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.
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.
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.
Under the existing framework, a promoter/developer is obligated to execute a conveyance deed in favor of the co-operative housing society, company, or association of flat purchasers transferring all rights, title, and interest in immovable property comprising of project land, together with the structures erected thereon. In practice, this obligation has been routinely defaulted, withholding legal ownership and thereby undermining title certainty, impeding redevelopment prospects, and depriving flat purchasers of their rights over common areas. The Government of Maharashtra has recently notified the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) (Amendment and Validation) Act, 2025 (“MOFA Amendment 2025”), introducing significant reforms to the statutory framework governing the deemed conveyance mechanism. This note sets out an analytical overview of the deemed conveyance framework under MOFA and assesses the key amendments introduced by the MOFA Amendment 2025, placing particular emphasis on the rights of conveyance in projects registered under RERA.
Recent changes to the regulatory framework for REITs and InvITs have primarily focused on enhancing the liquidity of REIT/InvIT units and ease of doing business measures. This note provides an overview of such changes during the second half of the financial year 2025-2026.
The Supreme Court has recently set aside a INR 2 billion penalty imposed by the Competition Commission of India (“CCI”) in 2021 upon Amazon for alleged gun-jumping and non-disclosure. This update sets out the key takeaways from the Supreme Court’s judgement, including its prioritization of substance over form in filings with the CCI, and the requirement for the CCI to act within the bounds of the Competition Act as well as comply with the principles of natural justice.
The Government notified the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2026 (“FEMA NDI Amendment Rules”) on May 2, 2026 to operationalize its earlier decision to amend the Consolidated Foreign Direct Investment Policy of 2020 with respect to the insurance sector. The FEMA NDI Amendment Rules complement the changes proposed under amendments previously made to insurance laws and foreign investment rules related to Indian insurance companies.
This note explores key changes introduced pursuant to the FEMA NDI Amendment Rules and discusses potential effects on the M&A market in the Indian insurance sector – such as the possibility of greater management and operational control by foreign investors andthe extension of the liberalized regime to insurance intermediaries driving inbound foreign investment into technology-led insurance infrastructure and ‘embedded’ insurance ecosystems.
Foreign investment continues to play a crucial role in India’s economic growth, with total FDI inflow (since April 2000) crossing USD 1.14 trillion. FDI received during April 2024-March 2025 (the highest in last three financial years) and April-December 2025 represent notable year-on-year increases.
This note examines certain key legal considerations for foreign investors investing in India and highlights recent updates in the legal framework.
This note examines the statutory framework governing agreements for sale under the Real Estate (Regulation and Development) Act, 2016 and the directions issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA). It discusses the prescribed format of the agreement for sale, mandatory and non-negotiable clauses, the requirement to file deviation reports, and the legal and regulatory consequences of non-compliance by promoters. The note highlights the significance of the agreement for sale as a key consumer protection mechanism designed to ensure fairness, transparency, and accountability in real estate transactions.
Final guidelines governing Virtual Power Purchase Agreements (“VPPAs”) in India, issued by the Central Electricity Regulatory Commission (“CERC”) in December 2025 further to stakeholder consultation and hearings on draft guidelines published in May 2025, can now be read in conjunction with a detailed statement of reasons dated April 27, 2026 released by the CERC to address comments and questions.
This note summarizes the background and context surrounding the evolving regime on VPPAs in India, analyzes the core elements of the VPPA guidelines and the CERC’s additional clarifications with regard to the regulatory framework, and locates such discussion in the context of related developments on power market integration, including in respect of regulations on the Indian power market and renewable energy certificates.
S&R Associates is pleased to announce the opening of its office in Bengaluru:
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