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E-Khata Conundrum In Karnataka: The Bureaucratic Afterlife of a Civil Decree

Summary: This blog examines the Karnataka High Court’s judgment in PS Ashok Kumar v. District Registrar, Tumkuru, wherein the High Court categorically directed the State’s administrative machinery that a court’s decree is, in fact, meant to be enforced. The High Court’s nine-point guidelines read as something of a sacred scripture for beleaguered decree holders. Readers will understand how Karnataka’s property registration ecosystem, often riddled with bureaucratic red tape, may benefit from enhanced clarity on the interplay between the sanctity of a Court’s decree and the procedural demands of administrative compliance.

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Amended Cyber Security Guidelines for Insurance Sector: Key Amendments and What They Mean for Regulated Entities

Summary: On April 6, 2026, IRDAI issued certain amendments to its 2023 Information and Cyber Security Guidelines for insurance sector, while retaining the core structure of the guidelines. This article covers the key changes to the guidelines and their implications for regulated entities such as expanded Board accountability, introduction of IT Steering Committee, enhanced independence of CISO, and targeted relaxations for Foreign Reinsurance Branches etc

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SEBI Order Penalises Outsourcing of Core Functions: Structuring Lessons for Asset Management Industry

Summary: This blog analyses a recent SEBI order dated May 26, 2026, which penalised a portfolio manager for outsourcing core investment functions to a technology company under the guise of “technology consulting”. SEBI held that the prohibition on outsourcing core activities under the Outsourcing Circular and Applicable Laws is absolute, and that “investment decisions” extend beyond model portfolio approval to include all downstream steps such as quantities, timing, and client-level trade execution. The portfolio manager and its key personnel were restricted from onboarding new clients for 21 days and were collectively penalised Rs 42,00,000. The article draws broader structuring lessons for the asset management industry, cautioning that SEBI will look at substance over form, that fee structures linked to performance fees signal participation in the investment process, and that individuals in control will face personal liability.

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FIG Paper No 58: RBI Issues Operating Framework for Facilitating Outward Remittance Services by Non-Bank Entities

Introduction

The Foreign Exchange Department, Reserve Bank of India (“RBI”), on May 13, 2026, issued a circular titled ‘Operating framework for facilitating Outward Remittance services by non-bank entities through Authorized Dealer (Category I) Banks (“AD Banks”) in India’ (“Outward Remittance Circular”), which:

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FIG Paper No. 57 (VDA Series 11): India Digital Assets Round-Up: Recent Regulatory and Market Developments

Summary: This FIG Paper examines recent global regulatory and market developments in digital assets, including Hong Kong’s first stablecoin licences, countries finalising their digital assets regulatory frameworks, and BIS warnings on stablecoin-driven dollarisation. It then analyses India’s evolving response through the revised FIU-IND registration regime, tightening tax reporting and enforcement trends, and the RBI’s evolving regulatory response to stablecoins.

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Summary: This blog explores SEBI’s informal guidance on the creation and invocation of pledged shares, particularly for financing of ESOPs, and the expansion of compliance officers’ obligation to determine what constitutes a “bona fide” transaction.

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Summary: Prime Minister Narendra Modi undertook a landmark visit to the Nordic region from May 17-19, 2026, as part of a broader five-nation European tour that also encompassed the UAE, the Netherlands, and Italy. The visit marked the first time an Indian Prime Minister had travelled to Norway in over four decades. In Sweden, the two countries elevated bilateral relations to a Strategic Partnership and adopted a Joint Action Plan for 2026-2030, focusing on economic and security resilience, emerging technologies, trusted connectivity, and sustainability-linked cooperation. In Norway, India and Norway elevated their bilateral relationship to a Green Strategic Partnership, marking a major expansion of cooperation across climate technology, renewable energy, maritime economy, digital systems, and innovation. At the 3rd India-Nordic Summit in Oslo, India and the Nordic countries decided to elevate their relationship to a Green Technology and Innovation Strategic Partnership. The visit signals India’s determination to build future-oriented partnerships across Europe’s northern frontier.

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Whether payment made pursuant to an Arbitral Award followed by a Court Decree be liable to GST ? Analysis of landmark Bombay High Court Judgment

There are moments in tax litigation when the revenue administration machinery seems to lose sight of first principles. The Bombay High Court judgment in Tata Sons Private Limited v. Union of India & Others, pronounced on April 30, 2026, is one such moment. The Court’s firm, unambiguous rejection of a INR 1,524 crore Goods and Services Tax (“GST“) demand will be cited for years as a corrective to a particular species of over-reach that has afflicted indirect tax administration in India.

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UPI Goes Global: The Regulatory Reckoning Ahead

Summary: India’s push to internationalise UPI promises faster, cheaper, and more seamless cross-border payments, while also exposing deep regulatory and legal issues. This article explains why real-time payment speed is outpacing compliance frameworks across spanning foreign exchange rules, AML/KYC obligations, data localisation, and supervisory oversight and why resolving these tensions is critical for UPI’s global scalability. For regulators and financial institutions, it highlights what must evolve for cross-border digital payments to succeed.

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