July 2023

India is the world’s fastest growing energy market. An expanding economy and a growing population have resulted in increased consumption of primary energy resources such as coal, crude oil and natural gas in India. However, as Russia – key supplier of natural gas to a host of nations– faced several sanctions following its war with Ukraine, global oil prices saw a steep increase. Pursuant to the imposition of these sanctions, most of the exports from Russia were redirected to Asian countries, including India. India, having not imposed sanctions, continues to import oil from Russia, which is now available at lower prices. Taking advantage of discounted prices, India raised its imports of Russian crude from 950,000 b/d in June 2022 to around 1.96 million b/d in May 2023.Continue Reading Oil is Well for India

Introduction

The Delhi High Court, had recently in the case of National Highway Authority of India v. Trichy Thanjavur Expressway Ltd. O.M.P. (COMM) 95/2023 and Trichy Thanjavur Expressway Ltd. v. National Highway Authority of India O.M.P. (COMM) 106/2023 (collectively the “Trichy Thanjavur Expressway Matters”), invited counsels to advance submissions in relation to a court’s powers under Section 34 of the Indian Arbitration and Conciliation Act, 1996 (“Act”), and more particularly on the power of courts to partially set aside arbitral awards.Continue Reading Determining the ‘Lakshman Rekha’ of Section 34 of the Arbitration and Conciliation Act

Market Rumours SEBI’s New Prescription and India Inc’s Dilemma SM

Context

With effect from October 1, 2023, India’s top 100 listed entities (based on market capitalisation) would have to mandatorily confirm, deny, or clarify market rumours to the stock exchanges, and this requirement extends to the top 250 listed entities with effect from April 1, 2024. The Securities and Exchange Board of India (“SEBI”), by way of notifying amendments to the LODR Regulations on June 14, 2023 (“LODR Amendments”), has introduced this mandatory requirement under Regulation 30 read with Schedule III of the LODR Regulations (referred to below as the “Market Rumours Amendment”).Continue Reading Market Rumours: SEBI’s New Prescription and India Inc’s Dilemma

RBI FURTHER PIERCES THE WIRE TRANSER VEIL KYC Guidelines

In its constant endeavour to combat money laundering, terrorist financing, and financing of other illegal activities, the Reserve Bank of India (“RBI”) has, vide a letter dated May 4, 2023, amended the Master Directions on Know Your Customer, 2016 and instructed all banks, financial institutions and other Regulated Entities (“REs”) to comply with the newly added KYC norms for wire transfers (“RBI Instructions”). It is a known fact that money launderers across the world have been using wire transfers for long now, as a means to facilitate illegal acts, owing to less/ no regulatory scrutiny.Continue Reading RBI Further Pierces The Wire Transfer Veil

The Securities and Exchange Board of India (“SEBI”) has recently introduced significant changes to the governance framework for listed companies through an amendment to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”).

The amendments were signaled by various consultation papers issued by SEBI over the last 6-9 months, including consultation papers on ‘Review of disclosure requirements for material events or information under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015’ and ‘Strengthening Corporate Governance at Listed Entities by Empowering Shareholders – Amendments to the SEBI (LODR) Regulations, 2015’.Continue Reading SEBI Amendments to the LODR – An Overview of Key Changes

I. Background:

(i) SEBI notified the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2023 (“Amendment”), on June 27, 2023. The Amendment follows a Consultation Paper on Review of Regulatory Framework for Sponsors of a Mutual Fund, which the SEBI had released on January 13, 2023 (“Consultation Paper”).

(ii) The Amendment…

A Closer Look at India’s Pet Care Sector and Regulatory Grey Areas

In Part I of this series, titled ‘The (Pawsome) Pet Care Sector: Through a Legal Lens’, we provided a broad overview of the registration and compliance requirements for entities in the pet care industry. We also discussed factors like the entry options, the sector’s migration to the online mode, and relevant judicial pronouncements.

The legal framework for pet care in India is spread across a host of rules and legislations. The relevant regulatory duties are also divided between various regulators including the Food and Safety Standards Authority of India (“FSSAI”), the Central Drugs Standard Control Organisation (“CDSCO”), and the Animal Welfare Board of India, among others. Therefore, industry players will have to keep track of a wide range of legislations (along with relevant State rules and municipal laws) to ensure proper compliance.Continue Reading Barking up the Right Tree: A Closer Look at India’s Pet Care Sector and Regulatory Grey Areas