[Announcement on behalf of Vinod Kothari Consultants] We are inviting researchers, law students, and legal scholars to make their contribution to structured finance research and submit their papers for consideration on the list of attached topics. Selected Topics (further details in the link below) Optimal regulatory regime for listed securitised debt securities Tokenisation as an...
RBI’s Revised Master Directions on Peer-to-Peer Lending: Shift in Regulatory Policy
[Sourav Paul is a final year student at the West Bengal National University of Juridical Sciences, Kolkata] In recent years, the fintech industry in India has witnessed significant growth, particularly within the digital lending sector. A prominent example is the peer-to-peer (‘P2P’) lending model, which has expanded rapidly in India, supported by a favourable regulatory environment. P2P lending...
Navigating Legal Conundrums: The Interplay Between India’s Netting Act and the Insolvency Code
[Aditya Chhangani is a practising advocate at the Rajasthan High Court] The Bilateral Netting of Qualified Financial Contracts Act, 2020 (“Netting Act”) came into force with the goal of fostering stability and competitiveness in the Indian financial sector. In simple terms, netting means setting off any obligations or claims arising out of a Qualified Financial Contract (“QFC”). A single net...
Regulating the Stock Game: SEBI’s Norms for Fantasy Trading Platforms
[Garv Arora is 4th year B.A., LL.B. (Hons.) student at HNLU, Raipur] The Indian stock markets have witnessed an increase in the third-party platforms that provide virtual trading services based on real-time price data. The Securities and Exchange Board of India (‘SEBI’) has recently unveiled new norms for the dissemination of real-time securities price data to third parties, including various...
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...
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...
Venture Capital’s Tryst with Tax: Revisiting the Debate on Carry
[Bhaskar Vishwajeet and Abhinav Shankarraman are final year law students at Jindal Global Law School] The Karnataka High Court recently overruled a Customs, Excise, Service Tax Appellate Tribunal (“CESTAT”) order (page 4) on the service tax status of venture capital trusts (“VCTs”), declaring that service tax is not applicable to VCTs as they are pass-through structures. The authors argue that...
The Self-Regulatory Paradigm for FinTechs: A Critical Analysis
[Karthika S. Babu and Snigdha are 3rd year B.A., LL.B. students at Gujarat National Law University, Gandhinagar] In an attempt to align the pace of regulatory oversight with the exponential rate at which fintech is revolutionising the financial services environment, the Reserve Bank of India (“RBI”) recently released the much debated Draft Framework for Self-Regulatory Organisation(s) in the...
Navigating the Maze: Scrutinising SEBI’s Framework for Short Selling
[Garv Arora and Vatsal Jain are 3rd year B.A., LL.B. (Hons.) student at HNLU, Raipur] By way of its circular titled ‘Framework for Short Selling’ dated January 5, 2024 (the ‘Circular’), the Securities and Exchange Board of India (‘SEBI’) has laid down a definitive framework to better regulate short-selling transactions in the Indian stock market. Short selling is a trading activity that focuses...
Grounds of Arrest: Navigating Section 19 of the PMLA
[Esha Rathi is a final year B.B.A. LL.B. (Hons.) student at Jindal Global Law School] Section 19 of the Prevention of Money Laundering Act 2002 (PMLA) empowers authorized officials of the Directorate of Enforcement (ED) to arrest persons based on the material in their possession, providing a reasonable basis to suspect that an individual has committed an offence punishable under the law. It...
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