2026 - S&R Associates

Indian Budget 2026-27: Tax Incentives for Data Centres

Insights | April 7, 2026 | Practice Area: General Corporate, Mergers and Acquisitions, Tax

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

Insights | March 17, 2026 | Practice Area: General Corporate, Mergers and Acquisitions, Regulatory

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

Insights | March 16, 2026 | Practice Area: Capital Markets, Investment Funds, Regulatory

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.

Strategic Land Conversion: Navigating the Shift from Agricultural to Non-Agricultural Use

Insights | March 10, 2026 | Practice Area: Projects; Infrastructure and Energy, Real Estate

The process of land acquisition and laws governing use of land has posed significant challenges for prospective buyers in Maharashtra. The Government of Maharashtra has recently notified the Maharashtra Land Revenue Code (Second Amendment) Act, 2025 bringing in significant reforms to the framework governing land-use and conversion simplifying the process of land transactions. This note aims to provide an overview of the new legal framework and practical considerations involved in obtaining non-agricultural status for land parcels in Maharashtra.

Essential Checks Before Buying a New Flat in a Redevelopment Project

Insights | March 4, 2026 | Practice Area: Banking and Finance, Litigation and Arbitration, Real Estate

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

Insights | February 22, 2026 | Practice Area: Banking and Finance, General Corporate, Investment Funds, Mergers and Acquisitions, Private Equity, Regulatory

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

Insights | February 20, 2026 | Practice Area: Banking and Finance, General Corporate, Investment Funds, Mergers and Acquisitions, Private Equity, Regulatory

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.

A Review of Key Developments in India’s Merger Control Regime: 2024 – 2025

Insights | February 16, 2026 | Practice Area: Competition/Antitrust

India’s merger control regime has witnessed major developments since late 2024, impacting the process for assessment and notification of combinations under the Competition Act, 2002. This note provides a comprehensive overview of the key updates in India’s merger control laws between 2024 and 2025, and their potential impact on future transactions.

Maintainability of Post-award Section 9 Applications

Insights | February 12, 2026 | Practice Area: Litigation and Arbitration

On January 21, 2026, a full bench of the Madras High Court passed an order in a case titledBM Insulationanswering questions of law raised by a single judge on the maintainability of applications filed post-award under Section 9 of the Arbitration and Conciliation Act, 1996, as amended. The reference was made in light of two inconsistent division bench judgements of the Madras High Court inGopuram EnterprisesandK. Puniyamoorthy.The full bench has held that a post-award Section 9 application is maintainable until the proceedings for execution of the arbitral award are concluded.
This note highlights the inconsistencies that existed prior to the full bench decision and the current position of law.

Data Centers as a Critical Asset Class: Assessing Power, Cooling, Land-Use, Interconnectivity, and Financing Models

Insights | February 10, 2026 | Practice Area: Banking and Finance, Clean Energy, Corporate Governance and ESG, Data, Projects; Infrastructure and Energy, Real Estate, Regulatory, Technology; Media and Telecommunications

Data centers constitute a critical, distinct infrastructure asset class offering stable, long-term returns comparable to regulated utilities. Realizing scalable value requires legal structuring across five interdependent dimensions: reliable, high-capacity power; efficient cooling technologies; complex land-use entitlements; interconnectivity density; and specialized financing frameworks linked to performance and ESG compliance.