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FIG Paper No. 55 (VDA Series 10): India’s First Asset Tokenisation Bill: What It Means for the Digital Assets Space

Summary: The Asset Tokenisation (Regulation) Bill, 2026, introduced in the Rajya Sabha on March 14, 2026, is India’s first dedicated legislative proposal for regulating and licensing tokenised real-world assets. Significantly, it proposes a novel multi-regulator model in light of global standards and provides a pathway for regulating tokenised assets, including stablecoins. 

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Director’s Liability under the Labour Codes

Summary: The Labour Codes provide for a more uniform framework for director liability, harmonising the previously fragmented provisions under the erstwhile labour statutes. We have evaluated director liability under the Labour Codes, how the Courts have historically determined director liability, and outlined key safeguards and risk mitigation measures for organisations.

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Large Issuers, Easier Listings: MPO and MPS Norms Recast Under SCRR

Summary: This article examines the Securities Contracts (Regulation) Amendment Rules, 2026 (“Amendment Rules”), which recalibrate the minimum public offer and shareholding framework under the Securities Contracts (Regulation) Rules, 1957 (“SCRR”). It discusses the key changes, including materially reduced dilution requirements and extended compliance timelines and highlights the legal and operational considerations arising from the amendment for both unlisted and listed large issuers.

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Arbitration Clauses v. NCLT’s Jurisdiction in Shareholder Disputes: Legal Position in India

Summary: Indian courts have consistently held that statutory remedies under company law cannot be overridden by private contracts. While arbitration is encouraged as an efficient dispute resolution mechanism under the Arbitration and Conciliation Act, 1996, NCLT’s jurisdiction in corporate governance and minority protection remains intact. This note examines the statutory framework, doctrinal foundations, and leading judicial precedents governing the relationship between arbitration clauses in shareholder agreements and oppression and mismanagement proceedings.

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FIG Paper No. 54 (VDA Series 9): Recent Delhi High Court Rulings: Learnings for Digital Asset Players

This FIG paper examines in detail the recent Delhi High Court rulings, which have clarified the scope of judicial remedies available for cryptocurrency exchange users in India and distils important lessons for virtual digital asset (“VDA”) industry players.

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From Restriction to Recalibration – The Path Forward for Press Note 3 and Cross-Border M&A

Background

Earlier this week, as a part of a broader set of key decisions, the Union Cabinet announced modification to India’s foreign investment regulatory framework on cross-border investments originating from countries sharing land borders with India (“LBC”). The changes announced are significant as they indicate a recalibration of the Government’s approach to certain categories of investments in India by LBC investors. The move is aimed at encouraging increased foreign capital flows in strategic industry sectors (with an emphasis on manufacturing capital goods, electronic capital goods, electronic components polysilicon and ingot-wafer (“Focus Sectors”)). They also clarify the applicability of the Government approval route to certain LBC investors, and the reducing regulatory approval timelines for such investments.

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API Integration in Insurance: Unlocking Digital Policy Distribution

Summary: This article examines the increasing use of Application Programming Interfaces (“APIs”) in the insurance sector and their role in enabling embedded and digital distribution models. It discusses how API platforms are integrated for distribution of insurance products with third-party digital platforms, offering coverage at the point of transaction. The article also highlights the key legal and operational considerations arising from such arrangements and outlines the regulatory framework under the Insurance Act, 1938.

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Decoding Delhi High Court’s Ruling: The inter-relationship of injunctive relief and patent validity challenges

The Delhi High Court decided an important case on patent law in Novo Nordisk A/S v. Dr. Reddy’s Laboratories Ltd. The dispute involved Semaglutide, a widely used drug for diabetes and obesity. It addressed an important issue: can a patentee/ Plaintiff obtain an injunction if the Defendant, with knowledge of the Plaintiff’s patent rights, proceeds with production/ manufacturing of the patented drug,without first initiating revocation or non-infringement proceedings. Notably, the Delhi High Court declined to release the Defendant from its undertaking of not selling the patented drug in India as it had begun manufacturing/ production without “clearing the way”, despite being fully aware of the suit patent. The Court, however, allowed the Defendant to export to jurisdictions where the Plaintiff holds no patent rights. The judgment serves as an important precedent in determining the inter-relationship between injunctive relief and patent validity challenges.

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Summary:India’s sexual wellness industry operates under a regulatory paradox wherein products are permitted to be legally sold, but advertising is restricted. This situation arises due to outdated obscenity laws, inconsistent enforcement, restrictive platform policies, and the lack of a dedicated regulatory framework, despite judicial progress and confirmation that such products are not classified as medical devices.

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A Digital Future for Corporate Governance in India

Summary: This article examines India’s transition towards digital corporate governance, where technology is increasingly used for compliance monitoring, risk management, and board communications. It highlights the need for India’s legislative framework to adapt to these technological changes and establish clear regulations on AI usage, cybersecurity, and data protection, to ensure that digital transformation enhances efficiency without compromising shareholder rights or procedural safeguards. The article provides practical recommendations for companies to strengthen cybersecurity, leverage AI tools for compliance and decision-making, and prepare for a future where digital governance becomes the default standard.

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