Investment Funds
InvITs, REITs and Business Trusts
Regulatory
Capital Markets
The Chambers of Swapneil Akut
J. Sagar Associates, Mumbai
KPMG, Mumbai
EY, Mumbai
For a list of select transactions, please contact the individual lawyer
University of Mumbai (B.M.M., 2010)
Government Law College, Mumbai (LL.B., 2013)
Maharashtra & Goa, India (2014)
Regulatory Landscape for SM REITs in India
In March 2024, the Securities and Exchange Board of India (“SEBI”) amended the SEBI (Real Estate Investment Trusts) Regulations, 2014, to introduce Small and Medium Real Estate Investment Trusts (“SM REITs”), aiming to regulate fractional ownership platforms (“FOPs”) that offer retail investors access to real estate. This move addresses concerns related to investor protection, regulatory gaps, and operational transparency in FOPs. SM REITs are structured as SEBI-registered trusts and are required to comply with specific eligibility, investment, and governance criteria. This note outlines procedures for registration, scheme launches, and investor safeguards intended to enhance investor confidence, market liquidity, and standardized practices in India’s evolving real estate sector.
Regulatory Updates: IFSCA (Fund Management) Regulations, 2025
The International Financial Services Centres Authority (“IFSCA”) has introduced the IFSCA (Fund Management) Regulations, 2025 (“FM Regulations 2025”) to further streamline fund management activities in GIFT-IFSC. The FM Regulations 2025 introduce investor-friendly measures, reduced entry barriers, and increased operational flexibility, while also strengthening investor protection. These regulations aim to foster a business-friendly environment, align with global standards, and reinforce GIFT-IFSC’s position as a global financial hub.
Evaluating the Regulatory Framework Governing Executive Compensation in Listed Companies
Executive compensation in listed Indian companies is determined through a three-stage process involving the Nomination and Remuneration Committee (“NRC”), the Board of Directors, and shareholders. The NRC identifies candidates, formulates a remuneration policy, and submits recommendations to the Board. The Board then reviews and approves these recommendations before presenting them to shareholders for a final vote. While shareholders theoretically have the ultimate authority, ambiguities in India’s regulatory framework may weaken its effectiveness. This note examines key issues in executive compensation governance, analyzing relevant regulations and proposing solutions to enhance the framework.
Regulatory Landscape for Specialized Investment Fund: A New Asset Class
The Securities and Exchange Board of India (“SEBI”) amended the SEBI (Mutual Funds) Regulations, 1996, to introduce a new asset class, the Specialized Investment Fund, effective December 16, 2024. The amendment aims to bridge the gap between Mutual Funds (“MFs”) and Portfolio Management Services (“PMS”) by offering a product suited for sophisticated investors with a risk-return profile between that of MFs and PMS.