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Introduction The Indian indirect tax framework under the Central Goods and Services Tax Act, 2017 (CGST Act) faces fresh scrutiny as experts highlight systemic risks of double taxation and undue enrichment . In recent commentary, analysts point out that when a supplier fails to remit tax while a buyer claims input tax credit (ITC), the system forces the buyer to bear tax again — effectively …
Introduction In a significant development, the Bombay High Court (HC) in the case of RioCare India Private Limited v. Assistant Commissioner, CGST & C.Ex. (Judgment dated 6 January 2025) accepted, at least prima facie, the validity of issuing a single show-cause notice (SCN) under Section 74(1) of the Central Goods and Services Tax Act, 2017 ( CGST Act ) covering multiple financial years…
Introduction India’s securities regulator, the Securities and Exchange Board of India (SEBI), on 22 August 2025 published a consultation paper proposing sweeping changes to the framework governing “ block deals ” — those large pre-negotiated trades executed through special windows. The proposals include a higher minimum deal size, broader permissible price bands and revised reference-price wind…
Introduction In a move aimed at giving the early-stage investment ecosystem breathing room, the Securities and Exchange Board of India (SEBI) has extended the deadline by which existing angel funds must disclose their investment-allocation methodology in their Private Placement Memorandum (PPM). The original cut-off of 15 October 2025 has now been pushed to 31 January 2026 . The extension wil…
Introduction The Securities and Exchange Board of India (SEBI) has released a comprehensive Master Circular covering the issue and listing obligations for non-convertible securities (NCS), securitised debt instruments (SDIs), security receipts (SRs), municipal debt securities (MDS) and commercial paper (CP). The latest version, issued in May 2024 (and further updated in July 2025), consolida…
Introduction The Securities and Exchange Board of India (SEBI) on 17 October 2025 issued a consultation paper proposing sweeping changes to facilitate the transfer of physical share certificates executed before 1 April 2019 . The regulator aims to provide relief to investors who missed earlier deadlines and to streamline the dematerialisation process by eliminating redundant steps. The move u…
Introduction The Securities and Exchange Board of India (SEBI) has moved to relax its disclosure and approval requirements for related-party transactions (RPTs) in a consultation paper released on 4 August 2025. Under proposals, listed companies would face higher thresholds for when RPTs are deemed “material” and would see exemptions for smaller transactions. The changes—aimed at reducing adm…
Introduction In a landmark move effective from 31 July 2025 , the Securities and Exchange Board of India (SEBI) has mandated that all SEBI-regulated entities must ensure their digital platforms are accessible to persons with disabilities. This directive stems from a Supreme Court ruling that recognised digital access as part of fundamental rights, compelling SEBI to operationalise inclusion i…
Introduction On [date of regulation or effective date], the Securities and Exchange Board of India (SEBI) incorporated a “purpose and effect” test into the definition of related party transactions (RPTs) under its Listing Obligations and Disclosure Requirements (LODR). The change permits SEBI to treat a transaction with an independent counterparty as an RPT if its purpose or effect is to b…
Introduction In a significant regulatory reprieve, the Securities and Exchange Board of India (SEBI) has extended the timeline for implementing its retail algorithmic trading framework, now setting full compliance by April 2026 . The decision, announced late September 2025, grants stock brokers and exchanges additional bandwidth to upgrade systems, register algorithms, and set up risk pro…
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