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.
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 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.
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.
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.
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.
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.
To expand insurance coverage in the fast-growing Indian market, the Government has introduced several measures, including amendments to insurance laws and related foreign investment rules.
This note explores key changes introduced through such amendments, as well as the implications of such liberalized insurance regime on stakeholders, including the removal of foreign direct investment limits and other restrictive conditions, relaxations with respect to dividend repatriations, a framework for enabling mergers between insurance companies and non-insurance companies, and an expanded definition of “insurance business” to potentially include ancillary services.
We are pleased to present issue 1 of 2026 of S&R’s RERA Roundup for the period April to September 2025. This publication provides a curated overview of significant legal developments under the Real Estate (Regulation and Development) Act, 2016 (“RERA”), as reflected in recent judgments and passed by various Real Estate Regulatory Authorities and appellate forums/courts across India.
As the regulatory framework continues to evolve, these decisions provide valuable insight into emerging interpretative trends influencing the implementation and enforcement of RERA. This edition is intended to serve as a practical reference for stakeholders navigating the dynamic real estate regulatory landscape.
The Reserve Bank of India has issued an updated regulatory framework for co-lending arrangements between regulated entities (“REs”), which came into effect on January 1, 2026. The revised co-lending framework, which forms part of theReserve Bank of India (Commercial Banks – Transfer and Distribution of Credit Risk) Directions, 2025, Reserve Bank of India (All India Financial Institutions – Transfer and Distribution of Credit Risk) Directions, 2025 and Reserve Bank of India (Non-Banking Financial Companies – Transfer and Distribution of Credit Risk) Directions, 2025, each dated November 28, 2025 (collectively “2025 Directions”), significantly expands the scope of co-lending arrangements beyond priority sector lendingand to partnerships between all REs rather than only between banks and non-banking financial companies. The 2025 Directions also introduce critical operational requirements to co-lending arrangements, including enhanced disclosures, a blended interest rate, a minimum retention share of 10%(Ten per cent)for each co-lending partner, synchronized asset classification norms and an enabling provision for default loss guarantees by the originating RE. This note analyzes the key features of the regulatory framework for co-lending as contained in the 2025 Directions.