All Publications | S&R Associates

The Impact of India’s Data-Related Laws and Policies on AI Development and Deployment

Insights | July 23, 2025 | Practice Area: Competition/Antitrust, Data, Intellectual Property, Mergers and Acquisitions, Private Equity, Regulatory, Technology; Media and Telecommunications

The rise of Artificial Intelligence (“AI”) and Machine Learning (“ML”) promises both opportunities and risks. To address such risks while leveraging the power of AI/ML for new areas of growth, stakeholders need to remain attentive to an evolving regulatory landscape. Unlike the European Union, India is yet to enact an overarching law on AI. Nevertheless, AI developers, deployers, investors, and other relevant entities in the AI supply chain must stay informed about existing and emergent regulatory initiatives across several industries, sectors, and legal regimes. Given India’s ongoing policy and legislative attempts to govern AI, especially with respect to addressing deployment-related concerns and potential harm, the outcome of such processes is likely to emerge soon, even if in fragmented fashion.
Since AI model training relies heavily on data, India’s fast-developing data protection framework warrants special attention. Balancing compliance with innovation will remain crucial for organizations as they aim to thrive under India’s regulatory ecosystem on digital data and AI.

An Analysis of India’s FDI Regime from an Investor’s Perspective

Insights | July 22, 2025 | Practice Area: General Corporate, Mergers and Acquisitions, Private Equity, Regulatory

The note examines foreign direct investment (“FDI”) as a significant driver for economic growth and globalization in India. Despite its growth, the legal regime governing FDI in India remains intricate, posing challenges for foreign investors seeking clarity and ease of doing business. This note delves into India’s FDI regulations, highlighting key issues such as a complex regulatory environment, protracted approval processes, and the challenges posed by sector-specific restrictions.
The note adopts an investor-centric perspective to analyze these barriers and explores how they affect foreign investment decisions. To address these issues, the note proposes certain solutions, including streamlining approval procedures, aligning sector-specific policies with global standards, and providing a clearer legal framework for dispute resolution. The objective of this note is to consider approaches that will enhance India’s appeal as an investment destination and promote sustained economic growth by recommending reforms that streamline the legal framework.

A Guide to Designing Consent Management Systems under the DPDP Act

Insights | July 18, 2025 | Practice Area: Regulatory, Technology; Media and Telecommunications

The Business Requirement Document (“BRD”) for consent management released by the Ministry of Electronics and Information Technology (MeitY) on June 6, 2025, provides a technical blueprint for organizations to design and implement a consent management system (“CMS”) in compliance with theDigital Personal Data Protection Act, 2023(“DPDP Act”) and its rules.Pursuant to such framework, organizations can design a CMS that enables them to undertake comprehensive consent lifecycle management in a manner that aligns with the DPDP Act’s emphasis on data minimization, purpose limitation, transparency, and accountability.
This note discusses the BRD, including with respect to the functional and operational aspects of consent management, the roles and responsibilities of various stakeholders, and the implications for organizations building or updating their CMS.

Amendments to the SEBI (Prohibition of Insider Trading) Regulations, 2015: Widening the Scope of “Unpublished Price Sensitive Information”

Insights | July 14, 2025 | Practice Area: Capital Markets, Corporate Governance and ESG, General Corporate, Mergers and Acquisitions

With effect from June 10, 2025, the Securities and Exchange Board of India (“SEBI”) has introduced certain amendments to the definition of unpublished price sensitive information (“UPSI”) under the SEBI (Prohibition of Insider Trading) Regulations, 2015, (“PIT Regulations”). The amendments aim to align the existing definition of UPSI under the PIT Regulations, which sets out an illustrative list of events constituting UPSI, with material events under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This note analyzes the amendments and explains how the expansion of the definition of UPSI will recalibrate compliance obligations for listed companies and their insiders.

Employment Bonds that Bind

Insights | July 10, 2025 | Practice Area: Employment, General Corporate, Litigation and Arbitration

The Supreme Court of India in its recent judgement inVijaya Bank and Ors. v. Prashant B. Narnawareconsidered the legal standing of employment bonds in India. This note analyzes the Court’s affirmation of a differential approach in respect of restrictions effective during employment and those post-termination. It further highlights the Court’s stance on unequal bargaining power and its view on public policy considerations in India’s employment law paradigm.

Evaluating the Operational Framework for ESG Debt Securities

Insights | July 7, 2025 | Practice Area: Banking and Finance, Corporate Governance and ESG, General Corporate, Regulatory

The Securities and Exchange Board of India (“SEBI”), in December 2024, amended the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 to introduce a new asset class of ‘ESG debt securities’ that includes green debt securities, social bonds, sustainability bonds and sustainability-linked bonds. The amendments, however, did not provide the regulatory framework for the issuance of ESG debt securities; instead, pursuant to the amendments, SEBI retained the right to prescribe conditions for the issue of such securities. Our earlier analysis on these amendments is availablehere.
In this context, SEBI recently on June 05, 2025, issued a circular titled the ‘Framework for Environment, Social and Governance (ESG) Debt Securities (other than green debt securities)’ specifying the operational framework for the issuance and listing of ESG debt securities (other than green debt securities) in India. In this note, we analyze the changes to the existing regulatory regime introduced by the SEBI circular,and highlight key issues and concerns raised for relevant stakeholders in this regard.

Supreme Court Reaffirms Enforceability of Forum Selection in Employment Contracts

Insights | July 3, 2025 | Practice Area: Employment, Litigation and Arbitration

The Supreme Court of India recentlyreaffirmed the enforceability of exclusive jurisdiction clauses in employment contracts. InRakesh Kumar Verma v. HDFC Bank Ltd.the Court held that where multiple courts may have territorial jurisdiction under Section 20 of the Code of Civil Procedure, 1908, parties are free to contractually select one such court as the exclusive forum for dispute resolution, provided that the chosen court has a legitimate nexus to the dispute.
This decision is particularly relevant for corporations with large numbers of employees working across jurisdictions or employers with remote or hybrid workforces, as it provides clarity on how to mitigate forum shopping risks and ensure consistency in dispute resolution. The Court’s ruling also offers practical guidance on how employers can structure jurisdiction clauses to withstand legal scrutiny.

The Cape Town Convention: Its Application and Benefits in India

Insights | July 2, 2025 | Practice Area: Banking and Finance, International Trade, Litigation and Arbitration, Projects; Infrastructure and Energy, Restructuring and Insolvency

S&R Associates and Stewarts are pleased to present their co-authored note on the Cape Town Convention.
India’s new Cape Town Convention act enforces global rules for aircraft financing, boosting investor confidence and lowering leasing costs. It streamlines repossession in insolvencies and aligns India’s aviation laws with international standards, encouraging growth and efficiency. The reform is set to attract foreign lessors and benefit passengers with better service and pricing.
This note discusses the implications and expected benefits of the Protection of Interests in Aircraft Objects Act 2025, which gives legal effect from May 1, 2025 to the Convention on International Interests in Mobile Equipment (known as the “Cape Town Convention” and referred to here as the “CTC” or the “Convention”) and the Protocol to the Convention on Matters Specific to Aircraft Equipment (the “Protocol”), which were adopted on December 16, 2001 in Cape Town, South Africa.
The Convention entered into force on April 1, 2004 and is applied to different sectors through individual protocols, one of which is the Protocol, which entered into force on March 1, 2006.

New Opportunities in India’s Defence Sector

Insights | June 30, 2025 | Practice Area: General Corporate, International Trade, Mergers and Acquisitions, Private Equity, Regulatory

Recent geopolitical dynamics, regional conflicts and related national security concerns have made the Indian defence sector ripe for additional growth and investment. As technologies evolve and new forms of warfare emerge, this growing sector is likely to witness further transformation. India’s proposed reform measures in the defence industry, together with rising domestic demand and increased focus on self-reliance, indigenization and exports; emerging technologies and technology transfers, innovation and R&D; as well as strategic international partnerships with global OEMs and key allies, are likely to provide new opportunities for private and foreign participation in the sector.
This note provides a broad overview of India’s defence industry and proposed reforms, including with respect to new defence technologies, the startup ecosystem, and international collaborations; the ease of doing business and FDI; defence acquisition procedures and recent budgetary allocation trends; along with the export of dual-use items and production-linked incentive schemes for the defence sector.

Succession Planning through Private Trust (Part 1): Implications under the Indian Trusts Act, 1882

Insights | June 25, 2025 | Practice Area: General Corporate, Tax

In a country in which family structures, business dynamics, and forms of wealth are evolving rapidly, private trusts have emerged as a widely adopted method for succession planning. In this series of publications, we explore key aspects of setting up a trust, including tax and regulatory implications. In this part, we focus on the provisions of the Indian Trusts Act, 1882.