Summary: In this article, we analyse recent guidance and enforcement actions by SEBI, which provide valuable insights into the approach of the regulator in interpreting the statutory framework on independent directors while applying it in practice.
Continue Reading SEBI’s Take on Independent Directors: On Paper or in Fact?
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.
Continue Reading Geopolitical Destiny: The Direction of Indian Strategic Autonomy
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.
Continue Reading Independent Directors and ‘Material’ Pecuniary Relationships: Ambiguity to Clarity
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?
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
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
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
In Part 1 of the blog post series, we explored the complex and multi-layered regulatory framework governing alcohol advertising and packaging in India. We discussed how both central and state laws — shaped by constitutional mandates, statutory provisions, and evolving self-regulatory guidelines — intersect to create a challenging compliance landscape. As we highlighted, the rise of surrogate advertising and the tightening grip of regulators have significantly reshaped industry practices. In this second part, we turn our focus to the fast-evolving regulatory environment specific to digital media, packaging and labelling norms, and the divergent approaches adopted by Indian states. As online platforms become increasingly central to brand communication and consumer engagement, and as product labelling becomes a site of regulatory scrutiny, it is essential to unpack the distinct legal developments shaping the alcohol industry’s future in India.
Continue Reading Pouring Over the Law: Navigating Alcohol Advertising & Packaging Regulations in India – Part 2
CAM Comment: The Supreme Court’s landmark decision in Vanashakti v. Union of India categorically bars ex-post facto environmental clearances, signalling a decisive shift toward stricter, rule-based environmental governance in India. By striking down the 2017 Notification and 2021 Office Memorandum that enabled retrospective approvals, the Court has restored the primacy of ex-ante environmental scrutiny and constitutional accountability. This judgment has immediate and far-reaching compliance implications for businesses, regulators, and investors, making proactive environmental due diligence an operational and legal imperative.
Continue Reading Vanashakti V. Union of India: Supreme Court Puts an End to Ex-Post Facto Environmental Clearances
Corporate India, eagerly awaiting the final version of the Draft Digital Personal Data Protection Rules, 2025[1] (“Draft Rules”), under the Digital Personal Data Protection Act, 2023[2] (“DPDPA”), was recently jolted by a Business Requirements Document for Consent Management under the DPDPA (“BRD”)[3] discreetly issued by the National e-Governance Division of the Ministry of Electronics and Technology (“MeitY”).
Continue Reading The Ghost in the Machine?: The Recent “Business Requirement Document” on Consent