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Cartel Crackdown: India’s Leniency Program Odyssey

[Choudhury Paramjit Misra and Lavanya Bhargava are third year students at National Law University, Odisha] In India, competition regulations aim to protect consumers and ensure market freedom. They prevent monopolies, promote fair competition, and at the same time, safeguard consumer rights and contribute to economic welfare. This competition regime prevents anti-competitive agreements under...

Supreme Court on Grant of Loss of Profits Sans Evidence

[Raghav Bhatia is an Advocate practising at the Supreme Court and Delhi High Court. He may be contacted at [email protected]] Recently, the Supreme Court, in Unibros v. All India Radio, has explained, inter alia, the requirements to succeed in a claim for loss of profits. This post argues that while the judgment is in the right direction, the Supreme Court may have missed an opportunity to...

Recourse to Section 34(4) of the Arbitration Act: An Unreasonably Constricted Approach

[Gautam Narayan and Asmita Singh are advocates practicing at the Supreme Court of India] In a departure from the principle that an arbitral tribunal becomes functus officio after having delivered the award, section 34(4) of the Indian Arbitration & Conciliation Act, 1996 (“Arbitration Act”) (which is based on article 34(4) of the UNCITRAL Model Law on International Commercial Arbitration...

Currency Derivatives Market in Transition: A Deep Dive into RBI’s Regulatory Intervention

[Palash Varyani is a 3rd-year B.A., LL.B. (Hons.) student at the Institute of Law, Nirma University, Ahmedabad] India’s currency derivatives market is undergoing a profound transformation following the Reserve Bank of India’s (RBI) recent directive, set to be enforced on May 3. Brokers are advising clients to square off rupee derivatives positions as the regulatory landscape undergoes a...

Addressing Regulatory Arbitrage: Foreign Investment Compliance Recommendations for AIFs

[Harit Gandhi and Mukund Arora are fourth-year law students at National Law School of India University, Bangalore and Symbiosis Law School, Pune, respectively] Recently, commitments in alternative investment funds (‘AIF’) crossed INR 10 trillion for the first time amid rising demand from high net-worth individuals. As of December 2023, the investment commitments amounted to INR 10.84 trillion...

SEBI and Brokers’ Industry Standards Forum: Charting a New Course in the Sector

[Vaishnavi Srinivasan and Philip Oommen are lawyers based in Mumbai, and graduates of the National Institute of Securities Markets] In a pioneering move, the Securities and Exchange Board of India (SEBI) has established the Brokers Industry Standards Forum (BISF). Initially proposed in July 2023, the formation of the Industry Standards Forum by SEBI aims to establish regulatory standards, drawing...

RBI Tweaks Norms on Investments in AIFs: A Breather to the Regulated Lenders

[Srishti Multani and Aryan Birewar are 4th year BBA LLB (Hons.) students at Symbiosis Law School, Pune] On 27 March 2024, the Reserve Bank of India (‘RBI’) released a notification (‘Revised Notification’) relaxing certain directions given to regulated entities (‘RE’) in the notification (‘Previous Notification’) dated 19 December 2023 after due consultation with the stakeholders and industry...

Extinguishment of Personal Guarantee in Resolution Plan under the IBC

[Karnika Singh Pasayat and Vignaraj Pasayat are advocates practising in the Supreme Court of India and the High Court of Delhi] The National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, recently rendered a ruling in Puro Naturals JV v. Warana Sahakari Bank (Company Appeal (AT) (Insolvency) Nos.661-663 of 2023 dated November 24, 2023)on whether to approve a resolution plan that Puro...

Demystifying Overlap in Collective Investment Schemes and Joint Ownership Structures

[Mihir Vashishtha is a final year B.A., LL.B. (Hons.) student at National University of Study and Research in Law, Ranchi] With the rise of digitization in the capital market, there has been a notable surge in interaction between retail investors and the market, leading to increased investment activity. In turn, this increased digitization has incentivized market players to develop investment...

Distribution of Profits Accrued During CIRP: An Equitable Approach Towards Settlement of Claims 

[Karthika S. Babu is a third-year B.A. LL.B. Student at Gujarat National Law University] The Insolvency and Bankruptcy Code, 2016 (“Code”) provides for a specialized mechanism, i.e., the corporate insolvency resolution process (“CIRP”) for the resolution of insolvency of financially distressed entities. The CIRP aims to mitigate the claims of the affected creditors against the distressed...

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