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SEBI Order casts - Spotlight on Conflicts of Interest of AIFs 

Introduction

The Securities and Exchange Board of India (“SEBI”), vide its settlement order dated May 06, 2025 (“Order”), has accepted a settlement application filed by the investment manager (“Manager”) of a real estate fund (“Fund”), sponsored by a related sponsor entity (“Sponsor”), for breach of various provisions of the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”)[1], and the SEBI Master Circular for Alternative Investment Funds, dated May 7, 2024 (“Master Circular”)[2], subject to a payment of INR 36 lakh by the Manager on behalf of itself and the Fund. The Settlement Order emanated from a suo-moto application, seeking settlement of issues pertaining to conflict of interest and non-compliances in operations of the Fund.

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FIG Paper (No. 44 - Series 3): RBI Consolidates Directions on Digital Lending: Implications for REs & LSPs

Background:

The Reserve Bank of India (“RBI”) on May 8, 2025, issued the Reserve Bank of India (Digital Lending) Directions, 2025 (“DL Directions”).

The idea of these new directions was to consolidate the various directions and circulars on digital lending by Regulated Entities (“RE”), previously issued by the RBI[1], provide greater clarity on consumer/ customer centric rights from a customer protection point of view and create a repository with the RBI of all digital lending apps/ platforms (“DLA”) provided by REs/ lending service providers (“LSP”).

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Weather “CROMPTON PEBBLE” and “PEBBLE” are similar or identical?

Crompton Greaves Consumer Electricals Limited’s (Crompton) appeal has been dismissed, upholding the order that restrains Crompton from manufacturing, selling, offering for sale, advertising, directly or indirectly dealing in electric irons under the impugned “PEBBLE” trademark, due to V Guard Industries Limited’s (V Guard) application.

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Royally Challenged or Legally Sound? Examining Trademark Law through RCB v. Uber India

In the vibrant world of cricket, a sport intricately linked to the country’s cultural tapestry, fan banter — whether between individuals or Corporates — is not merely accepted; it is cherished. Yet, there lies a fine line between good-natured ribbing and the realms of trademark infringement or disparagement. When does humorous exchange tip over into the perilous territory of legal breach? This very question was at the heart of a recent Delhi High Court case, Royal Challengers Sports Private Limited v. Uber India Systems Private Limited & Ors., which saw the popular IPL franchise Royal Challengers Bengaluru (RCB) clashing off-field with ride-hailing giant Uber India.[1]

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AIF Distributors and the IFSC Opportunity: What’s Changing in 2025

The International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (“New CMI Regulations”), were notified by the International Financial Services Centres (“IFSCA”) on April 11, 2025, in supersession of the erstwhile International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 (“Old CMI Regulations”), and the IFSCA Circular No. F. No. 817/IFSCA/Distribution/2022-23 titled “Distribution of Capital Market Products and Services under the IFSCA (Capital Market Intermediaries) Regulations, 2021” (“Old Distribution Circular”), dated December 21, 2022.

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Unseen Influence of Shadow Directors: Does it compromise corporate governance?

Introduction

The Companies Act, 2013 (“CA 2013”) defines a director as a person who has been appointed to the Board of a company[1]. Directors typically have various duties and obligations towards the company, shareholders and all other stakeholders. They are also subject to civil and criminal liability under CA 2013, as well as under various other statutes, which have a standard vicarious liability clause for directors and officers of the company. In this context, another concept that emerges is of a “shadow director” or a “deemed director” who is a person not officially appointed to the Board but on whose instructions and directions the Board is accustomed to act upon. In this blog, we analyse the legal position surrounding “shadow directors” in India and the United Kingdom (“UK”).

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FIG Paper (No. 43 – VDA Series 5) India’s Stablecoin Industry – Reacting to Global Regulations & Market Trends

Stablecoins, which are virtual digital assets (“VDA”) typically pegged to stable assets like fiat currencies, are being recognised as the cornerstone of digital finance revolution, delivering a blend of traditional currency stability and decentralised innovation. As their global adoption accelerates — from everyday retail transactions/ cross-border remittances to institutional treasury operations — governments worldwide are realising that clear, forward-thinking regulation can foster innovation and help their economies stay ahead of the pack.

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Paneer or Not Really Paneer? Navigating the Regulatory Landscape of Dairy Analogues in India

Introduction

In the Indian culinary landscape, for a substantial segment of the population, particularly those adhering to vegetarian diets, paneer serves not merely as a delicacy but as a vital source of protein and essential nutrients, effectively stepping in where non-vegetarian options might otherwise feature. From rich curries to flavourful stir-fries, delectable snacks and desserts, Indians consume paneer in different forms. However, recent concerns regarding proliferation of ‘fake’ paneer in the market have created doubts and apprehensions in the minds of Indian consumers.

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“One Level Below”: Clarifying the Hierarchical Position of the Compliance Officer under SEBI LODR Regulations

Regulation 6(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”), requires every listed entity to appoint a company secretary as a compliance officer. The responsibilities of such an officer includes, among other things, ensuring compliance with regulations, coordinating with relevant authorities, verifying accuracy of submissions, and overseeing grievance redressal mechanisms. On April 1, 2025, the Securities and Exchange Board of India (“SEBI”) released a clarification[1] on the position of the compliance officer in terms of Regulation 6 of the SEBI LODR.[2]

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Reject patent application on merit, not for failing to follow procedure: Delhi High Court

The Delhi High Court, on February 24, 2025, passed an order in Arcturus Therapeutics v. Controller of Patents[1], remanding the case back to the patent office for reconsideration by the Assistant Controller of Patents on merit.

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