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In a key decision, the Karnataka High Court dealt with two connected writ petitions involving leading real estate developers[1], challenging the decision of the stamp and registration authorities in Karnataka. The key issue was whether stamp duty applies to super built-up areas and car parks when the sale deed refers only to an undivided land share. The decision clearly explains the legal position on dual ownership and how stamp duty must be calculated on such documents.

Continue Reading Building Vs. Land: A Tale of Two Owners in Indian Property Law
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Navigating Subsidiary Structures: Rethinking Section 186(7) and Layering Restrictions in a Global Context

In today’s globalised economy, Indian companies are increasingly expanding their footprints across borders. Despite the global ambition, the regulatory framework often remains stubbornly local.

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Steering the ship: Accomplishing Board autonomy post-listing

Introduction

The listing of a multinational corporation’s subsidiary (“Subsidiary(ies)”) on the Indian bourses is a major shift for the once private company. This allows the Subsidiary to unlock value through India’s thriving capital market, while also subjecting it to oversight by the Securities and Exchange Board of India (“SEBI”). SEBI functions as the watchdog for the Indian securities market and ensures that listed entities comply with corporate governance norms to protect the interests of minority shareholders.

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Geopolitical Destiny: The Direction of Indian Strategic Autonomy

Summary: Amidst increasing geopolitical risk globally, India may need to assess its current ‘strategic autonomy’ approach to multi-alignment. This article examines the relationship between India and the US, explores a potential Middle Powers strategy premised on India’s alignment with Europe, and underscores the importance of India strengthening its engagement with the Global South to achieve its geopolitical ambitions amidst shifting global dynamics.

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Independent Directors and ‘Material’ Pecuniary Relationships: Ambiguity to Clarity

SUMMARY OF THE BLOG

This blog examines the concept of ‘material pecuniary relationship’ while assessing a director’s independence under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”), and the Companies Act, 2013 (“Companies Act”). It highlights the regulatory differences in thresholds and look-back periods, and analyses key regulatory interpretations, committee reports, and market practices, including the recent informal guidance issued by SEBI.

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The increasing adoption and deployment of artificial intelligence (“AI”) enabled tools, platforms, and solutions by market participants in the financial sector, including the securities markets, is now widely recognised, both in India[1] and globally[2].

Continue Reading The Consultation Paper on AI Regulation : A Case for Nuance?
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India is making bold strides towards becoming a global semiconductor and electronics manufacturing leader. The aggregate valuation of the semiconductor market here stood at USD 53.2 billion in 2024 and is poised to expand at a compounded annual growth rate of 12.45% to reach USD 161 billion by 2033[1]. Recognising the sector’s ambition and potential, the Ministry of Commerce and Industry introduced significant amendments to the Special Economic Zones (SEZ) Rules in June 2025, a pivotal milestone in this journey.

Continue Reading India’s semiconductor surge: SEZ reforms set the stage for global leadership
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CAM COMMENT: The Calcutta High Court’s new IP Division recently set aside the Deputy Registrar of Trademark’s unreasoned orders that allowed the registration of the “Dunlop” word mark for eight product categories on a “proposed to be used” basis. This landmark judgment, arising from appeals filed by Sumitomo Rubber Industries, underscores the critical importance of procedural fairness, detailed consideration of material facts (including fraud allegations), and the necessity for reasoned decisions in intellectual property adjudication before the new IP Division. It serves as a significant precedent, emphasising rigorous standards for trademark registration processes and judicial review within the new specialised divisions.

Continue Reading Calcutta’s New IP Division Delivers Landmark Judgment: Sets Aside Unreasoned Trademark Orders
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Introduction

The Securities and Exchange Board of India  (“SEBI”) had introduced amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”), vide the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2025 (“Amendment Regulations”). These provisions came into effect from April 1, 2025, for high value debt listed entities (“HVDLEs”), with listed non-convertible debt securities of outstanding value of INR 1,000 crore or above (during a financial year) as of March 31, 2025. Such entities must ensure compliance within six months from the trigger date. The determination will have to be done on March 31 in the subsequent financial years.

Continue Reading Debt with Discipline: Key changes introduced to SEBI LODR Regulations relevant for high value debt listed entities