Navigating the Quick-Commerce FDI Audit: Restructuring Ownership and Dark-Store Contracts After an Indian Equity Shift

By Archana Balasubramanian A quick-commerce platform often believes that the most difficult phase in its restructuring is complete once domestic ownership crosses the 50% threshold. The more consequential questions emerge when auditors test whether contracts and internal processes reflect that new ownership reality. Corporate restructurings rarely fail because the cap table is wrong. They become... Continue Reading →

Closing the Interim Stay Trap: How the 2026 IBC Amendment Has Rebalanced Personal Guarantor Risk

By Nitin Jain A lender is closest to recovery when the economics of the dispute change completely, with an auction scheduled and physical possession hours away. A notice then arrives attaching an NCLT e-filing receipt for a personal insolvency application. Under the earlier regime, no tribunal needed to examine the filing before the auctioneer paused... Continue Reading →

The New Buy-Back Playbook: Easing Capital Exits Without the Merchant Banker Safety Net

By Archana Balasubramanian SEBI’s June 19, 2026 board approval reintroduces open-market buybacks through stock exchanges from August 1, 2026, permits completion through a compressed 66-working-day framework, and makes the merchant banker appointment discretionary. This is a significant change from the earlier framework, where appointing a merchant banker was mandatory and much of the execution process... Continue Reading →

Use of IPO Proceeds: Why SEBI Questions “General Corporate Purpose” More Closely Today?

This is Part – VIII of the Capital Markets article series. An Initial Public Offering (IPO) is a landmark event in the lifecycle of any company. Beyond the transfer of stakes, rebalancing of the capital structure, etc., the IPO acts as a fundamental public trust exercise where the retail and institutional investors commit capital subject... Continue Reading →

When the Market Opens and the Investigation Has Already Begun

- By Nitin Jain Indian capital markets have evolved faster than the legal systems designed to regulate them. With the Securities and Exchange Board of India (SEBI) introducing automated price-band widening during pre-open call auctions alongside instant PAN-based validation, the regulatory apparatus is now entirely digital, instantaneous, and rigid. For high-frequency trading (HFT) desks, algorithmic... Continue Reading →

IPO Readiness for PE-Backed Companies: Alignment Issues Between Founders and Investors

This is Part – VI of the Capital Markets article series. Introduction The decision to take a private equity–backed company public is among the most consequential events in that company’s lifecycle. It marks the transition from a closely governed, contractually ordered private structure to a publicly accountable company regulated by the Securities and Exchange Board... Continue Reading →

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