Sansa Law Desk

The Digital Personal Data Protection Rules, 2025, notified by the Ministry of Electronics and Information Technology (MeitY) on 13 November 2025, introduce the Consent Manager framework through Rule 4, which is scheduled to come into force on 13 November 2026. A Consent Manager is a registered intermediary that provides Data Principals (individuals whose personal data is processed) with an accessible, transparent, and interoperable platform to give, manage, review, and withdr

The Insolvency and Bankruptcy Board of India (IBBI) notified the Pre-Packaged Insolvency Resolution Process (Second Amendment) Regulations, 2026 on 19 May 2026, introducing significant changes to valuation procedures, timeline discipline, and eligibility for pre-packaged insolvency resolution. These amendments follow the Insolvency and Bankruptcy Code (Amendment) Act, 2026, which received Presidential assent in April 2026 and came into force on 19 May 2026, expanding the PPIR

The Reserve Bank of India has issued the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 (Notification No. FEMA 3(R)(5)/2026-RB, dated 9 February 2026), effective from 16 February 2026. This amendment substantially revises the framework governing External Commercial Borrowings (ECBs), consolidating eligibility, end-use, maturity, cost, security, refinancing, conversion, and reporting requirements into a more structured regime. The chang

Tag-along and drag-along rights are among the most commercially significant provisions in any shareholders' agreement (SHA). They govern what happens when one shareholder wants to sell their stake to a third party, and their design directly affects the balance of power between majority and minority shareholders. This guide walks through the key considerations and drafting steps for both clauses under Indian law. Understanding the Two Rights Tag-Along Right (Co-Sale Right) A t

The Securities and Exchange Board of India (SEBI) has released a consultation paper dated August 21, 2026, proposing a new category of market intermediaries called Fixed Income Channel Partners (FICPs). The proposal aims to expand retail participation in the corporate bond market by creating a distribution network that extends beyond major urban centres into Tier II, Tier III, and rural locations. Background: The Distribution Gap in Corporate Bonds India's corporate bond mark

The intersection of competition law and insolvency law in India has been a source of persistent uncertainty for resolution applicants, creditors, and regulators. At the heart of the debate lies a deceptively simple question: when must the Competition Commission of India (CCI) approve a resolution plan that involves a combination, such as a merger or acquisition? The Supreme Court answered this question with a strict interpretation, only for Parliament to legislate a different

The information memorandum (IM) is one of the most critical documents in the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Prepared by the resolution professional (RP), it serves as the primary disclosure instrument that enables prospective resolution applicants to evaluate the corporate debtor and formulate their resolution plans. This guide walks through the legal requirements, practical steps, and key considerations in

The Securities and Exchange Board of India (SEBI) has extended the implementation deadline for its Exchange Traded Fund (ETF) trading norms circular from September 1, 2026 to September 7, 2026. The extension was notified through Circular No. HO/47/11/11(1)2026-MRD-POD3/I/19839/2026 dated August 28, 2026, following feedback received from stock exchanges regarding operational readiness. Background: The June 15, 2026 ETF Norms Circular SEBI issued its original circular on June 1

The Insolvency and Bankruptcy Board of India (IBBI) has strengthened disclosure norms in the Corporate Insolvency Resolution Process (CIRP) through the Fifth Amendment to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Effective from July 4, 2025, the amendment mandates that resolution professionals disclose all identified avoidance transactions in the information memorandum (IM) before it is shared with the committee of creditors (CoC) and p

When a company enters the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), equity shareholders are often the most affected stakeholders. Their shares may be diluted or extinguished entirely under an approved resolution plan, and they rank last in the priority waterfall for distribution of assets. Despite this, shareholders have certain procedural rights during the CIRP that, if exercised early, can influence the outcome or a

The Securities and Exchange Board of India (SEBI) has revised the framework governing the utilisation of income earned from the Investor Protection Fund (IPF) maintained by depositories. The circular, bearing reference number HO/47/14/13(4)2026-MRD-POD3/I/15577/2026 and dated July 7, 2026, came into effect on September 1, 2026. Under the revised norms, depositories may now utilise up to 5 percent of the annual interest or income generated from IPF investments for specified ad

The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by a Kerala-based investor seeking approximately Rs 110 crore in compensation for 1,35,000 equity shares of Sintex Industries Ltd that were extinguished under the company's insolvency resolution plan. The ruling, delivered on August 30, 2026, affirms the clean slate principle under the Insolvency and Bankruptcy Code, 2016 (IBC) and holds that no independent membership right survives once the underlyin

Private placement of debt securities is one of the most widely used methods for listed companies to raise capital without the regulatory burden and public scrutiny associated with a public offering. Under the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (NCS Regulations), the process involves a structured sequence of approvals, disclosures, and compliance steps. This guide walks through the complete process, from board approval to listing, with pra

The Competition Commission of India (CCI) has notified the Competition Commission of India (Commitment) (Amendment) Regulations, 2026, dated August 18, 2026, introducing significant changes to the commitment and settlement framework under the Competition Act, 2002. The most notable amendment extends the filing window for commitment applications from 45 days to 60 days from the date of receipt of the CCI's investigation report, and increases the total timeline for the commitme

The Securities and Exchange Board of India (SEBI) has issued a consultation paper dated August 27, 2026, proposing to exempt certain eligible listed issuers from the mandatory requirement to appoint a merchant banker when raising debt through private placement. The exemption would apply to debt securities and non-convertible redeemable preference shares issued at a face value of Rs 10,000, subject to four eligibility conditions. Public comments on the proposal are invited unt