[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Foundation] Indian Securitisation Foundation invites researchers, law students and legal scholars to write original and unpublished research paper (5 pages to 15 pages) on any of the following topics, of relevance to securitisation/direct assignment and similar structured finance topics in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...
Supreme Court on Debentureholders’ Rights under Intercreditor Agreements
[Sikha Bansal is a Partner at Vinod Kothari & Company and can be reached at [email protected]] A well-developed corporate bond market not only provides cost-effective funds to the issuer, but it also enables lenders such as banks and other financial institutions to streamline their asset-liability mismatches. As such, there have been considerable efforts to facilitate the development...
Debunking Special Situation Funds: Is India Ready for the Vultures?
[Aditya Shekhar and Abhishek Choudhary are Vth year B.A., LL.B. (Business Law Hons.) students at National Law University, Jodhpur] The need for inclusion of special situation fund [“SSF”] in the Indian financial market was felt due to India’s bad debt problem. It is evident from the recent trend and eagerness of financial institutions to sell off their non-performing assets [“NPA”], which...
Should India Allow Fractional Share Investing?
[Ajith Kidambi is a V year student at the NALSAR University of Law, Hyderabad] Fractional share investing could finally be a reality in the Indian stock market. The Company Law Committee, which the Ministry of Corporate Affairs constituted in 2019, had released its third report in April 2022, making several recommendations to the government to improve the ease of doing business in India and...
Use Cases of a Digital Rupee to the Average Household and Business in India
In her Budget Speech, the Finance Minister announced a proposal to issue a Digital Rupee by the Reserve Bank of India (RBI) starting financial year 2022-23. What functions might a Digital Rupee (synonymously, a central bank digital currency or CBDC) issued by the RBI, serve? Identifying the use-cases of a CBDC is critical to the design of the Digital Rupee, and the design of the infrastructure...
LIBOR Transition: Reassessing the Risks and the Viability of Alternative Reference Rates
[Mukund Arora is a second-year BBA LL.B. (Hons.) student at the Symbiosis Law School, Pune] London Interbank Offered Rate (LIBOR) was a benchmark rate used to price lending transactions among major global banks in the international market. It demonstrated the borrowing costs between banks on unsecured terms. According to the Federal Reserve System, it was utilized to price financial products...
Non-Fungible Tokens: An Indian Perspective
[Aiyushi Mehrotra is a 4th Year B.A., LLB. student at Gujarat National Law University, Gandhinagar] Non-fungible tokens (“NFTs”) are digital blockchain tokens that identify ownership or particulars of unique items, whether they be digital or real in form. They are traded and programmed in the same way as cryptocurrencies like Bitcoin or Ethereum, but that is where the similarities...
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