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Enforcement actions by IFSCA: Upholding of regulatory standards in IFSC, GIFT City

The International Financial Services Centres Authority (“IFSCA”) is the unified regulator of India’s maiden International Financial Services Centre (“IFSC”) at Gujarat International Finance Tec-City (“GIFT City”). Uniquely positioned both as a developer the regulator for the IFSC jurisdiction, the IFSCA is tasked with fostering a robust financial ecosystem, regulating financial products, financial services, and financial institutions while promoting ease of doing business. A critical aspect of its objective is enforcing compliance requirements and ensuring that IFSC, GIFT City, maintains its status as a jurisdiction of “substance”, with its regulatory standards on par with other global centres.Continue Reading Enforcement actions by IFSCA: Upholding of regulatory standards in IFSC, GIFT City

Key Highlights of Gujarat GCC Policy (2025-30)

Introduction

India, with its dynamic and skilled youth, has progressively emerged as a global hub for Global Capability Centres (GCCs) established by multinational corporations. GCCs offer numerous strategic advantages, including driving digital transformation, fostering innovation, advancing analytics and technological solutions, promoting research and development, creating employment opportunities, enhancing operational efficiency, and strengthening business resilience. Recognising these benefits, Indian companies are also increasingly adopting the GCC model to fuel their growth. Consequently, several Indian states are crafting policies to attract both domestic and multinational corporations to set up GCCs.Continue Reading Key Highlights of Gujarat GCC Policy (2025-30)

Indranath Bishnu and Ayushi Agrawal

Insurance Brokers Association of India projects insurance broking sector to capture a 45 per cent market share by 2030 following increased insurance penetration and the demand for insurance productsOver the past couple of years, the Indian insurance industry has seen a series of significant transformations and new developments. Modified regulations, liberalisation of commission regimes, and proposals for amendment of regulatory architecture have opened new avenues of growth for the insurance broking industry. Continue Reading Mergers and Acquisitions in the Indian Insurance Broking Space

The year 2024 has seen significant advancements in advertising laws in India, with the introduction of various new guidelines aimed at regulating mis-advertising. This is understandable, considering that the Indian advertising market is projected to become a $19.2 billion industry by 2028.[1]Continue Reading Legal Spotlight on Ads: Changing Flavor of Ad-Laws in India

Policy Wordings - Lost in Translation?

The reasons for lower insurance penetration in India are multifaceted. However, one of the main factors is limited financial literacy and awareness. Typically, legalese in the policy document makes interpretation and  understanding a challenge. Globally, the World Bank, OECD, and several other associations/ authorities have expressed the need for transparent communication to build consumer trust and confidence in the insurance industry. Given the current Indian demographics, the need of the hour is to simplify policy wordings to assist in greater financial awareness and aid the goal of insurance coverage for all.Continue Reading Policy Wordings – Lost in Translation?

A Review of the Performance of Surety Insurance Contracts in India

Introduction:

Surety insurance bonds (“Surety Bonds”) are a proven risk management mechanism, useful especially in the infrastructure, construction projects, and government procurement space. Surety Bonds can be an effective alternative financial solution to the principals/ contractors, who had to depend on bank guarantees earlier. Continue Reading A Review of the Performance of Surety Insurance Contracts in India

IRDAI Regulatory Reform Series: Listing of Indian Insurance Companies on Stock Exchanges

Background

On March 20, 2024, the Insurance Regulatory and Development Authority of India (“IRDAI”) notified the IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 (“Registration and Capital Regulations”), which consolidated and rationalised the regulatory framework applicable on an Indian insurer in aspects, including listing on a stock exchange pursuant to an initial public offer (“IPO”) that may consist of a fresh issue of equity shares or an offer for sale. Our detailed analysis on the other aspects of Registration and Capital Regulations can be found here.Continue Reading IRDAI Regulatory Reform Series: Listing of Indian Insurance Companies on Stock Exchanges

Need for Syncing Sectoral Regulations with Data Protection Law

Cutting across sectors and borders, the Digital Personal Data Protection Act, 2023 (DPDPA or Act), a lean, principles-based, horizontal legislation was enacted in August 2023 (yet to come into effect). Given the substantive procedural aspects under the Act being left for delegated legislation, the first set of rules is expected to be released for public consultation within 100 (hundred days) of the end of the ongoing General Elections,[1] if the incumbent government is re-elected.Continue Reading Need for Syncing Sectoral Regulations with Data Protection Law

IRDAI Regulatory Reform Series: Registration and Capital Structure of Indian Insurance Companies

Background

The Insurance Regulatory and Development Authority of India (“IRDAI”) has a statutory duty to regulate, promote and ensure orderly growth of the insurance business and reinsurance business in India. Based on the IRDAI’s initiative to promulgate consolidated and principle-based regulations to govern the insurance industry, the Life Insurance Council and General Insurance Council (representative bodies of life and general insurers, respectively) constituted the Regulation Review Committee (“RRC”) to review the entire insurance regulatory framework and recommend principle-based regulations.Continue Reading IRDAI Regulatory Reform Series: Registration and Capital Structure of Indian Insurance Companies

Forceful selling of Insurance by Automobile Dealers call for Regulation

Background

Automobile sector in India has been growing at a rapid pace, contributing to over 7% of India’s total Gross Domestic Product[1]. With annual sales exceeding 20 million passenger vehicles the mandatory vehicle insurance requirement has led to a commensurate increase in motor insurance business sales. This sector now constitutes 45% of the overall business of general insurance in India.[2]Continue Reading Forceful selling of Insurance by Automobile Dealers : Call for Regulation