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Enforcement actions by IFSCA: Upholding of regulatory standards in IFSC, GIFT City

The International Financial Services Centres Authority (“IFSCA”) is the unified regulator of India’s maiden International Financial Services Centre (“IFSC”) at Gujarat International Finance Tec-City (“GIFT City”). Uniquely positioned both as a developer the regulator for the IFSC jurisdiction, the IFSCA is tasked with fostering a robust financial ecosystem, regulating financial products, financial services, and financial institutions while promoting ease of doing business. A critical aspect of its objective is enforcing compliance requirements and ensuring that IFSC, GIFT City, maintains its status as a jurisdiction of “substance”, with its regulatory standards on par with other global centres.

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Compounding Under FEMA: What Has Changed Post 2025 Amendments

Introduction

The compounding mechanism under Section 15[1] of the Foreign Exchange Management Act, 1999 (“FEMA”), allows individuals and companies to voluntarily admit breach of FEMA provisions and pay a penalty to regularise their contraventions without undergoing lengthy enforcement actions. In continuation of our earlier analysis of the Foreign Exchange (Compounding Proceedings) Rules, 2024[2] (“Compounding Rules”), read with Master Directions on Compounding of Contravention under the FEMA[3] (“Compounding Directions”), notified last year, we now examine the latest amendments to the compounding mechanism under the Compounding Directions. The Reserve Bank of India (“RBI”), through A.P. (DIR Series) Circulars notified on April 22, 2025, and April 24, 2025[4] (“April Amendments”), respectively has further amended the Compounding Directions. These amendments were preceded by a press release dated April 11, 2025[5], where the RBI mandated all banks, financial companies, and other regulated entities to submit their regulatory authorisations/ licenses/ approvals exclusively through the PRAVAAH online portal on and from May 1, 2025, onwards.

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The digital age has revolutionized news consumption and public discourse, with online platforms becoming hubs for critiquing current events and sharing diverse perspectives, often by using short excerpts (“clips”) from existing news broadcasts and other copyrighted material. This practice, while fostering a dynamic information ecosystem, lies at the intersection of copyright protection and freedom of expression. A recent dispute between a major news agency and online commentators has brought India’s “fair dealing” doctrine to the forefront, questioning its application in the digital realm. This article examines fair dealing under Indian copyright law, focusing on short clips in news reporting and online commentary, supported by judicial precedents, and offers suggestions for navigating copyright issues.

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Understanding regulatory safeguards for influencer marketing of nutraceuticals in India

Introduction

The last decade witnessed an increasing number of nutraceuticals — in the form of teas, protein powders, or hair-growth gummies — being marketed by influencers and celebrities on social media platforms. The Indian nutraceutical market is experiencing significant growth, mirrored by the meteoric rise in influencer marketing as a potent channel to reach health-conscious consumers. Reports suggest that the Indian nutraceutical market is projected to touch $10.19 billion by 2026. While collaborations between nutraceutical brands and social media influencers offer compelling opportunities for engagement and sales, this intersection operates within a complex and strictly regulated legal environment. Navigating this landscape requires adherence to a multi-layered framework, encompassing inter alia the regulations laid down by the Food Safety and Standards Authority of India (“FSSAI”), the code set out by Advertising Standards Council of India (“ASCI”), and the Consumer Protection Act, 2019 (“CP Act”). In this article, we outline the key regulatory considerations and underscore the necessity of ensuring compliant nutraceutical marketing campaigns in India.

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Ten Years of LODR: The Journey from “Minimum Principles” to “Maximum Prescriptions”

Evolution of LODR

The enactment of the SEBI Act in 1992 (“SEBI Act”), followed by the amendment of Section 21 of the Securities Contracts (Regulation) Act, 1956 (“SCRA”), empowered the Securities and Exchange Board of India (“SEBI”) to regulate the process of listing of securities by public companies.

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Decoding Patent Infringement: Essential Elements, Equivalents, and Estoppel in Crystal Crop Protection v. Safex Chemicals

The Delhi High Court’s decision in Crystal Crop Protection Limited v. Safex Chemicals India Limited & Ors.[1] offers insights into determining patent infringement, focusing on the essentiality of claimed elements, the application of the Doctrine of Equivalents, and the implications of Prosecution History Estoppel. The judgment highlights the importance of claim construction, and the binding nature of representations made during patent prosecution.

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FIG Paper (No. 45 - Series 3) – SEBI Mulls Relaxation of FPI Norms for Investment in Government Bonds

Background

The Foreign Portfolio Investor (“FPI”) regime is a key entry route for foreign investors seeking to invest in Indian stocks and bonds. Currently, FPIs are subject to various know your customer (“KYC”) obligations, including disclosure of group companies and beneficial ownership and stringent monitoring of equity investment limits. Breaches of these trigger penalties and additional disclosure requirements. Our detailed analysis is available here.

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Introduction

Alternative investment funds (“AIF”) being considered an investment avenue for sophisticated investors with high risk-appetite and ticket-size, are subject to certain restraints in their marketing and placement to keep it restricted to the intended investors. The Securities and Exchange Board of India (“SEBI”) (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) define an AIF as[1] “a privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors…”. Regulation 11[2] further provides that an “AIF shall raise funds through private placement by issue of information memorandum or placement memorandum, by whatever name called”. Moreover, it has been provided[3] that no scheme of an AIF shall have more than 1000 investors and where an AIF is set-up as a company, the provisions of the Companies Act, 2013 shall apply.[4]

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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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