Blog

The NBFC – Account Aggregator framework explained The Reserve Bank of India had issued the Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016 (“the Directions”) on September 2, 2016. In this article, we highlight key provisions and takeaways.   Who may be an account aggregator?  A non-banking financial company (“NBFC”) may undertake the “businessRead more

On 9th August 2017, the Telecom Regulatory Authority of India (TRAI) released a consultation paper on Privacy, Security, and Ownership of the Data in the Telecom Sector (Consultation Paper) as a step towards developing a robust data protection framework to safeguard consumer interest. In order to address key data privacy and security issues, the TRAIRead more

The Changing Data Protection Regime in The EU: Why (and What) India Needs to Know The General Data Protection Regulation (“GDPR”), approved by the European Parliament on 14 April 2016, has caused a lot of flutter amongst anyone concerned with data protection and privacy regulations. The GDPR comes into force on 25 May 2018, replacingRead more

‘Beyond the Whitepaper’ – ICO marketing methods under the scanner The recent cease and desist order of the Securities Exchange Commission (“SEC”) in the matter of the Munchee Inc. initial coin offering, provides guidance on how regulators may view the promotional and marketing methods adopted by offerors while adjudicating the nature of tokens as ‘utility’Read more

Ikigai Law (formerly TRA) comments to the Civil Aviation Requirements for Operation of Civil Remotely Piloted Aircraft System (RPAS) Issued by the Office of the Director General of Civil Aviation The draft Civil Aviation Requirements released in November, 2017 provide the terms and conditions for the ownership and operation of UAs in India. The draftRead more

  Recommendations by TRA for the regulation of virtual currency in India are available here. In brief, our recommendations are:- The Reserve Bank of India (the “Regulator”) should regulate the activities of intermediaries dealing with virtual currencies in order to ensure minimum financial risk and smooth operation of payments and settlements systems. The intermediaries enablingRead more

  TRA’s comments on the TRAI’s consultation paper on Privacy, Security and Ownership of Data in the Telecom Sector   The Telecom Regulatory Authority of India (“TRAI”) released a consultation paper on ‘Privacy, Security and Ownership of the Data in the Telecom Sector’ (“the Consultation Paper”) on 9th August, 2017. The Consultation Paper is availableRead more

The Supreme Court on Right to Privacy: A Game Changing Decision? In the Puttaswamy verdict, the Supreme Court declared that the Right to Privacy is a ‘fundamental right’ conferring on it certain additional protections which were not earlier available to it as a common law/statutory right. These include: As a fundamental right it cannot beRead more

P2P lending in India is legal but as of now unregulated. However, the Reserve Bank of India (RBI) has been closely assessing the need for regulation in this industry and has also come up with a consultation paper and suggested draft rules. Further, as per recent newspaper reports the draft rules which were released inRead more

  The Securities Exchange Board of India (SEBI) in its 2014 Consultation Paper on Crowdfunding has defined crowdfunding as means of raising money for a creative project (for instance, music film book publication), a benevolent or public interest cause (for instance, a community based social or co-operative initiative) or a business venture, through small financialRead more