February 2026 - S&R Associates

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.

Foreign Exchange Management (Guarantees) Regulations, 2026: Towards a Principle-based Approach for Cross Border Guarantees

Uncategorized | February 9, 2026 | Practice Area: Banking and Finance

Guarantees are one of the cornerstones of any financing transaction. With India’s credit markets increasingly oriented towards cross border transactions, an overhaul of the two-decade old Foreign Exchange Management (Guarantees) Regulations, 2000 (“2000 Regulations”) was long overdue. In an effort to rationalize and streamline the regulatory framework for cross border guarantees, the Reserve Bank of India (“RBI”), on January 06, 2026, notified the Foreign Exchange Management (Guarantees) Regulations, 2026 (“2026 Regulations”), which replace the 2000 Regulations. Additionally, the RBI has made consequential amendments to the guarantee-related provisions in various other master directions to remove inconsistencies and overlaps in the regulatory framework.
In contrast to the transaction-based approach for permissible cross border guarantees under the 2000 Regulations, the 2026 Regulations adopt a principle-based approach that permit cross border guarantees if certain stipulated conditions are satisfied. As a consequence, the 2026 Regulations expand the scope of permissible cross border guarantees under the automatic route, albeit with tightened reporting requirements.
This note highlights and decodes the key features of the 2026 Regulations.

Environmental Law: Issue 1 of 2026

Periodic Roundups | February 6, 2026 | Practice Area: Clean Energy, Corporate Governance and ESG, Regulatory

Issue 1 of 2026 of our Newsletter on Environmental Law covers key judicial and regulatory developments between the months of July and September 2025. In respect of judicial updates, Issue 1 includes judgements and orders of the Supreme Court, High Courts, and the National Green Tribunal related tointer-aliamandatory requirement of replenishment studies in district survey reports for sand mining projects, minimum green belt requirement for expansion of a coal washery, and periodic environmental audits of common and integrated effluent treatment plants, respectively.
In addition, Issue 1 tracks regulatory updates related tointer-aliacompliance obligations under hazardous waste rules, remediation of contaminated sites under environment protection rules, calculation of green credits in respect of tree plantation activities, and procedures for undertaking environmental audits.

Investing in the IPL: The Legal Playbook for IPL Franchise Investments

Insights | February 5, 2026 | Practice Area: Mergers and Acquisitions, Private Equity

Since its launch in 2008, the Indian Premier League (“IPL”) has grown into one of the world’s most successful sporting competitions. In recent years, franchise valuations have soared, media rights deals have hit record highs, and brand partnerships have expanded across sectors, drawing global investors and sponsors. Reports suggest that owners of franchises such as Royal Challengers Bengaluru, Rajasthan Royals and Kolkata Knight Riders may seek to monetize their investments through full or partial stake sales. This note analyzes the key contracts that IPL franchises enter into, and highlights information useful to potential investors.

Namaste Korea : January 2026 Edition

Namaste Korea | February 4, 2026 | Practice Area: Data, Employment, General Corporate, Litigation and Arbitration, Mergers and Acquisitions

This annual roundup of the “Namaste Korea” newsletter provides an overview of key Indian legal and business developments in 2025 relevant to South Korean businesses and other organizations with India-related interests.
The newsletter includes recent legislative developments in India – including on data protection, labour and employment, insurance, and online gaming.
The newsletter also includes sector-specific updates, including in the aerospace and defence, tourism, healthcare, retail, gaming, media and entertainment, manufacturing, electronics, technology, and automotive sectors.