Corporate

Disclosure regime for significant beneficial ownership strengthened; requirements for companies and limited liability partnerships streamlined
New scale-based regulatory regime for non-banking financial companies
Mandatory dematerialisation of securities of private companies
Proposed changes to the corporate insolvency resolution process - clarifying minimum entitlements for dissenting creditors and streamlining processes for real estate projects

Dispute Resolution

Supreme Court affirms applicability of ‘group of companies’ doctrine under Indian arbitration law
Supreme Court overrules its earlier decisions to hold that unstamped arbitration agreements are not void ab initio
Supreme Court dismisses review petitions against its ruling in Rainbow Papers which treated statutory dues at par with dues of secured creditors
Supreme Court upholds the constitutional validity of Sections 95-100 of the Insolvency and Bankruptcy Code, 2016, pertaining to insolvency resolution and bankruptcy of individuals and partnership firms

Telangana government renews exemption for IT/ITeS establishments from certain labour laws
Haryana High Court quashes law guaranteeing 75% reservation for local candidates in private sector jobs
Manipur Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2021 comes into force with retrospective effect
Tamil Nadu government publishes draft amendments introducing registration requirements under the Tamil Nadu Shops and Establishments Rules, 1948
Central government amends the rules on hybrid working under the Special Economic Zones Rules, 2006

Norms for lenders investing in alternative investment funds tightened to address regulatory concerns
New scale-based regulatory framework for NBFCs
Framework for 'trading plans' under insider trading regulations to be modified to make them less onerous
New regulatory framework proposed for index providers to increase transparency and accountability
Requirements for grant of certification to accredited investors streamlined

Framework for social stock exchanges revised following India’s first listing of zero coupon zero principal instruments
Additional route prescribed for InvITs to achieve minimum public shareholding
Operational framework introduced to transfer unclaimed amounts to Investor Protection and Education Fund and refund claims under InvIT and REIT Regulations

Reserve Bank of India:

Introduces an omnibus regulatory framework for cross-border payment processors
Mandates reciprocity in data sharing in the account aggregator ecosystem
Requires regulated entities to implement processes and policies for information technology governance and risk management.

MeitY directs intermediaries to prevent deepfakes on their platforms
Madras High Court overturns the blanket ban on online games in Tamil Nadu
Enhanced penalties for breaches under Aadhaar and information technology laws
Withdrawal of restrictions previously imposed on the import of laptops and other electronics

Central Consumer Protection Authority releases guidelines to prohibit the use of dark patterns
Advertising Standards Council of India introduces additional conditions on advertising expenditure for qualification as a legitimate brand extension product or service

Telecommunications Act, 2023 enacted to overhaul the archaic telegraph-centric regime presently governing telecommunications in India
TRAI mandates telcos to deploy the Digital Consent Acquisition facility to register subscriber consent for telemarketing
DoT discontinues paper-based Know Your Customer processes for onboarding subscribers
Decriminalisation of contraventions under the Cable Television Networks (Regulation) Act, 1995
Broadcasting Services (Regulation) Bill, 2023 proposes to create a unified legislation for all broadcasting services in India

Proposed amendments to the regulatory framework for Special Situation Funds to facilitate the acquisition of special situation assets, including stressed loans

Supreme Court's decisions holding that:

Issuing a notification is necessary for invoking the most favoured nation clause of tax treaties
Annual telecom licence fee is an amortisable capital expenditure and not a revenue expenditure

New sub-rule introduced to notionally determine the taxable value of corporate guarantee transactions between related persons
Supreme Court holds that amendments made to VAT laws post implementation of GST are invalid
Limitation Act, 1963 is applicable to GST laws, unless specifically excluded
GST Council cannot determine classification of goods and services
CESTAT Chennai divided on the treatment of Service Tax on direct payments made to seconded employees; issue referred to larger bench

Division Bench of the Delhi High Court clarifies the criteria for maintainability of divisional patent applications
Delhi High Court differentiates between goodwill and reputation in a determination of transborder reputation in a passing-off matter
Madras High Court delineates the scope of the term ‘diagnostic’ for determining ineligibility of patents