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Background

India Inc’s initial public offering (“IPO”) landscape has witnessed significant growth in recent years, with numerous companies entering the capital markets to fund their growth and offer exits to existing investors. An IPO in India requires navigating a complex regulatory framework, complying with various provisions, and addressing stakeholders’ interests, including employees with stock options. In our post[1], we had assessed companies’ eligibility to undertake an IPO in situations where any individual holds rights entitling them to acquire equity shares of the company, or where there are any outstanding convertible securities that can be converted into the company’s equity shares.

Continue Reading Amendment to make companies with outstanding Stock Appreciation Rights IPO eligible: A few steps closer, but not there yet
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Strengthening Compliance: SEBI’s Recent Enforcement Strategies Against Insider Trading

Insider trading remains one of the most closely monitored violations in India’s capital markets. Historically, the Securities and Exchange Board of India (“SEBI”) has relied on enforcement actions such as monetary penalties, trading bans, and prosecution to deter insider trading. However, there has been a notable shift in the recent years towards preventive regulation through administrative warnings, increased use of technology-driven surveillance and stricter disclosure norms, thus transitioning from reactive measures to preventive regulation.

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FIG Paper (No. 42 – Series 1) – Regulatory Trends in NBFC Sector

Background

Of India’s overall credit market, non-banking financial companies (“NBFCs”) command a 22% share[1], primarily catering to underserved sectors and providing retail loans, particularly to small businesses and households. As NBFCs have become systemically important for the economy, they have been subject to increased regulatory oversight by the Reserve Bank of India (“RBI”), evidenced by the introduction of scale-based regulations, which prescribe differential regulatory norms basis size and scale of the NBFC. This FIG paper explores the recent regulatory trends in this sector.

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Semiconductor Revolution: Setting up Semiconductor fabs in India

Semiconductors play a crucial role in modern technology, from enabling cell phones, to electric vehicles, to defence equipment and medical devices. The rising need for Internet of Things (IoT), AI integration, data and wireless communication has sparked increased demand for semiconductors worldwide, the market for which is expected to exceed $1 trillion by 2030 globally. India is taking strategic steps to become a major player in the semiconductor sector and has introduced ambitious schemes and incentive programmes to draw investment into semiconductor manufacturing in India. This article briefly discusses India’s semiconductor policy landscape and explores key considerations in setting up of semiconductor fabs in India.

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A Legal Analysis of Koninklijke Philips Electronics N.V. v. Maj. (Retd.) Sukesh Behl & Anr.: Patent Enforcement and Infringement Liability

Introduction

The case of Koninklijke Philips Electronics N.V. v. Maj. (Retd.) Sukesh Behl & Anr. is a landmark judgment in Indian patent law, particularly concerning Standard Essential Patents (SEPs) and intellectual property enforcement. This judgment resolves three interconnected suits filed by the Plaintiff Philips relating to the infringement of Indian Patent No. 218255, which pertains to a “Method of Converting Information Words to a Modulated Signal”.

Continue Reading A Legal Analysis of Koninklijke Philips Electronics N.V. v. Maj. (Retd.) Sukesh Behl & Anr.: Patent Enforcement and Infringement Liability
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Environmental Consent Process Made More Streamlined

Introduction

The Ministry of Environment, Forest and Climate Change (“MoEFCC”) issued two key guidelines on industrial consent under environmental laws — the Control of Air Pollution (Grant, Refusal or Cancellation of Consent) Guidelines, 2025, under the Air (Prevention and Control of Pollution) Act, 1981, and the Control of Water Pollution (Grant, Refusal or Cancellation of Consent) Guidelines, 2025, under the Water (Prevention and Control of Pollution) Act, 1974, on January 29 and 30, 2025. These guidelines establish a structured framework for granting, refusing, and cancelling consents for industries. By streamlining approvals, enforcing stricter compliance, and enhancing regulatory oversight, they promote transparency, accountability, and ease of doing business.

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CRISPR, The New Gold Standard?Understanding The Rise Of Genetic Engineering In India – Part 2

In Part 1 of the CRISPR blogpost series, we outlined the science behind CRISPR technology and also illustrated its current and potential uses in India. As previously discussed, CRISPR technology, being a genetic engineering method, poses some serious concerns. These concerns are largely ethical, social, and safety related. Hence, it is pertinent to understand the regulatory regime for CRISPR in India. In this blog post, we have outlined the regulatory regime for genetic engineering in India, with special focus on CRISPR technology.

Continue Reading CRISPR, The New Gold Standard?Understanding The Rise Of Genetic Engineering In India – Part 2
SEBI’s Mutual Funds Lite Framework: A Regulatory Inflection Point For Passive Funds In India

Introduction

The capital markets regulator, Securities and Exchange Board of India (“SEBI”), released a consultation paper in July 2024 (“Consultation Paper”), seeking public comments on the much awaited liberalised mutual funds (“MF”) framework, designed specifically to govern and streamline operations for passive funds like index funds and exchange-traded funds (“ETFs”) (the “MF Lite Framework”.)[1]

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Role of State Governments in India’s Data Protection Regime

Introduction

The Ministry of Electronics & Information Technology (“MeitY”) published a draft of the Digital Personal Data Protection Rules, 2025 (“Draft Rules”), on January 3, 2025. These were formulated under the Digital Personal Data Protection Act, 2023 (“DPDP Act” or “Act”), which was passed by Parliament, and received presidential assent on August 11, 2023. The DPDP Act aims to regulate the processing of personal data, and contains requirements for collection, processing and sharing of personal data.

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Key Highlights of Gujarat GCC Policy (2025-30)

Introduction

India, with its dynamic and skilled youth, has progressively emerged as a global hub for Global Capability Centres (GCCs) established by multinational corporations. GCCs offer numerous strategic advantages, including driving digital transformation, fostering innovation, advancing analytics and technological solutions, promoting research and development, creating employment opportunities, enhancing operational efficiency, and strengthening business resilience. Recognising these benefits, Indian companies are also increasingly adopting the GCC model to fuel their growth. Consequently, several Indian states are crafting policies to attract both domestic and multinational corporations to set up GCCs.

Continue Reading Key Highlights of Gujarat GCC Policy (2025-30)