Corporate Law

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

When a Corporate Insolvency Resolution Process (CIRP) is closed on the basis of a settlement between the financial creditor and the corporate debtor, the settlement may include a liberty clause allowing the creditor to revive the proceedings if the debtor defaults. This guide explains the step-by-step process for a financial creditor to apply for restoration of insolvency proceedings when the corporate debtor breaches the terms of a court-recorded settlement. Step 1: Confirm

The National Company Law Appellate Tribunal (NCLAT) has revived the Corporate Insolvency Resolution Process (CIRP) against Mumbai-based Chintamani's Jewellery Arcade Pvt Ltd after Axis Bank demonstrated that the company had materially breached the terms of a court-recorded settlement. The three-member NCLAT bench recalled its own order dated May 9, 2024, which had set aside the CIRP admission and closed insolvency proceedings on the basis of the settlement, restoring the matt

The Securities and Exchange Board of India (SEBI) has released a consultation paper proposing a fundamental restructuring of the Online Dispute Resolution (ODR) framework for the Indian securities market. The proposed changes would transfer the administrative control of investor grievance resolution from dedicated, independent ODR institutions to Market Infrastructure Institutions (MIIs), which include stock exchanges (BSE, NSE), depositories (NSDL, CDSL), and clearing corpor

When a holder of securities passes away, the transfer of those securities to legal heirs is known as "transmission" rather than "transfer." SEBI's simplified framework, effective August 19, 2026, significantly reduces the documentation burden for legal heirs claiming transmission of shares, debentures, mutual fund units, and other securities. This guide walks through the process step by step, covering the Quick Transmission Processing (QTP) route for small claims, the simplif