[Manas Rohilla and Smruti Kulkarni are 3rd year B.A., LL.B. (Hons.) students at the Gujarat National Law University, Gandhinagar] Regulators impose various restrictions and obligations on insiders of a company, such as mandatory disclosure of trades, trading window closures, contra-trade prohibitions, and the like, to prevent insider trading. However, these restrictions may also pose challenges...
Digital Personal Data Protection Act, 2023: A Dilemma for Fintechs?
[Ganesh BL is an associate at a law firm in Mumbai] The Indian Government has, after prolonged consideration, enacted the Digital Personal Data Protection Act, 2023 (‘DPDP Act’). The DPDP Act provides a comprehensive legal framework for the collection and use of digital personal data (‘DPD’). The DPDP Act identifies two parties involved in the collection of DPD, i.e., a data fiduciary and a data...
Supreme Court Clarifies the Extent of Liability of Personal Guarantors under the IBC
[Tanisha Gautam is a 4th year B.A. LL.B. (Hons.) student at the Institute of Law, Nirma University, Ahmedabad] The impact of a personal guarantee in relation to a corporate debtor undergoing insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (the “Code”) has raised interesting legal issues. A personal guarantee refers to a promise made by an individual (the guarantor) to assume...
Clarity or Complexity?: Decoding the Supreme Court’s Verdict on Interpreting MFN Clause in DTAAs
[Manas Rohilla and Smruti Kulkarni are 3rd year B.A., LL.B. (Hons.) students at the Gujarat National Law University, Gandhinagar] On October 19, 2023, the Supreme Court of India, in the case of Assessing Officer Circle (International Taxation) 2(2)(2) New Delhi v. Nestle SA delivered a controversial decision regarding the interpretation and application of the Most Favoured Nation (MFN) clauses in...
MCA’s New SBO Compliance Regulations for LLPs – A Futile Effort?
[Manya Sharma is a 3rd year B.A., LL.B. (Hons.) student at National Law University Odisha] The Ministry of Corporate Affairs (MCA) issued a notification dated 27 October 2023 introducing The Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023 effective from November 10. These rules come in addition to MCA’s notification last year extending the applicability of section 90 of...
Revisiting the Ban on Futures Trading of Agri-Commodities in India
[Shuchi Agrawal is a research fellow in the Corporate Law and Financial Regulation team at Vidhi Centre for Legal Policy] On 27 October 2023, the Securities and Exchange Board of India (“SEBI”) extended the ban on futures trading in seven agricultural commodities for a year, that is, until 20 December 2024. Wheat, paddy (non-basmati), chana, mustard seeds, soya bean, crude palm oil and moong are...
The Complex Jurisprudence of Dividend Distribution Tax as Inverse Split Rate
[Rupam Dubey is a third year B.A.LLB student at the National Law School of India University Bangalore] The landscape of dividend taxation in India has experienced significant changes over the past two decades, leading to a perplexing situation for courts and income tax tribunals. This uncertainty surrounding the nature of the dividend distribution tax (DDT) has resulted in contradictory judgments...
Ignorance is Bliss (?): Analysing the Treatment of Contingent Claims under the Insolvency and Bankruptcy Code, 2016
[Saksham Chaturvedi and Devansh Sehgal are final year B.A. LL.B. (Hons.) students at National Law University, Odisha] Any claim against the corporate debtor (‘CD’) which is pending adjudication or has not been crystallised as of the insolvency commencement date is known as a contingent claim. By virtue of the moratorium issued under section 14 of the Insolvency and Bankruptcy Code, 2016 (‘IBC...
Finfluencers in the Regulatory Crosshairs: SEBI’s Baap of Chart Interim Order
[Sourav Paul is a fourth-year undergraduate student at the West Bengal National University of Juridical Sciences, Kolkata] The rapid expansion of social media has significantly impacted securities markets, with the emergence of finfluencers, who provide investment advice on social media platforms. These finfluencers have a huge following, primarily comprising retail investors, and exert more...
Deciphering Tax Evasion: A Legal Perspective on Leveraging AI/ML for Robust Enforcement
[Syed Alwaz Asif is a penultimate year law student at Dr Ram Manohar Lohiya National Law University, Lucknow.] In an era where organizations and governments are inundated with vast amounts of data, the challenge of effectively detecting and preventing tax fraud has intensified. The overwhelming magnitude of information available often surpasses human capacity to discern intricate patterns and...
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