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Author Archive for: Staff
Entries by Staff
ESOPs for founders: Well intended relief, garbled by language?
SEBI’s explanation remains ambiguous on share options granted to start-up promoters – Payal Agarwal, Partner & Sakshi Patil, Executive Starting a company often means wearing multiple hats. In these early stages, many founders structure their compensation through Employee Stock Option Plans (“ESOPs”) rather than traditional salaries. This arrangement makes perfect sense when resources are tight […]
Master Direction on ETPs: Key Changes & Compliance Guide
Harshita Malik, Executive | finserv@vinodkothari.com Background and Overview: The evolution of Electronic Trading Platform (‘ETPs’) is rooted in the market’s need for speed, efficiency, and enhanced transparency in dissemination of trade information. Traditional floor based trading methods struggled with sluggish processes, limited data dissemination, and inefficiencies that couldn’t pace with a global financial landscape. In […]
Balancing flexibility and discipline: Analysis of RBI’s Project Finance Directions, 2025
Aanchal Kaur Nagpal, Senior Manager and Simrat Singh, Senior Executive | finserv@vinodkothari.con Updated as on 28th October, 2025 Project loans, used to finance large infrastructure and industrial ventures like highways, power plants and railways etc., are fundamentally different from regular business or personal loans. Unlike typical loans that are repaid from either the borrower’s existing […]
Regulatory landscape for AIFs: what’s new?
– Payal Agarwal, Partner | corplaw@vinodkothari.com Alternative Investment Funds (AIFs) have come up as a regulators’ favourite in the recent years with both SEBI and RBI tightening regulatory controls around the same within their respective domains. The use of AIF as regulatory arbitrage in recent years calls for such strict regulatory boundaries. The growth of […]
SEBI approves a mix of reforms for regulated entities
– Easing ESOPs for IPO-bound companies, relaxations to SEBI regd. intermediaries, providing clarity for uniformity of practices – Team Corplaw | corplaw@vinodkothari.com Various proposals have been approved by SEBI in its Board meeting dated June 18, 2025, pertaining to various relevant regulations. The approved changes may impact various market participants – listed entities as well […]
No shares, no say, yet a promoter: How marital ties create fictional “promoter groups”
Definition in SEBI regulations entangles spouse’s family and its associated entities – Nitu Poddar, Partner | corplaw@vinodkothari.com What is the issue? A seemingly benign, innocuous and long standing definition of “promoter group” in SEBI (ICDR) Regulations, 2018 (‘ICDR Regulations’) is suddenly seeming to put to trial family relationships, by forcing spouse-side relations to share the […]
MCA’s V3 becomes completely operational
– Team Corplaw | corplaw@vinodkothari.com This version: 7th June, 2025
A pledge of prudence – New Gold Lending Directions keep it balanced, non-discriminatory and flexible
Team Finserv | finerv@vinodkothari.com Executive Summary of Changes: I. Background On June 06, 2025, the RBI notified the final Reserve Bank of India (Lending Against Gold and Silver Collateral) Directions, 2025 (‘Gold Lending Directions’), after incorporating substantial changes from the Draft Directions published on April 09, 2025 . In the final version, the RBI appears […]
Upsurge in list of UPSI | SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2025
– Pammy Jaiswal and Payal Agarwal | corplaw@vinodkothari.com Pursuant to SEBI (Prohibition of Insider Trading) Amendment Regulations, 2025, SEBI has amended UPSI definition, effective from June 10, 2025 inserting a longer list of information, some of which may seem purely operational or business-as-usual for listed companies. Several questions arise: Whether each of this information will […]