Entries by Staff

Referral or Representation? The Fine Line Between LSP, DSA and Referral Partner

November 13, 2025 /0 Comments/in , , /by

Simrat Singh & Sakshi Patil | finserv@vinodkothari.com India’s lending landscape is evolving from traditional, branch-led lending to digital and now “phygital” models, involving multiple intermediaries connecting borrowers and lenders. For regulated entities (REs), three different terms referring to loan intermediaries are commonly seen: Lending Service Providers (LSPs), Direct Selling Agents (DSAs) and Referral Partners.  At […]

Representation on Consolidation of Directions 

November 11, 2025 /0 Comments/in /by

– Team Finserv | finserv@vinodkothari.com In line with the Statement on Development and Regulatory Policies released by the Reserve Bank of India on October 10, 2025, we have submitted our representation on the draft directions issued thereunder. The submission presents our detailed observations, analysis, and suggestions aimed at facilitating the finalisation of a balanced and […]

India FSAP 2025: Key Takeaways and Policy Recommendations

November 8, 2025 /0 Comments/in , , , , , , /by

– Chirag Agarwal, Assistant Manager | chirag@vinodkothari.com A joint World Bank-IMF team visited India in 2024 to update the findings of the Financial Sector Assessment Program (FSAP), which took place in 2017. World Bank on October 30, 2025 released the report which summarises the main findings of the mission, identifies key financial development issues, and […]

Exempting IFSCA-registered Finance Companies from section 186

November 7, 2025 /0 Comments/in , , , , /by

Ayush Kumar – Executive | corplaw@vinodkothari.com Background: With a view to promoting ease of doing business for Finance Companies (FCs) operating in the IFSC jurisdiction, the MCA, upon the request of the IFSCA, has vide its notification dated November 3, 2025, extended the exemptions available under section 186 of the Companies Act, 2013, to FCs […]

When “Profit” Isn’t Always Distributable

November 3, 2025 /0 Comments/in , , , , /by

– Understanding Reportable vs Distributable Profits under Ind AS and the Companies Act, 2013 – Sourish Kundu | corplaw@vinodkothari.com In the sphere of corporate law intertwined with accounting principles, there arises a question on profits that are reported in the financials of a company and the amount that can actually be distributed, that is to […]

Redeemable preference shares not debt under IBC

November 3, 2025 /0 Comments/in , , /by

– SC reinforces the distinction between ‘debt’ and ‘share capital’ for the purpose of IBC – Sourish Kundu | resolution@vinodkothari.com Introduction The Supreme Court in a recent judgement in the matter of EPC Constructions India Limited v. M/s Matix Fertilizers and Chemicals Limited, has categorically clarified that holders of Cumulative Redeemable Preference Shares (“CRPS”) are […]