India: Debt Capital Markets

In July 2026, reports emerged that the Reserve Bank of India (RBI) is set to introduce standardised guidelines for property title searches that banks must perform before approving secured loans. The proposed framework is expected to specify a minimum period for title searches, identify essential documents and records to be verified, and outline uniform standards for preparing title search reports. If implemented, it will be the first time India’s banking regulator applies a uniform minimum standard for title due diligence across all scheduled commercial banks.

Ministry of Finance (“MoF”) through notification no. S.O. 3030(E) dated 12.06.2026, notified the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2026 (“NDI Amendment Rules”) to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“NDI Rules”).

Welcome to the latest edition of Fox & Mandal's newsletter highlighting recent developments in India's corporate & commercial laws. In this edition, we examine key aspects of various legal and regulatory changes in the Corporate, Capital Markets, Insolvency, Competition and Real Estate sectors and their impact on the business ecosystem in the country.

The National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”), In the case of Vistra ITCL (India) Limited vs. Vithal Madhukar Dahake and Ors.1, has considered whether a third-party mortgagor, which created security over its assets for the debt of another entity, could be treated as giving rise to a ‘financial debt’ under the Insolvency and Bankruptcy Code, 2016 (“IBC”). The appeal arose from an order of the National Company Law Tribunal, Mumbai (“NCLT”).

For financial creditors navigating the dual landscape of traditional debt recovery and modern insolvency resolution, the personal guarantor provisions of the Insolvency and Bankruptcy Code...

Entries in books carry significant legal consequences. They may corroborate a debt, revive a time-barred claim, or materially impact litigation strategy years later.

On February 13, 2026, the Reserve Bank of India ("RBI") released its Reserve Bank of India (Commercial Banks – Credit Facilities) Amendment Directions, 2026 ("Amendment").

Chapter XI of the Commercial Banks– Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025, as amended vide the Reserve Bank of India (Commercial Banks- Credit Facilities) Amendment Directions...

The RBI, through notification dated 09.02.2026, and published on 16.02.2026, notified the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 to amend the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018.