TagRegulation

Settling the Jurisdictional Conundrum: Navigating the App Developers v. Google Judgement

[Sanjana Rebecca Samuel is a 4th year B.A., LL.B. (Hons.) student at Symbiosis Law School, Pune] On 19 January 2024, the Madras High Court dismissed the suit filed by several app developers against Google. The developers asserted that Google’s policies within the Play Store contravened stipulations and directives outlined in the Payment and Settlement Systems Act, 2007 (“PSS Act”). Additionally...

Open Questions on RBI’s Enforcement Actions in Indian Fintech

“God may be in the details, but the goddess is in the questions. Once we begin to ask them, there’s no turning back.” – Gloria Steinem Over the last month and a half, the enforcement actions of the Reserve Bank of India (RBI) with respect to Paytm and in relation to certain payment arrangements through corporate cards have raised substantive questions of law, facts and due process. This...

Navigating the Regulatory Maze: The Imperative for Harmonized Decision-Making in SEBI

[Philip Oommen is a lawyer based in Mumbai, and a graduate of the National Institute of Securities Markets] The regulatory landscape of the Indian securities market currently exhibits a noticeable lack of uniformity, as demonstrated by the divergence in decisions rendered by the Securities and Exchange Board of India (“SEBI”).  This divergence in decision-making underscores the inherent...

Regulating the Unregulated: RBI’s Proposed Regulatory Framework for the Fintech Sector

[Daksh Kasliwal and Shubham Sehgal are 3rd year law students at Gujarat National Law University, Gandhinagar] Over the past decade, India’s fintech industry has been experiencing a remarkable growth trajectory and has emerged as the third largest fintech economy in the world. WEF, in its study, has placed India alongside the United Kingdom, the United States, and Singapore as “the most...

The Self-Regulatory Paradigm for FinTechs: A Critical Analysis

[Karthika S. Babu and Snigdha are 3rd year B.A., LL.B. students at Gujarat National Law University, Gandhinagar] In an attempt to align the pace of regulatory oversight with the exponential rate at which fintech is revolutionising the financial services environment, the Reserve Bank of India (“RBI”) recently released the much debated Draft Framework for Self-Regulatory Organisation(s) in the...

Beyond the Hype: Risks and Regulations in Binary Options Trading

[Shaswat Kashyap is a 3rd-year student at Gujarat National Law University and Snigdha Dash a 3rd-year student at National Law University, Odisha] A post late last year on Money Control highlighted a disquieting trend where certain financial influencers (finfluencers) are endorsing binary-trading platforms that the Reserve Bank of India (RBI) has blacklisted. Social media profiles with significant...

Navigating Jurisdictional Waters: The Controversy Surrounding NFRA’s Retrospective Oversight

[Anish Gupta is a 3rd year B.A., LL.B. (Hons.) student at the National Law School of India University, Bangalore] In the recent case of Harish Kumar v. National Financial Reporting Authority (NFRA), the National Company Law Appellate Tribunal (NCLAT) has held that the NFRA has ‘superior authority’ to oversee auditors of listed and large companies on disciplinary matters over the Institute of...

RBI’s SRO Framework: Shaping Responsible Growth in the Indian Financial Sector

[Shaswat Kashyap and Anand Vardhan are third-year law students at Gujarat National Law University] With the ever-growing adoption of innovative technologies, coupled with the rapid growth of regulated entities, it is becoming cumbersome for the Reserve Bank of India (“RBI”) to effectively regulate the sector. Self-regulatory organizations (“SROs”) can provide a vital link between the regulator...

RBI’s Draft Directions on Wilful Defaulters: Implications and Concerns

[Aamir Kapadia and Tejas Venkatesh are penultimate year BBA L.L.B. (Hons.) students at Jindal Global Law School] On September 21, 2023, the Reserve Bank of India (“RBI”) released the Draft Master Direction on treatment of Wilful Defaulters and Large Defaulters. The purpose behind the draft is to solicit public comments on proposed regulations to tighten the norms applicable to wilful defaulters...

Tussle for Jurisdiction: CCI vs. The Controller General of Patents

[Jishnudeep Kolay and Saumya Bapna are second-year B.A. LL.B (Hons.) students at the National Law School of India University, Bengaluru] In July 2023, the Delhi High Court in Telefonaktiebolaget LM Ericsson v. Competition Commission of India (‘Ericsson II’) ruled that in an issue of abuse of dominance by a patentee in the exercise of their rights under the patent, the Patents Act, 1970 will...

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