How-To Guide

SEBI's settlement mechanism allows entities facing enforcement proceedings to resolve matters by paying a settlement amount instead of contesting the charges through a full adjudication. This guide explains the current process under the SEBI (Settlement Proceedings) Regulations, 2018, and flags the key changes proposed under the draft 2026 regulations. Step 1: Determine Whether Your Matter Is Eligible for Settlement Settlement is available for most SEBI enforcement proceeding

An Advance Pricing Agreement (APA) is a binding agreement between a taxpayer and the Central Board of Direct Taxes (CBDT) that fixes the transfer pricing methodology for international transactions for a prospective period of up to five years, with the option of rolling the agreed methodology back by four years. The APA framework was introduced in India in 2012 and is now codified in Sections 168 and 169 of the Income-tax Act, 2025 (which replaced the earlier Sections 92CC and

Who Needs to Comply and When The SEBI Cybersecurity and Cyber Resilience Framework (CSCRF), issued on August 20, 2024, applies to all SEBI-regulated entities (REs) operating in the Indian securities market. This includes stock exchanges, clearing corporations, depositories, stock brokers, depository participants, mutual funds and AMCs, portfolio managers, alternative investment funds (AIFs), investment advisers, research analysts, registrars and transfer agents, KYC registrat

When a cross-border merger or acquisition involves entities with operations in India, the transaction may trigger mandatory notification requirements under the Competition Act, 2002. The Competition Commission of India (CCI) serves as the country's antitrust regulator, and its merger control regime requires parties to notify qualifying combinations before consummation. Failing to comply can result in significant penalties, including the potential unwinding of the entire trans

Introduction Receiving a show cause notice from the Securities and Exchange Board of India (SEBI) can be a defining moment for any listed company, market intermediary, or individual associated with the Indian securities market. These notices signal that the regulator has identified potential violations and is contemplating formal enforcement action. How you respond in the initial days and weeks can significantly influence the final outcome of the proceedings. This guide provi

Cross-border borrowing and lending is a critical component of India's foreign exchange regulatory framework. For companies seeking to raise capital from overseas sources, External Commercial Borrowings (ECBs) offer a viable and often cost-effective alternative to domestic financing. However, these transactions are governed by a comprehensive set of regulations under the Foreign Exchange Management Act, 1999 (FEMA). The Reserve Bank of India (RBI) recently introduced significa

The Reserve Bank of India (RBI) Fair Practices Code (FPC) establishes a comprehensive framework for ethical lending practices across banks and non-banking financial companies (NBFCs) in India. Originally introduced through the RBI circular dated May 5, 2003, the FPC has undergone significant updates to address evolving challenges in the lending landscape. For lending institutions, compliance with the FPC is not merely a regulatory obligation; it is a cornerstone of responsibl

India's Digital Personal Data Protection Act, 2023 (DPDP Act) has introduced a regulated intermediary known as the Consent Manager, an entity that acts on behalf of individuals (called Data Principals) to manage, review, and withdraw consent given to organisations that process personal data. With the DPDP Rules, 2025 now providing the detailed operational framework, businesses seeking to operate as Consent Managers or integrate consent management into their operations face a

The Digital Personal Data Protection Act, 2023 (DPDP Act), published on August 11, 2023, has introduced a comprehensive framework for data protection in India. With the DPDP Rules notified on November 13, 2025, and full enforcement expected by mid-2027 under a phased approach, organisations must prepare their contractual frameworks to meet the new statutory requirements. A Data Processing Agreement (DPA) is an essential contract between a Data Fiduciary and a Data Processor,

Corporate fraud in India has grown in both scale and sophistication. From financial statement manipulation to fund diversion and related party abuse, fraudulent schemes demand rigorous investigation. A forensic audit is the cornerstone of such investigations, combining accounting expertise, legal knowledge, and investigative technique to uncover fraud, quantify losses, and produce evidence that stands up in court. This guide provides a step-by-step framework for conducting fo

Introduction: Why Trademark Coexistence Agreements Matter Not every trademark dispute needs to end in litigation. When two businesses operate under similar marks but serve different markets, geographies, or product categories, a trademark coexistence agreement offers a practical, commercially sensible alternative to costly and protracted legal battles. A coexistence agreement is a legally binding contract between two trademark owners who agree to use similar (or even identica

On August 20, 2026, the Supreme Court of India (Justice Vikram Nath and Justice Prasanna B. Varale) dismissed the Revenue's review petition challenging the Delhi High Court's landmark ruling that telecom towers qualify as "plant and machinery" for the purposes of Input Tax Credit (ITC) under GST. The ruling, which quashed a tax demand of Rs 5,454.6 crore covering FY18 to FY24, has opened the door for infrastructure intensive businesses across India to reclaim substantial ITC

India's film industry produces over 1,500 films annually, making it one of the world's most prolific entertainment markets. Behind every production lies a complex web of financing arrangements that determine how capital is raised, deployed, and recouped. A well-structured film production financing agreement is essential for protecting the interests of producers, investors, lenders, and creative talent alike. This guide provides a comprehensive framework for structuring film p

Every listed entity in India must formulate a policy governing related party transactions (RPTs) as mandated by Regulation 23(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR). The policy defines what constitutes a related party, sets materiality thresholds, prescribes the approval mechanism through the audit committee and shareholders, and establishes ongoing monitoring and disclosure requirements

Internal Financial Controls (IFC) testing is a statutory obligation embedded in the Companies Act, 2013 through two key provisions. Section 134(5)(e) requires the board of directors to confirm in the Board Report that they have laid down internal financial controls and that such controls are adequate and operating effectively. Section 143(3)(i) requires the statutory auditor to report on whether the company has adequate internal financial controls with reference to financial