DOWNSTREAM INVESTMENTS BY FOREIGN-OWNED AND CONTROLLED COMPANIES
INTRODUCTION The regulation of foreign investment in India is governed by the Foreign Exchange Management Act, 1999 ( the “FEMA”), the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“NDI Rules”), the Consolidated FDI Policy issued by the Department for Promotion of Industry and Internal Trade (“DPIIT”), and the Reserve Bank of India’s (“RBI”) Master Direction …
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No-Tax-Risk Data Centres: How India’s 20-year cloud tax holiday works
Introduction India’s Union Budget for the financial year 2026-27, presented on February 1st, 2026 (“Budget”) marked a significant policy milestone for development of data centres in India, implemented to strengthen digital infrastructure and attract foreign investment in cloud and Artificial Intelligence (“AI”) competencies. The headline announcement was that a long-term tax regime shall be introduced …
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RBI Amendments 2026: A New Category for NBFC Registration and Exemptions
The Reserve Bank of India (“RBI”) has further amended the Directions through the RBI (Non-Banking Financial Companies- Registration, Exemptions, and Framework for Scale Based Regulation) Amendment Directions, 2026 (“Amendment Directions”), effective April 1, 2026.
Non-Compete Clauses Under the Scanner: Legal, Corporate, and Regulatory Dimensions
Introduction The recent strategic investment by Japan’s Mitsubishi UFJ Financial Group (MUFG) in Shriram Finance has ignited a debate on the legality and appropriateness of non-compete fees paid to promoters in India. While such clauses are standard in mergers and acquisitions (M&A), the unique structure of this deal-where promoters retain management control, raises critical questions …
From title deeds to digital tokens? Parliament’s tryst with tokenization bill
Introduction: A recent parliamentary session witnessed the mention of “Tokenization Bill” by Mr. Raghav Chadha, a member of Rajya Sabha. The suggestion is particularly interesting because while tokenization of real estate assets is not a very new concept in countries like the United States of America which witnessed a rise in real estate tokenization in …
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India’s Online Money Gaming Ban: How Social Gaming gains traction, but doesn’t escape regulation
The Promotion and Regulation of Online Gaming Bill, 2025 swiftly received approval from both houses of the Indian Parliament, following its introduction (on August 20, 2025) by the Indian IT Ministry. The Bill marks a significant departure from the prevailing legal framework governing online gaming in India (comprising legislation at both the national and state …
Unpacking ESOPs: What Every Company Needs to Know
Employee Stock Option Plans, or commonly referred to as ESOPs, were once assumed to be a simple corporate incentive. However, lately ESOPs have featured prominently across media: from the Enforcement Directorate issuing summons to Senior Advocates for providing legal advice over ESOP structuring, former Managing Director of BharatPe levying allegations regarding the unlawful grant of …
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SETTING UP A GCC IN INDIA: A LEGAL AND STRATEGIC GUIDE FOR MULTINATIONAL CORPORATIONS
Global Capability Centres (“GCCs”) have stolen the spotlight and emerged at the centre stage as multinational corporations across the globe strive to restructure their operating models to achieve innovation and efficiency. GCCs are offshore productivity engines set up by multinational corporations across geographies, i.e., business units set up in different countries, particularly in emerging markets, …
Data Protection Laws in India: Tackling Compliance Challenges under the DPDPA, 2023 & draft DPDPR, 2025
INTRODUCTION The enactment of the Digital Personal Data Protection Act (DPDPA), 2023, and the publication of the draft Digital Personal Data Protection Rules, 2025 (DPDP Rules), marks a significant development in India’s data privacy framework.
The Role of a General Counsel Retainer in day-to-day HR & Employment Legal Advisory & Support
Introduction Human resources (HR) management and resolution of employee-related issues are central to the successful functioning of any organization in India’s often chaotic labour market.