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Changing Face of Regulators

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.

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The ‘NIL’ Disclosure Dilemma

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.

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Analysis of RBI Co-Lending Arrangements Directions, 2025

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.

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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.

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100% FDI in Insurance: Getting the Ground Ready

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.

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Judicial Oversight In Public procurement: Striking the right balance

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.

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TDSAT redefines aeronautical tariff setting in Indian Airports

Summary: This blog post examines TDSAT’s significant July 2025 ruling that ended a decade-long dispute over aeronautical tariff determination principles for Mumbai and Delhi International Airports. The decision mandated the use of Single Till mechanism and required back-solving the Target Revenue Formula to calculate the Hypothetical Regulatory Asset Base, overturning AERA’s previous approach.

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RBI NOTIFIES RESTRICTIONS ON INVESTMENTS BY REGULATED ENTITIES IN AIFS

Summary: In a decisive move to recalibrate institutional investments and fortify the financial ecosystem, the Reserve Bank of India (RBI) has released the RBI (Investment in AIF) Directions, 2025. These comprehensive guidelines overhaul the existing framework governing how regulated entities (REs) such as banks, NBFCs, and other financial institutions allocate capital to Alternative Investment Funds (AIFs). With stricter exposure caps, mandatory provisioning requirements, and sharper focus on investment-linked risk, the Directions signal a more cautious regulatory stance—aimed at mitigating systemic vulnerabilities and curbing potential misuse of AIF structures. This blog unpacks the key provisions, their far-reaching implications, and the strategic shifts mandated for REs.

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Winds of Change: MNRE Prioritises Quality and Security with New ALMM Rules

Summary: The Ministry of New and Renewable Energy (MNRE) has ushered in a new era for India’s wind energy sector with its notification on July 31, 2025, which rebrands the Revised List of Models and Manufacturers (RLMM) as the Approved List of Models and Manufacturers (Wind), or ALMM (Wind). Beyond a simple name change, the notification represents a comprehensive policy overhaul designed to address critical issues of quality control, national security, and domestic industrial growth.

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FIG Paper No 49: IFSC, GIFT City: A New Legal Frontier for Cross-Border Payments

Summary: This article is crucial for legal, fintech, and business leaders as it unveils how the IFSCA PSP License at IFSC, GIFT City empowers cross-border payment service providers to operate globally from within India. By offering a unified regulatory framework, tax incentives, and foreign exchange flexibility, it positions IFSC as a strategic hub for building scalable, efficient, and globally aligned payment infrastructures.

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