Foreign Entities getting into Payment Systems in India

By Vinita Nair, Vishes Kothari, Rajeev Jhawar & Simran Jalan

(finserv@vinodkothari.com)

India is one of the most exciting markets for fintech startups. Several overseas entities, having already established businesses overseas, want to set up mobile wallets or payments systems in India. This makes them run into two laws, first by virtue of being an overseas entity desirous of moving funds in some form or the other into India, and second because it is entering the payment and settlement systems  space. These bring complexities of foreign direct investment covered by Foreign Exchange Management Act, 1999, and nuances of skeletal, regulation-based law under Payment and Settlement Systems Act, 2007. This article intends to provide an easy-to-comprehend guide to the applicable regulations for overseas entities getting into payment systems in India. Read more

Senior Management Official as Significant Beneficial Owner

Revised guidelines for companies to facilitate the claimant’s refund by IEPF Authority

By Nikita Snehil (corplaw@vinodkothari.com)

The Ministry of Corporate Affairs (‘MCA’) Vide its Notification[1] No. 07/05/2017-IEPFA, dated July 19, 2018 has revised and updated the guidelines for the company to facilitate the refund of the claims by IEPF Authority in light of the resubmission option provided in e-form IEPF-5.

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