[Deergha Meena is a fourth-year student at NALSAR University of Law, Hyderabad] In 2024, SEBI mandated FPIs that managed equity assets in India exceeding ₹25,000 crore to provide granular-level disclosures on their beneficial owners. In a recent circular, SEBI increased this threshold to ₹50,000 crore, reducing the number of FPIs required to disclose beneficial ownership details...
Tax or Contractual Payment: The Prospect of an ISDS Claim
[Kartikey Mahajan is a Partner, Jatan Artur Rodrigues a Senior Associate, and Keshav Somani an Associate, all part of the Dispute Resolution practice group of Khaitan and Co. The authors would like to thank Rohan Sanjith (Paralegal at Khaitan & Co and a final-year student at Indian International University of Legal Education and Research) for his contribution] On 25 July 2024, a nine-judge...
CCI (Determination of Monetary Penalty) Guidelines, 2024: A Long-Awaited Move
[Srishti Multani, Amritanshu Pushkar, and Aryan Birewar are 4th Year BBA LLB (Hons.) students at Symbiosis Law School, Pune] On March 6, 2024, the Competition Commission of India (‘CCI’) notified the CCI (Determination of Monetary Penalty) Guidelines, 2024 (‘Guidelines’) to help the CCI determine the penalty to be imposed for infractions of the Competition Act, 2002 (‘Act’). They provided the...
SEBI’s Proposal for Indian Mutual Funds and Overseas Investments
[Adnan Danish and Zaier Ahmad are penultimate year BA LL.B. (Hons.) students at National Law Institute University, Bhopal ] The Securities and Exchange Board of India (SEBI) has recently issued a consultation paper that aims to address a regulatory gap. Currently, SEBI-registered mutual funds can invest in various overseas securities, including American Depository Receipts (ADRs), Global...
The Case for Farmland REITs: Redefining Real Estate Investments
[A.S Vamsi Krishna and Swagat Ahuja are 4th year B.A.LL.B. (Hons.) students at Rajiv Gandhi National University of Law, Punjab] Real estate investment trusts (‘REITs’) are publicly owned entities that enable a broad spectrum of investors to acquire fractional ownership in real estate assets. In recent years, farmland investments via REITs has gained traction due to their ability to provide stable...
Foreign Direct Listing: Status of an Unlisted Public Company Post-Listing
[Sanyam Jha is a 4th year law student at West Bengal National University of Juridical Sciences, Kolkata] The transformation of India’s legal framework in terms of global fundraising opportunities for local enterprises represents a key step toward attracting foreign investment and boosting growth potential. Historically, Indian enterprises sought access to foreign cash through methods such...
Addressing Regulatory Arbitrage: Foreign Investment Compliance Recommendations for AIFs
[Harit Gandhi and Mukund Arora are fourth-year law students at National Law School of India University, Bangalore and Symbiosis Law School, Pune, respectively] Recently, commitments in alternative investment funds (‘AIF’) crossed INR 10 trillion for the first time amid rising demand from high net-worth individuals. As of December 2023, the investment commitments amounted to INR 10.84 trillion...
Disclosure Dilemma: Streamlining Disclosures for Smoother FPI Flow
[Isha Sharma is a 4th year B.A., LL.B. (Hons.) student from Gujarat National Law University, Gandhinagar] The Securities and Exchange Board of India (“SEBI”), as the primary authority overseeing the Indian securities market, regularly reviews and updates regulatory frameworks to harmonize the evolving market dynamics with the best global practices. In 2023, SEBI introduced significant amendments...
Put Options: Putting Up with Foreign Exchange Regulation
[Ryan Joseph is a 3rd year B.B.A., LL.B. (Hons.) student at Jindal Global Law School] A decision of the Madras High Court in January this year in GPE (India) Limited v. Twarit Consultancy has added to the controversial debate over the enforcement of put options that guarantee assured returns. The High Court toed the line with other courts and upheld an arbitral award, notwithstanding the...
Relaxation for Flip Structures under the New Overseas Investment Regime
[Shubh Gautam is a fourth year B.A.LL.B (Hons) student at Chanakya National Law University, Patna] Indian startups and new age companies are jumping on the bandwagon of ‘flipping’ their business. This trend has been addressed by the Foreign Exchange Management (Overseas Investment) Rules, 2022 issued on August 22, 2022 (forming a part of the new overseas investment regime). The new overseas...
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