SEBI has proposed reforms to simplify the conversion of private listed InvITs into public ones by removing sponsor lock-ins and minimum contribution requirements, easing post-conversion liquidity norms, and aligning disclosure standards with follow-on offers. The changes aim to reduce compliance, attract investors, and foster InvIT market growth.
India’s ambitious climate and clean energy targets are redefining the investment landscape for renewables and electric vehicles. As international and domestic players intensify their focus on these sectors, one of the most critical determinants of project viability is land.While dedicatedrenewable energy (“RE”)parks and/or designated zones with pre-acquired land and transmission infrastructure may help in streamlining project development, developers must still account for project-specific environmental clearances, construction permissions, and proximity to substations or transmission corridors.
With respect to solar and wind energy projects, as well as green hydrogen, significant land, real estate, and related infrastructural resources may be necessary, with site selection being one of the most critical early-stage considerations. Existing land-related challenges in India’s RE and green hydrogen sector involve availability, cost, and access issues, particularly for large-scale deployments, including on account of land conflicts, user restriction and domestic population density.
In general, securing/ acquiring land in India involves a complex matrix of legal, regulatory, and socioeconomic factors, including on account of varying ownership patterns across states, and issues such as fragmented titles, complicated land revenue systems, complex tenancy rights, litigation, and opposition from local communities.For energy companies, ‘clean tech’ and sovereign wealth funds, as well as infrastructure investors, the challenge lies in balancing legal certainty with commercial agility and social license.
The recent announcement by U.S. President Trump regarding a 25% tariff on Indian exports, along with additional penalties linked to India’s continued defence and energy transactions with Russia, has introduced significant uncertainty into bilateral trade relations. The executive order formalizing adjusted reciprocal tariff rates is expected to affect a wide range of countries and Indian export sectors, including gems and jewelry, textiles, marine products, automotive components, electronics, and processed foods. While pharmaceuticals appear exempt for now, broader economic consequences such as currency volatility and pressure on small and medium enterprises are anticipated. The strategic linkage of trade penalties to India’s sovereign procurement decisions raises complex legal questions under World Trade Organization rules and may prompt India to consider both diplomatic and legal avenues for redress. As negotiations toward a bilateral trade agreement continue, India faces the challenge of balancing its geopolitical autonomy with the need to maintain stable access to key export markets.
Issue 2 of 2025 of our Quarterly Newsletter on Environmental Law covers key judicial and regulatory developments between the months of April and June 2025. In respect of judicial updates, Issue 2 includes judgements and orders of the Supreme Court, High Courts and the National Green Tribunal related tointer-aliatree felling in Telangana’s Kancha Gachibowli Forest, waste collection and segregation in Delhi-NCR, unlawful mining in Aravali and ex-post facto Environmental Clearances.
In addition, Issue 2 also tracks regulatory updates related tointer-aliaconstruction waste management, registration on dust pollution control self-assessment portal, methodology for environmental compensation under hazardous waste rules, greenhouse gas emissions intensity target rules and plastic waste management.
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.
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.
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.
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.
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.
On June 11, 2025, the Ministry of Power has issued draft amendments (“Draft Amendments”) to the Electricity Rules, 2005 (“Rules”) under which changes to Rule 18 of the Rules relating to energy storage systems (“ESSs”) are sought to be made.
Under the current form of the Rules, an ESS may be owned developed, owned, leased or operated by a generating company, a transmission licensee or a distribution licensee, a system operator or an ESS service provider. However, under the Draft Amendments, consumers are also permitted to develop, own, lease and operate ESSs.
Although the amendments may be small, they may impact models for energy delivery and infrastructure investment. Consumers may now have a choice on whether to purchase power from hybrid systems with inbuilt ESS or from an independent ESS service provider or develop its own ESS. For commercial and industrial consumers with large energy needs a captive ESS may offer an interesting proposition and reduce dependence on generating companies.