The Ministry of Finance (Department of Economic Affairs) on 12 June 2026, notified the Foreign Exchange Management (Non-Debt Instruments) (Third Amendment) Rules, 2026 (‘Amendment Rules’), amending the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (‘NDI Rules’). The Amendment Rules constitute the third amendment in the FEMA liberalisation cycle for the year 2026, following the first and second amendments, which respectively relaxed restrictions on investments from countries sharing a land border with India and liberalised foreign investment in the insurance sector opening the sector up till 100% under automatic route. The third amendment is yet another attempt to widen the gate for the Indian economy. For years, access to India's listed securities market was reserved specially for a defined class amongst which are foreign portfolio investors (FPIs) and non-resident Indians (NRIs) and overseas citizens of India (OCIs), this time the liberalisation is into the Indian capital markets.
The 2026 Steel import Regulation of the European Union (EU) (‘2026 Regulation’),[1] which came into force on 1 July 2026, is not simply a continuation of earlier Steel Safeguard measures[2] applicable since 2018, but it indicates a decisive shift in the EU’s approach to regulate its steel imports in the coming years. With lowering of tariff-rate quotas (TRQs), higher out-of-quota duties and proposal for stricter origin requirements, the 2026 Regulation goes beyond the WTO’s temporary safeguard regime to a more permanent industrial policy governing steel imports into the EU. In particular, the 2026 Regulation reduces the EU's tariff-free steel quota by ~47%, doubles the out-of-quota duty from 25% to 50%, and introduces a new ‘melt and pour’ traceability requirement.
Various State Benches of the Goods and Services Tax Appellate Tribunal (‘GSTAT’) have recently become operational, and questions relating to jurisdiction between the Principal Bench and the State Benches have begun to arise in practice. While Section 109 of the CGST Act specifies certain categories of cases to be dealt with exclusively by the Principal Bench, early orders of the Principal Bench indicate that jurisdictional issues are not always straightforward.
Examining the legal framework, the SCOMET list including Catch-all Controls, the article discusses as to why export control compliance is crucial. Highlighting the crucial role of Internal Compliance Programs (ICP) and as to what makes a good ICP, the authors observe that an ICP is the need of the hour.
The article discusses the distinct features of 'Reference Price' and 'Minimum Import Price' mechanisms in the Indian trade laws, clarify the legal and procedural frameworks governing them, and dispel the common misconceptions.
The article discusses the legal framework, rulings, and remedies available to MSEs, focusing on whether a court can appoint an arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996, when the MSEFC fails to act.
The article discusses how India’s oil and gas industry presents significant opportunities for foreign investors, particularly in the light of India’s rising energy demand. It analyses the key legal reforms under the Oilfields (Regulation and Development) Amendment Act, 2025.
The article discusses a decision regarding classification of small form-factor pluggable (‘SFPs’) in favour of the importer but, highlights that considering a recent press report indicating that the Finance Ministry is considering a 10% BCD on telecom network equipment components.
The article discusses the rise of rollover equity which allows the founder to continue as a stakeholder in the business even after selling a majority or controlling interest. It also offers a middle path between a full exit and continued operational involvement. For acquirers, it ensures continuity and helps to reduce integration risks.
The article discusses the legal and regulatory landscape of the use of artificial intelligence (AI) products and services for children in India. The products and services raise critical concerns regarding child safety, data privacy, psychological well-being, and regulatory oversight in India, particularly on account of the lack of appropriate legal frameworks governing AI and children’s digital rights.
The article discusses the applicability of the Transfer Pricing provisions under the Income-tax Act, 1961, and highlights that taxpayers may have to re-examine this position in light of the recent judgment by the Hon’ble Gujarat High Court in the case of Axis Bank Limited.
Global Capability Centres (‘GCCs’) have become a cornerstone of operational transformation for multinational corporations (‘MNCs’), marking a departure from traditional Business Process Outsourcing (‘BPO’) models which serves multiple clients on transactional basis. These GCCs function as captive units dedicated exclusively to their parent organisations, handling core functions such as technology, analytics, legal, compliance, financial operations, and more. What began as a destination for outsourced back-office support has matured into a strategic ecosystem for high-value GCCs.
The article discusses a recent Madras High Court decision holding that a method of supplementing animal feed does not qualify as a method of treatment to render the animal free of disease or to increase their economic value or that of their products as enshrined in Section 3(i) of the Patents Act, 1970.
The article discusses celebrity investments in India in which the actors, sportspersons, and influencers invest in startups often in sectors aligned with their public image. Celebrities must carefully evaluate the potential risks and rewards of such investments, ensuring alignment with their personal brand values and long-term goals.
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