Insights
June 10, 2016

INDIA’S NEW INSOLVENCY CODE – IS IT A GAME CHANGER OR A RUN-OF-THE-MILL REFORM?

Background – The need for a new law The Indian legal framework for insolvency resolution, debt recovery and restructuring of stressed assets was ineffective in ensuring satisfactory repair of credit default mainly due to the fact that insolvency and debt recovery were governed by different overlapping statutes having conflicting objectives. The laws governing debt recovery…

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Insolvency and Restructuring
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May 26, 2016

SEBI PROPOSES CHANGES TO THE P-NOTES REGIME TO CHECK MONEY LAUNDERING

Introduction On May 19, 2016, the Securities and Exchange Board of India (the “SEBI”), in its board meeting, specified certain additional measures to enhance transparency and control over the issuance of offshore derivative instruments (“P-Notes”).  These measures will come into effect through appropriate amendments in the existing regulations. Background The SEBI (Foreign Portfolio Investors) Regulations,…

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Securities Law
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May 12, 2016

IMPACT OF THE INDIA – MAURITIUS PROTOCOL

Introduction Under the bilateral double taxation avoidance agreement between India and Mauritius (the “Mauritius DTAA”), any capital gain arising from the sale of shares can be taxed only in Mauritius and not in India.  India has been attempting to renegotiate the Mauritius DTAA over the past decade to check round-tripping of funds and treaty abuse….

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Corporate/M&A Tax
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April 27, 2016

AN OVERVIEW OF THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016

Introduction After much deliberation in the Indian Parliament, on March 25, 2016, the Real Estate (Regulation and Development) Act, 2016 (the “Act”) was enacted.  The Act seeks to regulate the real estate sector, and pave the way for speedier dispute resolution between property consumers and real estate developers.  The provisions of the Act will be…

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Real Property
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April 13, 2016

INDIA MOVES TO A UNIFIED PAYMENT INTERFACE REGIME

Introduction On April 11, 2016, the Reserve Bank of India (the “RBI”) flagged off the Unified Payment Interface (“UPI”) system, which will be a channel that will enable multiple bank accounts to be accessed through a single mobile application (“APP”).  The launch of the UPI system will revolutionize India’s financial sector. This update discusses the…

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Banking and Finance
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April 4, 2016

DIPP ISSUES REGULATIONS ON FOREIGN INVESTMENT IN E-COMMERCE; LIBERALIZES INSURANCE AND PENSION SECTORS

Introduction The Indian government has implemented a host of reforms to liberalize India’s foreign direct investment (“FDI”) regime.  Last week, the Indian government issued guidelines clarifying the FDI policy in the e-commerce sector, and has also further liberalized FDI in the insurance and pension sectors. This update discusses these recent changes announced by the Indian…

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Foreign Investment
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March 29, 2016

IS THE SEBI’S PROPOSAL TO INTRODUCE A BRIGHTLINE TEST TO DETERMINE CHANGE OF “CONTROL” WORKABLE!

Introduction In India, the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “Takeover Regulations”) adopt a mandatory tender offer regime for acquisition of listed companies in order to provide a level playing field to the public shareholders.  The acquisition of a substantial shareholding stake and the acquisition of control are treated equally and…

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Corporate/M&A Securities Law
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March 5, 2016

INDIA’S BUDGET 2016-17: KEY HIGHLIGHTS

Introduction India’s Union Budget (the “Budget”) was announced on February 29, 2016, and the Finance Bill, 2016 (the “Finance Bill”) was tabled in Parliament.  Most of the income tax proposals in the Finance Bill will be effective from the financial year commencing on April 1, 2016, unless specified otherwise.  The Finance Bill will be discussed…

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Tax
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January 28, 2016

INDIA’S AMENDED ARBITRATION LAW – A CRITIQUE

Introduction On October 23, 2015, when the Indian Parliament was in recess, the President of India promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2015 (the “Arbitration Ordinance”). The Arbitration Ordinance temporarily amended the Arbitration and Conciliation Act, 1996 (the “Arbitration Act”) as regards certain key provisions.  However, upon the Parliament resuming business, the Government of…

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Disputes and Arbitration
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January 14, 2016

INDIA – SECURITIES LAW WRAP 2015

Introduction In 2015, Indian securities regulations underwent many changes with the Securities and Exchange Board of India (the “SEBI”) playing an active role in making the markets more efficient and investor friendly.  This update highlights some of the important changes implemented last year. New insider trading regulations Previously, insider trading was regulated under the SEBI…

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Securities Law
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