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Revisions to framework for imposing monetary penalties

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The enactment of the Payments and Settlement Systems Act, 2007 (PSS Act), was a laudable and farsighted move as it not only created a regulatory framework for payment and settlement systems, but also provided...

India in 2020: Easing restrictions on foreign investment

This article is one of four in an annual Vantage Point series where in-house counsel identify key risks and opportunities in the year ahead Foreign direct investment (FDI) is a major monetary source for India’s economic...

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...

NBFCs brought under purview of insolvency code

By Anisha Shroff and Sharanya Kundu, Samvad Partners
With the introduction of a codified law on insolvency and bankruptcy processes, restructuring jurisprudence entered a new era. While the new law focused on rehabilitating and restructuring stressed companies, restructuring processes involving financial service...

Amendments bring clarity for foreign-owned retailers

By Anshuman Mozumdar and Anirudh Gotety, L&L Partners
The Department for Promotion of Industry and Internal Trade (DPIIT) released Press Note 4 of 2019 on 18 September 2019 introducing, among other matters, changes to the policy for foreign direct investment (FDI) in...

Pecking order

The significance of the insolvency code may be put into question if state governments do not observe the order of priority for creditors over a corporate debtor’s assets, write Arvind Varma and Amita Chohan “The...

RBI clarifies data localization norms

On 26 June 2019, the Reserve Bank of India (RBI) issued clarifications on data localization. Two significant clarifications are: (1) where processing of a payment transaction happens overseas, then the payment systems data (including end-to-end...

Retail payments to be first RBI sandbox grouping

The Reserve Bank of India (RBI) announced that applications are open from 15 November to 15 December, 2019 for the first cohort of its fintech regulatory sandbox regime. The theme for the first cohort is retail...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...