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.
The rise of ‘agentic’ AI marks a significant juncture in the evolution of digital technologies. Unlike earlier generations of AI, agentic systems exhibit a degree of operational independence that approximates human behavior, including other defining features – such as the ability to interface with and act upon external ecosystems, as well as to participate in complex environments comprising other such agents.
The primary regulatory concern stemming from widespread deployment arises from the enhanced decision-making authority of such systems while determining how objectives are achieved. As a result of such autonomy, foundational assumptions concerning control, causation, and responsibility may prove inadequate.
The question of liability presents further difficulty. Established doctrines in tort, contract, and criminal law rely on foreseeability, intent, and proximate causation. However, agentic AI may disrupt such foundations, giving rise to a responsibility gap, where no single actor exercises sufficient control to justify full legal attribution.
For companies, risk mitigation may need to be internally driven, especially in the absence of comprehensive regulation. This may begin with use-case classification and risk-tiering, ensuring that high-impact deployments receive enhanced scrutiny. Enterprise-level AI governance frameworks – incorporating legal, technical, and business perspectives – may also be necessary, along with continuous oversight through auditing and monitoring.
Keywords: (feel free to let me know if you have any other suggestions. The keywords given by me are not researched, they are just phrases I think may be relevant.)
Twenty-four years after the Second National Commission on Labour (2002) recommended simplification of central labour laws and 7 years after the Government of India took the first step towards effecting such simplification when the President’s assent was given to the Code on Wages, 2019, the Government of India brought into force on 21 November 2025 the four comprehensive labour codes, which consolidates India’s erstwhile fragmented labour law regime into: (i) the Code on Wages, 2019; (ii) the Code on Social Security, 2020; (iii) the Industrial Relations Code, 2020; and (iv) the Occupational Safety, Health and Working Conditions Code, 2020 (collectively, the “Labour Codes”).
This note explains the key changes introduced by the Labour Codes to the labour law regime in India and also highlights the areas that remain unchanged pursuant to this overhaul in the labour law regime in India.
The Supreme Court of India in Securities and Exchange Board of India v. Terrascope Ventures Limited (2026 INSC 245). The note analyzes the landmark judgment of Securities and Exchange Board of India v. Terrascope Ventures Limited, where the Supreme Court of India ruled that deviations from the disclosed use of proceeds of a preferential issue cannot be cured by shareholder ratification or post-facto amendments to the company’s memorandum of association. The note outlines SEBI’s affirmation that its regulatory framework protects market integrity and that such breaches cannot be waived by corporate actions.
The Insolvency and Bankruptcy Code, 2016 (“IBC”) is intended to be sector agnostic and to provide a uniform framework for corporate insolvency resolution and liquidation for diverse businesses regardless of their industry sector. Nevertheless, there are challenges under the IBC framework for companies operating in certain industries, owing in large part to the nature of their value generating assets and the sector specific regulations governing their industry. One such sector is the telecom industry where the treatment of spectrum usage rights/licenses in case of a telecom service provider’s (“TSP”) insolvency was the subject of the Supreme Court’s (“SC” or the “Court”) recent decision in State Bank of India v. Union of India. After examining the interplay between the IBC and the telecom regulations governing spectrum allocation to TSPs, the Court held that spectrum usage rights allocated to TSPs and reflected in their balance sheets as an intangible ‘asset’ did not constitute assets of the TSP for purposes of the IBC and, therefore, could not be subjected to IBC proceedings. The Court’s decision has far reaching implications for the interface between the IBC and the constitutional framework governing natural resources, the treatment of intangible assets in insolvency, and the principles guiding the interaction between overlapping statutory regimes. This note analyzes the SC’s decision and its implications for stakeholders.