Notes on Indian law filed under Capital markets, published by Juris Eagle.https://juriseagle.com/insights/practice/capital-marketsen-inMon, 09 Nov 2026 12:40:42 GMThttps://juriseagle.com/disclaimerhttps://juriseagle.com/insights/after-a-sebi-show-cause-notice-adjudication-settlement-and-the-appealhttps://juriseagle.com/insights/after-a-sebi-show-cause-notice-adjudication-settlement-and-the-appealA 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. The notice allows at least fourteen days for a reply under the 1995 inquiry rules, and the penalty is then fixed within sections 15A to 15HB, having regard to section 15J. An application to settle is considered only if made within sixty days of service of the notice (regulation 4 of the Settlement Proceedings Regulations, 2018), with the amount worked out under Schedule II. An order is appealed to the Securities Appellate Tribunal (SAT) within forty-five days under section 15T, and a SAT order to the Supreme Court within sixty days under section 15Z.Sat, 07 Nov 2026 00:00:00 GMTAdv. Adithya Karthik KCapital marketscapital-marketscivil-disputeshttps://juriseagle.com/insights/canadian-pension-funds-indian-infrastructure-tax-exemptionhttps://juriseagle.com/insights/canadian-pension-funds-indian-infrastructure-tax-exemptionSchedule V of the Income-tax Act, 2025 (Table, Sl. No. 7) leaves out of total income the dividend, interest and long-term capital gains that a notified foreign pension fund or sovereign wealth fund earns on investment in specified Indian infrastructure vehicles, if the investment is made on or after 1 April 2020 and on or before 31 March 2030 and held for at least three years. The fund must be named in a Central Government notification. No Canadian fund is named in the Act; a notification decides it. Where the exemption does not apply, Articles 10 and 11 of the India-Canada tax agreement leave India's tax on dividends at the domestic 20 per cent under section 207, because the treaty ceiling of 25 per cent is higher, cut to 15 per cent for a company holding at least 10 per cent of the votes, and cap tax on interest at 15 per cent. India and Canada have no investment treaty in force, on the Department of Economic Affairs list.Wed, 28 Oct 2026 00:00:00 GMTAdv. Adithya Karthik KTradetransaction-advisorycapital-marketshttps://juriseagle.com/insights/related-party-materiality-schedule-xiihttps://juriseagle.com/insights/related-party-materiality-schedule-xiiFrom 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. Schedule XII to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations) sets it at 10 per cent of turnover up to INR 20,000 crore, then on a sliding scale to a ceiling of INR 5,000 crore. The fixed ceiling it replaced was INR 1,000 crore, so the higher materiality threshold reaches only entities with turnover above INR 10,000 crore.Fri, 16 Oct 2026 00:00:00 GMTAdv. Adithya Karthik KCapital marketscapital-marketsboardroom-and-corporatehttps://juriseagle.com/insights/aif-co-investment-scheme-three-times-caphttps://juriseagle.com/insights/aif-co-investment-scheme-three-times-capSince 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. Each such scheme holds one investee company, cannot borrow, exits when the main scheme exits, and caps an investor's co-investment at three times what that investor put into the same company through the main scheme. Multilateral and bilateral development financial institutions, State Industrial Development Corporations and entities established, owned or controlled by the Central Government, a State Government or a foreign government, including central banks and sovereign wealth funds, are outside the cap.Mon, 14 Sep 2026 00:00:00 GMTAdv. Adithya Karthik KPrivate Equity & Fundscapital-marketstransaction-advisoryhttps://juriseagle.com/insights/mauritius-fpi-additional-disclosure-frameworkhttps://juriseagle.com/insights/mauritius-fpi-additional-disclosure-frameworkA 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. The Securities and Exchange Board of India (SEBI) set this out in a circular of 24 August 2023 under regulations 22(6) and 22(7) of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, and raised the size limit from INR 25,000 crore on 9 April 2025. An FPI that stays over a limit without disclosing has its registration rendered invalid and 180 days to sell.Tue, 14 Jul 2026 00:00:00 GMTAdv. Adithya Karthik KCapital Marketscapital-marketstransaction-advisoryhttps://juriseagle.com/insights/sme-ipo-operating-profit-gatehttps://juriseagle.com/insights/sme-ipo-operating-profit-gateSince 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. That single number, written into regulation 229 of the SEBI (ICDR) Regulations, 2018, moved the IPO conversation out of the merchant banker's office and back into the finance function, because it is an accounting test before it is a capital markets test.Mon, 27 Apr 2026 00:00:00 GMTAdv. Adithya Karthik KCapital Marketscapital-marketstransaction-advisoryhttps://juriseagle.com/insights/investing-into-india-through-mauritius-or-singaporehttps://juriseagle.com/insights/investing-into-india-through-mauritius-or-singaporeUnder 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. The 50 per cent concession for the transition period ended on 31 March 2019. Two further tests sit over both treaties: the General Anti-Avoidance Rule (GAAR) in Chapter XI of the Income-tax Act, 2025, which Section 159(6) applies even where it is not beneficial to the assessee, and a principal purpose test in a 2024 protocol to the Mauritius treaty, whose notification and entry into force we have not confirmed from an official source. The Supreme Court's judgment of 15 January 2026 in Tiger Global holds that a tax residency certificate does not by itself settle the question.Fri, 10 Apr 2026 00:00:00 GMTAdv. Adithya Karthik KTaxtaxation-and-fiscaltransaction-advisorycapital-marketshttps://juriseagle.com/insights/where-the-lodr-disclosure-clock-startshttps://juriseagle.com/insights/where-the-lodr-disclosure-clock-startsRegulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is usually read as a list of events. It is better read as a set of clocks. Three of them run at different speeds: thirty minutes from the close of a board meeting for what the board decided, twelve hours for an event that came from inside the company, and twenty four hours for one that came from outside it. A fourth clock, the rumour clock, no longer starts when a newspaper prints something; since the 2024 amendment it starts when the price moves. Each clock has a different starting point, and the starting point, not the length, is where most of the compliance risk sits.Thu, 29 Jan 2026 00:00:00 GMTAdv. Adithya Karthik KCapital marketscapital-marketsboardroom-and-corporatehttps://juriseagle.com/insights/put-option-against-a-residenthttps://juriseagle.com/insights/put-option-against-a-residentA 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. Securities law asks whether the option is a lawful contract at all. Exchange control asks when the investor may exit and at what price, and its answer is that no exit price may be assured at the outset. Company law asks whether the restriction binds anyone beyond the two parties who signed it. An option drafted against one of the three and silent on the others is the one that fails.Mon, 28 Oct 2024 00:00:00 GMTAdv. Adithya Karthik KPrivate Equity & Fundstransaction-advisoryboardroom-and-corporatecapital-markets2024 Juris Eagle. This website is intended solely for informational purposes and does not constitute solicitation or advertisement under applicable Bar Council regulations. The transmission or receipt of information through this platform does not create an advocate-client relationship. Legal advice is rendered only upon formal written engagement with the firm.