Author: Contributor
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From Boundaries to Bridges: SEBI’s 2025 Overhaul of Stock Broker Regulations
[Diya Ambavi and Nimit Jain are 5th year B.Com. LL.B (Hons.) students at Institute of Law, Nirma University] In a year marked by increasing market sophistication and the expansion of digital ecosystems, the Securities and Exchange Board of India (SEBI) has made a pivotal regulatory intervention with the issuance of its Master Circular for Stock Brokers on June 17, 2025.
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Bridging the Gap: SEBI’s Draft Circular on SDI Trustee Disclosures
[Atharva Singh and Arushi Devendra Jha are 4th year B.A. LL.B. (Hons.) students at National Law Institute University, Bhopal] On 16 June 2025, the Securities and Exchange Board of India (“SEBI”) released a Consultation Paper on the Draft Circular proposing a bi-annual mandatory disclosure framework for trustees of Special Purpose Distinct Entities (“SPDIs”) issuing Securitised Debt Instruments (“SDIs”). To provide
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Permissibility of Non-Securities Investments by Brokers: Analysing the Revised SCRR Framework
[Manit Sharma is a 5th year student at Gujarat National Law University, Gandhinagar] The Indian broking industry has long been hemmed in by a web of regulatory constraints that severely limited the scope of its non-securities business activities. Central to this regulatory landscape are rules 8(1)(f) and 8(3)(f) of the Securities Contracts (Regulation) Rules, 1957 (“SCRR”), which not only govern
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Dual Tax Dilemma: State of Kerala v Asianet Satellite Communications Ltd
[Surya Gayathri is a 2nd year BA.LLB student at NALSAR University of Law, Hyderabad] On May 22, 2025, a division bench of the Supreme Court comprising Justice B.V. Nagarathna and Justice N. Kotiswar Singh delivered a significant ruling in State of Kerala v. Asianet Satellite Communications Ltd., addressing the constitutionality of dual taxation on broadcasting services. The case arose
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Enforceability of a Term Sheet: Delhi High Court in OYO vs Zostel Hospitality
[Arjim Jain and Shruti Asati are 5th Year B.A., LL.B. (Hons.) students at National Law University, Odisha] In commercial transactions, especially those involving mergers, acquisitions, and venture capital funding, a “term sheet” plays a pivotal role in outlining the contours of the intended arrangement. While these documents often mark a significant milestone in negotiations, their legal enforceability remains a
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Bridging the Gap: The Noida Toll Bridge Verdict and the Future of PPPs in India
[Disha Jain is an independent legal practitioner specialising in commercial law] The Supreme Court’s ruling in Noida Toll Bridge Company Ltd. v. Federation of Noida Residents Welfare Association has sent ripples across the infrastructure and investment sectors. It upholds the Allahabad High Court’s decision directing the Noida Toll Bridge Company Limited (NTBCL) to cease toll collection on the
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The Slippery Slope of Modification: Justice, Autonomy, and the Gayatri Balasamy Ruling (Part- II)
[Shyamal Anand is a Principal Associate at Shardul Amarchand Mangaldas & Co and Pranjal Kushwaha is a 5th Year B.A. LL.B. (Hons.) Student at National Law Institute University, Bhopal] Having outlined the majority’s reasoning and its rationale in Part I, the discussion now turns to a critical but constructive examination of the broader implications of the Gayatri Balasamy ruling. While the
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The Slippery Slope of Modification: Justice, Autonomy, and the Gayatri Balasamy Ruling (Part- I)
[Shyamal Anand is a Principal Associate at Shardul Amarchand Mangaldas & Co and Pranjal Kushwaha is a 5th Year B.A. LL.B. (Hons.) Student at National Law Institute University, Bhopal] India’s arbitration regime aspires to position itself as a leading global hub, promising efficiency, finality, and investor trust. Yet, the Supreme Court’s ruling in Gayatri Balasamy v. ISG Novasoft Technologies Ltd. intended
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RBI on Regulated Entities in AIFs: From Blanket Prohibition to Calibrated Limits
[Aditi Kanoongo is a 5th year law student at NALSAR University of Law, Hyderabad] The Reserve Bank of India (‘RBI’) recently released draft directions on Regulated Entities (‘REs’) in Alternative Investment Funds (‘AIFs’). The proposed rules follow the earlier circulars issued in December 2023 and March 2024, marking a continued effort by the RBI to strengthen oversight over REs’ indirect exposures
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Rejection of Resolution Plan: Review of Judgment?
[Aditya Vaid is a penultimate year law student at Jindal Global Law School] The recent landmark Supreme Court judgment in the case of Kalyani Transco v. Bhushan Power and Steel Limitedrepresents a significant milestone in India’s insolvency regime. On May 2, 2025, the Supreme Court set aside JSW Steel Ltd.’s (“JSW Steel”) resolution plan for Bhushan Power and Steel
