Author: Contributor
-
SEBI’s Draft Mutual Fund Circular: Navigating Diversification and Investor Protection
[Rudraksh Sharma and Ayush Raj are 4th year students of the B.S.W. LL.B. and B.A. LL.B. programmes, respectively, at Gujarat National Law University.] India’s mutual fund industry has grown enormously, now exceeding ₹55 lakh crore in assets, prompting Securities and Exchange Board of India (SEBI) to propose an updated categorization framework. On July 18 2025, SEBI released a consultation paper titled “Categorization and
-
The Hyatt Judgment and the New PE Paradigm: Form vs. Function in Indian Tax Law
[Shravan Anande is a fourth-year B.A., LL.B. (Hons.) student and Hari Priya Murarikar is a third-year B.A., LL.B. (Hons.) student, both at NALSAR University of Law, Hyderabad] In a significant judgment with wide-ranging implications for international taxation, the Supreme Court of India in Hyatt International (Southwest Asia) Ltd. v. Additional Director of Income Tax has affirmed the existence of a permanent establishment (PE)
-
ICJ’s Advisory Opinion on Climate Change: Implications for Private Actors
[Umakanth Varottil is a Professor of Law at the National University of Singapore] On 23 July 2025 the International Court of Justice (ICJ) issued its landmark advisory opinion on the “Obligations of States in Respect of Climate Change”. Despite its non-binding nature, the advisory opinion carries considerable weight under international law that States would have to
-
Amendments to the IBBI Regulations on Corporate Insolvency: The Future of Transparency
[Ayush Raj is a 4th year BA LLB student at Gujarat National Law University] On 4 July 2025, the Insolvency and Bankruptcy Board of India (IBBI) issued the Fifth Amendment to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations (CIRP Regulations), with immediate effect. These amendments principally revise regulations 36 and 38 of the 2016 CIRP Regulations
-
The Misstep in Rakesh Bhanot: Decoding Section 138 and IBC
[Kevin Preji and Sanjana Rao are 3rd year B.A., LL.B. (Hons.) students at National Law School of India University, Bangalore] On April 1, 2025, the Supreme Court, in the case of Rakesh Bhanot vs Gurdas Agro Pvt Ltd held that the proceedings for cheque bounces (under s 138 of the Negotiable Instruments Act, 1881 (‘NI Act’)), would not be stayed by the
-
RBI’s Revised Digital Lending Guidelines: Strengthening Guardrails in an Evolving Ecosystem
[Dhwanil Tandon is a 5th year B.A.LL.B. student at Gujarat National Law University, Gandhinagar] The Reserve Bank of India (“RBI”) on May 8, 2025 issued its updated Digital Lending Directions (“2025 Directions”), significantly reforming and building upon its 2022 guidelines. In recent years, digital lending has proliferated across regulated and unregulated segments alike, driven by platform-based models, app-based credit
-
Regulating Equity Exposure Offshore Derivative Instruments: A Substance Over Form Imperative for SEBI
[Mustafa Rajkotwala and Shamik Datta are lawyers based in Mumbai] Tracker shares and total return swaps (“TRSs”) are sophisticated financial instruments that allow foreign investors to synthetically replicate exposure to Indian equity markets. These instruments have gained prominence as alternatives to traditional participatory notes (“P-notes”), offering similar economic outcomes while circumventing scrutiny under SEBI’s offshore derivative instruments (“ODI”)
-
From Algorithms to Accountability: Analysing SEBI’s AI/ML Governance Framework
[Vibhor Maloo is a 4th year B.A. LL.B. (Hons.) student at Hidayatullah National Law University, Raipur] On June 20, 2025, the Securities and Exchange Board of India (“SEBI”) released a consultation paper providing a framework for the ethical application of artificial intelligence (“AI”) and machine learning (“ML”) in the Indian securities markets. This move signals SEBI’s growing recognition of
-
Optimizing SEBI’s Angel Fund Reforms: Accreditation to Suitability Alignment
[Deergha Meena is a 5th year student at NALSAR University of Law] In its 210th board meeting held on June 18, 2025, the Securities and Exchange Board of India (“SEBI”) has approved a significant overhaul of the regulatory framework for angel funds, proposing amendments to both the SEBI (Alternative Investment Funds) Regulations, 2012, (“AIF Regulations”) and the SEBI (Issue of Capital and Disclosure Requirements) Regulations,
