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DIPP issues consolidated FDI policy
The Department of Industrial Policy and Promotion (DIPP) issued the Consolidated Foreign Direct Investment Policy Circular of 2017, effective from 28 August. The consolidated foreign direct investment (FDI) policy has made certain general changes...
Processing of FDI proposals standardized
The Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce and Industry on 29 June issued a standard operating procedure (SOP) for processing foreign direct investment (FDI) proposals. The SOP sets...
Bustling market
Liberalization and reforms fuel record-breaking M&A activity, writes Nandini Lakshman
The year 2016 saw a swell in the number of India-related mergers and acquisitions thanks to a series of changes. A more liberalized foreign direct...
Cruz City ruling: ‘Option’ for downside protection
Delhi High Court in its recent decision in Cruz City v Unitech rejected Unitech’s objections to enforcement of an arbitral award. The dispute related to the put option exercised by Cruz City obligating Unitech...
Still stalking?
India heads at international law firms say they have not wavered in their commitment to India
When the first issue of India Business Law Journal rolled off the printing press in June 2007, many observers...
Changes needed to attract defence sector investment
The current consolidated foreign direct investment (FDI) policy, as amended by the Department of Industrial Policy and Promotion via Press Note 5 of 24 June 2016, allows for FDI in the defence sector up...
Investing in roads: Issues, mitigation and incentives
India’s 4.87-million-kilometre road network is the world’s second largest and accounts for almost 80% of the country’s passenger traffic and 60% of its freight traffic. To develop the roads sector, the government has allocated...
Big, bold and bullish
The desire for control, the struggle for funding, a changing tax regime and increased liability are some of the key themes dominating India’s private equity landscape. Vandana Chatlani reports
Last year was a year of big and...
Rules for FDI in limited liability partnerships clarified
The Reserve Bank of India has notified a scheme for foreign direct investment (FDI) in limited liability partnerships (LLPs) through an amendment to the Foreign Exchange Management (Transfer or Issue of Security by a...
Dynamism endures
Iqbal Khan and Natashaa Shroff at Shardul Amarchand Mangaldas analyse India’s PE landscape in 2017
In a global investment environment characterized by increasing policy uncertainty, the India investment story is a rare example of a...
Is the budget a bellwether or a Cassandra for reforms?
With the last throes of the demonetization saga closely nipping at the government’s heels, much theatre and fanfare accompanied the introduction of its 2017-18 budget. Tension was heightened as the union budget was merged...
FIPB phase-out: A bold and welcome move – or is it?
In his 2017-18 budget speech, Finance Minister Arun Jaitley announced the decision to phase out the Foreign Investment Promotion Board (FIPB) by 2018. He stated that after the government’s substantial reforms to the foreign...
Decoding the FDI policy liberalization in food retail
While agriculture employs almost half of India’s population, it contributes only about 14% to the nation’s GDP, resulting in low per capita income of the workforce engaged in the sector. And, while India produces...
Money matters
L Badri Narayanan and Amar Gahlot analyse what the budget means for business.
The government has been fairly active over the past year liberalizing certain sectors and implementing other business-friendly schemes. Its drastic demonetization move dominated headlines as efforts...
A push for procedural certainty
Gowree Gokhale and Jaideep Reddy analyse the problems of delegated legislation and suggest ways to resolve them.
While the constitution and central and state statutes are the basis of India’s legal regime, delegated (or subordinate)...
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Policy easing: A cracking start needs a strong finish
India’s inflow of foreign direct investment (FDI) rose to US$55.46 billion in 2015-16 from US$36.04 billion in 2013-14 due to radical liberalization by the current government.
Efficient and swift decision making has replaced policy paralysis,...
On the cards
Rudra Kumar Pandey and Bani Brar forecast emerging regulatory trends and opportunities for in-house counsel to be business leaders.
The International Monetary Fund in its recent report (October 2016) forecasted that India would continue to...
Welcome move on escrow and deferred consideration
The Reserve Bank of India (RBI), by a notification dated 20 May, eased restrictions on certain deal structuring tools, i.e. payment of consideration on a deferred basis, escrow and indemnity. To facilitate cross-border M&A,...
Automatic route for ‘other financial services’
The Reserve Bank of India (RBI) amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (TISPRO regulations), on 9 September to allow foreign direct investment...
Liberalization of FDI in financial services sector
Implementing the change announced in India’s budget for 2016-17, the Reserve Bank of India (RBI) on 9 September liberalized the norms for foreign direct investment (FDI) in the financial services sector. The effect is...
Permanent residency scheme unveiled
On 31 August, the cabinet approved a scheme to grant permanent residency status (PRS) to foreign investors subject to certain conditions specified in the FDI policy. Such a scheme is expected to encourage foreign...
FDI policy amendments approved
On 31 August, India’s cabinet gave ex post facto approval for foreign direct investment (FDI) policy amendments announced by the government on 20 June. The cabinet stated that the amendments are intended to liberalize...
Negotiating joint ventures in FDI restricted sectors
The foreign direct investment (FDI) policy announced by the Department of Industrial Policy and Promotion regulates the extent of FDI permitted across various sectors in India. While due to progressive liberalization in the FDI...
New round of liberalization follows annual policy recap
On 24 June, merely two weeks after the issue of the annual consolidated foreign direct investment (FDI) policy, the government issued a press note (PN 5) introducing amendments that include several relaxations to the...
Ways to mitigate risks in water sector joint ventures
The Indian water sector saw a major overhaul post economic liberalization in the 1990s with the entry of private participation in water sector projects. Subsequently, the formalization of the National Water Policy, 2012, acted...
Update on assured return for foreign investors’ exit
India has been one of the hot destinations for global financial investors, and private equity and venture capital investment has been the most popular route for foreign investments in India. What is of paramount...
Commercial shields
Corporate buyers are warming to the idea of M&A insurance in a bid to protect themselves from transaction risks
James Kelly reports
Risky business is forecast to be big business for those offering merger and acquisition...
Paradise lost
What are the implications of India regaining taxation rights on investments made through Mauritius?
Rebecca Abraham reports
On 10 May, when it was announced that India was to regain the right to tax capital gains on...
Five exit challenges for VC and PE investors
The period between 2006 and 2008 saw a large number of venture capital and private equity (VC/PE) deals in the Indian market. The exit rights negotiated by VC/PE investors during the haydays of India’s...
Investors eye RBI move to regulate P2P lending
The online industry and e-commerce have acted as a game-changer, affecting the nature and dynamic of sectors including transportation, retail, hospitality, etc. It is now perhaps set to do the same to the financial...
FDI limits eased for asset reconstruction companies
On 6 May the Department of Industrial Policy and Promotion issued press note 4, allowing 100% foreign direct investment (FDI) in asset reconstruction companies (ARCs) under the automatic route. Under the earlier FDI policy, FDI...
Press Note 3 of 2016: A level playing field?
On account of a legal vacuum on the permissibility of foreign direct investment (FDI) in e-commerce activities being undertaken using a marketplace model, many entities with foreign investment have been operating on the “view”...
DIPP releases guidelines for FDI in e-commerce
The Department of Industrial Policy and Promotion (DIPP) has released press note 3 (2016 series) in order to provide clarity on the existing policy. The press note sets out guidelines for foreign direct investment...
Make in India?
What are the realities of investing and making in India? What has changed and what hasn’t? Rebecca Abraham reports
On 2 July 2014, six weeks after Narendra Modi was sworn in as prime minister of India, the...
Enforceability of options has seen positive evolution
The past few years have witnessed sluggish primary market activity and few startups and mid-size companies have taken effective steps towards going public. In this environment, one of the typical exit strategies that assumes...
Government and RBI draw startup revolution roadmap
The government’s 2016-17 budget, released on 29 February, included a number of initiatives promised for startups, such as one-day company registration, 100% deduction of taxes (except minimum alternate tax) on profits for three consecutive...
RBI relaxes restrictions on trading by NRIs
Through a notification dated 15 February, the RBI has permitted non-resident Indians (NRIs) to purchase and sell securities or units on both a repatriation and non-repatriation basis. With this in mind, regulation 5(3) of...
FDI permitted in LLPs under the automatic route
The RBI has amended schedule 9 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, modifying paragraph 4 to permit foreign direct investment (FDI) in...
Proposed changes to FDI controls under the budget
Up to 49% foreign direct investment will be allowed in the insurance and pension sectors under the automatic route subject to the extant guidelines on Indian management and control to be verified by...
The road ahead for FDI to meet India’s growth target
The prime minister, during “Make in India” week, urged investors to “seize the opportunity and invest” in India. The government’s drive to woo foreign direct investment (FDI) led to reforms in over 15 sectors...
Online reporting of foreign exchange transactions
Through a circular issued on 1 February, the Reserve Bank of India (RBI) has altered reporting requirements and procedures for foreign exchange transactions.
Earlier, the prescribed forms had to be filed with an authorized dealer,...
Sea change
The world of offshore opportunities for India-related business is undergoing a transformation that may set tried and tested relationships adrift, writes John Church
It used to be that when you mentioned India and offshore investment...
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The big reforms arrive with a bang as restrictions eased
India’s government on 10 November 2015 announced significant reforms to further rationalize and simplify the process of foreign direct investment (FDI), putting more FDI proposals under the automatic route and increasing the sectoral caps....
Alternative fund rules and the push to ‘Make in India’
The government’s flagship “Make in India” project is aimed at reviving economic growth and making India a manufacturing hub, with the cascading effect of job creation at all levels across urban and rural India....
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India in 2016
Four in-house counsel and the president of the Society of Indian Law Firms share their views on the developments that are likely to shape India's business and legal climate in the coming year.
The international...
Foreign direct investment policy liberalized
The Department of Industrial Policy and Promotion issued Press Note 12 of 2015 on 24 November to liberalize the foreign direct investment (FDI) regime. The key changes are as follows:
Particulars
Earlier provision
Revised position
FDI in...
Naaptol nets new funds from Mitsui
Home-shopping television operator and e-commerce retailer Naaptol has raised ₹3.43 billion (US$51 million) through a new round of funding from Japanese conglomerate Mitsui & Co.
The latest round of equity financing comes less than seven...
The curious case of ‘composite caps’
In a press release dated 16 July, India’s cabinet said that in an attempt to ensure that “uniformity and simplicity are brought across the sectors in the FDI policy for attracting foreign investments”, it...
Globetrotting
Intrepid Indian law firms are setting up offices overseas. What are the practicalities, perks and perils of such ventures? Vandana Chatlani investigates
As Indian businesses become more global in their outlook and operations, forward-looking Indian law...
Court finds foreign investor complicit in flouting policy
There have been few court rulings offering interpretive guidance on the foreign direct investment (FDI) policy or the regulations under the Foreign Exchange Management Act, 1999 (FEMA). So the recent judgment of Bombay High...
Facility sharing no longer treated as real estate business
On 15 September, the Department of Industrial Policy and Promotion (DIPP) clarified that facility sharing arrangements between group companies through leasing/sub-leasing arrangements for the larger interest of business would not be treated as “real...
E-commerce investment: Treading in the dark?
E-commerce is one of the fastest growing sectors in India in recent years. Technology, favourable demographics, and increasing use of the internet have been major drivers for the rapid growth of the sector. As...
Foreign investors to see more change on options
The regulatory regime governing optionality clauses in India has seen a history of restrictions and uncertainties, leading to ambiguities on their enforceability. A notification issued by the Securities and Exchange Board of India (SEBI)...
Single-brand retail trade and regulatory overreach
The policy relating to foreign direct investment (FDI) in single-brand retail trade (SBRT) has the avowed objective of “attracting investments in marketing, improving the availability of such goods for the consumer, encouraging increased sourcing...
NLS comes first in South Asia moot
A team of students from the National Law School (NLS) in Bangalore has taken first prize in the South Asia regional competition of the Foreign Direct Investment International Arbitration Moot, organized by Kachwaha &...
A skewed view
Dear Editor,
This is with reference to your commentary on the legal market that accompanied the Indian Business Law Directory in the July/August issue of India Business Law Journal. I believe the report provided a...
Curbing the RBI’s powers over investment: Desirable?
The Finance Act, 2015 (FA), has amended the Foreign Exchange Management Act, 1999 (FEMA), with effect from a date yet to be notified. The FA remodels the regulatory framework for capital account transactions, the...
Investment rules relating to non-resident Indians eased
India’s cabinet on 21 May approved amendments to the foreign direct investment (FDI) policy to: (i) expand the definition of “non-resident Indians” (NRIs) to include Overseas Citizen of India cardholders (OCIs) and Person of...
Foreign direct investment policy
The Department of Industrial Policy and Promotion has released the Consolidated FDI Policy of 2015, which came into effect on 12 May. Key changes are outlined below.
Insurance: The sectoral cap for the insurance sector...
Clarity needed on aspects of recent liberalization
Non-resident investors must steer two key, yet constantly developing features of the Indian regulatory landscape: exchange control regulations and the tax regime. While exchange control is almost embossed into the genes of every investment...
Red signals on put options turned yellow, soon green?
Not long ago, the validity and enforceability of put options on equity shares and compulsorily convertible debentures and preference shares held by foreign investors, being one of the preferred exit routes, was the biggest...
Make in India: Inviting investments
In Hannover for the recent Indo-German summit, Prime Minister Narendra Modi reaffirmed the Indian government’s commitment to building an investment-friendly business environment by assuring investors that “India is now a changed country”. Aware that...
Foreign investment in retail e-commerce: The way to go?
The new favourite for private equity and venture capital investors today seems to be e-commerce. Not only has China’s giant online trading company, Alibaba, had one of the most successful IPOs in recent history,...
Investment through IPO in township business company
India’s foreign investment policy prohibits any sort of foreign investment in real estate business. “Real estate” business means dealing in land and immovable property with a view to earning profit or income. However, “township...
Composite caps proposed for foreign investors
While foreign investment in most sectors is permitted up to 100% under the automatic route according to FDI policy, there are certain sectors to which sectoral caps apply.
In some of these sectors there are...
Details clarified for FDI in construction development
The Department of Industrial Policy and Promotion recently issued a clarification on Press Note No. 10 of 2014 pertaining to FDI in the construction development sector:
No new FDI can be brought in the...
FDI cap rises to 49% for insurance
On 12 March, the Rajya Sabha, India’s upper house of parliament, approved the Insurance Laws (Amendment) Bill, 2015, which will increase the cap on foreign direct investment (FDI) in the insurance sector from 26%...
Decoding requirements for construction-development
Real estate is one of the sectors which has always been watched closely by regulators and private equity investors. Foreign direct investment (FDI) is not permitted in any entity which is engaged or proposes...
Regulatory revival: Not an option but a compulsion
The Reserve Bank of India (RBI) has given foreign investors reason to cheer by bringing clarity to the vexed issue of optionality clauses in foreign direct investment (FDI). The regulator must be applauded for...
Construction development: Press note a fresh lifeline?
The construction development sector (township, housing and built-up infrastructure) has been the second highest recipient of foreign direct investment (FDI) in India since April 2000, with investment of about US$23 billion (10% of the...
Foreign investment policy amended for medical devices
India’s Department of Industrial Policy and Promotion amended the foreign direct investment (FDI) policy in the pharmaceutical sector through press note 2 of 2015, dated 6 January. Effective from 21 January, up to 100%...
Policy paralysis: A setback for insurance sector M&A?
India’s insurance industry has been keenly awaiting the passage of the Insurance Laws (Amendment) Bill, 2008, for over six years. Despite changes in the political scenario, on each occasion that the bill has been...
Better IP protection would help encourage investment
Intellectual property (IP) is a powerful tool in shaping a country’s economic growth. For global companies, a strong and effective IP legal regime facilitates technology transfers, local research and development, production, exports, etc., thereby...
Foreign direct investment in railways moving ahead
Indian Railways, the largest rail passenger carrier and the fourth largest rail freight carrier in the world, has historically been plagued with problems of inadequate infrastructure, high operating costs, funding shortfalls and inefficiency in...
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India in 2015
Six prominent figures from India’s in-house counsel community share their views on the legal developments that will shape domestic and international business in the coming year
The Indian economy is expected to witness accelerated growth...
Policy amended for construction and development
By way of a press release dated 29 October, the cabinet approved amendments to the foreign direct investment (FDI) policy for the construction and development sector. The amendments were implemented through press note 10...
Trade tonic
Regulatory changes have given India’s pharmaceutical trade with Latin American countries a shot in the arm. Gains in other areas may soon follow. By Sergio Held
Long in the background of international commerce, trade between India and...
Issuance of shares against legitimate dues permitted
In what may be seen as yet another move towards easing India’s foreign direct investment (FDI) regime, the Reserve Bank of India (RBI) has recently issued a notification broadening the categories of non-cash consideration...
Donning legal armour
Amit Cowshish investigates the chinks in India’s defence procurement guidelines and explains how vendors can protect themselves when striking deals in the sector
With a view to galvanizing the domestic defence industry, the Ministry of...
Pulling the strings
Foreign players in newly liberalized sectors can increase their decision making powers and safeguard their investments through creative strategies, even if they don’t have full control. Nandini Lakshman reports from Mumbai
The issue of control of...
A bitter pill: FDI curbs in pharma and hospital
Over the past decade, India’s pharmaceutical sector has seen one of the largest influxes of foreign investment and has outperformed amid the generally negative market sentiments. Since the pharma sector was liberalized in 2000,...
Revised FDI policy in defence: Cause for cheer
The percentage of foreign direct investment (FDI) to be allowed in the defence sector has long been a bone of contention among industry players with conflicting business interests. Focus on real consequences of increased...
Golden days ahead?
Is foreign investment on the brink of a rebound? Lawyers are optimistic, Rebecca Abraham reports
On 13 August, India’s minister for commerce and industry, Nirmala Sitharaman, told parliament that the government does not “entertain FDI...
Circular revises pricing guidelines for FDI
The pricing guidelines for the transfer or issue of shares and for exits from investments in equity shares with or without optionality clauses of listed and unlisted Indian companies have been revised to provide...
New rules to stimulate appetite for foreign direct investment
Companies wanting to qualify for foreign direct investment (FDI) in the past had to present a project size with a minimum of 50,000 square metres and commit at least US$10 million towards a wholly...
Warrants and partly paid shares can be used for FDI
A Reserve Bank of India (RBI) circular issued on 14 July provides that warrants and partly paid equity shares issued by an Indian company are now eligible instruments for the purpose of foreign direct...
All eyes on the government
From bank accounts to foreign investment and infrastructure, Modi’s challenges are piling up
As India races to catch up with the rest of the world, providing all sections of the population with access to banking...
Central bank liberalizes foreign investment norms
The Reserve Bank of India (RBI) has recently brought about significant changes to exchange control norms which are likely to contribute greatly towards facilitating foreign investments into India and providing commercial freedom to parties...
Dangling a carrot
Will Modi’s reforms convince investors to bet on India again?
Rebecca Abraham reports
On 10 July, while presenting India’s budget for 2014-15, finance minister Arun Jaitley announced that the cap on foreign direct investment (FDI) in...
Regulatory rumbles
When does legal oversight of a regulator become excessive?
This was one of several questions posed by Raghuram Rajan, the head of India’s central bank, in comments on a proposed financial sector appellate tribunal. The...
Modi’s landslide
What now for the laws of business and the business of law? Fourteen members of the legal community discuss what to expect from India’s new government
Narendra Modi is a “wildcard”, an “unknown quantity” to...
Insurance press note offers little to foreign investors
Foreign direct investment (FDI) in most sectors in India is governed by the Ministry of Commerce and Industry’s Department of Industrial Policy and Promotion (DIPP), which decides the extent of FDI in each such...
Dawn of a new regime for foreign portfolio investors
The Securities and Exchange Board of India (SEBI) notified the SEBI (Foreign Portfolio Investors) Regulations, 2014, on 7 January, merging the legal regimes for foreign institutional investors (FIIs) and qualified foreign investors (QFIs) into...
Tightening the reins
Foreign investors are hoisting stakes in their Indian arms in order to manage their operations more independently. However, such moves may prove expensive and time consuming and could increase exposure to regulatory rumbles. Nandini Lakshman reports from Mumbai
For...
Validation of options provided to non-residents
The notification issued by the Securities and Exchange Board of India (SEBI) on 3 October 2013 provided much needed clarity on the validity of contracts relating to right of first refusal, tag-along and drag-along...
End of uncertainty: Options in Indian contracts
On 3 October 2013, the Securities and Exchange Board of India (SEBI) issued a notification permitting put and call options in certain transactions involving public listed companies. The SEBI notification put an end to...
How effective is the option to exit for foreign investor?
Two important legal developments bear on the above question. Firstly, the long-standing debate regarding enforceability of “put” and “call” options in public companies has been put to rest with the enactment of the Companies...
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Injecting competition
Acquiring pharmaceutical companies in India is increasingly sensitive. Rebecca Abraham gets under the skin of Mylan’s recent acquisition of Agila Specialties
On 5 December 2013, in a US$1.6 billion transaction, Mylan, a leading US-based generics...
Deals of the Year 2013
India Business Law Journal identifies and analyses the standout deals and disputes of 2013 and reveals the lawyers who guided them. By Nandini Lakshman
The past year was one of the worst for the Indian economy...
Unlocking potential
India was touted as the promised land for private equity investors. Now it’s time to deliver the dream. By Nishant Parikh and Aniruddha Sen
“We’ve spent $350 million and we come up with a turd with a...
India in 2014
In-house lawyers from nine companies and a senior advocate foretell the challenges and opportunities that lie in store for India-focused general counsel
I hope that 2014 will herald a period of calm following the volatility...
Unlisted companies allowed to list internationally
The Ministry of Finance, through a press release dated 27 September 2013, has permitted unlisted Indian companies to list American depository receipts (ADRs), global depository receipts (GDRs) or foreign currency convertible bonds (FCCBs) abroad...
The renaissance of real estate investment trusts
The reintroduction of a consultative draft paper for industry feedback on real estate investment trusts (REITs) by the Securities and Exchange Board of India (SEBI) after a gap of five years has once again...
Infrastructure revolution offering huge opportunities
India’s infrastructure sector is going through a significant transformation. Investment in infrastructure is envisaged to double from US$500 billion in 2012-13 to US$1 trillion in 2017-18, with about half of this to be achieved...
Hydreq raises stake in DANS
HSA Advocates advised Hydreq, a Singapore-based PE fund, in a ₹1.2 billion (US$19.3 million) equity investment it made in DANS Energy Consulting. The transaction closed on 7 November.
Hydreq, formerly known as Equis Asia Fund...
Government liberalizing pattern for FDI reforms
The government of India is further liberalizing its foreign direct investment (FDI) policies in various sectors in an attempt to thwart what is being called a trend of “economic policy paralysis”. The measures are...
Seeds law in India: A developing transition
India has one of the world’s fastest growing seed markets. Presently estimated at US$1.1 billion, India’s seed market is the sixth largest in the world. The world seed market is growing at the rate...
Revitalizing India
Ten legal thought leaders talk candidly about India’s economic woes and outline a series of bold measures to put the shine back into the country’s economy
The odds appear to be stacked against India at...
Norms relaxed for foreign acquirers in public M&As
The Reserve Bank of India (RBI) has, through circular 38 dated 6 September, permitted non-resident investors in control, including non-resident Indians (NRIs), to acquire shares of a listed Indian company on the floor of...
Investment policy rethink needed for pharma sector
Foreign investments in the pharmaceutical sector are being heavily scrutinized by the Foreign Investment Promotion Board (FIPB). Until 2011, foreign investment in this sector was permitted up to 100% under the automatic route. In...
Cross-media ownership: Are more rules needed?
The Telecom Regulatory Authority of India (TRAI) has indicated that it is considering recommending further restrictions on cross-media ownership in India across TV and radio broadcasting, news print and online sectors. TRAI is mandated...
Indian telecom industry on a growth trajectory
India’s telecommunication sector has registered phenomenal growth during the past few years. India now has the world’s second largest telecom network and is one of the most lucrative telecom markets globally. Government policies and...
Moving into Mozambique
Faizal Jusob explains how the African country is attempting to entice Indian investors
Mozambique welcomes Indian investors. The country has established a framework for ventures that involve state or private foreign direct investment (FDI) and...
NLU Jodhpur wins South Asia moot
A team of students from National Law University (NLU) Jodhpur has won the first South Asia regional round of the Foreign Direct Investment (FDI) International Arbitration Moot Court Competition. The FDI moot is a...
Investment control and the e-tailing marketplace
Over the past few years, India has seen the rise of a robust e-commerce economy with all kinds of merchandise being sold to customers through online platforms. E-commerce revenues were over US$14 billion in...
