JSA Corporate InVision | July 2026 Edition

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SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) (Amendment) Regulations, 2026

SEBI, vide notification dated July 1, 2026, has amended the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 to strengthen governance, enhance investor protection, and align regulatory requirements for securitisation transactions. Some of the key amendments are as follows:

1. Regulation 9 (dealing with permissible structures for special purpose distinct entity) is amended to provide that if the originator is an entity regulated by the Reserve Bank of India (“RBI”), it cannot have more than 1 (one) representative on the board of the Special Purpose Distinct Entities (“SPDEs”) and such representative will not have veto powers;
2. Regulation 10 (dealing with assignment of debt or receivables) is amended to place a restriction on the acquisition of debt/receivables by SPDEs. No SPDE can acquire any debt or receivables from any originator which is part of the same group or under the same control as the trustee;
3. references to ‘originator’ are replaced with ‘servicer’ in specified provisions;
4. SEBI has been empowered to direct actions in the interest of investors, revise provisions relating to replacement of trustees, and require disclosure of concentration risk arising from single asset securitisation;
5. additional ground for winding up of scheme are inserted in Regulation 20 (dealing with winding up of schemes), enabling SEBI to direct the winding up of a scheme in the interest of investors; and
6. Regulation 45 (dealing with cancellation or suspension of registration) is amended to provide that upon suspension or cancellation of a trustee’s registration, SEBI may now direct the appointment of a new trustee in place of the outgoing trustee, replacing the earlier provision which required winding up of schemes of the SPDE.

 

SEBI (Buy-back of Securities) Regulations, 2018

SEBI (Buy-Back of Securities) (Amendment) Regulations, 2026

SEBI, vide notification dated July 1, 2026, has amended the SEBI (Buy-back of Securities) Regulations, 2018 (“Buy-back Regulations”), which has come into effect from August 1, 2026, to enhance the regulatory framework governing buy-back of securities. Some of the key amendments are as follows:

1. amendments to Regulation 4 (dealing with conditions and requirements for buy-back of shares and specified securities) include:
   • any buy-back from the open market through the stock exchange is required to be less than 15% of the paid-up capital and free reserves of the company, determined based on both standalone and consolidated financial statements;
   • a company is not permitted to make any offer of buy-back within such period as may be prescribed under the Companies Act, 2013 from the date of closure of the preceding offer of buy-back, if any; and
   • a company is not permitted to propose any offer of buy-back of shares or other specified securities that results in a breach of the minimum public shareholding requirements prescribed under the Securities Contracts (Regulation) Rules, 1957 or specified under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015;
2. for buy-back through stock exchange, the public announcement must be made within 2 (two) working days from the date of passing of the board resolution or the date of declaration of results of the postal ballot for a special resolution and must contain the specified disclosures. Further, the company must, within 1 (one) working day from the date of the public announcement, send an intimation through electronic mode regarding the open market buy-back offer to their shareholders;
3. regarding opening of the offer on stock exchange, the buy-back offer must be open within 4 (four) working days from the date of the public announcement and close within 66 (sixty-six) working days from the date of opening of the offer;
4. under the obligations of the company for all buy-back procedure, shares or other specified securities held by the promoter(s) and promoter for which buy-back is undertaken will remain frozen at the International Securities Identification Number level from the date of passing of the board or special resolution, until the closing of the offer. This freeze does not apply in the case of a tender offer, for the limited purpose of tendering shares in the buy-back offer; and
5. a new Regulation 24A is inserted, making the engagement of a merchant banker discretionary for the company undertaking a buy-back. Where a company chooses not to appoint a merchant banker, the merchant banker’s obligations are to be discharged by specified persons, as prescribed.

 

Operationalisation of freezing of promoter holdings under the Buy-back Regulations

SEBI, vide circular dated July 21, 2026, has issued operational guidelines for the freezing of holdings of promoter and promoter group including their associates (“Promoter Holdings”) at the International Securities Identification Number (“ISIN”) level under Regulation 24(i)(ea) of the Buy-back Regulations. Some of the key provisions are as follows:

1. Promoter Holdings will remain frozen at the ISIN level from the date of passing of the resolution by the board of directors or the special resolution, as the case may be, till the closing of the offer;
2. tendering of shares or other specified securities in a buy-back undertaken through the tender offer route, and invocation of encumbrances created prior to the commencement of buy-back period, will be permitted;
3. depositories should put in place an operational framework, including necessary system enhancements, and issue operational guidelines to facilitate implementation before August 1, 2026; and
4. listed companies, recognised stock exchanges, depositories, merchant bankers, and registrars to an issue and share transfer agents will ensure compliance with this circular and the operational framework issued by the depositories.

 

SEBI (Issue and Listing of Municipal Debt Securities) (Amendment) Regulations, 2026

SEBI, vide notification dated July 1, 2026, has amended the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 to enhance the framework governing municipal bond issuances. Some of the key amendments are as follows:

1. new definitions of ‘retail individual investor’ and ‘working day’ are inserted;
2. Regulation 4F is inserted, providing that an issuer desirous of issuing and listing Environment, Social and Governance (“ESG“) Debt Securities must comply with the conditions specified for such securities under the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
3. Regulation 5A is inserted, providing that where the issuer is a Special Purpose Vehicle (“SPV”) set up under the Pooled Finance Development Fund Scheme of the Government of India, the constituent Municipalities are required to enter into an agreement with such issuer prior to raising funds and disclose the same in the offer document; and
4. Regulation 9(1) (dealing with advertisements for public issues) is amended to permit issuers to make advertisements for public issues through electronic modes such as online newspapers or the website of the issuer or the stock exchange, in addition to a national daily with wide circulation. However, issuers opting for electronic advertisement are also required to publish a notice in a national daily with wide circulation exhibiting a QR Code and a link to the complete advertisement.

 

Mutual Funds

SEBI (Mutual Funds) (Amendment) Regulations, 2026

SEBI, vide notification dated July 3, 2026, has amended the SEBI (Mutual Funds) Regulations, 2026 to permit mutual funds to undertake intraday borrowing for addressing temporary timing mismatches between scheme outflows and inflows. The amendment allows such borrowing subject to conditions specified by SEBI, providing mutual funds with greater operational flexibility in managing short-term liquidity requirements.

 

Circular on intraday borrowing facility availed by mutual funds

Pursuant to the SEBI (Mutual Funds) (Amendment) Regulations, 2026, SEBI, vide circular dated July 10, 2026, has issued guidelines on the intraday borrowing facility available to mutual funds, which will come into force on September 1, 2026. Some of the key provisions are as follows:

1. intraday borrowings may be availed for the following purposes:
   • all unitholder pay-outs such as redemptions, income distribution cum capital withdrawal pay-outs and interest;
   • pay in with respect to investments made by the scheme;
   • mark to market obligations and foreign exchange settlements; and
   • repayment of existing borrowings.
2. the quantum of intraday borrowings is restricted to guaranteed receivables, specified non-guaranteed receivables expected to be realised by the end of the day, and additional borrowings solely for meeting redemption and other unitholder payout obligations permitted under the SEBI (Mutual Funds) Regulations, 2026;
3. Asset Management Companies (“AMCs”) are required to ensure that all intraday borrowings are repaid by the end of the day, and that any borrowings extending overnight comply with the regulatory limits and permitted purposes under the SEBI (Mutual Funds) Regulations, 2026;
4. the boards of the AMC and the trustees of the mutual fund are required to approve a policy governing the use of intraday borrowings, including approval processes and monitoring mechanisms, and such policy must be published on the AMC’s website; and
5. AMCs are required to maintain scheme wise records of liquidity mismatches and expected repayment sources, ensure compliance with the applicable provisions of the SEBI (Mutual Funds) Regulations, 2026 and the SEBI Master Circular for Mutual Funds, and bear all costs of intraday borrowings, including any losses arising from delays or unforeseen events affecting receivables.

 

Mutual fund transmission process streamlined to facilitate claims by legal heirs

SEBI, vide press release dated July 17, 2026, has advised the Association of Mutual Funds in India (“AMFI”) to simplify the standards governing transmission of mutual fund units and proceeds upon the death of a unit holder. The revised framework permits AMCs to resolve address mismatches based on the latest available supporting documents and adopt a harmonised approach for addressing name and signature mismatches in line with SEBI’s existing framework for registrars and share transfer agents.

 

SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2026

SEBI, vide notification dated July 3, 2026, has amended the SEBI (Foreign Portfolio Investors) Regulations, 2019 to revise the fee framework and streamline registration-related requirements for Foreign Portfolio Investors (“FPIs”). The amendments will come into force 180 (one hundred and eighty) days from the date of publication. The amendment relating to disclosure of the date of birth/incorporation takes effect immediately. Some of the key amendments include the following:

1. the application fee under Regulation 43B(2) is revised from USD 1,000 (US Dollar one thousand) to INR 90,000 (Indian Rupees ninety thousand) in eligible foreign exchange equivalent;
2. a new paragraph IV is inserted in the First Schedule (dealing with certificate of registration) requiring disclosure of the date of birth/incorporation/agreement/partnership deed or trust deed/formation of body of individuals or association of persons of the FPI;
3. registration fees under Part A, clause (1) of the Second Schedule are revised from USD 2,500 (US Dollar two thousand five hundred) and USD 250 (US Dollar two hundred and fifty) to INR 2,30,000 (Indian Rupees two lakh thirty thousand) and INR 23,000 (Indian Rupees twenty-three thousand) respectively, in eligible foreign exchange equivalent, and the timing of fee payment is changed from ‘at the time of submission of the Form’ to ‘prior to the grant of certificate of registration’;
4. late fee amounts under Part A, clause (4) of the Second Schedule (dealing with payment of fees applicable to FPIs) is revised from USD 50 (Dollar fifty) per day to INR 4,500 (Indian Rupees four thousand five hundred) per day and from USD 5 (US Dollar five) per day to INR 500 (Indian Rupees five hundred) per day, in eligible foreign exchange equivalent;
5. clause (5) of Part A of the Second Schedule is substituted to require every designated depository participant to remit fees collected from FPIs in INR to SEBI within 5 (five) working days; and
6. the regulatory fee under Part C, clause (1) of the Second Schedule, payable per subscriber to offshore derivative instruments, is revised from USD 800 (US Dollar eight hundred) to INR 75,000 (Indian Rupees seventy-five thousand) in eligible foreign exchange equivalent.

 

Review of norms for utilisation of interest or income from Investor Protection Fund of the depositories

SEBI, vide circular dated July 7, 2026, has amended the Master Circular for Depositories, dated December 3, 2024. Paragraph 4.46 (dealing with comprehensive guidelines for Investor Protection Fund (“IPF”) and investor services fund at stock exchanges and depositories) is modified and will come into effect from September 1, 2026. Some of the key provisions are as follows:

1. under contribution to IPF of depository, at least 95% of the interest or income received every year out of any investments made from the IPF must be made by the depository to the IPF (previously it was 5% of the profits from depository operations every year); and
2. at least 95% of the annual interest or income earned from IPF investments must be credited back to the IPF corpus, while up to 5% may be utilised towards administrative and statutory expenses such as applicable taxes, audit fees and charity commissioner’s fee, etc of the IPF Trust. Any expenditure exceeding this limit must be borne by the depository, and any unutilised portion of the permissible amount must be transferred back to the IPF.

 

SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2026

SEBI, vide notification dated July 10, 2026, has amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 by replacing Regulation 40(7) dealing with transfer/transmission/transposition of securities. Accordingly, the listed entity must comply with all procedural requirements with respect to transfer and transmission of securities as specified by SEBI from time to time. Consequently, Clause C of Schedule VII (dealing with the transfer and transmission of securities) is omitted, providing SEBI with greater flexibility to update procedural requirements without requiring further amendments to the regulations. Further, Regulation 61(4) has been revised to replace the reference to procedures contained in Schedule VII for transfer and transmission of securities with the procedures specified by SEBI from time to time and as specified in Regulation 40.

 

SEBI (Alternative Investment Funds) Regulations, 2012

SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2026

SEBI, vide notification dated July 10, 2026, has issued the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2026, to further amend the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). Some of the key amendments are as follows:

1. Alternative Investment Funds (“AIFs”) may launch schemes after filing of Private Placement Memorandum (“PPM”) with SEBI along with payment of fees as specified in the Second Schedule. Payment of scheme fees will not apply in case of launch of first scheme by the AIF;
2. the timeline for filing documents with SEBI is reduced from 30 (thirty) days to 10 (ten) working days;
3. after the documents are filed with SEBI, SEBI may communicate its comments, if any, to the merchant banker or the manager. The merchant banker or manager will ensure that the comments are complied with;
4. regulations relating to SEBI comments and compliance therewith under Regulations 12 (2), (3) and (3A) will not apply to accredited investors only funds (previously, this was applicable to Large Value Funds (“LVFs”) for accredited investors); and
5. Regulation 19D(4), which previously required an angel fund to file its PPM through a merchant banker, has been amended to omit the term “through a merchant banker”, thereby allowing angel funds to file their PPMs directly; and
6. Regulation 19D(5) has been omitted, which had required the merchant banker to ensure that SEBI’s comments were incorporated in the PPM before circulation to investors.

 

Green-Channel: AIF Rollout Upon Document Acknowledgement mechanism for processing of Private Placement Memorandum of AIFs

SEBI, vide circular dated July 30, 2026, has introduced the Green-Channel: AIF Rollout Upon Document Acknowledgement (“GARUDA”) mechanism, pursuant to amendments to the AIF Regulations, to ease and expedite the launch of schemes/funds by AIFs. Some of the key provisions are as follows:

1. for regular schemes, AIFs can proceed with launch of their new scheme after 10 (ten) working days of filing of application with SEBI, unless otherwise advised. However, AIFs can proceed with launch of their first schemes from the date of grant of SEBI registration or after 10 (ten) working days of filing of application with SEBI, whichever is later;
2. PPMs of regular schemes must be filed, at the time of registration or prior to launch of new scheme, on SEBI intermediary portal along with the payment of applicable scheme fees and the following:
   • duly signed merchant banker due diligence certificate in the format as provided in the SEBI Master Circular for AIFs dated June 3, 2026.
   • duly signed Fit and Proper declarations with respect to the AIF, Sponsor, Manager of the AIF as specified in Schedule II of SEBI (Intermediaries) Regulations, 2008;
   • Sponsor / Manager declarations with respect to minimum continuing interest commitment in AIF/scheme; and
   • copies of Permanent Account Number (“PANs”) of AIF, its scheme (if available), sponsor, manager, trustee, directors/ partners of sponsor, manager and trustee, key investment team members. Excel/ word/portable document format (PDF) file containing names and PANs of these entities/ individuals will also be provided.

The payment of scheme fees will not apply in case of launch of first scheme by the AIF;

3. the merchant banker must independently exercise due diligence of all the disclosures in the PPM, satisfy itself with respect to veracity and adequacy of the disclosures, and provide the due diligence certificate. The merchant banker appointed for filing of PPM cannot be an associate of the AIF, its sponsor, manager or trustee. The details of the merchant banker must be disclosed in the PPM;
4. the merchant banker and the manager of the AIF are responsible for ensuring the accuracy and completeness of all disclosures made in the PPMs of regular schemes, as well as in declarations submitted by them. In case of any irregularity or lapse in the PPM, the concerned entities will be liable for action;
5. a prescribed disclaimer clause must be included in the PPMs of all regular schemes, clarifying, inter alia, that submission of the PPM to SEBI should not be deemed or construed as approval by SEBI, and that SEBI does not assume any responsibility for the accuracy and correctness of disclosures made in the PPM;
6. accredited investors only funds and LVFs are exempt from filing their PPM with SEBI through merchant banker and incorporating comments of SEBI in their PPM. Such funds can launch their scheme immediately upon filing of PPM with SEBI;
7. angel funds are exempt from filing their PPM with SEBI through merchant banker and incorporating comments of SEBI in their PPM, and can proceed with circulation of the PPM to their investors for soliciting funds from the date of grant of SEBI registration;
8. in lieu of a merchant banker due diligence certificate, accredited investors only funds, LVFs and angel funds must file a duly signed and stamped undertaking by the chief executive officer of the manager of the AIF (or person holding equivalent role or position) and the compliance officer of the manager of the AIF, in the prescribed format;
9. a prescribed disclaimer clause must also be included in the PPMs of all accredited investors only funds, LVFs and angel funds, on similar lines as the disclaimer prescribed for regular schemes;
10. accredited investors only funds, LVFs and angel funds are exempt from the requirement of intimating any changes in the terms of PPM through a merchant banker, and may directly file any changes in the terms of PPM with SEBI, along with a duly signed and stamped undertaking by the CEO and compliance officer of the manager; and
11. any new scheme proposed to be launched as an accredited investors only scheme will have the words ‘AI only fund’ or ‘AIOF’ added to the scheme name at the end, and any new scheme proposed to be launched as an LVF will have the word ‘LVF’ added to the scheme name at the end.

 

Simplification and standardisation of the framework for transmission of securities

SEBI, vide circular dated July 23, 2026, has issued a revised framework for transmission of securities to simplify and standardise the process upon the demise of holders. The framework applies to transmission of listed securities and units issued by asset management companies. Some of the key features are as follows:

1. introduction of Quick Transmission Processing (“QTP”) for low value claims, with thresholds of INR 10,000 (Indian Rupees ten thousand) for securities in physical mode and INR 30,000 (Indian Rupees thirty thousand) for dematerialised securities. QTP is available only to immediate relatives of the deceased security holder, parents, spouse, children and parents-in-law;
2. revision of monetary threshold limits for simplified documentation, with claims threshold of INR 10,00,000 (Indian Rupees ten lakh) for physical securities and INR 30,00,000 (Indian Rupees thirty lakh) for dematerialised securities. Listed entities may, at their discretion, enhance the threshold limit for securities held in physical mode;
3. removal of mandatory requirement of probate of will, in line with recent amendments to succession laws;
4. introduction of combined affidavit-cum-No Objection Certificate (“NOC”) in place of separate affidavit and NOC;
5. acceptance of copy of death certificate with quick response code as an eligible document, in addition to original or attested copy of death certificate;
6. for death certificates issued in foreign jurisdictions, permitting additional modes of verification including certification by authorised officials of overseas branches of scheduled commercial banks registered in India, or branches of overseas banks with whom Indian banks have correspondent banking relationships;
7. where securities are held with a nomination, the nominee(s) will receive the assets of the deceased holder as trustee on behalf of the legal heir(s), and the regulated entity will be fully discharged from its liabilities upon transmission to the nominee(s);
8. for transmission of securities to surviving joint holder(s) under the rule of survivorship, the regulated entity will not seek any documentation including know your customer, indemnities or undertakings from the surviving joint holder, except a copy of the death certificate of the deceased;
9. standardisation of documentation requirements with prescribed model forms including a transmission request form-cum-undertaking for QTP claims, a transmission request form for other claims, a notarised indemnity bond, and a notarised affidavit-cum-NOC;
10. for claims above the simplified documentation threshold, processing entities may seek additional documents over and above those prescribed by SEBI, if so required and for reasons to be recorded in writing;
11. processing entities may additionally offer an online facility for submitting claims, with acknowledgement/confirmation through appropriate channels and online tracking of claim status;
12. processing entities will process the transmission case within 21 (twenty-one) calendar days from the date of receipt of all required documents. In case the transmission claim is not settled within the stipulated timelines or is rejected, the entity will communicate the reasons in writing to the claimant; and
13. processing entities are required to provide monthly reports to SEBI regarding processing of transmission requests under the revised framework for a period of 6 (six) months.

The provisions of this circular and the revised transmission framework will come into force with effect from 30 (thirty) days from the date of issuance of the circular. Processing entities are required to strive to process transmission requests received before the said date in terms of the revised framework and will not seek re-submission of documents already submitted by investors in the new formats.

 

RESERVE BANK OF INDIA (RBI)

 

Simplifying foreign investments in India: analysis of the draft Foreign Exchange Management (Foreign Investment) Rules, 2026

The Draft Foreign Exchange Management (Foreign Investment) Rules, 2026 were published by RBI on July 21, 2026. It proposes a comprehensive overhaul of India’s foreign investment framework with the objective of simplifying and modernising the existing regime. Among the key changes is the introduction of a consolidated definition of ‘equity’ aligned with applicable accounting standards. The draft rules also expand the scope of eligible investee entities, introduce a 10% beneficial ownership threshold for identifying foreign controlled entities, and impose joint compliance obligations on foreign investors and investee entities. If implemented, these reforms are expected to have significant implications for foreign investment structures, regulatory compliance, and transaction execution in India.

For a detailed analysis, please refer to the JSA Prism of July 24, 2026.

 

Export of services and software: Transition from SOFTEX to Export Declaration Form

The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 notified by RBI, has overhauled the export declaration framework for services and software. The practical aspects of the new export declaration framework, especially in the case of export of software and services will have implications on exporters as well as authorised dealer banks.

For a detailed analysis, please refer to the JSA Prism of July 20, 2026.

 

MINISTRY OF COMMERCE AND INDUSTRY (MoCI)

Special Economic Zones (Second Amendment) Rules, 2026

MoCI, vide notification dated July 9, 2026, has extended the timeline specified in Form H, Condition 7, dealing with compliance under the bond-cum-legal undertaking executed by Special Economic Zone (“SEZ”) units, from 180 (one hundred eighty) days to 9 (nine) months. Further, the reference period for the annual review of performance of unit and compliance with the conditions of approval as undertaken by the Approval Committee on the basis of Annual Performance Report (in Form I) duly certified by an independent Chartered Accountant, is revised from the ‘second quarter’ to the ‘third quarter’ to provide additional flexibility under the SEZ framework.

 

DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE (DPIIT)

India permits foreign investment in inventory-based e-commerce exclusively for exports

Press Note 3 of 2026 marks a significant policy shift for India’s e-commerce sector by permitting foreign-invested entities to adopt an inventory-based business to customer (B2C) model exclusively for exporting goods manufactured or produced in India. This creates a new opportunity for global e-commerce platforms and Indian exporters to streamline procurement, warehousing and cross-border sales, while opening the possibility of moving beyond the marketplace model for export-focused product lines.

For a detailed analysis, please refer to the JSA Prism of August 18, 2026.

 

JSA UPDATES

Supreme Court of India holds that a judicial decision based on fake or hallucinated material generated by Artificial Intelligence is unsustainable in law and must be set aside 

In a significant ruling, the Supreme Court of India (“Supreme Court”) has inter alia held that a judicial decision based on fake or hallucinated material generated by Artificial Intelligence (“AI”) is not a decision in the eyes of law. It must be set aside for violating the sanctity of adjudication and subverting the rule of law. This judgment has wide-reaching implications for the use of AI in legal proceedings as the Supreme Court has unequivocally held that the use of AI-generated fake or hallucinated material in the judicial decision-making process, even where such material has only a minimal bearing on the outcome, vitiates the adjudication process and renders the resulting decision unsustainable in law. The judgment sends a clear message that AI cannot replace professional diligence in judicial proceedings. It further reinforces that, while AI may serve as a valuable aid in legal research, the responsibility for independently verifying the authenticity and accuracy of AI-generated material, including judicial precedents, rests squarely with advocates and courts.

For a detailed analysis, please refer to the JSA Prism of July 30, 2026.

 

Disengaging bureaucratic gridlock – small and medium-sized residential properties exempted from requiring an occupancy certificate in the State of Karnataka 

The Government of Karnataka exempted small and medium sized residential buildings from the mandatory requirement of procuring an occupancy certificate which was required to procure utility connections such as water supply, electricity and sewerage connections. This change paves way for self-disclosure by the builder, adherence to approved building plans and reducing the bureaucratic red-tape.

For a detailed analysis, please refer to the JSA Prism of July 14, 2026.

 

Madras High Court strikes down Section 34-C of the Registration Act, 1908, inserted vide Registration (Tamil Nadu Amendment) Act, 2026

The Madras High Court has struck down Section 34-C of the Registration Act, 1908 holding that sub-registrars cannot refuse to register documents merely because the parties fail to produce previous original title deeds or other documents contemplated under the provision. This is a significant ruling for property owners, buyers, developers and lenders, as the judgment restores better certainty for document registrations.

For a detailed analysis, please refer to the JSA Prism of July 3, 2026.

 

Limited Liability Partnership mergers under the Limited Liability Partnership Act, 2008: From statutory framework to judicial application

The National Company Law Tribunal, Mumbai Bench-I, has sanctioned the merger of the Limited Liability Partnerships (“LLPs”). While the order confirms that a clean, well-documented LLP-to-LLP merger can be sanctioned, it does not settle all outstanding issues, particularly the tax treatment of such mergers. For groups operating through multiple LLPs, and for practitioners advising on group restructuring, this order is a useful reference point on what the process demands and where independent tax scrutiny will continue to apply.

For a detailed analysis, please refer to the JSA Prism of July 10, 2026.

 

This Newsletter has been prepared by:

Siddharth Mody Partner

Ankita Jain Partner

Snigdha D. Mazumdar Associate

 

For more details, please contact km@jsalaw.com