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Summary: Companies undertaking a reverse flip with an eye on an India IPO may need to navigate a complex web of potentially time-sensitive legal and regulatory issues, which may impact the company’s legal, financial, and compliance frameworks and give founders, investors, and the management lots to consider. If not planned carefully, issues may become bottlenecks or roadblocks during the IPO process. Companies should anticipate Indian regulatory expectations to align moving parts well in advance for a successful and timely IPO.

Continue Reading The Road Home Leads to Dalal Street: Key considerations for IPOs after “reverse flips”
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FIG Paper (No. 52): RBI Directions on Lending Against Gold and Silver Collateral: A Harmonised Regulatory Framework

Summary: The Reserve Bank of India (Lending Against Gold and Silver Collateral) Directions, 2025, notified on June 6, 2025, establishes a unified regulatory framework for lending against gold and silver collateral by all regulated entities and prescribes a deadline of April 1, 2026, for implementation. These directions provide a single principle-based regulation, addressing systemic issues in the gold loan sector whilst introducing enhanced customer protection measures, standardised assaying protocols, and transparent collateral management processes to create a more robust and customer-centric ecosystem. As regulated entities gear up to adopt the necessary changes by the prescribed deadline, this paper summarises the key changes and compliances laid down by the directions while specifying the important aspects that lenders need to focus on.

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FIG Paper No. [51] (VDA Series 7): Stablecoins: Recent Indian and Global Regulatory Trends

Introduction

The global stablecoin market capitalisation has crossed USD 230 billion in 2025, representing a growth trajectory that can position stablecoins as critical financial instruments that enterprises can leverage in emerging digital payment corridors and enhance operational competitiveness in global markets.

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The Draft AI Rules: A Welcome First Step

Summary: In a move to regulate deepfake, fake news and other misinformation, the Ministry of Electronics and Information Technology has proposed draft rules seeking to amend the existing intermediary guidelines. They propose a wide definition of “synthetically generated information” without meaningful and practical standards on authenticity thresholds. Combined with this, it provides for prescriptive labelling norms that may leave little to no flexibility for intermediaries and additionally seeks to impose onerous user verification related obligations for significant social media intermediaries without any brightline standards. While the objective of the proposed regulations, rooted in user safety, is laudable, the draft in its current form can have wide reaching implications on how the overall AI ecosystem develops in India. As the devil lies in the details, it would be prudent to revisit the proposed rules and account for practical considerations, thresholds, and standards that will contribute to effective implementation. The draft rules are open for stakeholder consultation until November 6, 2025, and offer an opportunity to engage with the government for shaping the balance between innovation and user safety.

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Summary: This blog post provides an overview of the Maharashtra’s new Global Capability Centre Policy, approved in September 2025, which aims to position the state as India’s premier innovation hub by attracting 400 new GCCs. This policy is important because it transforms Maharashtra into a strategic competitor to traditional GCC hubs like Bangalore and Hyderabad, offering businesses substantial benefits including capital subsidies, tax exemptions, dedicated infrastructure, and access to a skilled talent pool, whilst supporting India’s broader vision.  

Continue Reading Maharashtra Pushes Toward Claiming a Bigger Piece of the GCC Pie: MH GCC Policy 2025
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Summary:

In continuation to Part I of the III part IFSC Education series available at Shaping Global Education: Foreign Universities in GIFT IFSC, this article focusses on certain frequently asked questions in the education sector, with the objective of bringing clarity to prospective universities intending to establish International Branch Campuses (“IBC”) in GIFT International Financial Services Centre (“GIFT IFSC”) either on a standalone basis or through an Academic Infrastructure Services Provider (“AISP”) model. These FAQs also explain how a Foreign Educational Institution can establish an Offshore Educational Centre (“OEC”) in GIFT IFSC, under the International Financial Services Centres Authority (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022 (“IBC and OEC Regulations”).

Continue Reading Part II of the IFSC Education Series: FAQs on setting up International Branch Campus or Offshore Education Campus in GIFT IFSC
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Turning Up The Heat: India’s First National Geothermal Energy Policy Unveiled

Summary: This article introduces India’s first national geothermal energy policy, marking a strategic leap in diversifying renewable energy sources. The policy adds immense value by unlocking geothermal’s potential for power, heating, cooling, and industrial use, with support from global standards, fiscal incentives, and oil-gas sector synergies.

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Summary: India’s new Promotion and Regulation of Online Gaming Act, 2025 promotes e-sports and online social gaming, while prohibiting skill-based online money gaming. Now, with the accompanying draft rules, a new regulatory framework is in play with its own set of benefits and challenges. This [blog post] provides an overview of the new rules of the game, followed by insights on the new act and draft rules.

Continue Reading Online Gaming Gets Played, But Ready to Play Ball
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Court-ordered sales: Original deal value to decide stamp duty

Summary: This blog explains a key judgement from the Karnataka High Court that clarifies stamp duty on court-directed sale deeds should be calculated on the original agreement price, not the current market value. This protects buyers from unfairly higher stamp duty due to litigation delays and provides much needed certainty and fairness for all parties involved in property transactions under specific performance decrees. 

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