Summary: In a significant move, SEBI has reintroduced open market buybacks through the stock exchange method and has approved other amendments to the buyback regime.
Continue Reading Reintroduction of open market buyback through the stock exchange and other changes to buyback regime
Summary: Countries globally are actively developing strategies to deal with the challenges presented by social media, especially in the context of children. Australia, and more recently the UK, are banning social media for children below a certain age. India is also toying with the idea of a ban v/s a limited ban or restriction to make the online space safer for youngsters. This article focusses on the viability of a ban and offers recommendations for future action.
Continue Reading Empowering, not shielding our kids online
Summary: This article examines whether advanced ambulances, such as ALS vehicles and Mobile ICUs, could be classified as mobile clinics or Mobile Medical Units, attracting registration requirements as ‘clinical establishments’ under the Clinical Establishments Act, 2010. A review of the applicable regulatory framework indicates that ambulances and MMU/ mobile clinics serve fundamentally distinct purposes and are regulated differently, with ambulances presently not requiring clinical establishment registration solely by virtue of carrying medical equipment. However, as pre-hospital care continues to evolve, there is a growing need for a clearer regulatory framework to address the increasingly blurred boundaries between emergency transport vehicles and mobile healthcare delivery.
Continue Reading Beyond The Siren: Rethinking The Role of Modern Ambulances
Summary: The Ministry of Finance published the Draft Insurance Ombudsman (Amendment) Rules, 2025 (“Draft IO Amendment Rules”), for public consultation in November 2025, which continue to remain in draft form. The Draft IO Amendment Rules proposed significant amendments to the current regime, including digitisation measures, enhanced penalties, and establishment of an appellate authority to entertain appeals against awards passed by the Ombudsman. We revisit the basic principles regime, with mediation as its cornerstone, highlight areas of ambiguity, and analyse the direction of Draft IO Amendment Rules are taking.
Continue Reading Insurance Ombudsman and the Case for Consent-Based Mediation
Summary: In a significant ruling pronounced on May 5, 2026, the Supreme Court of India in Alpha Corp Development Private Limited v. Greater Noida Industrial Development Authority lifted the corporate veil between Earth Infrastructures Limited and its wholly-owned subsidiaries, upholding resolution plans approved under the Insolvency and Bankruptcy Code, 2016. The judgement offers important insight into when the courts are likely to pierce corporate separateness in the insolvency context. It also sends an equally pointed message to statutory authorities that procedural inaction carries its own legal consequences.
Continue Reading Lifting the Corporate Veil under the IBC: Supreme Court’s Verdict in Alpha Corp Development v. GNIDA
The IRDAI published a circular on Remuneration to Key Management Persons, dated May 25, 2026 (“Circular”). This was soon after a concept paper revisiting the remuneration of Key Managerial Personnel (“KMP”) of Indian insurers was shared among a select group of stakeholders, inviting their comments. The Circular, which is now applicable law, amends the IRDAI Master Circular on Corporate Governance for Insurers, 2024 (“Master Circular”). The Circular has been issued in exercise of powers under Section 34 of the Insurance Act, 1938, Section 14 of the IRDA Act, 1999, and Regulation 12 of the Regulations.
Continue Reading IRDAI sets up performance scorecard for KMPs: A case for indirect enforcement
Summary: Foreign K-12 schools are increasingly establishing a presence in India. This article outlines the various legal nuances which are to be considered while setting up a K-12 school in India.
Continue Reading India Calling: The Legal Roadmap for Foreign K-12 Schools
Summary: Continuing the overhaul exercise, RBI has released the draft master directions on PPI which proposes a significant change to the existing framework, aimed at simplifying classification, strengthening regulatory oversight, and curbing misuse of prepaid instruments. These reforms signal RBI’s intent to align the PPI ecosystem with evolving risk considerations while promoting a more streamlined framework.
Continue Reading FIG Paper No. 60 – Comparative Analysis – Master Direction On Prepaid Payment Instrument, 2021, And Draft Directions On Prepaid Payment Instrument, 2026
Summary: SEBI’s recent informal guidance on the appointment of an independent director related to a promoter group member has reignited the debate on the meaning of “independence” in corporate governance. While the guidance adopts a strict interpretation of the statutory definition of “relative” under the Companies Act, 2013, it raises broader questions about whether formal legal criteria adequately capture concerns of influence and objectivity. This article examines the guidance note in the context of the legislative framework governing independent directors and compares it with the views expressed by key committees on corporate governance. It argues that the effectiveness of independent directors depends not only on compliance with prescribed objective eligibility requirements but also on preserving the substantive spirit of independence that underpins the institution.
Continue Reading Independent Directors and The Boundaries of Independence: Reflections on SEBI’s Recent Informal Guidance
Summary: As artificial intelligence reshapes the contours of India’s financial landscape, regulated entities find themselves navigating a delicate balance between harnessing transformative innovation and managing its inherent risks spanning algorithmic bias, model opacity, and systemic concentration. The RBI’s establishment of the FREE-AI committee signals a decisive regulatory commitment to responsible AI governance, anchored in principles of accountability, fairness, and explainability. The paper ultimately calls upon regulated entities to embed these imperatives at the very foundation of their AI frameworks, underpinned by robust data governance and a culture of institutional vigilance.
Continue Reading FIG Paper No 59 – AI in Indian Financial Services: Balancing Innovation with Accountability and Regulation