In September 2022, the Supreme Court of India in SEBI v. Abhijit Rajan interpreted the insider trading regulation in India to include a ‘profit motive’ as an essential requirement for establishing a charge of insider trading. This note analyzes the Supreme Court judgement and highlights certain issues that arise for consideration following such judgement.
Recent studies find that a steady rise in temperature across India will significantly impact socioeconomic productivity and GDP growth. Importantly, heat-related stress produces corresponding cooling demands. In this regard, the World Bank recently identified opportunities for the India Cooling Action Plan (ICAP) to encourage private investment in key sectors, such as space cooling in buildings, cold chain and refrigeration, passenger transport air-conditioning, as well as refrigerants. Nevertheless, such investments may be constrained by the country’s international obligations, such as those in respect of HCFCs and HFCs. Besides, India’s climate mitigation strategy, including its thrust towards renewable energy and decarbonization, remains inadequate by itself. Emissions from short-lived climate pollutants (SLCPs) need to be addressed as well. Accordingly, strategic investments in innovative ventures, such as seaweed start-ups that focus on reducing agricultural methane, can be explored further. In addition, the waste and agricultural commodities sectors, along with their critical interface with technology, may be significantly scaled up in the next few years.
This note provides an overview of the amendments that were issued on February 14, 2023 by the Securities and Exchange Board of India to the SEBI (Infrastructure Investment Trusts) Regulations, 2014 and the SEBI (Real Estate Investment Trusts) Regulations, 2014. The amendments primarily introduce governance-related requirements for investment managers of InvITs and REITs and apply to all InvITs and REITs, including those proposing to register or list. The amendments also include certain requirements with respect to the appointment of auditors of InvITs and REITs, limited review of the accounts of assets of InvITs and REITs and the treatment of unclaimed distributions. Clarifications in relation to the calculation of leverage thresholds and the definition of change in control under the regulations are also part of the amendments. The governance norms and the clarifications to the definition of change in control are effective from April 1, 2023 and the other provisions are effective immediately.
The Indian government has shown a continued commitment to its national mission on e-mobility and battery storage, including with respect to establishing a comprehensive roadmap for the increased adoption of electric vehicles (“EVs”) in the country. However, unlike the impressive roll-out of Chinese EV charging infrastructure, India’s has lagged. Further, with respect to EV battery production, India remains heavily reliant on Chinese imports to satisfy domestic demand for lithium and lithium-ion, as well as other raw materials. Nevertheless, several new laws and policies, formulated by various ministries and government departments over the past few months, have provided the necessary impetus towards an improved ecosystem – including through initiatives by the Ministry of Heavy Industries & Public Enterprises, the Ministry of Power, the Ministry of Housing & Urban Affairs, the Ministry of Road Transport and Highways, the Bureau of Indian Standards, the Ministry of Environment, Forest and Climate Change, as well as NITI Aayog. This note provides a snapshot of some such key government initiatives.
Over the last few years and months, several policies and laws related to electric vehicles (EV) have been introduced in India, spanning several discrete pivots, such as in respect of: (1) local manufacturing, (2) emissions and waste reduction, and (3) charging infrastructure and batteries. This note aims to highlight some of the key initiatives undertaken by the government in the Indian EV sector, along with existing concerns and future opportunities.