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.

The broad direction of SEBI's reforms is unmistakable: a courageous move away from regulation-as-restraint towards regulation-as-catalyst. India's capital markets are being re-wired to facilitate innovation—not merely technologically, but structurally.

RBI’s reclassification framework is a policy statement that India is evolving toward a more balanced approach to foreign investment.

SEBI’s proposal to further tighten the noose around P-notes represents a swift change in the regulatory landscape for P-notes and ODIs. 

The transition to a T+0 marks India’s first step in achieving a ‘UPI moment’ in the settlement cycle.

The Adani case has emerged as a pivotal precedent, illuminating the compelling necessity for augmented disclosure requisites.

Industry's positive response to SEBI's proposed amendments highlights recognition of the need for enhanced transparency in financial market.

This article delves into the laws regulating ODIs in India.

Author discusses Press Note 3 of 2020 and the way forward.