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Compliance Cul-de-Sac? Terrascope and the Missing Route for Bona Fide Business Pivots
Terrascope settles an important question and should be welcomed for reinforcing transparency as a foundational norm of securities regulation.
Vighnesh Kumar Sharma
4 days ago6 min read
Guarantee or Mere Commercial Assurance? Impact on Recovery Process
Creditors and practitioners should take heed - when in doubt, draft guarantees clearly. Otherwise, as the ruling reflects, informal promises of support will not give creditors the “financial debt” status that they may seek under the Code.
Abdul Haseeb, Ayushi Yelimineti
4 days ago7 min read
Acquisition Finance Amendments from the RBI: A Measured Shift
The continued exclusion of FOCCs, the rigid profitability and control thresholds, the ambiguity around “long-term strategic investment,” and the uncertainty surrounding InvIT structures and offshore exposure caps together narrow the practical scope of the reform.
Triya Ghosh
5 days ago7 min read
Pension Funds and AIFs: Reading PFRDA Master Circular Alongside SEBI's 2025 Reforms
The December 2025 PFRDA circular and SEBI's 2025 AIF reforms together represent a meaningful, even if incomplete, step towards integrating India's pension and alternative investment ecosystems.
Sidharat Som Mohanty
6 days ago4 min read
Designing Fair Tax Exemption Regime: Revisiting India's Public Body Fiscal Framework
The tax exemption analysis of Sections 10(46) and 10(46A) does not imply that it is a fiscal concession; rather, it functions under a wider framework that is founded on controlled tax governance, with exemptions given on a conditional, selective, and by executive notice.
Aman Singh, Kuldeep Kalundha
May 316 min read
Extending Arbitral Mandates Beyond Statutory Time Limits: The Velusamy Decision
The central question is whether the court can extend time after the statutory 18-month period has expired, even after an arbitral award has been rendered.
Haren Digga
May 316 min read
SEBI’S Disclosure Wall has a Door: The Section 230 Problem
The Section 230 arbitrage is not a design defect in either statute. SEBI’s framework assumes direct contractual transactions within its jurisdiction.
Samridh Sharma, Aviral Joshi
May 306 min read
Commitment Orders under Section 48A: Settlement or Strategic Evasion?
Section 48A brings a much-needed flexibility in India's competition law regime. However, such flexibility cannot be left unconstrained. In its current form, the commitment mechanism threatens to undermine the deterrent effect of the commitment mechanism and retard the development of antitrust jurisprudence.
Chetan Kumar, Naliny
May 305 min read
The Remedial Paradox in CCI v. WhatsApp: Losing on Leveraging May Produce Better Digital Competition Enforcement
NCLAT’s split outcome has paradoxically created a perpetual framework for WhatsApp that could prove to be more durable and effective than the CCI’s original prescription.
Pranshu
May 266 min read
Churning Profits over Wealth: The Juxtaposition of Advisory-Distribution Services
This piece argues the need for remedial measures in the (eventual) backdrop of increasing number of MFDs (may or may not be SEBI registered) acting as advisory agents enjoying continued inclination of retail investor sentiment, to uphold investor intent and ease while balancing SEBI’s protective tendency.
Darshan Rao
May 265 min read
Default and Discretion: Revisiting Insolvency Admission under Section 7 of IBC
This blog delves into the trusteeship decision, which enunciates that incomplete and informal restructuring discussions cannot be relied upon to hinder the statutory trigger of insolvency once debt and default are established.
Kavya Jindal, Roshan Kumar Behera
May 257 min read
The Limits of Corporate Democracy in Securities Fraud: SEBI v. Terrascope Ventures
What is left is the more difficult doctrinal task of defining where the illegality-irregularity line lies in less extreme situations, of offering a legitimate way of genuine fund-use variation in private placements, and of calibrating the range of the affected class of stakeholders.
Akashi Khandelwal
May 246 min read
CCI Jurisdiction Unaffected by Sectoral Regulation: The JioStar Case
The Kerala High Court's judgment, affirmed at the SLP stage, establishes that sectoral regulation does not displace CCI jurisdiction and that the Bharti Airtel sequential model is confined to cases where a sector regulator's prior determination is a necessary input to the competition analysis.
Saksham Sethi
May 246 min read
Unguarded Secrets: The Case for a Dedicated Trade Secret Statute in India
There is a reasonable argument that India's courts have managed trade secret disputes adequately without a dedicated statute. However, "adequate" protection for well-resourced parties with carefully drafted NDAs is not the same as a reliable legal framework. MSMEs without the resources for patent registration, startups whose entire commercial value rests on a single process, and inventors without a contractual relationship with the party who misappropriates their idea are lef
Aryan Gupta
May 236 min read
SEBI's Consultation Paper: Revisiting Fit and Proper Criteria
The paper is a significant step towards making the “fit and proper person” criteria more balanced and fairer. However, its triumph depends on how SEBI exercises its discretion.
Suhani Sharma, Sukriti Gupta
May 177 min read
How 2026 IT Rules Automate Censorship
The article is a critical analysis of how India’s 2026 IT Amendment Rules attempt to combat deepfakes by forcing platforms into automated censorship, inadvertently trading constitutionally protected content for regulatory speed.
Rishi Nookala
May 177 min read
When Rescue Becomes Regulatory Trap: The Case for Distress Carve-Out in India's Merger Control Regime
The existing legal status of MHSPL represents its accurate legal status. The CCI followed the Supreme Court decisions from Thomas Cook and Scm Solifert Ltd. v, Competition Commission Of India, (2018) 6 SCC 631, which established its binding legal framework. The problem exists as a matter of legislation rather than through judicial processes.
Garvit Gupta
May 167 min read
Case for the Codification of the Reverse CIRP in India
The growing use of reverse CIRP and the acknowledgment received by the IBBI and MCA highlight that the traditional insolvency mechanism is ill-suited to address the challenges of real estate insolvency.
Farzeen Zaman
May 106 min read
Regulatory Acquiescence in Action: SEBI Clarifies Status of IPO Advisors
Through the order, SEBI clarified that entities in purely advisory or consultative roles are not required to register as a Merchant Banker under Section 12(1) of the SEBI Act. This clarification, grounded in regulatory acquiescence and established market practice, provides meaningful relief to advisors who have operated without assuming issue management responsibilities.
Aadi Vighnesh J, Nidhi Rayudu
May 107 min read
Cooperation or Control? How Draft Part Z Conditions India's Cross-Border Insolvency Reform
The central question raised by Draft Part Z is not whether it improves India’s cross-border insolvency framework. It plainly does. The more difficult question is whether its limited reach is an unavoidable feature of cross-border insolvency or a boundary consciously drawn by the legislature.
Arihana Gohain
May 106 min read
Guilty Until Proven Fit: The Double-Edged Sword of SEBI’s Preventive Regulation
Market integrity regulation is invariably faced with a dilemma of how far precautionary provisions can be stretched until there exists a possibility of punitive action against a behavior not yet found to have occurred.
Abhimanyu Beniwal, Srushti Khule
May 96 min read
Why the IBC Prevails over the PMLA: Can Section 32A of IBC Sanitise Proceeds of Crime?
The author suggests that Section 32A protection should only be granted conditional to due diligence safeguards including cross-verification with the ED.
Ritwik Sharma
May 86 min read
New Bottle, Ol’ Wine: NSE’s IPO Puzzle
The article focuses on key aspects surrounding the impending listing of the National Stock Exchange and its implications for companies and investors in the Indian capital market.
Vasupriya Awasthi, Ketayun H Mistry
May 36 min read
What Counts as Property under the CIRP? The Spectrum Licence Conundrum
Court did not adequately discuss the provisions of the IBC to determine whether the spectrum license can be considered an asset and can be treated under the IBC.
Anushka Bhatt
May 26 min read
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