India: Financial Services

The GST Council, at its 57th meeting held on 8 October 2026, recommended a package of measures intended to facilitate the export of services from India. For enterprises that deliver services through overseas branches, the most consequential recommendation is the proposed removal of the restriction under which a supply between an Indian establishment and its own foreign branch could not qualify as an “export of services”. The Council has also recommended system-based processing of refunds and a wider eligibility for refund of accumulated input tax credit (“ITC”), both of which bear directly on working capital.

In the October 2026 edition of our monthly newsletter "Legalaxy", our team analyses some of the key developments in securities market, banking and finance, labour and consumer protection.

The Court observed that Section 18 of the Limitation Act pertains to getting the benefit of the acknowledgement ade in writing by the opposite party against whom some right is being claimed, however, the same could not be claimed by the person on the basis of an acknowledgement which has been given by the person themselves.

This joint publication examines the evolving asset management regulatory frameworks in Japan and India, offering comparative insights into funds, licensing, disclosure requirements, compliance obligations, and investor protection mechanisms. Legal experts from Chuo Sogo LPC and Hammurabi & Solomon Partners provide practical guidance for navigating cross-border investment opportunities in these dynamic Asian markets.

This month’s Real Estate Updates cover key legislative and regulatory developments impacting apartment ownership, real estate project registrations and cooperative housing societies. The updates include the Karnataka Apartment (Ownership and Management) Bill, 2026, proposed changes to the framework governing apartment ownership and redevelopment, TNRERA’s extension of project registration timelines in view of the prevailing situation in West Asia, and the Maharashtra Government’s decision to lift the ban on allotment of state-owned land to cooperative housing societies.

Getting a SEBI registration is a milestone for any Alternative Investment Fund (“AIF”). It is also where the real compliance work begins. Once the fund becomes operational, the regulatory focus shifts to how its obligations are implemented in practice. The SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) require detailed policies and procedures to govern fund decisions.

The Taxation and Other Laws (Amendment) Act, 2026 (Act No. 21 of 2026) received Presidential assent on 17 August 2026 and, save as otherwise provided, is deemed to have come into force from 1 April 2026.

In an ordinary alternative investment fund (“AIF”), investors participate in all investments of the scheme in proportion to their commitments. Since November 2024, this principle has not merely been market convention; it is reflected in the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). Alongside this pro-rata requirement, the AIF Regulations also require investors to be treated pari-passu in respect of other rights available to them.

In the September edition of our monthly newsletter “Legalaxy”, our team analyses some of the key developments in securities market, banking and finance, labour, foreign investment and maritime