholder confidence in financial markets. Among Indian regulators, the Reserve Bank of...
Slowing the free fall
Taking stock of the relief measures deployed by regulators to soften the impact of the lockdown. Gautam Kagalwala reports
With the COVID-19 outbreak, the government has been fighting on two fronts. It has introduced a...
Virtual currency trade sees challenges with FDI
On 4 March 2020, the Supreme Court (court) quashed the Reserve Bank of India’s (RBI) circular of 6 April 2018 prohibiting entities regulated by the RBI from dealing in virtual currencies (VC) or providing...
What’s in store for M&As in a post COVID-19 economy
The economy has come to a halt in the current unprecedented situation. Apart from medical and essential service providers, labour and capital have been idle during the coronavirus-induced lockdown, and the world economy seems...
RBI provides COVID-19 relief; others yet to catch up
A “black swan event” such as the current COVID-19 crisis is beyond the risk management capabilities of financial institutions as well as regulators such as central banks that oversee them. In such situations, it...
Integrated disclosure system needs further clarification
On 21 January 2008, the Securities and Exchange Board of India (SEBI) published a consultation paper on the creation of an integrated disclosure system for Indian public listed companies. The system would enable issuers...
Takeover offer provisions of Companies Act updated
The Ministry of Corporate Affairs has notified section 230(11) and section 230 (12) of the Companies Act, 2013, which pertain to takeover offers in case of an unlisted company, vide its notification dated 3...
Securing the family silver
Spooked by domestic tax and regulatory changes, many wealthy Indians are shifting capital overseas. Vandana Chatlani reports
In India, business is personal. An estimated 95% of companies are run by families. Promoters of companies...
Deals of the Year 2019
Deals of the year 2022
Deals of the year 2021
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Deals of the year 2018
Deals of the year 2017
Deals of the year 2016
Deals of the year 2015
Deals of...
Juggling act
The evolution of the personal data protection bill is influenced by the need to protect the interests of businesses, the government and the individual, writes Yukti Sharma
India’s journey to a personal data protection law...
Auditor’s professional lapses not fraud
In January 2018, the Securities and Exchange Board of India (SEBI) banned the accountancy firm Price Waterhouse (PW) from auditing listed companies for a period of two years due to lapses in the audit...
Something for everyone in the Essar judgment
The long-awaited decision of the Supreme Court in Committee of Creditors of Essar Steel India Limited v Satish Kumar Gupta & Ors case comes as a relief for financial creditors, especially those holding security,...
FAQs for encumbrance definition raise concerns
The concept of encumbrance was cursorily adopted in the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (takeover regulations). The takeover regulations defined an encumbrance in connection...
Adani Gas sells large stake to Total
Total and Adani have signed definitive agreements to deepen their partnership to supply and market natural gas in India. Total will acquire a 37.4% stake in Adani Gas for ₹61 billion (US$864 million). The...
Foreign exchange management rules notified
The Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (NDI rules), notified by the central government on 17 October 2019, along with the Reserve Bank of India’s (RBI) Foreign Exchange Management (Debt Instrument) Regulations, 2019,...
Acquisition of companies through share swaps
Analysis of global trends shows that share swap structures have become integral elements in most M&A transactions. The acceptance of stocks as currency for such acquisitions is well established, as Disney’s US$71 billion acquisition...
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...
Closing trading windows: To trade or not to trade
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (Insider Trading Regulations) require listed companies to use a trading window for monitoring trades by designated persons and their immediate relatives....
Sandbox helps businesses and regulators innovate
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....
Watch your step
Steering clear of conflicts of interest can be the difference between life and death for private equity investments, writes PM Devaiah
It may be trite to say that trust is the force that drives the...
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...
Historic mandate
Challenges abound as India’s new government takes charge
Applause for the efficient running of the recent elections has been loud and long. With 900 million potential voters, 12 million polling workers and a million polling...
Tipping the balance
SEBI’s discussion paper on the introduction of dual-class shares has divided opinions, reports Mithun Varkey
Dual-class shares is a topic that divides opinions globally. It is no different in India, which has vocal opponents and...
Striking a balance on differential voting rights
The Securities and Exchange Board of India (SEBI) recently issued a consultation paper seeking public comments on a proposed regulatory regime for issuance of equity shares with differential voting rights (DVRs) by listed and...
RBI market abuse directions: A mature development
In June 2018, in what might have been considered a period of relative stability (given the events that transpired thereafter), the Reserve Bank of India (RBI), in its statement on developmental and regulatory policies,...
Running in circles
Preeti Balwani evaluates the country's labyrinthine advertising laws and their impact on the industry
Advertisements are at the heart of commercial speech, which the Supreme Court has held is a part of freedom of speech...
Guidelines for real estate, infrastructure trust listings
The Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (InvIT regulations) and the SEBI (Real Estate Investment Trusts) Regulations, 2014 (REIT regulations) were amended on 22 April 2019 which reduced the...
Vodafone Idea raises US$3.5 billion in country’s largest rights issue
Vodafone Idea raised ₹250 billion (US$3.5 billion) in the largest ever rights issue in the country. This is the first capital raising by Vodafone Idea after the merger of Vodafone India and Idea Cellular...
Unintended consequences
Fighting online counterfeiting may come at the cost of business
Taking action against counterfeiters is a worthy endeavour. Yet the chances of total victory may be slim, not least because the enemy in question has...
Inside out
Ensuring compliance with amended insider trading regulations. By Ashwinee Oturkar
At the turn of the year, the Securities and Exchange Board of India (SEBI) notified amendments to the country’s insider trading regulations, bringing about some...
Foreign investors permitted to participate in IFSC commodity derivatives
On 4 January 2017, SEBI issued a circular prescribing guidelines for the participation or functioning of eligible foreign investors (EFIs) and foreign portfolio investors (FPIs) in International Financial Services Centre (IFSC).
The circular stipulated that...
Metropolis IPO a triumph despite regulatory complexity
Diagnostics chain Metropolis Healthcare completed a ₹12 billion (US$174 million) initial public offering, debuting at a 9% premium to the issue price of ₹880 a share. The issue was a secondary sale of shares...
RBI scraps single-company bond limit for foreign investors
The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) released circulars on 15 June 2018 reviewing the requirements for investment by foreign portfolio investors (FPIs) in debt securities....
Courts clarify put options are not forward contracts
Joint ventures are established with the objective of creating value by combining different types of assets. Once partners agree on their respective contributions, they decide on the contractual terms, which include exercising control, both...
Is it time for shares with differential voting rights?
Walmart’s acquisition of Flipkart and the consequent exit of its founders, and the ongoing Mindtree-L&T Infotech takeover saga have once again turned the spotlight on the case for shares with differential voting rights (DVR),...
Voluntary retention route: A halfway measure?
The government and the financial sector regulators, the Reserve Bank of India (RBI) and the Securities and Exchange Board of Indian (SEBI), have considered various measures to ease debt investment rules for foreign portfolio...
Circular on FPI investment limits issued
The Securities and Exchange Board of India (SEBI) issued a circular clarifying the clubbing of investment limits of foreign portfolio investors (FPIs). The circular’s intent was to clarify the clubbing of investment limits of...
Ownership rules for FPIs amended
The Securities and Exchange Board of India (SEBI) on 31 December 2018 came out with SEBI (Foreign Portfolio Investors) (Third Amendment) Regulations, 2018. The third amendment regulations have amended regulation 23(3) of the FPI...
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Independent directors: Staying mindful of liabilities
The role of independent directors has recently come into sharp focus in India, as lax oversight has led to crises at large listed companies. Independent directors should be aware of and mitigate potential liabilities.
Liabilities
Directors...
Deals of the Year 2018
Deals of the year 2022
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SBO Rules: Lack of clarity may hamper compliance
Based on recommendations of the Financial Action Task Force, the Ministry of Corporate Affairs (MCA), in order to identify the ultimate beneficial owner of shares in investments made through multi-layered structures, notified the Companies...
Proposed FPI rule changes: A welcome development
The regulatory environment for investment in corporate debt by foreign portfolio investors (FPIs) has been turbulent with sweeping changes introduced by the Reserve Bank of India (RBI) in April 2018, followed by other changes...
Circular issued to identify beneficial owners
The Securities and Exchange Board of India (SEBI) released a circular on 10 April 2018, which laid down the parameters to identify beneficial owners (BOs) for foreign portfolio investors (FPIs). Pursuant to an interim...
Rules on securities of public companies notified
The Ministry for Corporate Affairs (MCA) notified the commencement of the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018, on 10 September 2018 by inserting section 9A, which provides for the mandatory...
Share swaps: Taking the cashless route in M&A
Acquisitions, especially by mid to late stage companies having significant venture capital or private equity investments, have recently increased. These acquisitions have usually been of two types: (a) acquisitions across the value chain, and...
