INDIA Trends and Developments Contributed by: Raj Ramachandran, Kartik Jain, Mannat Nirola and Anmol Mahajan, JSA Advocates & Solicitors
trading lens, with UPSI protocols, structured digital databases and disclosure controls. • SEBI ( Delisting of Equity Shares ) Regulations , 2021 :These govern voluntary and compulsory del - isting. Particularly relevant in buyouts, take-private strategies and the restructuring of listed groups/ entities. In addition, the Securities Contracts (Regulation) Act, 1956 (SCRA) governs listing and trading of securities and operates alongside stock exchange compliance obligations. Indian Contract Act , 1872 ( ICA ): This governs the formation, enforceability, performance and breach of contracts. Sale of Goods Act , 1930 : This complements the ICA and governs contracts relating to the sale of goods. Indian Partnership Act , 1932 and Limited Liability Partnership Act , 2008 : These govern traditional part - nerships and LLPs respectively, including formation, rights, liabilities, management and dissolution. Insolvency and Bankruptcy Code , 2016 ( IBC ): This provides a consolidated framework for insolvency resolution, liquidation, bankruptcy and revival through the tribunal mechanism. Foreign Exchange Management Act , 1999 ( FEMA ): This governs foreign exchange transactions, cross- border investments, overseas investments, capital flows and foreign direct investment. The Reserve Bank of India (RBI) is the principal regulatory authority administering FEMA through rules, regulations, noti - fications, circulars, master directions and operational guidelines. Competition Act , 2002 : This regulates anti-compet - itive agreements, abuse of dominant position and combinations through the Competition Commission of India (CCI). Income Tax Act , 2025 and Goods and Services Tax ( GST ) laws : These govern direct and indirect taxation, including taxation of income, capital gains, dividends,
mergers, demergers, and supply of goods and ser - vices, among other things. Digital Personal Data Protection Act , 2023 : This regu - lates processing of digital personal data, consent management, data fiduciary obligations and privacy protection. Environmental laws : Key pieces of legislation include the Environment (Protection) Act, 1986, the Water (Prevention and Control of Pollution) Act, 1974, the Air (Prevention and Control of Pollution) Act, 1981 and the Hazardous Waste Management Rules. These regulate pollution control, environmental clearances, waste management, sustainability obligations and industrial compliance. Labour and employment laws / Labour Codes : India is transitioning from a fragmented labour and employ - ment regulatory framework to four consolidated Labour Codes, namely, the Code on Wages, 2019; the Industrial Relations Code, 2020; the Occupational Safety, Health and Working Conditions Code, 2020; and the Code on Social Security, 2020. These govern wages, industrial disputes, employee benefits, work - place safety and labour welfare. Arbitration and Conciliation Act , 1996 : This provides the legal framework for arbitration and conciliation in India. Negotiable Instruments Act , 1881 : This governs the law relating to promissory notes, bills of exchange and cheques. It prescribes the liabilities and obligations of the drawer, drawee and holder in due course, and provides the legal framework for the use, transfer and enforcement of negotiable instruments in commercial transactions. Other key pieces of legislation include the Consum - er Protection Act, 2019, the Real Estate (Regulation and Development) Act, 2016, the intellectual property laws, the Customs Tariff Act, 1975, the Foreign Trade (Development and Regulation) Act, 1992, the Special Economic Zones Act, 2005 and various sector-spe - cific pieces of legislation depending on the nature of business.
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