RBI Eases Investments by FPIs in Corporate Debt Securities

The Reserve Bank of India recently issued a circular onInvestments by Foreign Portfolio Investors in Corporate Debt Securities through the General Route(“RBI Circular”) on May 08, 2025, to withdraw short term investment limits and concentration limits, applicable on investments by FPI in corporate debt securities under the general route. This note highlights the changes to the regulatory framework brought about by the RBI Circular that are intended to provide greater flexibility and ease of investments for FPIs investing in corporate debt securities in India under the general route.


Regulatory Initiatives on ESG Disclosure Requirements in India

Regulatory initiatives to build the legal frameworks around environmental, social, and governance (“ESG”) disclosures in India, while still nascent, are not of recent origin. Various regulators have gradually introduced requirements aimed at enhancing transparency and fostering corporate responsibility. This note examines these evolving ESG disclosure frameworks as implemented by the Securities and Exchange Board of India, the Reserve Bank of India, and the International Financial Services Centres Authority. It further analyzes the regulatory gaps that these initiatives seek to fill, andproposes solutions to enhance these frameworks.


listing regulations

Recalibrating Compliance: Legal Implications of SEBI’s Revised Listing Regulations for HVDLEs

The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) provide for the various compliance actions and reporting requirements for entities who have listed equity shares or other specified securities and/or non-convertible securities on the stock exchange. The Securities and Exchange Board of India (“SEBI”) recently amended the Listing Regulations by way of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2025 which has become effective as of March 28, 2025 (“Listing AmendmentRegulations”).
The changes introduced by the Listing Amendment Regulations primarily provide for additional reporting and compliance requirements for companies that have listed only non-convertible securities and qualify as a “high value debt listed entity” under the Listing Regulations. Previously, all high value debt listed entities needed to comply with Chapter V of the Listing Regulations, regardless of whether they had listed equity shares or other specified securities. Pursuant to the Listing Amendment Regulations, a new Chapter VA has been introduced that prescribes additional requirements for those high value debt listed entities that have only listed non-convertible debt securities. Such entities are now required to comply with the provisions of both Chapter V and Chapter VA of the Listing Regulations.


legislative amendment

‘Prior’ CCI Approval of Resolution Plans: A Case for a Legislative Amendment

The recent judgment of the Supreme Courtin Independent Sugar Corporation Ltd. v. Girish Sriram Juneja & Ors. has reignited the debate on whether the approval of the Competition Commission of India (“CCI”) must precede the Committee of Creditors (“CoC”) approval in the insolvency process. This note critiques the Court’s strict interpretation of the proviso to Section 31(4) of the Insolvency and Bankruptcy Code, 2016 and supports the dissenting opinion, arguing for a liberal interpretation of the proviso to Section 31(4). The note proposes a legislative amendment to the proviso, proposing that CCI approval be requiredprior to approval of the adjudicating authority(i.e., the NCLT) instead ofprior to CoC approval, to better balance regulatory compliance with efficiency of the insolvency process.


CIRP regulations

CIRP Amendment Regulations 2025: Streamlining Resolution Processes and Protecting Homebuyer Interests

As of December 2024, insolvencies in the real estate sector accounted for approximately 22% of admitted cases under the Insolvency and Bankruptcy Code, 2016 (“IBC”), making it second only to the manufacturing sector that accounted for 37% of admitted cases. The high volume of insolvencies in the real estate sector, the imperative to protect homebuyer interests and specific challenges faced by this sector have resulted in several amendments focused specifically on the insolvency process for real estate projects. Recently, the Insolvency and Bankruptcy Board of India (“IBBI”) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2025 (“2025 Amendments”) amending certain provisions of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”), which once again have a special focus on the corporate insolvency resolution process (“CIRP”) of real estate developers. This note discusses the 2025 Amendments and their likely impact on streamlining the resolution process and protecting homebuyer interests.


fpi investments

FPI Investments in the Indian Debt Markets: An Overview

Investments in debt securities in India by non-residents require compliance with an array of Indian foreign exchange and securities regulations. Overseas investors intending to invest in debt instruments in India typically do so either under the Reserve Bank of India’s (“RBI”) framework for external commercial borrowings (“ECB”) or through the route available for foreign portfolio investors (“FPI”) registered with the Securities and Exchange Board of India (“SEBI”). In recent years, the FPI route has become a popular option for overseas investors looking to invest in India’s debt markets on a regular basis as it allows for greater flexibility in terms of interest, repayment terms, security cover and end use of funds in comparison to the ECB route. According to data from the National Securities Depository, FPI investments in the Indian debt markets stood at INR 1.1 trillion in 2024. 
In January 2025, the RBI issued Master Direction – Reserve Bank of India (Non-resident Investment in Debt Instruments) Directions, 2025 (“Master Direction”), which, inter alia, consolidates a number of the circulars and directions issued by the RBI on investments in debt instruments by non-resident investors, including FPIs. This note analyzes the key regulatory aspects governing FPI investments in corporate debt securities, particular in light of the Master Direction.


mortgage lending

Strengthening Diligence for a Secure Mortgage Lending

Mortgages on immovable property is a preferred and most common form of collateral for both retail and corporate borrowers. Recognizing inherent property risks, lenders typically conduct a legal due diligence, often through external counsel, who issue a title search report (“TSR”) that scrutinizes the title and identifies potential issues. Scrutinizing the title is essential to ascertain the ownership of the property and to ensure that the title is clear and free from any defects, encumbrances and claims. A recent case before the Hon’ble Supreme Court of India, Central Bank of India & Anr. v. Smt. Prabha Jain & Ors., emphasized that banks must be careful with inadequate TSRs and recommended that the Reserve Bank of India formulate guidelines for preparing TSRs. This note discusses the recommendations of the Supreme Court and outlines the key facets of preparing a TSR.


jet airways

From Rescue to Ruin: The Supreme Court’s Judgment in Jet Airways and the Future of Airline Insolvencies

In a recent judgment, the Supreme Court of India ordered the liquidation of Jet Airways (India) Limited, bringing an end to the five-year-long saga of efforts to revive the distressed airline. Two years after the airline entered the corporate insolvency resolution process, the National Company Law Tribunal, in June 2021, approved the resolution plan submitted by the Jalan Fritsch Consortium, the successful resolution applicant. However, various challenges arose with implementation of the resolution plan, which led the successful resolution applicant to seek multiple extensions and concessions from the adjudicating authority. Finally, the Supreme Court set aside the March 2024 order of the National Company Law Appellate Tribunal and used its inherent powers under Article 142 of the Constitution to order the airline’s liquidation.

The Supreme Court’s judgment is significant as it underscores the importance of implementing resolution plans within agreed upon timelines and identifies certain gaps and shortcomings in the Insolvency and Bankruptcy Code, 2016 as far as implementation of resolution plans are concerned. This note analyzes the judgment to discuss its implications for the implementation of resolution plans as well as specific challenges in the context of insolvencies in the aviation industry.


commencement certificate and completion certificate

Clarification on Exemption from Project Registration and Interpretation of Commencement and Completion Certificate

Maharashtra Real Estate Regulatory Authority (“MahaRERA”) earlier had already issued clarification regarding projects which are exempted from getting registered under the Real Estate (Regulation and Development) Act, 2016 and what denotes a commencement certificate and completion certificate in plotted real estate projects vide circulars and orders. However, there was still some ambiguity regarding interpretation of these issues. Therefore, in order to ensure ease of reference and harmonious construction as well as to cure the anomaly, MahaRERA decided that these issues covered under various circulars/orders be merged and incorporated in a consolidated order and hence issued the present order i.e. Order No.62/2024.


Fraud Risk Management

Fraud Risk Management Obligations of NBFCs: Recent Changes Introduced by the RBI

With the aim of introducing a comprehensive and clear set of rules for fraud risk management in Non-Banking Finance Companies, the Reserve Bank of India has introduced the Master Directions on Fraud Risk Management in Non-Banking Finance Companies. These Directions have revamped the landscape of fraud risk management for NBFCs, through the introduction of enhanced compliance requirements. While the 2016 Master Directions obligated NBFCs to timely report frauds detected in their operations, the new Directions require NBFCs to also take proactive steps to prevent and detect fraudulent activities. The effect of these Directions is that NBFCs need to thoroughly review their existing policies and frameworks and to introduce significant changes to become compliant with the RBI’s mandate.