India: Financial Services

The Reserve Bank of India has introduced a new regulatory framework allowing commercial banks to extend credit facilities to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), marking a significant expansion of the lending universe for banks. The Amendment Directions establish comprehensive prudential safeguards including asset quality thresholds, exposure limits, security requirements, and repayment structures designed to balance financial stability with enhanced debt fund

On 15 June 2026, the Reserve Bank of India (RBI) issued, inter alia, the Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) (Second Amendment) Directions, 2026, introducing a comprehensive new chapter governing how non-banking financial companies (NBFCs) (including housing finance companies (HFCs)) advertise, market, and sell their own and third-party financial products and services, as set out under the Reserve Bank of India Directions, 2025.

SEBI through its press release having no. 33/2026, dated 19.06.2026 (“Press Release”) , has notified the key decisions taken at the 214th meeting of its Board.

1. Applicability – Under the Payment and Settlement Systems Act, 2007 (“PSS Act”), no person can operate a payment system without an authorisation issued by RBI in accordance with the PSS Act. PS directions are applicable only on entities applying for authorisation or authorised to operate a payment system under the PSS Act. Such authorisation is based on an ‘on-tap basis’

SEBI, through notification dated 03.06.2026, issued the updated Master Circular for Alternative Investment Funds (“AIF Master Circular”), consolidating the circulars released by SEBI with respect to Alternate Investment Funds (“AIFs”) after the previous master circular on AIFs was issued on 07.05.2024 (“Existing Master Circular”).

The package comprises two parallel tracks: (a) amendments to the master directions in relation to the undertaking of financial services applicable to each regulated entity respectively; and (b) amendments to the master directions governing responsible business conduct (RBC) applicable to each regulated entity respectively, which introduce comprehensive requirements on advertising, marketing, sale, and conduct, including an express prohibition on compulsory bundling, a codified mis-selling framework with mandatory refunds, and regulation of dark patterns.

新規株式公開（IPO）は、企業の成長過程における最も重要な節目のひとつです。IPOは単なる資金調達手段ではなく、少数の関係者によって所有される企業が、規制を遵守し情報開示を行い、制度的なガバナンスに基づいて運営される組織へと移行することを意味する、根本的な事業変革でӕ

A SEBI or stock exchange query is often treated as a compliance event to be managed after it arrives. That reaction is understandable, but structurally weak. A query is rarely confined to the words used in the email it comes with. It is usually a verification exercise: the regulator is testing whether the listed entity’s explanation is supported by a contemporaneous governance trail.

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