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Ergo Update

SEBI’s incentive push: A new boost for India’s Public Debt Market

Submitted by yvonne on Fri, 11/28/2025 - 20:16

SEBI vide its circular no. CIR. /IMD/DF/22/2011 - Public issue of Debt Securities- Prohibition on payment of incentives dated 26 December 2011 (Circular) prohibited payment of incentives by a person connected with a public issue of debt securities to a potential investor for making an application for allotment of specified securities.

Supreme Court recalls Vanashakti judgement on the validity of ex post facto environmental clearance

Submitted by yvonne on Fri, 11/21/2025 - 14:49

In a landmark decision in Confederation of Real Estate Developers of India (CREDAI) v Vanshakti & Another (2025 INSC 1326), the Supreme Court by a majority judgment has recalled its judgment dated 16 May 2025, Vanshakti v Union of India (2025 SCC OnLine SC 1399) by which the Court had restrained the Central Government from granting ex-post facto Environmental Clearance (EC).

Enabling Delegated Payments on UPI Rails: Implications of IoT and Software Integration for UPI Payments under NPCI OC 201-B

Submitted by yvonne on Thu, 11/20/2025 - 20:43

The National Payments Corporation of India (NPCI) issued an Operating Circular on October 8, 2025, authorizing the use of IoT devices and software for delegated payments (i.e. payments executed by a UPI user on other users' behalf) within the UPI ecosystem.

Mumbai Tribunal Grants Treaty Exemption to Singapore Company on Sale of Grandfathered Shares; Dismisses Allegations of Conduit Entity and PPT Applicability

Submitted by yvonne on Mon, 11/17/2025 - 11:25

The Mumbai bench of the Income Tax Appellate Tribunal in the case of a Temasek owned entity has allowed the capital gains tax exemption under the India-Singapore tax treaty, taking into account the commercial substance in Singapore.