Banking and Finance

The Securities and Exchange Board of India (SEBI) in its board meeting dated 30 April 2024 (Board Meeting) has approved a series of proposals to ease disclosures under various regulations inter alia, the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (SEBI NCS Regulations) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations).

On 28 May 2024, the Reserve Bank of India (RBI) issued a press release launching three transformative initiatives, “PRAVAAH” (Platform for Regulatory Application, VAlidation and AutHorisation) portal, a FinTech Repository and the Retail Direct Mobile App. These initiatives have been notified pursuant to the announcements made in the Statement on Development and Regulatory Policies previously issued by the RBI.

The Guidelines on Regulation of Payment Aggregators and Payment Gateways, 2020 (PA Guidelines) issued by the Reserve Bank of India (RBI) sets out a regulatory framework for online payment aggregators and prescribes authorisation requirements for such entities under the Payment and Settlement Systems Act, 2007.

The Insolvency and Bankruptcy Board of India (IBBI) issued two notifications dated 31 January 2024, in terms of the powers conferred under Section 196(1)(t), Section 240 read with Section 2(e) of the Insolvency and Bankruptcy Code, 2016 (Code), introducing: (a) IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024 (Insolvency Amendments); and (b) IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024 (Bankruptcy

On 10 January 2024, vide a notification issued by the Ministry of Power, Government of India (MoP) in terms of the powers conferred under Section 176 of the Electricity Act, 2003 (Act), MoP has made certain amendments to Electricity Rules, 2005 (Amendment Rules).

Money market instruments play a pivotal role in fulfilling working capital requirements of corporates by facilitating acquisition of short-term financing and thereby establishing liquidity across diverse financial markets. The Reserve Bank of India (RBI), as the regulator of the financial market, lays down the regulatory landscape for the growth of these markets.

In its recent judgment in the matter of DBS Bank Limited Singapore v. Ruchi Soya Industries Limited and Another 2024 SCC OnLine SC 3 (Ruchi Soya), the Hon’ble Supreme Court reignited an important discussion under the framework of the Insolvency and Bankruptcy Code, 2016 (IBC) with regards to the manner of calculation of the minimum liquidation value payable to a secured dissenting financial creditors (Secured DFC) in terms of Section 30(2)(b)(ii) of the IBC (Minimum Liquidation Value or MLV).

The Reserve Bank of India (RBI) released a circular dated 19 December 2023 (Circular) which attempts to address the concerns of indirect loan exposure of REs to its stressed borrowers.

The Securities and Exchange Board of India released a consultation paper dated 28 November 2023, proposing revisions to revamp the existing regulatory framework for Special Situation Funds (SSFs): a sub-category of Category I Alternative Investment Funds that invest in stressed assets.