secondment arrangements

Time to Revisit Secondment Structures: Delhi High Court’s FIS Ruling

Cross-border secondment arrangements have once again come under tax scrutiny following a recent Delhi High Court ruling, which held that reimbursement of salary costs of seconded employees (even without any markup) constituted “Fees for Included Services” under the India-USA tax treaty. The decision of this Court differs from earlier significant rulings by treating the foreign entity as the real and economic employer of the secondees and concluding that the secondment arrangement satisfied the “make available” condition under the tax treaty. The ruling has significant implications for multinational groups operating cross-border secondment arrangements, as it may increase their tax exposure and associated costs. This note analyzes the decision, draws contrast from the existing jurisprudence and highlights key considerations for structuring and implementing cross-border secondment arrangements.


Foreign Capital, Technology and Supply Chains

Globally, foreign investment is increasingly being evaluated through the lens of technological capability, national security, supply chain dynamics and strategic autonomy. In the current international environment, India seeks to balance openness to foreign capital with the development of domestic capabilities, reduction of strategic dependencies and managing economic engagements with other countries, including China.

As intangible assets increasingly influence enterprise value and competitive advantage in a volatile global economy, businesses have sought to incorporate technology governance, supply-chain resilience, geopolitical risk assessment and intellectual property protection, into investment, M&A and commercial decision-making.


NBFC upper layer

Public Funds and Mandatory Listing: Navigating RBI’s Regulation of the Upper Layer NBFCs

With effect from July 1, 2026, the Reserve Bank of India has introduced certain amendments to thethe Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025(“Updated Directions”).The Updated Directions,inter alia, bring in a modification to the criteria for determination of Non-Banking Financial Companies (“NBFCs”) in the Upper Layer and replace the erstwhile parametric scoring methodology (based on size, leverage and interconnectedness) with an asset size threshold of INR 1,00,000 crore (Rupees One Lakh crore) (approximately USD 10 billion at an exchange rate of 1 USD to INR 100) and above for identification of an entity as an NBFC in the Upper Layer.
This note discusses the framework for scale-based regulation of NBFCs and the implications of the latest amendments on the NBFCs in the Upper Layer with specific focus on the mandatory listing requirement for such NBFCs.


developments in Indian competition law

Roundup of Recent Developments in Indian Competition Law

The Indian competition law regime has undergone substantial changes over the past few years and is constantly evolving both in terms of regulations as well as the Competition Commission of India’s decisional practice. This note covers key developments in the Indian competition law over the past year.


S&R Associates Welcomes New Partners

We are pleased to announce that Reuben Chacko will be joining S&R Associates as a partner based in the Firm’s Bengaluru office and will be supporting the Firm’s capital markets practice. In addition, Rushab Dhandokia and Aniran Ghoshal will be joining the Firm’s capital markets practice as retained partners in the Mumbai office.


Compounding of Offences under Indian Corporate Law

Compounding of offences is a mechanism under Section 441 of the Companies Act, 2013 that enables parties to resolve regulatory non-compliance by paying a certain amount and reflects a legislative intent to provide an alternative to investigation or adjudication for technical or procedural non-compliances while preserving the deterrent function of penal provisions.
This note examines the legal framework and principles governing compounding, clarifies certain misconceptions surrounding compounding and notes certain areas of improvement.


RERA Roundup: Issue 2

RERA: Issue 2 of 2026

Issue 2 of 2026 of the RERA Roundup covers significant judicial pronouncements, appellate decisions, High Court rulings and regulatory circulars issued between October 2025 and March 2026.

This edition highlights important developments concerning the definition of “allottee” and “promoter,” delayed possession claims, jurisdictional boundaries of RERA authorities, enforcement of RERA orders, conflicts between homebuyer rights and secured creditors, deemed project registration, arbitration vis-à-vis RERA remedies and the evolving treatment of redevelopment and assignment arrangements. The roundup also analyzes key circulars issued by MahaRERA concerning execution of documents and recovery of amounts awarded under RERA orders.


SEBI's GARUDA framework

Opening the Green Channel: SEBI’s GARUDA Mechanism and Faster Launch of AIF Schemes

In June 2026, the Securities and Exchange Board of India introduced the Green-Channel: AIF Rollout Upon Document Acknowledgement (“GARUDA”) framework to expedite the launch of AIF schemes. GARUDA reduces the launch timelines for AIF schemes, while shifting greater responsibility for disclosure compliance to managers. This note provides an overview of the GARUDA framework, its key features and its implications for the regulation of AIFs in India.