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Naman Lodha

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Associate in the Financial Services Regulatory Practice at the Mumbai office of Cyril Amarchand Mangaldas. Naman advises clients on regulatory matters with respect to financial services. He can be reached at naman.lodha@cyrilshroff.com

FIG Paper (No. 40 – Data Law Series 6) Draft Digital Personal Data Protection Rules, 2025 - Key Implications for Financial Services Sector

Background:

  1. India’s first dedicated data privacy law, the Digital Personal Data Protection Act, 2023 (“DPDP Act”)[1], was passed by both houses of Parliament, and received Presidential assent on August 11, 2023. 

Continue Reading FIG Paper (No. 40 – Data Law Series 6) Draft Digital Personal Data Protection Rules, 2025 – Key Implications for Financial Services Sector

FIG Paper (No. 37 – Series 1) | SEBI Proposes to Introduce ‘New Asset Class’

Background and Key Features:

  • The Securities and Exchange Board of India (“SEBI”) regulates the asset management and wealth management sector through a graded approach in relation to prudential, governance and investment norms, with flexibility given progressively, basis minimum investment threshold. This sector has also seen a significant rise in assets under management (“AUM”) over the last decade:

Continue Reading FIG Paper (No. 37 – Series 1) | SEBI Proposes to Introduce ‘New Asset Class’

FIG Paper No 29 – Data Law Series 3: (Implications of Digital Personal Data Protection Act, 2023, on Asset Management Companies)

Background:

  • Asset Management Companies (“AMCs”) act as fiduciaries of unitholders (i.e. investors who hold units in funds managed by an AMC), due to which the Securities and Exchange Board of India (“SEBI”) has mandated various data privacy obligations for AMCs, either directly or through the Association of Mutual Funds of India (“AMFI”).
  • SEBI, in a private letter to AMCs, AMFI and registrar and transfer agents (“RTAs”) dated July 10, 2020 (“SEBI Letter”), required that digital platforms involved in distribution/ advisory and AMCs/ RTAs must respect unitholder’s data privacy. The letter included the following two mandates:
    • unitholder data should not be shared with group entities having multiple business/ products; and
    • products and services of group companies cannot be cross marketed.

Continue Reading FIG Paper No 29 – Data Law Series 3: (Implications of Digital Personal Data Protection Act, 2023, on Asset Management Companies)

FIG Paper (No. 24 – Series 1): New Data Law – Financial Services Implications

(Indian) Digital Personal Data Protection Act, 2023 (“DPDP Act”) received Presidential assent on August 11, 2023, and is awaiting notification by the Indian Government, which is expected soon. This FIG Paper examines: (i) the existing data protection/ privacy framework for the Indian financial services space; (ii) overlays DPDP Act considerations; and (iii) preferred approach to “gap” analysis, basis global learnings.Continue Reading FIG Paper (No. 24 – Series 1): New Data Law – Financial Services Implications

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…

FIG PAPER (NO. 14) – RBI’s Vision for Payment Systems till 2025

The Reserve Bank of India (RBI) has published the latest of the payments vision documents titled ‘Payments Vision 2025’ with a view to build on the recent success in the digital payments space in India and the successful implementation of Payments Vision 2021. We will discuss the key developments in payments which the RBI envisages till 2025.

The RBI in its Payments Vision 2025 has set out a core theme on its vision on payments. The theme is E-payments for everyone, everywhere, everytime (4 Es). The vision set forth by the RBI in Payments Solution 2025 is to provide every user with six attributes with respect to E-payments. These are Safe, Secure, Fast, Convenient, Accessible and Affordable E-payment options. The RBI has published Payments Vision 2025 across five anchor goalposts of Integrity, Inclusion, Innovation, Institutionalisation and Internationalisation, with specific directions for each of the goalposts.
Continue Reading FIG PAPER (NO. 14) – RBI’s Vision for Payment Systems till 2025