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
Indian Budget 2026-27: Tax Incentives for Data Centres
India’s Union Budget 2026-27 has introduced targeted tax incentives for the data centre industry, including a tax holiday until 2047 and a safe harbor regime with a 15% margin for domestic data centre service providers. These reforms are expected to significantly influence how foreign companies procure data centre services in India and how domestic data centre service providers structure their ownership and contractual arrangements. This note explores the impact of these tax reforms on existing data centre business models, contracting structures, and investment considerations for both domestic and foreign stakeholders.
M&A Transactions and Market Rumors
The M&A market in India is characterized by frequent media leaks with such leaks carrying significant real-world consequences for the parties involved, ranging from disrupted negotiations to accelerated timelines and increased deal premiums.
Against this backdrop, this note examines a recent decision delivered by the Supreme Court of India in December 2025 upholding a penalty imposed by the Securities and Exchange Board of India on Reliance Industries Limited for failing to make timely disclosures following media reports of a possible investment by Facebook Inc. The authors assess the judicial interpretation of disclosure obligations under India’s insider trading framework. The authors further highlight the interplay between two key regulatory regimes governing market disclosures – the PIT Regulations and the LODR.
Accredited Investors and AIFs
SEBI introduced a formal framework for accredited investors through amendments to the AIF Regulations on August 3, 2021, the operational contours of which continue to evolve through subsequent regulatory guidance and market practice. This note aims to provide a comprehensive overview of the eligibility criteria, procedure for accreditation, and regulatory relaxations available to accredited investors.