SEBI Modifies Underwriting Framework for Public Issues
On February 22, 2023, the Securities and Exchange Board of India (“SEBI”) released a consultation paper on, among other things, amendments to the underwriting framework applicable to public offerings under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”). On March 29, 2023, changes were approved …
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Cross-Border Merger Framework in India: Limited Efficacy?
The Ministry of Corporate Affairs (“MCA”) notified Section 234 of the Companies Act, 2013, as amended (the “Companies Act”), and Rule 25A of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, as amended (the “Companies Merger Rules”), on April 13, 2017, to permit merger and amalgamation of a foreign company with and into an Indian …
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Green Buildings and Energy Efficiency: The India Story
With 10 million new homes required to be built every year to keep pace with Indian housing demand, significant opportunities exist with regard to establishing new techniques in climate-responsive construction. Within this market, green buildings[1] have immense investment potential for both residential and commercial use.
InvIT and REIT Regulations: Recent Amendments
The Securities and Exchange Board of India (“SEBI”) issued amendments on February 14, 2023, to the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”) and the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”). These are primarily governance-related requirements and apply to all infrastructure …
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E-Vroom! An Overview of the Electric Vehicle (EV) Sector in India
The road transportation sector accounts for a significant proportion of global emissions, making electric vehicles (“EVs”) a key focus area, including in India’s union budget announced a few days ago (the “Budget”). Meanwhile, the Indian government remains committed to its national mission on transformative mobility and battery storage (the “E-Mobility Mission”).[1] Over the last few …
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Building Bonds: The Mechanics of India’s Debut Sovereign Green Issuance
Introduction Last year, in India’s Union Budget for the present fiscal, the country’s finance minister had announced[1] that the Reserve Bank of India (“RBI”) would issue ‘sovereign green bonds’ (“SGrBs”) for the purpose of mobilizing resources for green infrastructure, and the proceeds from such bond issuance would be deployed in public sector projects to reduce …
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Liberalized Rules for Overseas Investment by Indian Entities: Laying the “Round Tripping” Ghost to Rest (or not just yet)
On August 22, 2022, the Ministry of Finance and Reserve Bank of India (the “RBI”) introduced a new overseas investment regime comprising of Foreign Exchange Management (Overseas Investment) Rules, 2022 (the “OI Rules”), Foreign Exchange Management (Overseas Investment) Regulations, 2022 (the “OI Regulations”) and Foreign Exchange Management (Overseas Investment) Directions, 2022 (the “OI Directions”) (collectively, …
Great Expectations: India’s Tryst with Climate Change
While presenting the Union Budget this year, the Indian Finance Minister had announced the government’s intention to issue ‘green bonds’ [1] with a sovereign rating, the proceeds of which would be used to finance a variety of public-sector green infrastructure projects. According to recent media reports, [2] it appears that the government is about to …
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The Elephant in the Room: India’s Place in the International Investment Regime
A recent Delhi High Court judgement, issued on August 29, 2022 (the “August verdict”),[1] set aside an arbitral award rendered in 2015 by the International Chamber of Commerce (“ICC”)[2] in respect of the protracted Antrix-Devas dispute. While the August verdict is being hailed as a significant win for the Indian government, it also presents an …
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New Overseas Investments Regime in India
On August 22, 2022, the Government of India issued the much-awaited revised rules, regulations and directions applicable to overseas investments by Indian entities and individuals. These include: (i) the Foreign Exchange Management (Overseas Investment) Rules, 2022 (the “Overseas Investments Rules”) issued by the Ministry of Finance, Government of India; (ii) the Foreign Exchange Management (Overseas …