[The following guest post is contributed by Ananya Banerjee, who is a Fifth Year B.A.LL.B (Honours) Student at the University of Calcutta (Department of Law)] The Reserve Bank of India (“RBI”), through several notifications dated December 29, 2015, January 12, 2016 and January 21, 2016, has consolidated and revised nine sets of Regulations under the Foreign Exchange Management Act, 1999. The...
Problems with the RBI’s new ECB framework
[This guest post is by Pratik Datta and Shefali Malhotra, who are Consultants at the National Institute of Public Finance and Policy (NIPFP). They can be reached at [email protected] and [email protected] respectively.] Introduction This blog had earlier explained the policy backdrop leading up to the Reserve Bank of India’s (RBI’s) draft framework for External...
Major FDI Reforms: A Snapshot
[The following guest post is contributed by Bhushan Shah & Labdhi Shah from Mansukhlal Hiralal & Company] The Government last week issued a Press Note announcing reforms (“Reforms“) in 15 major sectors in respect of Foreign Direct Investment (FDI). The objective of the Government is to ease the process of foreign investments in the country and bring substantial...
Breach of Representations and Warranties in M&A: A Buyer’s Guide
[The following guest post is contributed by Goda A. Raghavan and Kirthi Srinivas G, who are advocates with HSB Partners, Chennai and can be contacted at [email protected] and [email protected] respectively. Views are personal and do not represent the views of the firm.] Purchase price in a mergers and acquisitions (M&A) transaction is normally fixed after factoring the risks and...
RBI Introduces Rupee-Denominated Bonds Regime
[The following guest post is contributed by Vinod Kothari of Vinod Kothari & Co.] Continuing with some other recent moves to liberalise the options of raising debt from external sector, the Reserve Bank of India (“RBI”) on 29 September, 2015 announced new guidelines (the “Guidelines”) for issuance of rupee-denominated bonds (“RDBs”) overseas. The Guidelines are much more...
RBI Circular on Payment Gateways
[The following guest post is contributed by Jitendra Soni, who is an associate at AZB & Partners in Noida. Views are personal] The Reserve Bank of India (“RBI“) has recently issued a fresh circular in an attempt to facilitate cross-border e-commerce transactions, which can be accessed here (“Circular”). Prior to this Circular, the authorized banks were permitted to offer the...
RBI’s Proposal for a Major Recast of ECB Norms
[The following guest post is contributed by Vinod Kothari of Vinod Kothari & Co. It deals with the details of the proposals announced by the RBI. In an earlier post, Pratik Datta sets out the background to RBI’s proposals] The Reserve Bank of India (RBI) has proposed a major recast of the norms for external commercial borrowings (ECBs). While India is still far from...
RBI’s Draft Framework on ECB: The Background
[This guest post is by Pratik Datta, who is a Consultant at the National Institute of Public Finance and Policy (NIPFP), New Delhi. He can be reached at [email protected].] Yesterday the Reserve Bank of India (RBI) released the draft framework for External Commercial Borrowing (ECB) for public comments on or before October 11, 2015. For the benefit of those who may be interested in providing...
Improving the Regulatory Framework Governing Masala Bonds
[The following post is contributed by Dhanush. M, a 5th year student at the Jindal Global Law School] “Masala bonds” refers to rupee denominated bonds issued in offshore capital markets which would be offered and settled in US dollars to raise Indian rupees from international investors for infrastructure financing in India. Masala bonds could prove to be a viable source of corporate finance as...
Start-up India: Should foreign listing of start-ups be facilitated?
[This guest post is by Pratik Datta and Mehtab Hans, who are Consultants at the National Institute of Public Finance and Policy (NIPFP), New Delhi. They can be reached at [email protected] and [email protected] respectively.] Last week, the SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2015 were issued to facilitate listing of start-ups on institutional...
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