Sansa Law Desk

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

What Changed: NCLT Replaced with Competent Authority The Reserve Bank of India (RBI), through a notification dated May 29, 2026, has amended the Foreign Exchange Management (Cross Border Merger) Regulations, 2018. The key change replaces all references to the "National Company Law Tribunal" (NCLT) with the broader term "Competent Authority" across Regulations 4, 5, 7, and 9 of the cross-border merger framework. Under the amended definition, "Competent Authority" means any aut

SEBI Recommends Fractional Share Recognition The Securities and Exchange Board of India (SEBI) has formally asked the Ministry of Corporate Affairs (MCA) to recognise the issuance and holding of fractional shares within the Companies Amendment Bill currently pending in Parliament. A fractional share is a portion of a single equity share, typically less than one full unit, allowing investors to own a stake in high-value securities without purchasing an entire share. The reques

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

Background and Overview The Ministry of Women and Child Development, Government of India, has notified the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Amendment Rules, 2026, through Gazette Notification No. G.S.R. 120(E) dated February 10, 2026, with effect from February 20, 2026. This historic amendment extends the protection of the POSH framework to men and transgender employees for the first time, marking a fundamental shift in India's a

Background and Overview The Reserve Bank of India (RBI), on July 3, 2026, imposed monetary penalties totalling Rs 66.7 lakh on Bank of Baroda and GIC Housing Finance Ltd for non-compliance with regulatory norms relating to the Fair Practices Code for Lenders and Know Your Customer (KYC) guidelines. The penalty on Bank of Baroda was Rs 63.6 lakh, while GIC Housing Finance was penalised Rs 3.1 lakh. The penalties were imposed following a statutory inspection conducted by the RB

Background and Overview The Competition Commission of India (CCI), in a press release issued on July 7, 2026, announced its approval of the merger of 51 Malabar Group companies with and into Malabar Gold and Diamonds Limited. This represents one of the largest group-level consolidation exercises in the Indian jewellery retail sector, bringing the entire Malabar Group's jewellery operations under a single flagship entity. The proposed combination envisages the merger of 51 com

Background and Overview The National Company Law Tribunal (NCLT), Delhi Bench, on August 19, 2026, permitted aircraft lessor Aviator ML 29641 Limited to withdraw its insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against SpiceJet Limited. However, the Tribunal imposed costs of Rs 15 lakh on both parties for disclosing their settlement at the eleventh hour, after orders had already been reserved in the matter. The order, passed by a

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

Background and Overview The Securities and Exchange Board of India (SEBI) has passed an ex-parte interim order against two entities for their involvement in manipulative trading during the Closing Auction Session (CAS) on the SENSEX weekly expiry day at the Bombay Stock Exchange (BSE). The order, issued in connection with trading activity on August 13, 2026, represents one of the first major enforcement actions under the newly introduced CAS mechanism, underscoring the regula

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

Background and Overview The Competition Commission of India (CCI), in a press release issued on July 7, 2026, announced its approval of the merger of 51 Malabar Group companies with and into Malabar Gold and Diamonds Limited. This represents one of the largest group-level consolidation exercises in the Indian jewellery retail sector, bringing the entire Malabar Group's jewellery operations under a single flagship entity. The proposed combination envisages the merger of 51 com

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,