Corporate

Guidelines for borrowing by Category I and Category II AIFs and maximum permissible limit for extension of tenure by LVFs
Merger rules amended to permit foreign holding company to merge with Indian subsidiary under the fast-track route
Framework for foreign venture capital investors revamped to streamline registration process, eligibility criteria and registration renewal
SEBI issues guidelines for migration of venture capital funds to the alternative investment funds framework to increase investor protection and ensure operational continuity
Companies rules amended to streamline regulatory compliance and enhance transparency

Dispute Resolution

Supreme Court:
- clarifies that an application for extension of time-period for making an award is maintainable even after expiry of timelines under the Arbitration Act
- clarifies that a ‘free of cost’ copy of an NCLT order is on the same footing as a paid certified copy
- rules that an arbitration agreement will survive ‘full and final settlement’ of a contract
Conflicting High Court rulings on applicability of Bharatiya Nagarik Suraksha Sanhita to proceedings initiated after 1 July 2024 but arising from earlier FIRs

Amendments proposed to Rule 8 of the Securities Contracts (Regulation) Rules, 1957 to relax the prohibition on stockbrokers from carrying out non-securities business
Framework for foreign venture capital investors revamped to streamline registration process, eligibility criteria and registration renewal
Asset management companies mandated to establish institutional mechanism for fraud prevention
Master directions on fraud risk management issued for banks and non-banking financial companies
RBI introduces scheme for trading and settlement of sovereign green bonds in International Financial Services Centre

Proposed amendments to the regulatory framework around export and import of goods and services
SEBI:
- introduces reduced denomination for the issuance of debt securities and non-convertible redeemable preference shares
- simplifies and streamlines the issuance process of debt securities
- aligns the timelines for submission of payment obligation status to stock exchanges for listed commercial papers with those for listed non-convertible securities

Delhi High Court:
- analyses the availability of grandfathering benefit under India-Mauritius tax treaty and upholds validity of tax residency certificates for claiming treaty benefits
- reignites debate on whether profit can be attributed to the permanent establishment of a non-resident enterprise in India despite a global level loss

GST regime amended to provide a streamlined procedure for initiating proceedings, an amnesty scheme, regularisation of unpaid taxes, and extension of certain timelines
Supreme Court upholds constitutional validity of ITC blockage in case of construction of immovable property; provides conditions for treating a building as a ‘plant’ for claiming ITC
Supreme Court dismisses review petition against its earlier judgment regarding imposition of interest and penalty on delayed payment of countervailing duties
High Courts hold that issuance of a single show cause notice consolidating multiple tax periods contravenes the provisions of the GST law
Gauhati High Court quashes notification extending limitation period for certain proceedings issued without the GST Council’s recommendation

Rules amended to allow new exporters to request separate countervailing duty rate
Trade remedy actions on imports into India in the third quarter of 2024
Export of steel products from India face anti-dumping investigations in various countries

Major changes made to the merger control regime in India to streamline the merger review process
Competition Commission of India’s general regulations revised to increase transparency, compliance and monitoring
Director General directed to recall certain investigation reports due to confidentiality concerns
High Courts increase scrutiny of antitrust investigations to ensure procedural compliance

Supreme Court holds legal heirs not liable for personal contractual obligations of the deceased
US government proposes to increase reporting burden for foreign trusts and gifts from non-US persons
NCLT permits a private trustee company to convert to a company limited by guarantee
Bombay High Court holds that applications to waive cooling-period in divorce proceedings must not be rejected mechanically

New regime for apartment ownership in Tamil Nadu to revive ageing buildings and boost redevelopment

Significant regulatory changes for Clinical Research Organisations
Uniform Code for Marketing Practices in Medical Devices issued to ensure ethical practices in the industry
Certain new drugs exempted from local clinical trial requirement if already approved by specified countries

DPIIT withdraws notification which included internet transmissions in the statutory licensing regime
Delhi High Court grants ‘dynamic+ injunctions’ against rogue websites unauthorisedly displaying copyrighted works
Bombay High Court quashes circular exempting performance of music played at weddings from copyright infringement

Delhi High Court upholds restraint against use of the same mark for allied or cognate products catering to the same set of users
Calcutta High Court introduces new rules forming its own Intellectual Property Division
Committees constituted to draft a code of conduct to govern patent and trademark agents
Delhi High Court holds algorithmic processes not patentable
New rules for handling complaints against trademark and geographical indication violations

Ministry of Information and Broadcasting clarifies authorisation requirements for the operation of non-Indian satellites
TRAI revises the quality-of-service standards for access and broadband services
TRAI issues further directions to combat spam communications

Bombay High Court strikes down an amendment enabling the government to establish a fact check unit for digital media
RBI issues directions on cyber resilience and digital payment security for non-bank payment system operators
SEBI issues new cyber security and cyber resilience framework