We are pleased to announce that Apurv Sharma has been designated as a retained partner at S&R Associates. We are also pleased to announce that Mohnish Mathew has been designated as counsel at the Firm.
Month: September 2026
From Developer to Enforcer: IFSCA’s First 26 Actions (Part 1 of 3)
The Framework, Four Quiet Years and the 2026 Sweep
After four years of developing its regulatory framework, IFSCA commenced issuing enforcement orders in July 2024. Since then, it has issued 26 orders, 22 of which were published in 2026 alone. This three-part series examines every published order to map the enforcement machinery, the entities and issues targeted and the sanctions imposed, offering regulated entities in GIFT City a practical guide to IFSCA’s emerging enforcement posture. Part 1 sets out the enforcement framework and the trend.
What the National Sports Governance Act Means for the Board of Control for Cricket in India
The Board of Control for Cricket in India (“BCCI”), a private society registered under the Tamil Nadu Societies Registration Act, 1975, controls India’s representation in international cricket, operates the commercially dominant Indian Premier League, domestic cricket in India and commands annual revenues exceeding those of many national sports federations combined.
The BCCI is neither created by statute nor sustained by government grants. While the BCCI does not receive any direct funding or financing by the Government of India or state governments, it does receive indirect public support, including by way of tax exemptions, concessional leases from the relevant state cricket associations and security deployments by government personnel.
This structural anomaly has generated two decades of litigation over whether the BCCI should be subject to public accountability norms, particularly the Right to Information Act, 2005. This note examines whether the enactment of the National Sports Governance Act, 2025 has advanced the debate.
RERA: Issue 3 of 2026
Issue 3 of 2026 of the RERA Roundup covers significant judicial pronouncements, appellate decisions, High Court rulings and regulatory circulars issued between April 2026 and June 2026.
This edition highlights important developments in RERA’s regulatory and enforcement role. The roundup analyzes recent rulings on project registration and title disputes, RERA registration of projects built on leasehold land and allottees’ rights under subvention schemes. The roundup also evaluates key circulars issued by KA RERA, TNRERA and MahaRERA concerning quarterly progress reports, advertisement directions for real estate projects and the amended standard operating procedure for revising registered project and agent information.
Tata Sons’ Succession: Certain Corporate Law Aspects
Tata Sons, the holding company of the Tata group, is undergoing a leadership transition. Its chairman, Natarajan Chandrasekaran, announced on August 12, 2026 that he will not seek re-appointment as chairman. This note focuses on certain corporate law issues arising from such announcement, certain related events and the ensuing transition.
Recalibrating Reasonableness: AI, the Standard of Care and the Future of Legal Accountability
The ‘reasonable person’ standard remains one of the most established and widely applied benchmarks in common law systems, including Indian law. It provides an objective measure of conduct across negligence, contract, criminal law, professional regulation and fiduciary duty. However, the standard rests on certain implicit assumptions related to human cognition – such as finite attention, bounded memory, limited processing capacity and qualified foresight – which the deployment of artificial intelligence (“AI”) materially alters.
AI systems challenge the traditional reasonable-person inquiry because they increasingly (i) operate at a speed and scale that no human actor can match, (ii) act with significant autonomy in the absence of contemporaneous human direction and (iii) involve decision-making processes that are probabilistic and difficult to explain. At the same time, such systems may lack context, common sense and the type of intuitive judgment that the law attributes to reasonable persons. In this regard, a functional analysis sensitive to actual capabilities, control, autonomy and consequence may be necessary.
This note addresses the implications of these developments for corporate governance, fiduciary duties, principal-agent relationships, contractual allocation of responsibility and liability exposure. It reviews emerging regulatory and litigation developments across the European Union, the United Kingdom, the United States and India, and identifies practical governance measures that organizations can consider while legal standards continue to evolve.
SEBI Settlement Does Not Extinguish Parallel Stock Exchange Action
SAT’s Decision in Hindustan Foods Limited v. BSE Limited & Anr.
The note analyzes the decision of Securities Appellate Tribunal (“SAT”) in Hindustan Foods Limited v. BSE Limited & Anr., where SAT held that a listed entity’s settlement with Securities and Exchange Board of India does not preclude a recognized stock exchange from subsequently imposing a fine for the same underlying non-compliance where the regulatory framework and the settlement order expressly preserve such action. The note highlights the importance for listed entities of carefully assessing the scope of settlement orders and any express reservations preserving parallel regulatory action.