TagFinancial Markets

The Rise and Fall of the Financial Resolution and Deposit Insurance Bill

[Apoorv Madan and Rushil Anand are fourth year B.B.A. LL.B. (Hons.) students at Jindal Global Law School in Sonipat] Background It may be considered common knowledge, at this time, that failure of some financial institutions can have far-reaching implications on economies, sometimes resulting in full-blown financial crises. Further, because of the increasingly interconnected and globalised world...

The Curious Case of Cryptocurrencies: Part II

[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached at [email protected]] The first post in this series is available here] The Indian Position While India has active cryptocurrency traders as well as cryptocurrency exchanges, there has been no serious development on the regulatory front, except, of course, the repeated warnings by Reserve Bank of India and the...

The Curious Case of Cryptocurrencies: Part I

[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached [email protected]] Cryptocurrencies have made waves in financial markets around the globe. According to leading cryptocurrency exchanges, the August 2018 global cryptocurrency market capitalisation is somewhere short of USD 400 billion – less than half of what it was in December 2017 (on the back of...

Prospects of Regulation of Initial Coin Offerings by SEBI

[Aishwarya Singh is a 5th year law student at Jindal Global Law School, Sonipat] The Reserve Bank of India (RBI) had, by way of a circular, ring-fenced banks from dealing with cryptocurrencies. However, the status of cryptocurrencies in India is far from decided. The RBI circular has been recently challenged in the Supreme Court. On the other hand, the Government had also constituted an Inter...

Cryptocurrency on the Path to Legalisation?

[Vineet Ojha is a Manager at Vinod Kothari Consultants Pvt Ltd] From conservative investors to cryptocurrency enthusiasts, cryptocurrency has been the hot button issue. In the tech world, a common phrase is “that’s so crazy it just might work”, and hence, an open-source, unregulated, P2P currency has been thriving for the better part of the last decade. The Indian regulators have not taken...

Concept of Related Party: Interpretation by Letter or Spirit of the IBC?

[Richa Saraf is a Legal Advisor at Vinod Kothari & Co.] In J.R. Agro Industries P. Limited v. Swadisht Oils P. Ltd. (decided on 24 July 2018), the National Company Law Tribunal (NCLT) Allahabad observed that“if claim of related party is given priority over operational creditors, it would not be just to operational creditor”. In the instant matter, the related party and the corporate debtor...

The Battle against Non-Performing Assets

[Pranjal Doshi is an MCL Candidate, University of Cambridge] The foundation of an enduring banking industry lies in robustly crafted recovery mechanisms. It promotes the stable existence of the borrower-lender relationship. Incongruously, non-performing assets (“NPAs”) have grown substantially in India from 9.2% (September 2016) to 10.2% (September 2017)[1], amounting to ₹8,36,782 crores (October...

Investment by FPIs in Securitised Debt Instruments

[Anita Baid is a Senior Manager at Vinod Kothari Consultants P. Ltd] Investments by foreign portfolio investors (FPIs) in unlisted debentures and securitised debt instruments (SDIs) issued by Indian companies was allowed pursuant to a notification dated 27 February, 2017 issued by the Securities and Exchange Board of India (SEBI). Earlier in November, 2016, the Reserve Bank of India (RBI) had...

Presenting a Critique of Green Financing in India

[Priya Garg is a 4th year student at the West Bengal National University of Juridical Sciences (WBNUJS)] The concept of “green banking” has two primary aspects – first, making banks and other financial institutions conduct their operations in an environment-friendly manner; second, their role of extending credit on favourable terms to eco-friendly projects. For the purpose of this post, I refer...

Legality of Cryptocurrency in India

[Sannat Chandna is a 5th year B.A., LL.B. (Hons.) student at Amity Law School, Delhi] The year 2017 witnessed a tremendous growth in the stature and worth of cryptocurrencies. Such an increase has never earlier been witnessed in relation to trading in any currency or commodity of such a volatile nature. India’s finance minister, while presenting the budget 2018, expressly stated that the...

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