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ARTICLE · 27 AUGUST 2020

RBI Amends CIC Master Directions – Overhauls Regulations For Complex CIc Structures

Khaitan & Co.
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On 13 August 2020, the Reserve Bank of India (RBI) issued the "Review of Guidelines for Core Investment Companies" (Review Guidelines).

IndiaCorporate/Commercial Law
Rajiv Khaitan
Rajiv Khaitan
Smita Jha
Smita Jha
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Background

On 13 August 2020, the Reserve Bank of India (RBI) issued the "Review of Guidelines for Core Investment Companies" (Review Guidelines) incorporating majority of the recommendations from the report of the Working Group to Review the Regulatory and Supervisory Framework for Core Investment Companies (CICs) published on 6 November 2019 (Report).

The working group was set up to identify and suggest measures for limiting the risks posed by CICs. The trigger for constitution of the working group and review of the existing regulatory framework was the insolvency of Infrastructure Leasing and Financial Services Limited (IL&FS, a CIC with a complex group structure involving several layers of subsidiaries). The aftermath of IL&FS' insolvency saw a systemic liquidity crisis and loss of investor confidence in the shadow banking sector in India. While the reasons for IL&FS' insolvency are many, the regulatory front also invited some introspection. The

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