We are happy to present the first issue of our e-magazine – Trilegal Quarterly Roundup.
If you would like to navigate to the magazine directly, click here. If you would like to read a brief summary of what this issue features, please continue reading below and use the hyperlinks provided to access individual features.
INSIGHTS
- Corporate Criminal InvestigationsCriminal investigation of corporate crimes and misconduct are an active focus area for Indian law enforcement agencies. Recent criminal prosecutions of individuals and corporates indicate that the interpretation of these laws is continuing to develop and evolve. As corporations expand their businesses in India, the implication of navigating police investigations assumes greater significance.
- Taxation of Carried Interest of Indian Fund Managers and Rising UncertaintyTaxation of carried interest in the hands of fund managers has recently been a matter of dispute and uncertainty, with the Tax Tribunal re-characterizing income by way of carry as service fees (instead of return on investment). With this decision, historical tax positions on carried interest may need to be re-examined, both under Income tax and GST laws.
- Regulating India’s Rental Market – The Model Tenancy Act, 2021The Model Tenancy Act, 2021 is intended to give a new lease of life to the real estate rental business in India. We discuss the regulatory reforms sought to be achieved by the new model law.
TUNE IN
Our partner, Nikhil Narendran, in conversation with Mr. Sujith Nair, CEO and co-founder of Beckn Foundation, discussing open network protocols and their impact on the evolving digital commerce infrastructure and ecosystem.
To watch this video, click here.
QUARTERLY MILESTONES
- CorporateThe past quarter witnessed several regulatory and legislative developments such as the liberalisation of FDI investment limits in the insurance sector, announcement of reforms for the telecom sector and relaxation of compliance requirements for limited liability partnerships.
- Dispute ResolutionWhile dispute resolution in India has still been reeling under the pressures of the pandemic, the Supreme Court has been active in issuing seminal judgments in the realm of commercial law. It has also continued to address the changing needs of the litigants through the pandemic.
- Technology Media and TelecommunicationsThe preceding quarter was a mixed bag for each of these sectors. While some of the developments were a step in the right direction, others could potentially limit the growth of the relevant sector.
- Labour and EmploymentWhile India was bracing to tackle the second wave of Covid-19, the second quarter also witnessed businesses gearing up to resume operations amidst vaccination requirements imposed by various State governments.
- Banking and FinanceThe last quarter saw the introduction of certain new regulations by the RBI geared towards development of the securitisation market in India and by the SEBI to boost corporate debt markets. There was also traction in the insolvency resolution space with some notable judicial pronouncements.
- Financial Regulatory RegimePrevious quarter witnessed some important legal and regulatory developments in the financial services space with SEBI proposing to shift from the current T+2 settlement cycle to T+1 settlement cycle for trading, and RBI clarifying its position on customer due diligence processes for trading in virtual currencies as well as introducing measures to strengthen the security of digital payments in the country.
- Capital MarketsIndian capital markets continued to see significant activity in the previous quarter. SEBI overhauled its regulations governing the issuance of debt securities and streamlined the requirements for issuance of capital, disclosure and listing, while IFSCA notified regulations to provide a framework for accessing capital markets through IFSC stock exchanges.
- White Collar Crimes InvestigationsThe previous quarter saw some interesting developments such as the withdrawal of retrospective application of tax provisions for indirect transfers, tax sops to facilitate strategic disinvestment and extension of due dates for certain filings.
- Direct TaxThe previous quarter saw some interesting developments such as the withdrawal of retrospective application of tax provisions for indirect transfers, tax sops to facilitate strategic disinvestment and extension of due dates for certain filings.
- Indirect TaxSome of the notable developments in this quarter on the indirect tax front include the scheme for remission of duties and taxes on exported products, recommendations by GST Council on intermediary services and the Supreme Court’s decision on refund of unutilised ITC from input services.
QUOTE UNQUOTE
Industry experts, business leaders and senior legal professionals share their thoughts on ‘ESG Priorities – A Shift in Investor Focus’. To read this section, click here.
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