Insights & Updates Archives

SEBI Settlement Does Not Extinguish Parallel Stock Exchange Action

Insights & Updates | September 1, 2026 | Practice Area: Corporate Governance and ESG, Litigation and Arbitration, Regulatory

SAT’s Decision in Hindustan Foods Limited v. BSE Limited & Anr.

The note analyzes the decision of Securities Appellate Tribunal (“SAT”) in Hindustan Foods Limited v. BSE Limited & Anr., where SAT held that a listed entity’s settlement with Securities and Exchange Board of India does not preclude a recognized stock exchange from subsequently imposing a fine for the same underlying non-compliance where the regulatory framework and the settlement order expressly preserve such action. The note highlights the importance for listed entities of carefully assessing the scope of settlement orders and any express reservations preserving parallel regulatory action.

ANI Media v. OpenAI: Reconciling Copyright Protection with AI Innovation

Insights & Updates | August 25, 2026 | Practice Area: Data, Intellectual Property, Regulatory, Technology; Media and Telecommunications

This note analyzes the Delhi High Court’s decision to dismiss the interim application filed by ANI Media Private Limited against OpenAI OPCO LLC on copyright infringement arising from both the training of large language models and their output generation.

The decision carries important implications for content owners (who should consider implementing technological barriers, strengthening contractual protections and entering into licensing arrangements with AI developers), AI developers (who should ensure training practices are structured around internal use and implement safeguards against verbatim reproduction) and companies deploying third-party AI tools (who should secure appropriate vendor representations and indemnification for IP-related claims). While the decision provides an indicative framework and a level of business certainty, it was rendered at the interim stage and is unlikely to be the final word, with several important issues awaiting determination at trial.

RBI’s Draft Guidance on Regulatory Principles for Model Risk Management

Insights & Updates | August 24, 2026 | Practice Area: Banking and Finance, Regulatory, Technology; Media and Telecommunications

On June 24, 2026, the Reserve Bank of India (“RBI”) released its Draft Guidance on Regulatory Principles for Model Risk Management (“Draft Guidance”), which may reshape how financial institutions govern quantitative models, AI systems and algorithmic decision-making across the Indian financial sector.
This note examines certain key dimensions of the Draft Guidance, such as (i) its expansive definition of a ‘model’, (ii) the comprehensive governance architecture proposed, including board-level accountability, independent validation functions, and ‘kill-switch’ mechanisms, along with (iii) rigorous lifecycle management requirements spanning development through decommissioning. The framework applies to all eleven categories of RBI-regulated entities and extends to third-party and AI models, signaling an intent to close governance gaps that have widened as model adoption has accelerated.
The Draft Guidance introduces obligations around risk-based tiering, perpetual model inventories, enhanced documentation and consumer protection safeguards that will require significant operational investment. Its treatment of AI-specific risks – including explainability thresholds, bias mitigation, ‘red-teaming’ requirements and human oversight mandates – may position India closer to, and in some respects ahead of, regulatory expectations in mature jurisdictions such as the European Union, the United Kingdom and the United States.

Artificial Intelligence and Competition Law in India

Insights & Updates | August 18, 2026 | Practice Area: Competition/Antitrust

The use of Artificial Intelligence has grown exponentially across industries in India in recent times, and such growth naturally comes with additional regulatory considerations. This note sets out a framework for analysis of AI from a competition law perspective, based on the Competition Commission of India’s ‘Market Study on Artificial Intelligence and Competition’ (2025). An important and often overlooked aspect is the CCI’s guidance on self-audits, which is essential for all businesses now using AI-powered tools.

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

Insights & Updates | August 7, 2026 | Practice Area: Tax

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

Insights & Updates | July 29, 2026 | Practice Area: Capital Markets, General Corporate, Mergers and Acquisitions, Regulatory, Technology; Media and Telecommunications

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.

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

Insights & Updates | July 27, 2026 | Practice Area: Banking and Finance, Corporate Governance and ESG, General Corporate, Mergers and Acquisitions, Regulatory

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.

Roundup of Recent Developments in Indian Competition Law

Insights & Updates | July 15, 2026 | Practice Area: General Corporate, Litigation and Arbitration, Regulatory

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 under Indian Corporate Law

Insights & Updates | July 13, 2026 | Practice Area: General Corporate, Litigation and Arbitration, Regulatory

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.

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

Insights & Updates | July 1, 2026 | Practice Area: Investment Funds, Regulatory

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.