[Amritesh Anand and Krishnanunni U are penultimate year students at Nalsar University of Law, Hyderabad] Antitrust investigations, by their very nature, involve extensive access to commercially sensitive information of entities being investigated, some of which is inherently ‘confidential’. Hence, it becomes imperative for competition authorities to institute sufficient checks and balances in...
Making Room for Third-party Arbitration Funding in the Indian Regime
[Oshin Malpani is a penultimate year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] Third-party arbitration funding (“TPAF”) simply stated, is the funding extended to a claimant to pursue arbitration proceedings in exchange for a portion of the award (if) granted to them. It is a subset of the general third-party funding (“TPF”) that similarly funds other litigatory and...
Proposed Amendments to the E-Commerce Rules: Going a Step Too Far?
[Rohan Mitra is a 4th Year B.A., LL.B. (Hons.) student at Jindal Global Law School] The Department of Consumer Affairs on June 21, 2021, proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020. The proposals have been released to the public and comments and suggestions have been invited, with the deadline being extended until late July. The rules have unsettled many online...
Analyzing the Fintech Implications of RBI’s Mandate for Interoperability
[Akshay Luhadia and Rohit Gupta are 3rd year B.A., LL.B. (Hons.) students at West Bengal National University of Juridical Sciences, Kolkata] On April 7, 2021, the Governor of the Reserve Bank of India (‘RBI’) announced significant changes in the policies regulating the operation of prepaid payment instruments (‘PPIs’) in India. According to the guidelines under the Payment and Settlement Systems...
A Need to Revisit the SEBI (Intermediaries) Regulations, 2008
[Pallavi Mishra is a 5th year student at Hidayatullah National Law University] The Securities and Exchange Board of India (“SEBI”) notified the SEBI (Intermediaries) Regulations, 2008 were notified as an attempt to consolidate various laws governing the market intermediaries in India. These regulations lay down the common procedural compliances and adjudicatory mechanisms. They are enforced along...
Madras High Court on Regulating Online Gaming
[Prakshal Jain is a 2018 graduate of National Law School of India University, Bangalore and is working with the dispute resolution practice group of a law firm in Mumbai] The Madurai bench of the Madras High Court in D Siluvai Venance v. State noted that the increasing popularity of online gaming has created an alarming situation in the state of Tamil Nadu, especially among the youth. The Court...
Enforcing a Pledge over an Insurance Company’s Shares
A transfer of shares of an insurance company requires the prior approval of the Insurance Development and Regulatory Authority of India (IRDAI) in certain circumstances. Section 6A(4)(b)(iii) of the Insurance Act, 1938 provides: “(4) A public company as aforesaid which carries on life insurance business- … (b) shall not register any transfer of shares … (ii) where, after the transfer, the total...
Antitrust and Aviation: Reviewing the Indian Civil Aviation Sector
[Anik Bhaduri is a III year student and Sudipta Choudhury a II year student, both at NALSAR University of Law] In November last year, the Competition Commission of India (CCI) began an inquiry into allegations of price-fixing in the airlines industry, while in March 2018 the Commission imposed a penalty on three airline carriers for price-fixing. These frequent investigations by the CCI point at...
Ordinance to Ban Unregulated Deposit Schemes: Bridging the Regulatory Gap
[Anirban Roy Choudhury is a banking and finance lawyer and an LL.M. (Finance) candidate at the Institute for Law and Finance, Goethe University Frankfurt] In spite of various legislation, including the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and the Chit Funds Act, 1982, being in place throughout the last few decades, various entities regularly lured the unwary public with...
Supreme Court on Jurisdictional Conflicts between the CCI and TRAI
[Rajvansh Singh is a 3rd year student at National Law University Odisha] Conflict in Jurisdiction The preamble of the Competition Act, 2002 read with section 18 of the legislation delegates to the Competition Commission of India (the “CCI”) the duty of “promoting and sustaining competition” in the Indian economy. This implies that the CCI will have principal jurisdiction to regulate conditions...
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