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Capital markets
Notes on Indian law filed under Capital markets. The practice itself is described on its own page.
A show-cause notice from the Securities and Exchange Board of India opens a 60-day settlement window and, if penalty follows, a 45-day appeal
A show-cause notice from the Securities and Exchange Board of India (SEBI) can end in an adjudication order under section 15-I of the Securities and Exchange Board of India Act, 1992 (SEBI Act) or in a settlement.
A Canadian pension fund in Indian infrastructure: the income-tax exemption, and the treaty rates where it does not apply
Schedule V of the Income-tax Act, 2025 (Table, Sl.
The threshold for a material related party transaction now rises with the size of the listed entity
From 19 December 2025 a related party transaction of a listed entity is material, and needs the prior approval of shareholders, only above a threshold that rises with the entity's annual consolidated turnover.
An alternative investment fund may now offer co-investment through its own scheme, capped at three times the investor's contribution to the fund's investment in that company
Since 9 September 2025 a Category I or Category II alternative investment fund (AIF) may offer its accredited investors a co-investment in a portfolio company through a separate co-investment scheme of the fund itself, and no longer only through a co-investment portfolio manager.
An FPI must disclose its owners down to natural persons if over half its Indian equity sits in one group or it holds over INR 50,000 crore
A foreign portfolio investor (FPI) that holds more than 50 per cent of its Indian equity assets under management (AUM) in one Indian corporate group, or more than INR 50,000 crore of Indian equity AUM alone or with its investor group, must give its designated depository participant (DDP) the name of every person with any ownership, economic interest or control in it, down to natural persons.
One Crore of Operating Profit: The SME IPO Gate and What It Costs to Clear It
Since 4 March 2025 an SME issuer cannot file a draft offer document unless it has earned operating profit of INR 1 crore from operations in two of the last three financial years.
Investing into India through Mauritius or Singapore in October 2026: the treaty tests, the GAAR and Tiger Global
Under the India-Mauritius and India-Singapore double taxation avoidance agreements (DTAAs) as amended in 2016, gains on Indian shares acquired on or after 1 April 2017 may be taxed in India, while shares acquired before that date stay taxable only in the investor's State of residence, subject in Singapore to a limitation of benefits clause.
Three clocks run under Regulation 30, and the shortest one starts when the board meeting closes
Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is usually read as a list of events.
A Put Option Against a Resident: What Makes It Enforceable, and at What Price
A put option given by an Indian promoter to a foreign fund is enforceable in India, and has been since 2013, but it survives three separate tests rather than one.
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