India: Debt Capital Markets

In a significant move to deepen foreign participation in India’s sovereign debt market, the Government of India promulgated the Income-tax (Amendment) Ordinance, 2026 on 5 June 20261, introducing a comprehensive tax exemption for eligible foreign investors investing in Government securities. Effective retrospectively from 1 April 2026, the Ordinance exempts specified income arising from Government securities from withholding tax and long-term capital gains tax, thereby addressing one of the principal tax-related barriers to foreign investment in Indian debt markets.

The Supreme Court, in Anjani Technoplast Ltd. v. Shubh Gautam (2026 INSC 410) ('Anjani Technoplast'), has set aside the admission of a Section 7 petition filed by a decree holder against a solvent and functioning company. A Bench of P.S. Narasimha and Alok Aradhe, JJ. held that a decree holder who has the full machinery of civil execution available to him cannot invoke the insolvency jurisdiction as a substitute for execution proceedings.

Stamp duty is one of the oldest forms of fiscal legislation in India, yet it remains one of the most frequently underestimated sources of risk in corporate and commercial transactions. Parties tend to focus on the substantive commercial terms, tax implications, and regulatory approvals, relegating stamp duty analysis to the execution stage.

The Debt Recovery Appellate Tribunal at Chennai, in its judgment dated 27 April 2026, delivered a significant ruling on the evidentiary burden required to establish a valid mortgage by deposit of title deeds...

Securities and Exchange Board of India (“SEBI”), on May 15, 2026, has issued a circular liberalising end-uses of certain borrowings by Infrastructure Investment Trusts (“InvITs”). Following the broad enabling amendments approved during its board meeting on March 23, 2026, and officially notified on April 17, 2026, SEBI issued 2 (two) definitive operational circulars on May 15, 2026.

The National Company Law Appellate Tribunal examines whether personal guarantors remain liable for corporate debt after a resolution plan is approved for the corporate guarantor, and whether such claims are barred by limitation.

The Reserve Bank of India (RBI) has notified the Foreign Exchange Management (Borrowing and Lending) (First Amendment)...

This update supplements our earlier analysis dated March 12, 2026 ("Part 1") on the same subject title based on the press release dated March 07, 2026 issued by the government of India...

The National Company Law Appellate Tribunal (“NCLAT”), in Arvind Kumar vs. Beacon Trusteeship Limited and Anr., dismissed an appeal challenging the admission of a petition under Section 72 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by the National Company Law Tribunal, New Delhi (“NCLT”).