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The Securities Markets Code 2025: From a Fragmented Regime to a Unified Regulatory Vision
The SMC is a forward-looking move in the modernisation of the capital market regulation India. It goes beyond codifying the various disparate statutes in one instrument and instead attempts to effect a structural redefined securities laws.
Ananya Sonakiya, Vvanshika Singhal
4 days ago5 min read
From Formulaic Capital to Risk-Based Supervision: SEBI’s 2026 Broker Framework
SEBI’s re-ordering in 2026, caused by up-streaming and the altered locus of risk of settlement, was, in institutional terms, the only possible course.
Shaunak Wagle, Janki Bharati
4 days ago6 min read
Behind Closed Doors: The Legal and Economic Fallout of “Side Letters” in Private Equity
If compliance can be achieved with reasonable confidentiality, side letters can change from being the source of hidden privileges to the instruments of orderly governance.
Dev Kumawat
5 days ago6 min read
Credentializing Compliance in AIFs: SEBI’s NISM Mandate for Compliance Officers
The SEBI's NISM mandate reflects an attitude which holds that the maturation of Indian private capital markets cannot be built on informal standards and, similarly, on the appointment being regarded as a mere business function.
Inika Dular
7 days ago6 min read
Climate Corporate Governance: Section 166 and an Entity Model
Section 166(2) emerges not merely as a statutory directive but as a potential transformative mandate, compelling directors to transcend shareholder primacy and embed climate imperatives within the corporate conscience.
Rohini Mehta
Mar 227 min read
SEBI Merchant Banking Amendments: The Liquidity Effect on Underwriting
SEBI’s shift toward liquid net-worth requirements prioritizes immediate solvency over dynamic, risk-weighted metrics used in the US and EU. While this deleveraging enhances market stability, it risks institutional consolidation and reduced SME flexibility.
Aryan Chowdhury, Shaunak Saha
Mar 96 min read
From Subsidiary to Shadow Bank: How RBI’s 2025 Directions Eliminate the Bank-Group NBFC Model
The Amendment functions as a structural foreclosure, rendering the bank-affiliated NBFC model economically obsolete. The regulatory signal is clear: diversification is viewed as arbitrage, and the era of the homogenized universal bank has returned.
Faraz Ahmad, Mantasha Khan
Mar 66 min read
RPT Aggregation Irrespective of Common Contract: Implications of SAT’s Linde India Order
This article examines the SAT order’s interpretation of the RPT framework with respect to materiality assessment, and delineates regulatory implications for industry stakeholders.
Suditi Selvam
Feb 277 min read
Digital Governance Without Legal Accountability: Re-examining SEBI’s Fourth Amendment Regulations 2025
The current framework has critical shortcomings that demand targeted reforms to instill genuine accountability.
Inika Dular
Feb 276 min read
Re-conceptualizing Materiality in Related Party Transactions: Lessons from SAT’s Linde India Ruling
The Linde Judgement is a major step towards a more substance oriented and shareholder centric RPTs regime in India.
Alfiya Noor
Feb 227 min read
SEBI’s Revamped RPT Regime: Aligning Oversight With Scale and Transparency
The recent amendments by SEBI in the LODR aligns with the effort to maintain the governance standards in response to changing realities of the market.
Ali Asghar
Feb 227 min read
Recalibrating Section 233: Fast-Track Restructurings, Demergers, and Minority Protection
The 2025 amendments position Section 233 at the core of India’s intra-group restructuring landscape. However, the unchanged 90 % threshold which is anchored in a bygone ownership model, hinders the workability of the fast-track mergers.
Sarthak Goyal
Feb 206 min read
The Regulatory Schism: Defining "Control" Under SAST Regulations and Competition Law
Ultimately, India's dual standards for “control” stem from two distinct policy objectives: minority protection and market dominance.
Taha Lakdawala
Feb 136 min read
SEBI’s Review of MPO and MPS Requirements: Rewiring Large-Cap IPOs
SEBI's August 2025 consultation paper proposes key reforms to MPO and MPS norms for large-cap IPOs, aiming to enhance market capitalization and public shareholding. This article examines how these regulatory changes balance dilution concerns, boost investor protection, and address legal challenges to ensure market integrity and robust participation in India's equity markets.
Pranjal Nayak
Jan 146 min read
Retail Algo Trading under SEBI’s Lens: The Unfinished Business of Black Box Regulation
It is necessary to have a robust system in place for complicated algos like that of black box algos.
Akash Hogade, Rashi Das
Jan 116 min read
Should SEBI Follow Singapore’s Footsteps and Allow REITs to Invest in Overseas Properties?
Taking inspiration from the S-REIT market, SEBI needs to focus on strengthening REIT’s regulatory framework and work on investing in the vast domestic market available through REITs.
Pratyasha Jena
Jan 105 min read
Prudence or Prohibition? Deconstructing SEBI's Pre-IPO Ban
SEBI’s ban resolves the illiquidity issue; nevertheless, it also produces new market deformity which includes regulatory arbitrage towards AIFs, uneven playing field, and scarcity of domestic capital India’s startup ecosystem.
Sansita Swain, Smarak Samal
Dec 31, 20257 min read
SEBI’s Pre-IPO Placement Ban: Protection, Paradox, and the Path Forward
Until refinements are made, mutual funds will remain on the sidelines of the pre-IPO market, limited to anchor allocations and public issues as India’s IPO boom continues unabated—while the question of whether protection has inadvertently become exclusion remains unresolved.
Dev Goyal, Harshal Chhabra
Dec 29, 20257 min read
India’s Opening Bell: Why the Jindal Polyfilms Case Should Redefine Our Class-Action Future
The Jindal Polyfilms case marks a turning point. For years, Section 245 sat dormant, an ambitious provision without infrastructure. Now, India has a live opportunity to reimagine it.
Tanya Verma
Dec 20, 20256 min read
Entity Transparency: The Case for Adopting Double Derivative Suits in India
A double-derivative remedy would further these goals. By embracing double‐derivative actions, India would reduce opportunities for regulatory partitioning of wrongs and bring its shareholder remedy framework into harmony with 21st‐century global corporate governance standards.
Mayank Yadav
Dec 19, 20256 min read
Making Markets Accessible: SEBI’s Disruption of Investor Rights
SEBI’s accessibility mandate is both progressive and disruptive. It extends the idea of investor protection beyond disclosure and governance to the very ability of investors to participate.
Vishvajeet Rastogi
Dec 12, 20254 min read
Schrödinger’s Paradox in India’s Capital Markets: Liberalization or Lock-In?
This blog aims to take a look at the strategic shift in how India is trying to positions itself in the global market and facing competition head on vis-a-vis markets like Singapore.
Snigdha Ghose
Dec 3, 20256 min read
Tokenized Real Estate in India: Navigating Regulatory and Structural Gaps (Part II)
With the development of Digital Ledger Technology, real estate tokenization has gained much traction.
Bhavishya Goswami, Yash Agarwal
Nov 30, 20254 min read
Auditor and Corporate Governance: Analyzing the Deloitte Haskins Judgement
The judgment of the Delhi High Court marks an important order in India’s audit regulatory landscape as it cements the validity of the NFRA under Section 132 of the Act and its powers to hold audit firms and auditors accountable.
Anubhav Kumar Das, Rishi Raghavan
Nov 29, 20256 min read
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