Bengaluru Goes Vertical: Green Light To Premium Far

Summary: The High Court of Karnataka upheld the constitutional validity of the Premium Floor Area Ratio scheme, which permits landowners and developers to construct additional built-up area beyond the ordinarily permissible FAR upon payment of prescribed premium charges. The judgement affirms the State’s authority to regulate urban density through vertical growth, with significant implications for development potential of properties abutting roads of 12 metres and above, while TDR holders face a recalibrated market.

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Semicon 2.0: The Next Phase Of India’s Semiconductor Ambitions

Summary: With the Union Cabinet’s approval of India Semiconductor Mission 2.0, India has taken a step towards building an integrated semiconductor ecosystem spanning indigenous chip design, domestic manufacturing of chips, semiconductor equipment, machine and materials, research and development and talent development.

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Procuring Investor Consent by AIFs: SEBI’s New Playbook for Voting and Conflict Management

Summary: On June 30, 2026, SEBI released a consultation paper proposing a standardised consent mechanism and an expanded conflict-of-interest framework for Alternative Investment Funds.

The AIF Regulations mandate investor consent for material decisions but are silent on methodology, resulting in inconsistent market practices. SEBI now proposes a framework offering AIFs a choice among three voting methods – Deemed Consent, Present and Voting, and Express Voting. Further, the current “associate” definition, anchored to a 15% shareholding threshold, fails to capture transactions where conflict is self-evident. SEBI proposes introducing a “related party” definition adapted from Section 2(76) of the Companies Act, 2013, deployed specifically within conflict provisions. This widens the net of transactions requiring 75% investor approval.

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What’s Changed, What’s Not: The 2026 FDI Approval DPIIT SOP

Summary: The DPIIT has revised the Standard Operating Procedure governing the processing of FDI proposals requiring government approval, to align it with the recent changes introduced under Press Note 2 of 2026 and the NDI Amendment Rules, 2026. While the overall approval framework remains largely unchanged, the revised SOP introduces significant procedural changes, including a dedicated framework for investments from countries sharing land borders with India, enhanced disclosure and reporting requirements, revised timelines and other measures aimed at streamlining the FDI approval process.

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Summary: This blog examines the regulatory framework governing Global Access Providers (GAPs) at IFSC, GIFT City, analysing SEBI’s circular of May 2025, which permits registered broker-dealers to operate within IFSC through a separate business unit and IFSCA’s revised GAP framework of August 2025. It covers the definitions of GAPs and Introducing Brokers, permissible clientele, operational models and permissible products, including FEMA and LRS constraints for resident Indian investors, as India’s regulated pathway for resident Indians to access global markets.

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When Equals Disagree: The Fallout of a 50:50 JV

Summary: Joint ventures begin with commercial optimism, but exit terms are frequently overlooked, leaving parties with ambiguous and incomplete termination clauses. This problem is most acute in 50:50 JVs, where equal ownership creates structural deadlock risks with no natural majority to force resolution. A well-structured termination clause must precisely define triggering events and specify exit mechanisms such as Russian Roulette, Texas Shoot-Out, or put/call options. In India, FEMA pricing guidelines and RBI valuation requirements add a further regulatory dimension. Deadlock provisions, including a multi-tier escalation waterfall, are essential. Ultimately, the best time to draft your exit is before you enter.

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Compounding of non-reporting contraventions under FEMA

Summary: This blog examines the compounding framework under the Compounding Rules and Directions, as amended in April 2025, with a particular focus on non-reporting contraventions under FEMA. It argues that the RBI’s increasingly facilitative approach to compounding has made it the most commercially sensible route for entities seeking to regularise historical non-compliances under FEMA and India’s FDI policy.

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Exemption Of Occupancy Certificate Requirements For Small Residential Buildings In Karnataka: A Progressive Regulatory Reform

 

Summary: The progressive expansion of the occupancy certificate exemption, extending the threshold from 1,200 square feet to 2,400 square feet and from ground+2 floors to ground+3 floors, shows a clear legislative intent to broaden administrative relief to owners of small residential properties. However, the lifting of the occupancy certificate requirement neither diminishes the obligation to comply with approved building plans and safety standards, nor can it be construed as authorisation for deviation from substantive compliance requirements under applicable building laws and town planning legislation.

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Interested, Yet Exempt: The Internal Contradiction Within Section 184 of the Companies Act, 2013

Summary: Section 184 of the Companies Act, 2013, governs a director’s duty to disclose his interest in contracts entered into by his company. While it broadly replaced Section 299 of the Companies Act, 1956, Section 184 introduces a notable narrowing of disclosure obligations and, more critically, an internal contradiction. The two per cent shareholding exemption in Section 184(5)(b) is drawn almost verbatim from the 1956 Act, yet it now collides with a status-based test introduced for the first time in Section 184(2)(a), which deems a director interested by virtue of being a promoter, manager or chief executive officer of the counterparty body corporate, irrespective of his shareholding. This blog examines that contradiction, traces it to its legislative origins, and argues that harmonious construction requires status-based obligation to prevail.

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Breathing Life into Regulation: Case for ECMO Governance in India

Summary: Despite Extracorporeal Membrane Oxygenation (“ECMO”) gaining significance as part of critical care treatment in India, especially post-COVID-19, the regulations for ECMO treatment continue to be restricted to the Medical Devices Rules, 2017, and the device risk classification guidelines of the Central Drugs Standard Control Organization. This blog discusses the evolving regulatory regime in relation to ECMO in India, the lack of specific clinical governance protocols for ECMO treatment, and the need for such a protocol.

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