S&R Associates is an Indian law firm with offices in New Delhi and Mumbai providing legal services to Indian and international clients.
Our lawyers are admitted to practice in India and many have previously practiced law in other jurisdictions, including in the United States, the United Kingdom and Singapore. As a result, we offer our clients a unique combination of Indian law expertise coupled with international quality legal services.
We distinguish ourselves based on the quality of our services and legal advice and on the range of our experience. Our lawyers have advised on some of the most significant Indian transactions and matters in recent times. The quality of our legal advice and services has helped us become the law firm of choice for our clients and has also been recognised by various industry publications, surveys and rankings. Lawyers in each of our practice areas have routinely been recognised as leading lawyers in India by Chambers Global, Chambers Asia Pacific, IFLR1000, Legal500 and RSG India Report.
Recent Publications
Regulatory Updates: IFSCA (Fund Management) Regulations, 2025
The International Financial Services Centres Authority (“IFSCA”) has introduced the IFSCA (Fund Management) Regulations, 2025 (“FM Regulations 2025”) to further streamline fund management activities in GIFT-IFSC. The FM Regulations 2025 introduce investor-friendly measures, reduced entry barriers, and increased operational flexibility, while also strengthening investor protection. These regulations aim to foster a business-friendly environment, align with global standards, and reinforce GIFT-IFSC’s position as a global financial hub.
Updated Master Direction on Foreign Investment in India: Clarifications to the Regulatory Framework
The Reserve Bank of India recently issued an updated Master Direction on Foreign Investment in India (“Master Direction”) on January 20, 2025 to clarify various aspects in the regulatory framework for inbound investments. The Master Direction provides significant regulatory clarifications on foreign investments in India, particularly in relation to downstream investments, cross-border share swaps, share issuances to non-resident shareholders pursuant to a scheme of merger or amalgamation, and the issue of equity-based employee benefits to directors and employees resident outside India. This note highlights the key clarifications and changes to the regulatory framework brought about by the Master Direction that are intended to provide greater certainty and enhance the ease of doing business for overseas investors in India.
Evaluating the Regulatory Framework Governing Executive Compensation in Listed Companies
Executive compensation in listed Indian companies is determined through a three-stage process involving the Nomination and Remuneration Committee (“NRC”), the Board of Directors, and shareholders. The NRC identifies candidates, formulates a remuneration policy, and submits recommendations to the Board. The Board then reviews and approves these recommendations before presenting them to shareholders for a final vote. While shareholders theoretically have the ultimate authority, ambiguities in India’s regulatory framework may weaken its effectiveness. This note examines key issues in executive compensation governance, analyzing relevant regulations and proposing solutions to enhance the framework.