Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 02 DECEMBER 2025

Reimagining Offshore Debt for India Inc: Why converting Euro Medium – Term Note (EMTN) Programmes Into Global Medium – Term Note (GMTN) Platforms Is The Next Strategic Leap

King, Stubb & Kasiva
King, Stubb & Kasiva
Contributor
King, Stubb & Kasiva

King, Stubb & Kasiva

King Stubb & Kasiva is few of the top corporate law firms in India with offices in Bengaluru,...

View firm profile
Explore more from King, Stubb & Kasiva

The offshore debt markets are undergoing a structural realignment. As global liquidity shifts across regions and new investor hubs emerge, Indian corporates are recalibrating how they access foreign capital.

IndiaFinance and Banking
Rajesh Sivaswamy
Rajesh Sivaswamy
Author LinkedIn connections

Introduction

The offshore debt markets are undergoing a structural realignment. As global liquidity shifts across regions and new investor hubs emerge, Indian corporates are recalibrating how they access foreign capital. Historically, the Euro Medium-Term Note (EMTN) programme served as the primary gateway for Indian issuers tapping international bonds robust, respected, and aligned with European institutional norms.

But in today's financing environment, Europe is only one part of a wider capital universe. The most competitive issuers now seek seamless access to the U.S. institutional market, the Middle East's rising debt capital appetite, and Asia-Pacific's expanding investor base. To operate effectively in this multi-market world, Indian companies are increasingly transitioning to the more versatile Global Medium-Term Note (GMTN) programme.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

https://ksandk.com/

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Banking & Finance Updates September 2026

In August 2026, the Reserve Bank of India (RBI) released the draft Reserve Bank of India (Interest Rates on Loans and Advances) Directions, 2026, proposing a comprehensive framework for the way regulated entities determine and apply interest rates on loans. While the Indian banking sector has long operated under a patchwork of institution specific instructions, the draft Directions seek to bring much-needed consistency to interest rate regulation across banks, cooperative banks, regional rural banks (RRBs), all-India financial institutions and NBFCs. If finalised in their present form, the Directions will come into effect from 1 April 2027.
IndiaFinance and Banking
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

A Guide To Insider Trading Laws In India!

In the world of finance, the term insider trading often evokes images of shady deals and hidden agendas. But what exactly is insider trading? Why is it illegal, and how do laws in India seek to prevent it? Let's dive into this intriguing subject, simplifying the complexities surrounding insider trading laws in India, while exploring the impact of these laws on the financial markets and their role in maintaining fairness.
IndiaFinance and Banking
MZM Legal, Advocates & Legal Consultants
MZM Legal, Advocates & Legal Consultants
Article

Supreme Court Clarifies Applicability Of SARFAESI Remedies For A Secured Creditor Who Acquires An NPA From A Non-notified NBFC

In Kotak Mahindra Bank Limited v Trupti Sanjay Mehta and Others, 2026 INSC 943 (Kotak Mahindra), the Hon’ble Supreme Court of India considered whether a bank as defined under Section 2(1)(c) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) could invoke the provisions of the SARFAESI Act to recover a secured debt acquired from an entity which was not covered under the ambit of the SARFAESI Act at the time of disbursement of the loan.
IndiaFinance and Banking
Khaitan & Co.
Khaitan & Co.
Article

Maharashtra Introduces A Dedicated Stamp Duty Regime For Bank And Financial Guarantees

The Maharashtra Stamp (Fourth Amendment) Act, 2026 introduces a new dedicated stamp duty framework for financial and bank guarantees in Schedule I of the Maharashtra Stamp Act, 1958. This amendment establishes differentiated duty rates based on guarantee value and type, addressing long-standing ambiguities in how such instruments were previously taxed under generic security bond provisions. The reform has significant implications for banks, NBFCs, and entities dealing with government contracts, though quest
IndiaFinance and Banking
Acuity Law
Acuity Law
Article

Received A DRT / Sarfaesi Notice? A Borrower’s And Guarantor’s Guide To Response Timelines And Defences

The Debts Recovery Tribunal, also known as DRT, follows certain rules which relate to the time limits mentioned in the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act or the Act). These limits are not merely procedural requirements and instead are factors which influence the right of the borrower or guarantor depending on the stage of recovery proceedings in question.
IndiaFinance and Banking
Maheshwari & Co. Advocates & Legal Consultants
Maheshwari & Co. Advocates & Legal Consultants
Article

Can A Legal Heir Claim An FD Without Being Named As A Nominee? Here's A Guide

When a fixed deposit (FD) holder dies without naming a nominee, families often assume the money is stuck or lost in legal complexity. Indian banking rules allow legal heirs to claim such deposits, provided they submit the right documents and follow the due process. Understanding this distinction is crucial, especially as a large number of deposits remain unclaimed each year due to a lack of awareness.
IndiaFinance and Banking
Foresight Law Offices
Foresight Law Offices
Article

DPDP Data Breach Notification In India: Timelines, Requirements And Key Compliance Considerations

A personal data breach can create immediate legal, operational, and reputational consequences for an organisation. Under India’s Digital Personal Data Protection Act, 2023 (DPDP Act) and the Digital Personal Data Protection Rules, 2025 (DPDP Rules), specific obligations have been prescribed for Data Fiduciaries following a personal data breach. While organisations may already have broader data protection and cybersecurity measures in place, breach notification requires a distinct and time-sensitive response. The DPDP framework requires communication both to affected Data Principals and to the Data Protection Board of India.
IndiaPrivacy
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

Cross-Border Data Transfers Under India’s DPDP Act: Rules, Restrictions And Compliance Roadmap For 2027

India’s Digital Personal Data Protection Act, 2023 (DPDP Act) introduces a relatively permissive framework for the cross-border transfer of personal data from India. Unlike the European Union’s GDPR, which relies extensively on adequacy decisions and prescribed transfer safeguards, the DPDP framework adopts a negative-list approach: international transfers are generally permitted, subject to restrictions that may be notified by the Central Government.
IndiaPrivacy
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

Data Retention And Deletion Under The DPDP Act: How Long Can Businesses Retain Personal Data In India?

India’s data protection framework has moved from legislation to implementation. With the Digital Personal Data Protection Act, 2023 (“DPDP Act”) and the Digital Personal Data Protection Rules, 2025 (“DPDP Rules”) now notified, organizations processing personal data in India need to reassess how long they retain personal data, why they retain it, and how they ultimately delete or anonymize it.
IndiaPrivacy
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

CCPS In India: Why Compulsorily Convertible Preference Shares Remain Central To Venture Capital And M&A Transactions

Compulsorily Convertible Preference Shares (CCPS) remain one of the most widely used instruments for venture capital and private equity investments in Indian companies. Their appeal lies in the ability to combine equity classification with negotiated economic and governance protections. But CCPS are not governed by a single, standalone statutory framework. Their legal treatment is instead shaped by the Companies Act, FEMA and foreign investment rules, tax law, and, where applicable, SEBI regulations.
IndiaCorporate/Commercial Law
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

What Happens To Existing SPDI Rules After Full DPDP Enforcement?

India’s data protection landscape is undergoing its most significant shift in over a decade. The Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 (“SPDI Rules”), have long formed the core of personal data protection obligations under the Information Technology Act, 2000 (“IT Act“) for body corporates handling sensitive personal data or information.
IndiaPrivacy
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

DPDP Act And Rules 2025: The 2026 Compliance Milestones Businesses Can’t Afford To Miss

India’s data protection regime has moved well past the discussion stage. With the Digital Personal Data Protection Rules, 2025 (“DPDP Rules”) notified by the Ministry of Electronics and Information Technology (“MeitY”) on 13 November 2025, the Digital Personal Data Protection Act, 2023 (“DPDP Act”) now has a defined implementation roadmap, and 2026 is the year businesses should be using to prepare for substantive compliance.
IndiaPrivacy
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

Banking & Finance Updates September 2026

In August 2026, the Reserve Bank of India (RBI) released the draft Reserve Bank of India (Interest Rates on Loans and Advances) Directions, 2026, proposing a comprehensive framework for the way regulated entities determine and apply interest rates on loans. While the Indian banking sector has long operated under a patchwork of institution specific instructions, the draft Directions seek to bring much-needed consistency to interest rate regulation across banks, cooperative banks, regional rural banks (RRBs), all-India financial institutions and NBFCs. If finalised in their present form, the Directions will come into effect from 1 April 2027.
IndiaFinance and Banking
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

DPDP Act Compliance For Startups And MSMEs: A Minimum Viable Data Protection Framework

The Digital Personal Data Protection Rules, 2025 (“DPDP Rules”) were notified on 13 November 2025, more than two years after the Digital Personal Data Protection Act, 2023 (“DPDP Act” or “Act”) received Presidential assent. The Government has adopted a phased implementation approach, with most of the substantive obligations under the Act and Rules becoming operative 18 months from the date of notification, i.e., on 13 May 2027.
IndiaPrivacy
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

How Does The DPDP Act Regulate AI Training And Automated Decision-Making In India

The rapid adoption of artificial intelligence (“AI”) has brought data protection considerations into the design, training and deployment of AI systems. AI models may be trained using datasets containing names, images, text, identifiers, behavioural information or other data that can relate to identifiable individuals. AI systems may also process personal data when they are deployed for purposes such as recruitment, credit assessment, insurance, healthcare, customer profiling or content moderation.
IndiaPrivacy
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

The Promotion And Regulation Of Online Gaming Act, 2025 And The Promotion And Regulation Of Online Gaming Rules, 2026

The Act, the Rules and the OGAI are therefore simultaneously operational. The prohibition provisions under Chapter III of the Act, the criminal penalties under Chapter V of the Act and the institutional framework under the Rules are all in effect. There is effectively no formal compliance window for core prohibitions and penalties; stakeholders should treat the regime as immediately operational and adjust business models without delay.
IndiaMedia, Telecoms, IT, Entertainment
King, Stubb & Kasiva
King, Stubb & Kasiva