[Avinash Kotval and Aviral Bhardwaj are final and penultimate year BBA LL.B. (Hons.) students, respectively, at Jindal Global Law School, Sonipat] On April 19, 2024, the Securities and Exchanges Board of India (‘SEBI’) released a consultation paper on ‘Framework for Price Discovery of Shares of listed Investment Companies & listed Investment Holding Companies’. This consultation paper intends...
Deciphering the Incorporation of Arbitral Clauses and Contractual Intent
[Ria Bansal is a 3rd year B.A., LL.B. (Hons.) student at Rajiv Gandhi National University of Law, Punjab] Recently, the Supreme Court of India in NBCC (India) Ltd. vs. Zillion Infraprojects (P) Ltd. set aside the appointment of a sole arbitrator under section 11(6) of the Arbitration and Conciliation Act, 1996 (“the Act”) on the basis that the arbitration clause had not been incorporated within...
Navigating RBI’s Payment Aggregator Directives: A Merchant Perspective
[Pratishtha Shrivastava is a 3rd Year B.A.,LL.B student at Institute of Law, Nirma University] In a recent development, the Reserve Bank of India (RBI) proposed draft directions for the regulation of payment aggregators (PAs), specifically those handling physical point-of-sale (PoS) services. A PA is a third-party service provider that lets consumers pay retailers. Some significant PAs in India...
Foreign Direct Listing: Status of an Unlisted Public Company Post-Listing
[Sanyam Jha is a 4th year law student at West Bengal National University of Juridical Sciences, Kolkata] The transformation of India’s legal framework in terms of global fundraising opportunities for local enterprises represents a key step toward attracting foreign investment and boosting growth potential. Historically, Indian enterprises sought access to foreign cash through methods such...
The Broken Promise of ESG Investing
[Shuchi Agrawal is a Research Fellow in the Corporate Law and Financial Regulation team at Vidhi Centre for Legal Policy] The concept of environmental, social and governance (“ESG”) factors was first introduced into the mainstream in a 2004 United Nations report on sustainable finance. Since then, the idea has gained much popularity and has become increasingly important in the financial sphere...
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...
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