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…
In the preceding quarter, the following key amendments to the provisions of rules governing limited liability partnerships (LLPs) were passed by the Ministry of Corporate Affairs (MCA): Title Date of Notification Particulars Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023 (“LLP SBO Rules”) November 9, 2023 These LLP SBO Rules are issued pursuant to…
One of the consultation papers recently released by the Securities and Exchange Board of India (SEBI) has sparked notable changes in the regulatory framework overseeing Special Situation Funds (SSFs) as set out under the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations). Falling under the umbrella of Alternative Investment Funds (AIFs), SSFs, as the name…
The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under the provisions of the Insolvency Bankruptcy Code, 2016 (IBC), has issued various discussion papers and has sought comments, inter alia, on the following issues: Amendments to IBBI (Insolvency Resolution Process for Corporate Process) Regulations 2016 | Discussion Paper dated…
In December, the criminal law landscape in India was entirely changed by the introduction of the following three new legislations: the Bharatiya Nyaya Sanhita, which would replace the Indian Penal Code, 1860 (IPC); the Bharatiya Nagarik Suraksha Sanhita, which would replace the Code of Criminal Procedure, 1898 (CrPC); and the Bharatiya Sakshya, which would replace…
The Department for Promotion of Industry & Internal Trade, Government of India (DPIIT) in April 2020, issued the Press Note 3 (PN3) to amend the FDI Policy of India with an intent to curb opportunistic takeovers / acquisitions of Indian companies. The PN3 provided that an entity of a country sharing land border with…
An appeal was filed under section 62(1) of the Insolvency and Bankruptcy Code, 2016 (IBC)IBC, challenging the decision of the National Company Law Appellate Tribunal’s (NCLAT) which held that Compulsorily Convertible Debentures (CCDs) issued under “put option” are to be treated as equity for the purposes of the treatment under the IBC. Although the hon’ble…
The Hon’ble Supreme Court of India (Supreme Court) in a recent judgment in the matter of Hari Babu Thota v. Shree Aashraya Infra-Con Ltd. settled that the benefit regarding the non-applicability of the disqualifications provided under section 29A of the Insolvency and Bankruptcy Code, 2016 (IBC) shall be available, even if, the Corporate Debtor had…