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
Essential Checks Before Buying a New Flat in a Redevelopment Project
Given the significant rise in redevelopment activity across Mumbai, this note examines the critical legal, regulatory, and commercial checks that buyers, investors, and financial institutions must undertake before committing to a unit in a redevelopment project. It highlights key considerations under applicable laws such as the Real Estate (Regulation and Development) Act, 2016 and the Maharashtra Ownership Flats Act, 1963, along with practical due diligence measures relating to title, statutory approvals, society consent, and development agreements.
Liberalizing India’s External Commercial Borrowings Framework: Key Changes Under the 2026 Amendments
The Reserve Bank of India (“RBI”) has made significant changes to the external commercial borrowings (“ECB”) regulations through the issuance of the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 (“Amended Regulations”) on February 16, 2026, which amend the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (“PrincipalRegulation”).
The Amended Regulations have made substantial changes to the eligible borrowers, recognized lenders, applicable end uses, minimum average maturity requirements and pricing norms as well as to other key issues. Collectively, these changes liberalize the entire ECB framework, making it more business– friendly for Indian entities and providing an opportunity to a wider pool of overseas creditors to approach Indian borrowers in a regulated manner. This note analyzes the key changes under the Amended Regulations.
Acquisition Finance by Banks in India
The Reserve Bank of India has introduced amendment directions to the Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025 and the Reserve Bank of India (Commercial Banks – Concentration Risk Management) Directions, 2025 (“Amendment Directions”), to permit banks to extend credit facilities for equity acquisitions in India. This note examines the regulatory framework under the Amendment Directions and explores the key parameters governing acquisition financing by Indian banks.