JSA Newsletter | Finance | July 2026 Edition

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July 2026 brought significant regulatory developments across India’s financial services sector. The Reserve Bank of India (“RBI”) issued notifications exempting eligible unregistered Type I Non-Banking Financial Companies (“NBFCs”) from registration requirements and revising the process for voluntary surrender of registration by NBFCs, including Housing Finance Companies (“HFCs”). In addition, the RBI introduced the RBI (Governance) Amendment Directions, 2026 (“Amendment Directions”) for commercial banks, small finance banks, payments banks, and local area banks, setting out principle-based guidance on matters to be placed before bank boards. The RBI also introduced prudential norms governing the treatment of Specified Non-Financial Assets (“SNFAs”).

In the capital markets space, the Securities and Exchange Board of India (“SEBI”) issued amendments to the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”), introducing the Green-Channel: AIF Rollout Upon Document Acknowledgement (“GARUDA”) mechanism to streamline the filing and launch process of Alternative Investment Funds (“AIFs”) schemes. Amendments to the SEBI (Foreign Venture Capital Investors) Regulations, 2000 (“FVCI Regulations”), revised the applicable fee structures and remittance procedures. Separately, a circular introduced a simplified, standardised, and risk-based framework for the transmission of securities upon the demise of holders, while the Association of Mutual Funds in India (“AMFI”) was advised to simplify the transmission process for mutual fund units following the death of a unit holder. SEBI also specified certification requirements for the distribution of Specialized Investment Funds (“SIFs”) and operationalised the freezing of holdings of promoters, promoter groups, and their associates (“Promoter Holdings”) at the International Securities Identification Number (“ISIN”) level under the SEBI (Buy-back of Securities) Regulations, 2018 (“Buy-back Regulations”). Further, a consultation paper proposed a comprehensive overhaul of the SEBI (Portfolio Managers) Regulations, 2020, with a view to modernising the regulatory framework governing Portfolio Management Services (“PMS”).

The Ministry of Micro, Small and Medium Enterprises (“MSMEs”) mandated the use of Trade Receivables Discounting System (“TReDS”) as a transaction settlement platform for all operating Central Public Sector Enterprises (“CPSEs”).

 

RBI updates

NBFCs

Eligible unregistered type I NBFCs exempt from registration requirements

RBI, vide notification dated June 23, 2026, has exempted unregistered type I NBFCs from the requirements relating to registration under Section 45IA and maintenance of a reserve fund under Section 45IC of the Reserve Bank of India Act, 1934 (“RBI Act”). Effective July 1, 2026, the exemption is subject to the following conditions:

1. the type I NBFC operates without public funds and without customer interface, as its conscious and long-term business model;
2. the type I NBFC has an asset size of less than INR 1,000 crore (Indian Rupees one thousand crore) as per the last audited balance sheet;
3. the type I NBFC passes an annual board resolution at the beginning of each financial year confirming that the company will not avail public funds and will also not have customer interface during the year; and
4. the type I NBFC discloses in its notes to accounts to the financial statements that it is an ‘Unregistered Type I NBFC’ along with the status of public funds and customer interface.

Key takeaway: RBI has exempted certain NBFCs from registration requirements under Section 45IA and maintenance of a reserve fund under Section 45IC of the RBI Act, provided they operate without public funds, without customer interface, and have an asset size of less than INR 1,000 crore (Indian Rupees one thousand crore).

 

Revised application form and checklist for voluntary surrender of certificate of registration by NBFCs (including HFCs)

RBI, vide circular dated June 30, 2026, has revised the application form and indicative checklist for voluntary surrender of certificate of registration by NBFCs (including HFCs). These revisions follow pursuant to the issuance of the RBI (NBFCs – Registration, Exemptions and Framework for Scale Based Regulation) Amendment Directions, 2026, dated April 29, 2026, regarding unregistered type I NBFCs. Applications for cancellation of certificate of registration must be submitted through the PRAVAAH portal with the prescribed documents based on the indicative checklist. RBI has clarified that submission of an application does not amount to cancellation of the registration, and NBFCs must continue to comply with all regulatory requirements until the cancellation is formally approved and communicated.

Key takeaway: RBI has revised the application form and indicative checklist for voluntary surrender of certificate of registration by NBFCs (including HFCs), to be submitted through the PRAVAAH portal. NBFCs must continue to comply with all applicable guidelines until formal cancellation is communicated by RBI.

 

Amendment Directions on ‘matters to be placed before the boards of the banks’

RBI, vide press release dated July 14, 2026, has issued Amendment Directions on matters to be placed before the boards of banks which come into effect from October 1, 2026. The Amendment Directions apply to commercial banks, small finance banks, payments banks, and local area banks. They replace the earlier 7 (seven) theme-based approach for matters to be placed before bank boards with a principle-based governance framework, providing boards with greater flexibility to determine their agendas while ensuring adequate focus on strategy and risk governance. They also consolidate matters that must be placed before the board, clarify the scope of delegation to board committees and discontinue certain regulatory requirements for routine board reporting.

Key takeaway: RBI has issued Amendment Directions on matters to be placed before bank boards, replacing the earlier 7 (seven) broad themes with principle-based guidance. The Amendment Directions enable boards to delegate certain matters to board committees while retaining responsibility for strategy and risk governance. The changes take effect from October 1, 2026.

 

SEBI updates

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 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 restrict 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, empowering SEBI 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;
4. 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;
5. 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 and the definition for winding up schemes has accordingly been omitted; and
6. Schedule V (dealing with disclosure requirements for public offer of securitised debt instruments) is amended to include a specified risk factor, requiring enhanced disclosure in offer documents issued in respect of securitisation transactions involving a single underlying asset.

Key takeaway: SEBI has amended the regulations governing securitised debt instruments and security receipts to strengthen governance and investor protection. Key changes include limiting originator representation on SPDE boards, restricting acquisition of debt from affiliated entities, expanding SEBI’s powers to direct winding up of schemes and trustee replacement in the interest of investors.

 

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:

new definitions of ‘retail individual investor’ and ‘working day’ are inserted;

1. Regulation 4F are 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;
2. 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
3. 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.
4. Regulation 22B (dealing with prohibition on payment of incentives) has been amended to now allow issuers to offer incentives such as additional interest or a discount to the issue price to initial allottees that are senior citizens, women, serving and retired defence personnel, widows and widowers of defence personnel, retail individual investors, or any other category of investors as may be specified by SEBI from time to time.
5. Schedule I (dealing with disclosures in offer document and placement memorandum) is amended to insert a new clause 5(i), requiring issuers to disclose, in the specified format, details of lenders and existing project-related loans or debt being refinanced, including the type of existing loan or debt, original amount, existing lenders, existing rate of interest, existing repayment schedule, details of projects financed by the existing loan or debt, past restructuring (if any), and the reason for re-financing.

Key takeaway: SEBI has amended the regulations for municipal debt securities to enable issuance of ESG debt securities, accommodate SPVs under the Pooled Finance Development Fund Scheme, and permit electronic advertisements for public issues subject to QR code publication in a national daily.

 

SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2026

SEBI, vide notification dated July 3, 2026, has issued the SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2026, to further amend the FVCI Regulations. The amendments will come into force from December 30, 2026. Some of the key amendments are as follows:

in the Second Schedule, the registration fee of USD 2,500 (US Dollars two thousand five hundred) has been substituted with INR 2,30,000 (Indian Rupees two lakh thirty thousand) (in eligible foreign exchange equivalent), payable prior to the grant of certificate of registration, instead of at the time of submission of the application;

1. the renewal fee of USD 100 (US Dollars one hundred) has been substituted with INR 9,000 (Indian Rupees nine thousand) in eligible foreign exchange equivalent;
2. every designated depository participant will remit the fees collected from foreign venture capital investors in INR to SEBI within 5 (five) working days from the date of grant of certificate of registration or receipt of fees, along with details in the specified format.

Key takeaway: SEBI has amended the FVCI Regulations to revise registration and renewal fee structures from USD to INR equivalent, along with updated remittance procedures for designated depository participants.

 

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 to be subject to conditions specified by SEBI, providing mutual funds with greater operational flexibility in managing short-term liquidity requirements.

Key takeaway: SEBI has amended the mutual fund regulations to permit intraday borrowing for addressing temporary timing mismatches between scheme outflows and inflows, 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:

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;

1. 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;
2. 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;
3. 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
4. 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.

Key takeaway: SEBI has issued guidelines on intraday borrowing for mutual funds, effective September 1, 2026. Intraday borrowings may be used for unitholder pay-outs, investment pay-ins, mark to market obligations, foreign exchange settlements, and repayment of existing borrowings. AMCs must ensure repayment by end of day and maintain board-approved policies on the AMC’s website.

 

Mutual fund transmission process streamlined to facilitate claims by legal heirs

SEBI, vide press release dated July 17, 2026, has advised the 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.

Key takeaway: SEBI has advised AMFI to simplify standards for transmission of mutual fund units and proceeds upon death of a unit holder. The revised framework permits AMCs to resolve address mismatches based on latest available documents and adopt a harmonised approach for addressing name and signature mismatches.

 

AIFs

SEBI (AIFs) (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 AIF Regulations. Some of the key amendments are as follows:

1. 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) is omitted, which had required an angel fund to file its PPM through a merchant banker, and hence an angel fund may now file it directly. Regulation 19D(5) has also been omitted, which had required the merchant banker to ensure that SEBI’s comments were incorporated in the PPM before circulation to investors.

Key takeaway: SEBI has amended the AIF Regulations to streamline scheme launch procedures, reducing the filing period from 30 (thirty) days to 10 (ten) working days, exempting first schemes from scheme fees, and extending exemptions from filing requirements to accredited investors only funds.

 

GARUDA mechanism for processing of PPM of AIFs

SEBI, vide circular dated July 30, 2026, has introduced the 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. PPM of regular schemes must be filed, at the time of registration or prior to launch of new scheme, on SEBI intermediary portal along with specified documents and payment of applicable scheme fee. 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;
4. 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;
5. 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; and
6. 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.

Key takeaway: SEBI has introduced the GARUDA mechanism to streamline the filing and launch process of AIF schemes. Regular schemes can launch after 10 (ten) working days of filing, accredited investors only funds and LVFs can launch immediately upon filing. Angel funds can proceed with circulation of PPM from the date of SEBI registration. The merchant banker must independently exercise due diligence for regular schemes.

 

Certification requirements for distribution of SIFs

SEBI, vide circular dated July 21, 2026, has modified the certification requirements for entities engaged in the sale and/or distribution of SIFs. Some of the key provisions are as follows:

1. any persons employed or engaged in the sale and/or distribution of SIF products is required to have a valid ‘National Institute of Securities Markets (“NISM“) Series-V-D – Mutual Fund – Specialized Investment Fund Distributors Certification’. Entities holding this certification will be eligible to distribute both mutual fund and SIF products, without separately holding ‘NISM Series V-A – Mutual Fund Distributors Certification’;
2. entities engaged in the sale and/or distribution of only mutual fund products must continue to comply with NISM Series V-A certification;
3. the existing requirement of holding ‘NISM Series XIII – Common Derivatives Certification’ for the sale and/or distribution of SIF products will not be applicable after September 21, 2026; and
4. SIF distributors holding a valid ‘NISM Series XIII – Common Derivatives Certification’, obtained on or before September 21, 2026, will not be required to obtain the new certification till the expiry of their existing certification.

Key takeaway: SEBI has mandated the ‘NISM Series-V-D certification’ for SIF distributors, which enables distribution of both mutual fund and SIF products. The ‘NISM Series XIII certification’ requirement for SIF distribution will not be applicable after September 21, 2026, with transition provisions for existing certificate holders.

 

Operationalisation of freezing of promoter holdings under Buy-back Regulations

SEBI, vide circular dated July 21, 2026, has issued operational guidelines for the freezing of the Promoter Holdings at the 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.

Key takeaway: SEBI has operationalised the freezing of Promoter Holdings at the ISIN level under the Buy-back Regulations. Promoter Holdings will remain frozen from the date of passing of the board or special resolution till the closing of the offer, while permitting tendering of shares in tender offer buy-backs and invocation of pre-existing encumbrances.

 

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 AMCs. 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;
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;
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; and
6. processing entities will process the transmission case within 21 (twenty-one) calendar days from the date of receipt of all required documents.

Key takeaway: SEBI has introduced a simplified, standardised, and risk-based framework for transmission of securities upon demise of holders. The framework introduces QTP for low value claims, revised monetary thresholds, removal of mandatory probate of will requirement, and standardised documentation requirements including combined affidavit-cum-NOC.

 

MSME update

Ministry of MSME mandates TReDS as transaction settlement system for CPSEs

The Ministry of MSME, vide notification dated June 30, 2026, has mandated the use of TReDS as a transaction settlement platform by CPSEs. Some of the key provisions are as follows:

1. all operating CPSEs, in respect of procurement of goods or services from MSMEs, will route the settlement of invoices through any TReDS platform authorised by RBI;
2. the routing of invoices by CPSEs through the TReDS platform must not be construed as mandating discounting of such invoices. The MSME supplier will have the option to avail or not avail financing or discounting of its receivables on the platform;
3. all operating CPSEs or any other authority, body or entity notified by the Central Government must disclose the details of invoices of MSMEs routed and settled through TReDS, in the form and manner as specified by RBI; and
4. all operating CPSEs are mandated to obtain a certificate from their statutory auditors confirming that they are registered with at least 1 (one) TReDS platform and are in compliance with the guidelines of this notification, during their annual statutory audit.

Key takeaway: The Ministry of MSME has mandated all operating CPSEs to route settlement of invoices from MSMEs through TReDS platforms authorised by RBI. The MSME suppliers have the option to avail or not avail financing or discounting on the platform. CPSEs must obtain certification from statutory auditors confirming registration and compliance with TReDS requirements.

 

JSA updates

RBI issues prudential norms for treatment of SNFAs

On July 16, 2026, RBI issued: (a) the RBI (Commercial Banks – Resolution of Stressed Assets) Third Amendment Directions, 2026; and (b) the RBI (Commercial Banks – Income Recognition, Asset Classification and Provisioning) Second Amendment Directions, 2026. These directions introduce a comprehensive framework for prudential norms on the SNFAs with an aim to enable banks to maximise net recoveries from such non-core assets. Effective October 1, 2026, the amendments seek to address disclosure requirements and streamline inter alia the valuation, accounting and prudential norms governing SNFA. RBI has notified similar amendments for other regulated entities as well.

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

 

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.

 

Modernising the portfolio management framework: SEBI’s comprehensive review of the portfolio managers regulations

The July 2026 consultation paper issued by SEBI, proposes a comprehensive overhaul of the SEBI (Portfolio Managers) Regulations, 2020, to align India’s rapidly expanding PMS industry with evolving investor needs while reinforcing investor protection. The proposals expand the investment universe to include overseas securities, unlisted debt, and broader derivatives exposure. It introduces a lower-threshold mutual fund-only PMS category for mass-affluent investors, simplifies regulatory provisions, strengthens governance and capital requirements, and improves investor mobility through streamlined switching between portfolio managers. Overall, SEBI seeks to create a more proportionate, globally competitive and innovation-friendly regulatory framework that balances operational flexibility with stronger accountability and risk management.

For a detailed analysis, please refer to the JSA Prism of August 5, 2026.

 

This Newsletter has been prepared by:

Anish Mashruwala Partner	Tirthankar Datta Partner	Sucheta Bhattacharya Partner
Pankaj Agarwal Senior Associate	Aaditya Shukla Associate

For more details, please contact km@jsalaw.com.