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Revamping the Investment Advisers and Research Analysts Frameworks – the SEBI Way

Introduction

Pursuant to the recommendations of the Ministry of Finance, the Securities and Exchange Board of India (“SEBI”) constituted several groups to recommend simplification of various regulations specified by it and invited suggestions from market participants[1]. Post deliberations on the suggestions received, the Working Group for review of compliance requirements for Investment Advisers (“IAs”) and Research Analysts (“RAs”) submitted its recommendations to SEBI’s Intermediaries Advisory Committee (“IAC”). SEBI has now released a consultation paper dated August 6, 2024, on ‘Review of Regulatory Framework for Investment Advisers and Research Analysts’ (“Consultation Paper”)[2] incorporating the recommendations proposed by IAC.

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NCLT rejects a scheme of merger citing public interest concerns

Introduction

In a recent case, the National Company Law Tribunal (“NCLT”) rejected a scheme of merger of three related entities on the ground that it was against public interest. Unlike the other cases of arrangements and schemes where the NCLT focused on the technical compliance of the provisions of the Companies Act, 2013 (“the Act”), in the instant case, the NCLT, in addition to analysing the scheme and verifying its satisfaction of the technical requirements, also went through the facts presented and the reports submitted by the Ministry of Corporate Affairs (“MCA”) and the Income Tax Department (“ITD”), who had carried out their separate investigations. The trend of recent decisions appears to show that the NCLT is not just mechanically sanctioning schemes of merger but is also going beyond the facts provided and reviewing them holistically.

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Mastery of Moment Marketing: Maximum Impact & Minimal Legal Risk

Introduction

In the dynamic world of digital marketing, moment marketing is emerging as a potent strategy for leveraging real-time events and trending issues to engage audiences across social media platforms. Its agility and virality have helped many brands successfully connect with the general public, particularly social media users, across the globe in unprecedented ways. As brands race to capitalize on such viral moments, the relevance of moment marketing in generating a high number of impressions on their social media posts and even physical hoardings has never been more pertinent.

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FIG Paper (No. 37 – Series 1) | SEBI Proposes to Introduce ‘New Asset Class’

Background and Key Features:

  • The Securities and Exchange Board of India (“SEBI”) regulates the asset management and wealth management sector through a graded approach in relation to prudential, governance and investment norms, with flexibility given progressively, basis minimum investment threshold. This sector has also seen a significant rise in assets under management (“AUM”) over the last decade:
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Beyond the Basket: Inside India’s Diverse E-Commerce Food Landscape – Part 2

Introduction

In our previous blog post, we provided insights into the regulatory framework governing E-Commerce Food Business Operators (“E-FBOs”)[1] that operate under the purview of the Food Safety and Standards Authority of India (“FSSAI”). The FSSAI, along with its state counterparts, is primarily empowered under the Food Safety and Standards Act, 2006 (“FSS Act”) and its accompanying rules, regulations, and guidelines to regulate the food industry and establish standards that ensure the safety and quality of food products. We also delved into the recent amendment to the FSS Licensing and Registration of Food Businesses Amendment Regulations, 2021 (“2021 Amendment Regulations”)[2], which were primarily introduced to regulate E-FBOs. We also analysed it in line with the key challenges and obstacles that E-FBOs might encounter, on their road to ensuring full compliance with the regulations.

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SEBI Proposes to Replace ‘Size Criteria’ for FPIs with ‘Risk-Based Approach’ for Granular Disclosure Requirement for Underlying Investors

SEBI had, vide its Circular dated August 24, 2023 (“August Circular”), laid down norms for FPIs/investor groups with assets under management (“AUM”) exceeding INR 25,000 (twenty five thousand) crore (“Size-based Criteria”). These norms require furnishing granular details[1] of all their investors/stakeholders on a look-through basis to ascertain if the FPI is effectively domiciled in a Land Bordering Country (“LBC”) or not. Subsequently, SEBI in its consultation paper dated July 30, 2024, (“Consultation Paper”) has proposed to replace the Size based Criteria with a “risk-based criteria” depending upon the participation of investors from “land bordering countries”. In addition to providing an overview of the extant laws, this blog covers the roadblocks emerging from the August Circular, SEBI’s proposal in the Consultation Paper, and its implications.

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Introduction:

This FIG Paper highlights recent trends in enforcement actions of the Reserve Bank of India (“RBI”) against different financial institutions, which has seen a significant 88% rise since 2021.

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Beyond the Basket: Analysing Underlying Challenges for India’s E-FBOs – Part 1

Introduction

India’s food industry is experiencing a digital revolution, with E-Commerce Food Business Operators[1] (“E-FBOs”) transforming the way food and related services/ products are being ordered, consumed and experienced. From local restaurants and cafes offering delivery through mobile applications, cloud kitchens serving gourmet meals, groceries delivered within minutes, the E-FBO landscape is brimming with innovation and opportunity. However, this digital transformation is not without regulatory challenges that E-FBOs must navigate to ensure compliance and maintain consumer trust.

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