Summary: This blog examines the concept of “deemed public company” and recommends changes in the legal architecture to deal with large private companies with significant exposure to public funds.
Continue Reading Reimagining the Regulatory Architecture for Deemed Public Companies
Summary: The International Financial Services Centres Authority (IFSCA) introduced regulations in 2022 permitting Foreign Universities to establish International Branch Campuses (IBC) and Offshore Educational Centres (OEC) in GIFT IFSC, marking India’s initiative to create an international education hub within a financial services centre. Foreign universities must meet specific eligibility criteria including ranking within the top 500 QS World University Rankings, proper accreditation in their home country, and demonstrated financial stability, whilst academic offerings are restricted to financial management, fintech, science, technology, engineering, and mathematics.
Continue Reading IFSC Education Series – Part I – Shaping Global Education: Foreign Universities in GIFT IFSC
Summary: While oppression remedies are traditionally viewed as minority protection provisions, Indian law does not restrict majority shareholders from also filing such petitions if they meet statutory thresholds and can demonstrate they are powerless against the oppressing minority due to special circumstances. This article discusses scenarios where majority shareholders can seek relief against oppressive conduct by minority shareholders, with an analysis of judicial pronouncements on the topic.
Continue Reading Majority Stake, Minority Fate: Reverse Oppression under the Companies Act, 2013
Summary: Regulatory framework towards India’s real estate sector is evolving with rapid phase. SEBI’s proactive move to introduce comprehensive governing skeleton for fractional ownership platforms in the form of small and medium real estate investment trusts under the SEBI (Real Estate Investment Trusts) Regulations, 2014, have created robust net of investors protection, removed transparency gaps and exit liquidity issues. This step has standardized disclosure practices along with regulatory oversight. Further, this paradigm shift has democratized the real estate investment access for high-net-worth individuals while ensuring regulatory and governance norms.
Continue Reading Small and Medium Real Estate Investment Trusts: Regulatory Landscape
Summary: There is an unmistakable change in India’s regulatory architecture. Traditional heavyweight institutional regulators are gradually introducing measures to move away from a rigid enforcement system to a more trust-based framework. Enforcement actions of two key regulators – the Securities and Exchange Board of India (SEBI) and the Reserve bank of India (RBI) appear to be softening. The finance ministry’s move towards deregulation was also evident in Budget 2025, where the formation of a committee to overhaul non-financial sector regulations was announced. The intention behind this announcement was to shed regulatory load and nurture an environment where enterprises can thrive. Simultaneously, newer watchdogs and their enforcement instincts are emerging as powerful force. They are turning out to be more assertive, which thwarts the effort to balance systemic resilience with enterprise growth.
Continue Reading Changing Face of Regulators
Summary: Regulation 31 of the SEBI (LODR) Regulations, 2015, requires listed companies to submit quarterly statements of their shareholding pattern and holding of securities across various categories of shareholders, including the promoters and promoter group. This blog examines the interpretative issues caused by the recent SEBI circular dated March 20, 2025, and updated FAQs, on whether it is mandatory for listed entities to disclose ‘promoter and promoter group’ members with ‘NIL’ shareholding in the aforesaid statements.
Continue Reading The ‘NIL’ Disclosure Dilemma
Summary: The Reserve Bank of India (RBI) has issued the Co-Lending Arrangements Directions, 2025, establishing a comprehensive regulatory framework for co-lending partnerships between regulated entities (REs). This framework significantly expands the scope beyond priority sector lending to cover all lending activities, while introducing key operational requirements, including a minimum 10% retention by each RE, mandatory transfer within 15 calendar days, blended interest rate calculations, and enhanced disclosure norms. The directions also introduce provisions for Default Loss Guarantee (DLG) up to 5% and unified borrower-level asset classification across partner REs, marking a substantial evolution from the previous 2020 framework.
Continue Reading Analysis of RBI Co-Lending Arrangements Directions, 2025
Summary: Private equity exits by way of secondary sales of controlling stakes have become the dominant path to monetisation in India. Price still matters, but certainty decides outcomes—through disciplined auctions, vendor-led diligence, insurer-backed risk transfer and early stakeholder alignment to close quickly and cleanly.
A few clear trends are beginning to define how private equity exits by way of secondary stake sale are executed in India. The surge in control deals struck almost a decade ago is now translating to monetisation, with funds actively seeking full exits. These transactions are no longer judged purely on valuation; their success is now equally a function of process sophistication — compressed timelines, seller-driven diligence, insurer-backed protections, and carefully sequenced stakeholder alignment.
Continue Reading When PEs Bid Adieu: Recent Trends in Private Equity Exits Through Secondary Sale
Summary: The Ministry of Finance has proposed significant amendments to the Indian Insurance Companies (Foreign Investment) Rules, 2015, marking the latest regulatory move towards enabling 100% foreign direct investment in insurance companies. This follows Finance Minister Nirmala Sitharaman’s Budget 2025-26 announcement to review and simplify FDI guardrails and conditionalities, representing a significant shift in India’s approach to foreign investment in the insurance sector. Our blog analyses the key proposals and implications for insurers/ intermediaries and stakeholders from a regulatory standpoint.
Continue Reading 100% FDI in Insurance: Getting the Ground Ready
Summary: India’s legal position on judicial review of the public procurement process has been shaped primarily through constitutional principles, statutory frameworks, and consistent Supreme Court jurisprudence. Public procurement by the State or its instrumentalities is regarded as an exercise of executive power under Article 298, and hence subject to judicial scrutiny to safeguard principles of fairness, transparency, and non-arbitrariness.
Continue Reading Judicial Oversight In Public procurement: Striking the right balance