The ‘nil’ payment paradox, starkly illustrated in the case of Vadraj Cement Limited, is more than just a procedural flaw; it is a fundamental breach of the very promise made by IBC upon its enactment, which is the revival of businesses and equitable treatment of all the stakeholders. 

The circular marks an important shift in regulating off-market transfers of unlisted shares, aligning procedural norms with the mandates of the Companies Act 2013.

This blog seeks to provide an analytical and critical narrative of the policy shift by examining the constitutional, economic, and legal implications of the new fixed-price route.

The article explores the challenges and shortcomings of SEBI’s proposed AI/ML liability framework, particularly its reliance on senior management accountability, while suggesting alternative governance models informed by global best practices, and aims to contribute to the ongoing discourse on corporate and commercial law and aims to contribute to the ongoing discourse on corporate and commercial law.

SEBI, in February 2025, released the regulation for the process of regulation-making to increase transparency and, inter alia, mandated stakeholder consultation and a statement of the regulatory intent and objectives of the proposed regulations. However, as noted, merely articulating the objective without committed engagement with the underlying rationale and the chosen intervention can result in the objective being realized in foreseeably unintended ways.

SEBI’s circular is a good step towards regulating ERPs. However, there is still not enough clarity on what exactly the ratings are trying to achieve.

The NCLAT’s ruling, though doctrinally clear, exposes a structural vulnerability: the potential for disguised preferences routed through third parties. India’s insolvency regime must evolve beyond formalism.

The court in the present case, instead of mindlessly relying upon general prohibition, has adopted a grounded and commercially balanced approach.

IBC gets very few opportunities to realize its true objectives, that of revival of financially distressed entities and their continuity as a going concern. In order to prevent the IBC from turning into a debt-recovery tool, it is essential to re-evaluate the Bill in light of the principles upon which the IBC is premised.

The State must deliberate with the online gaming industry on a licensing regime with stricter compliance measures and penalties, rather than cutting off one of the growing industries in India completely.

The retrospective amendment made by the Union is a massive blow to the Safari Retreats judgement, as it has essentially nullified it.

The Bill's establishment of group insolvency and cross-border insolvency frameworks is significant as it illustrates India's evolution as a sophisticated player in the global insolvency sector.

India lacks a formal mechanism to address cross-border insolvency and restructuring. In practice, resolution of such matter’s hinges on ad hoc court-to-court cooperation or the recognition of foreign judgments under the Civil Procedure Code 1908.

The author explores the issue of free rider problem, placing the onus on payment aggregators. It concludes by comparing the Indian model with global policies, highlighting how other jurisdictions have introduced differentiated fees for public digital goods, which usually charges large business alongside keeping small retailers free.

This post explores these unresolved issues through three lenses, first, by analyzing the aftermath of Gayatri Balaswamy across various High Courts; second, by examining how jurisdictions such as the UK and Singapore have addressed the when and how of exercising the power of modification; and finally, by proposing a set of solutions aimed at providing clarity to Indian arbitration jurisprudence.

The draft Arbitration and Conciliation Amendment Bill 2024 represents a decisive step towards strengthening India’s arbitration framework in line with the best global practices. By addressing procedural inefficiencies and clarifying the role of institutions, the Bill seeks to position India as a credible hub for dispute resolution. 

Owing to the abysmal usage of the IPEF and issues surrounding it, a strong compensation mechanism is required to be set up, either giving express power to SEBI to direct compensation or creating a fund specifically for compensating affected investors due to the violation of any securities law.

Disortho exemplifies the dangers of uncritical adoption of foreign jurisprudence in a distinct legal context. By prioritising the lex contractus over the law of the seat, the decision compromises the procedural autonomy of agreements and departs from established Indian and international norms on lex arbitri determination.

The need of the hour is a legislative and administrative framework that balances conflicting objectives. India's dual objectives of preventing financial misconduct and creating an insolvency regime that is investment-friendly can only be fully supported by such an integrated approach.

For transnational parties, the primary assurance lies in a common framework wherein judicial intervention is reserved for cases concerning exceptional circumstances. The future of India’s engagement with international arbitration will largely depend on whether this equilibrium is restored and maintained.

While the regulation has the potential to facilitate faster and more value-maximizing outcomes, the lack of statutory guidance and procedural safeguards could inadvertently undermine the IBC’s foundational objectives.

HFT's contribution to improving market efficiency and liquidity in India is evident. By consistently placing sizable volumes of buy and sell orders, narrowing bid-ask spreads, and guaranteeing more seamless trade execution, high-frequency trading increases liquidity and enhances market efficiency.

Legal teams and corporate secretaries should therefore start reviewing RPT policies now, for instance, updating internal RPT registers, arm’s-length procedures, and disclosure checklists to reflect the new regime.

SEBI’s 2025 proposals represent a significant evolution, combining empirical data, comparative insight, and statutory modernization. If adopted, these changes would foster a deeper, more diversified pool of anchor investors, strengthen the role of long-term institutions, and produce a more realistic structure for public allocation in large IPOs.