Securities and Exchange Board of India, vide its circular dated December 30, 2025, has mandated the requirement of National Institute of Securities Market (“NISM”) certification for the compliance officers of the manager of Alternative Investment Funds (“AIFs”). From January 1, 2027 onwards, only those persons who have obtained the NISM Series-III-C: Securities Intermediaries Compliance (Fund) […]
In a significant step towards enhancing interpretive certainty under India’s securities law framework, the Securities and Exchange Board of India has notified the SEBI (Informal Guidance) Scheme, 2025, effective 01 December 2025, replacing the erstwhile 2003 framework. The revised scheme introduces a more structured, centralised and time-bound process for seeking regulatory clarification, expands eligibility to […]
In Indospirit Beverages Pvt. Ltd. v. Ravi Mohan Studios Pvt. Ltd. (CS(COMM) 1104/2025), the Delhi High Court granted an interim injunction restraining the production house from using “BRO CODE” as the title of its upcoming film. The Court found that the studio’s adoption of an identical title was likely to mislead consumers and take unfair […]
ITAT Mumbai Deletes ₹445 Cr TP Adjustment in Netflix India Case; Clarifies Characterisation of Digital Distribution Model. The Mumbai Bench of the Income Tax Appellate Tribunal has delivered a landmark ruling in the case of Netflix Entertainment Services India LLP (AY 2021-22), deleting a transfer pricing adjustment of ₹445 crores proposed by the TPO. The […]
In Hindustan Construction Company Ltd. v. Bihar Rajya Pul Nirman Nigam Ltd. (SLP (C) No. 4211 of 2025; 2025 INSC 1385), the Supreme Court held that a High Court cannot review or reopen an order passed under Section 11(6) of the Arbitration and Conciliation Act once the arbitral process has commenced. The Court observed that […]
The Delhi High Court in the case of Clifford Chance Pte. Ltd. (“taxpayer”) dismissed Revenue’s appeals against the Tribunal order, holding that in absence of a specific clause in the India-Singapore DTAA, it was not open to the tax authorities to import the concept of Virtual Service Permanent Establishment into the India-Singapore DTAA to bring […]
