[Harsh Mittal and Sidhanth M K Majoo are 3rd year B.B.A. LL.B. (Hons.) students at National Law University, Odisha] The Indian financial system has long been burdened by the prevalence of stressed assets, necessitating substantial capital infusions into banks, non-banking financial companies (“NBFCs”), and other financial institutions. These stressed assets have constrained the ability of...
Digital Personal Data Protection Act, 2023: A Dilemma for Fintechs?
[Ganesh BL is an associate at a law firm in Mumbai] The Indian Government has, after prolonged consideration, enacted the Digital Personal Data Protection Act, 2023 (‘DPDP Act’). The DPDP Act provides a comprehensive legal framework for the collection and use of digital personal data (‘DPD’). The DPDP Act identifies two parties involved in the collection of DPD, i.e., a data fiduciary and a data...
Finfluencers in the Regulatory Crosshairs: SEBI’s Baap of Chart Interim Order
[Sourav Paul is a fourth-year undergraduate student at the West Bengal National University of Juridical Sciences, Kolkata] The rapid expansion of social media has significantly impacted securities markets, with the emergence of finfluencers, who provide investment advice on social media platforms. These finfluencers have a huge following, primarily comprising retail investors, and exert more...
‘Enabling’ Provisions of PMLA: Casting a Net Too Wide?
[Bhamini Tanwani and Vanshika Manglani are fourth-year B.A. LL.B. (Hons.) students at Hidayatullah National Law University, Raipur] The High Court of Delhi (‘the Court’) in case of PayPal Payments Private Limited v. Financial Intelligence Unit Indiaheld that payment platform PayPal is included in the definition of ‘payment system operator’ under the Prevention of Money Laundering Act, 2002...
SEBI’s Sponsorship Shake-Up: Unravelling the Implications for Mutual Funds
[RS Sanjanaa is a third-year BA LLB (Hons.) student at Symbiosis Law School, Pune] A sponsor of a mutual fund refers to any bank, financial institution or a corporate who acts as the promoter of the mutual fund. The entity establishes the fund, obtains necessary approvals and funding, and incorporates an asset management company (“AMC”). On June 27, 2023, the Securities and Exchange Board of...
Fine-Tuning the FLDG Framework: Sectoral Caps Reflecting Default Rate Variations
[Ritvij Ratn Tiwari is a 3rd-year B.A., LL.B. (Hons.) student at the National Law School of India University, Bangalore.] In June 2023, the Reserve Bank of India (“RBI”) issued guidelines regulating the arrangements for sharing the losses arising from defaulted loans, popularly called default loss guarantee (“DLG”), between regulated entities (“REs”) and lending service providers (“LSPs”). These...
SEBI’s Reforms for REITs/InvITs: Assessing the Broader Corporate Governance Concerns
[Nikhil Javali is a 4th year B.B.A. LL.B. student at National Law University Odisha] As real estate investment trusts (‘REITs’) and infrastructure investment trusts (‘InvITs’) gain global recognition as a powerful investment vehicle, India is taking significant strides towards aligning its REIT/InvIT regulations with global best practices. Across the world, REITs have emerged as a dominant...
PMLA Framework on Virtual Digital Assets: Two Key Issues
[Jaideep Reddy is Counsel and Krati Hashwani a Senior Associate, Trilegal] The virtual digital asset (also known as crypto-asset or cryptocurrency) (VDA) industry is accustomed to legal ambiguity in India. There has been little in the way of legislative clarity, barring the specific income-tax regime introduced in 2022, and piecemeal measures such as a mandatory disclosure of holdings for...
Navigating India’s Green Taxonomy: Charting a Course for the Future
[Manvi Khanna is a Research Fellow at Vidhi Centre for Legal Policy and Hitoishi Sarkar a fifth-year law student at Gujarat National Law University. This post first appeared as an article in the Deccan Herald] The G20’s Sustainable Finance Working Group’s recent emphasis on the need to establish a green finance ecosystem has brought to the limelight the challenges that impede India’s green...
Call for Papers: 11th Securitisation Summit 2023
[Announcement on behalf of the Indian Securitisation Foundation] Indian Securitisation Foundation invites researchers, law students and legal scholars to write original and unpublished research paper (5 pages to 15 pages) on any of the following topics, of relevance to securitisation/direct assignment and similar structured finance topics in Indian context, with a global flavour. Bankruptcy...
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