Tag: Banking
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Regulating India’s FinTech
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Demonetization and the Income Tax Act
[The following guest post is contributed by Kailash Nath P S S, who is a lawyer and a chartered accountant, and is currently associated with Wadia Ghandy & Co., Mumbai. Views expressed here are personal and do not reflect the firm’s views.] Introduction The recent move of the Central Government exercising its powers u/s 26(2)…
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Supreme Court on Dishonour of Post-Dated Cheques Issued as Security
[The following post is contributed by Sneha Bhawnani, who is an Assistant Legal Advisor at Vinod Kothari & Co. She can be contacted at sneha@vinodkothari.com.] In the present era of commercial dealings, the issuance of post-dated cheques has become a common phenomenon and therefore the significance of such post-dated cheques cannot be under-emphasized. In this…
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Takeover Regulations and the Banking Sector
Two separate but recent developments underscore the need to treat the banking sector differently when it comes to compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “Takeover Regulations”). While the first relates to the applicability of the Takeover Regulations to capitalization of banks, the second relates to restructuring debts of…
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SARFAESI Amendment: A New Role for Debenture Trustees
[The following post is contributed by Vinod Kothari and Nidhi Bothra of Vinod Kothari & Co. The authors can be reached at vinod@vinodkothari.com and nidhi@vinodkothari.com respectively] Introduction The Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Act, 2016[1] (Amendment Act) has introduced several amendments to the Securitisation and Reconstruction of…
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RBI Issues Guidelines for “On Tap” Licensing of Private Universal Banks
In the past, the Reserve Bank of India (RBI) has been following a “stop and go” policy for licensing of new banks in the private sector. Under this policy, and on the last occasion in 2014, two private sector banks were granted licences to operate banks. However, this policy has been under review and discussion…
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Venture Debt in India
[The following guest post is contributed by Dhanush M, who is a student at the Jindal Global Law School] It is an established convention that “Debt and startups don’t mix”. This could be attributed to the fact that the business models of banks and non-banking finance companies (NBFCs) who are the primary lenders in debt…
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Wilful Defaulter Provisions: A Spanner in the Works for M&A Transactions?
[The following post is contributed by Malek Shipchandler, a lawyer at Shardul Amarchand Mangaldas & Co. Views expressed herein are solely that of the author and do not in any way represent the views of his organization] The Indian securities regulator, the Securities and Exchange Board of India (SEBI) recently notified an amendment to the…
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Analysis of RBI’s Draft Guidelines for On-tap Licensing of Universal Banks in the Private Sector
[The following guest post is contributed by Aditya Sood, who is a 4th year BA, LLB (Hons) student at the West Bengal National University of Juridical Sciences, Kolkata] The Reserve Bank of India (RBI) on May 5, 2016 released Draft Guidelines for on-tap licensing of universal banks in private sector in India (“Draft Guidelines”).[1] The…
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SEBI’s Regime on Wilful Defaulters
Earlier this year, the Securities and Exchange Board of India (SEBI) had issued a discussion paper that proposed tight curbs against wilful defaulters from accessing the capital markets. We had commented on the discussion paper in previous posts (here and here). Pursuant to the consultation process, SEBI last week issued amendments to various regulations in…
