In February 2024, the International Bar Association (IBA) released the most recent version of the IBA Guidelines on Conflicts of Interest in International Arbitration (2024 IBA Guidelines). The purpose of the recent revision (2024 Revision) was to modernize and clarify the Guidelines. The changes to the 2024 IBA Guidelines include updates to both the general…
The Securities and Exchange Board of India (SEBI), by way of the SEBI (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2023 (NCS Amendment), brought into effect certain changes to the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2023 (NCS Regulations). The NCS Regulations set out the regime applicable to various securities, including…
In a significant move aimed at providing relief to homebuyers, the Insolvency and Bankruptcy Board of India (IBBI), by way of its notification dated February 12, 2024, has amended its rules to exclude assets in real estate projects possession of which have been handed over to homebuyers, from liquidation process of the company. Section…
The Securities and Exchange Board of India (SEBI) issued a circular, dated February 8, 2024 (the Circular), introducing revisions to the pricing methodology for institutional placements of privately placed Infrastructure Investment Trusts (InvITs). Regulation 14(4) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations), provides that any subsequent issue of units by an…
■ Amendment to Prevention of Money Laundering (Maintenance of Records) Rules: The Government of India, through gazette notifications dated March 07, 2023, and September 04, 2023, amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules). Pursuant to amendments in Rule 9(3) of the PML Rules, the threshold for determination of…
The Securities and Exchange Board of India (SEBI) enacted an amendment to the SEBI (Alternative Investment Funds) Regulations, 2012 on January 5, 2024 (Amendment Regulations). Pursuant to the Amendment Regulations, SEBI notified guidelines for Alternative Investment Funds (AIFs) with respect to holding their investments in dematerialized form and appointment of custodians vide circular dated…
In a development aimed at regulating Fractional Ownership Platforms (FOPs) and ensuring investor protection in the real estate sector, the Securities and Exchange Board of India (SEBI) issued the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2024, on March 08, 2024 (the Regulations). FOPs facilitate fractional investment or ownership…
The Securities and Exchange Board of India (SEBI) held a board meeting on March 15, 2024 (Board Meeting), pursuant to which several key amendments to various securities laws have been approved. Specifically, SEBI approved the proposals contained in the consultation paper dated December 28, 2023 with respect to the proposed mandatory verification of market…
The Ministry of Corporate Affairs (MCA) through its notification dated January 24, 2024, notified the Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024 (LEAP Rules, 2024). Simultaneously, the Department of Economic Affairs, Ministry of Finance has also amended the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (NDI Rules, 2019) and notified the ‘Direct…
Vaibhav Kakkar, Senior Partner at Saraf and Partners was invited to participate in a panel discussion on “Medicines Sold Based On Misleading Claims By Ramdev, Patanjali” on Legally Speaking with Tarun Nangia aired on NewsX.