Our Partner, Jitendra Soni, shared his insights with Mint on the restrictions against merchants passing on UPI Merchant Discount Rate (MDR) charges to customers and the regulatory framework governing their enforcement. Commenting on the applicability of NPCI’s guidelines, Jitendra noted that institutions facilitating UPI payments are responsible for ensuring that merchants do not impose additional charges on customers. He further explained that where payment aggregators are involved, the same restriction must extend to merchants, ensuring consumer protection even in cases where MDR is permitted. Read more at: livemint.com/industry/chipfl… #ArgusPartners #Quote #Mint #UPI #DigitalPayments #MDR #NPCI #ConsumerProtection #Banking

The Securities and Exchange Board of India (“SEBI”), at its board meeting on September 24, 2026, approved the SEBI (Portfolio Managers) Regulations, 2026, replacing the SEBI (Portfolio Managers) Regulations, 2020. The revised framework aims to support the growth of the portfolio management services industry, ease compliance, consolidate regulatory provisions, simplify language and remove redundant provisions. Read more at: argus-p.com/updates/updates/… Contributed by Armaan Patkar (Partner) and Aditi Maheshwari (Associate). #QuickUpdate #SEBI #Portfolio #PMS #Regulation #DPMS #AUM #ArgusPartners

We are pleased to share that Argus Partners has advised the Hightekers Group, the global work infrastructure group behind Rivermate, on the acquisition of 100% shareholding of Remunance Services Private Limited from its existing shareholders. Remunance is a well-established Employer of Record (EOR) and workforce solutions platform headquartered in Pune. The transaction marks a significant step in the Hightekers Group's global expansion strategy. The acquisition gives Hightekers its own established employing entity in India, one of the world’s largest hiring markets. Argus Partners advised Hightekers on all aspects of the transaction, including structuring, group’s entry into India as a first-time investor, and the transaction documentation. The Argus Partners transaction team advising the Hightekers Group consisted of Ankur Arora (Partner), Aishwarya Satpathy (Senior Associate), and Aakriti Garodia, Milind Anand, Samia Haider (Associates). Read more at: barandbench.com/law-firms/de… #ArgusPartners #Acquisition #Remunance #EOR #Growth #DealAnnouncement

We are pleased to share that our Partner, Abhinav Bhalaik, recently joined NDTV Profit’s The Big Question, in conversation with Vikram Oza, to discuss the Supreme Court’s observations on pharmaceutical marketing practices and the need for a legally enforceable regulatory framework governing inducements offered by pharmaceutical companies to medical professionals. Abhinav highlighted that the existing Uniform Code for Pharmaceutical Marketing Practices (UCPMP), 2024, is largely directive in nature and does not prescribe sufficiently enforceable consequences for non-compliance. He emphasized the need for a statutory framework that establishes clear accountability and penalties for violations, while noting that the existing code could serve as a useful foundation for such legislation. He also discussed the importance of transparency and disclosure in regulating interactions between pharmaceutical companies and healthcare professionals, emphasizing that disclosure requirements must be systematic, meaningful and supported by enforceable consequences to ensure effective compliance. Watch the full discussion: youtube.com/watch?v=polbvmHA… #ArgusPartners #TheBigQuestion #NDTVProfit #PharmaceuticalIndustry #PharmaRegulation #UCPMP2024 #HealthcareLaw #RegulatoryCompliance #LegalInsights

Principal-to-principal outsourcing arrangements are not determined by contractual labels alone. Their legal character depends on the substance of the relationship, including the degree of control exercised, the parties’ actual conduct, and applicable statutory requirements. Businesses must therefore assess whether operational oversight could create risks relating to sham contracting, agency, control over personnel, or independent statutory exposure. Contributed by Jitendra Soni (Partner) and Sadia Akhter (Senior Associate). Read more at: argus-p.com/updates/updates/… #QuickUpdate #Employment #Labour #OSHCode #Corporate #ArgusPartners

The Supreme Court of India has held that a trust is not a juristic person and cannot be arraigned as an accused in criminal proceedings. In Madasa Masih-UI-Uloom Educational and Charitable Trust v. State of Karnataka, the Court directed that proceedings against the appellant trust be discontinued, while clarifying that proceedings against the other accused would continue unaffected. Contributed by Nidhi Arya (Partner) and Akash Mukherjee (Associate). Read more at: argus-p.com/updates/updates/… #QuickUpdate #SupremeCourt #Disputes #Trust #SpecialCourt #ArgusPartners

As robotic systems increasingly learn from human-generated data, their training can raise significant data-protection considerations. Our latest article examines how different training methods engage India’s DPDP Act and the EU’s GDPR, and explores the additional regulatory implications arising under the EU AI Act and Machinery Regulation. Contributed by Jitendra Soni (Partner), Sadia Akhter (Senior Associate) and Aditya Kashyap (Associate). Read more at: argus-p.com/updates/updates/… #DataProtection #Robotics #ArtificialIntelligence #DPDPAct #GDPR #EUAIAct #TechnologyLaw #ArgusPartners

Argus Partners advised Popo Global Private Limited (“Popo Global”) and its founders, Nikhil Gupta and Abhijit Gupta, in connection with a ₹532 crore strategic investment from Invus Group (Artal Asia Pte. Ltd.). Popo Global is a Bengaluru-based multi-brand restaurant platform operating food and beverage brands including The Pizza Bakery, Paris Panini and Smash Guys. Founded in 2017 with a single The Pizza Bakery outlet, the company has largely grown through bootstrapped operations and currently operates approximately 40 outlets across its three brands. The transaction values Popo Global at ₹1,245 crore and marks the company’s first external institutional capital raise. The investment is expected to support Popo Global’s continued expansion and the scaling of its portfolio of food and beverage brands, providing a platform for further growth in India’s increasingly organised restaurant market. The deal team at Argus Partners consisted of Neha Madan (Partner), and Mishika Bedi (Associate). Read more at: barandbench.com/law-firms/de… #ArgusPartners #Restaurant #Investment #Food #Beverages #FNB #DealAnnouncement #ArgusPartners

The Department of Telecommunications has introduced a common verification mechanism through its Digital Intelligence Platform to strengthen enforcement of existing limits on mobile connections held by individual subscribers. The framework enables cross-operator identification of subscribers who have reached the prescribed limit and requires TSPs to prevent issuance of additional connections, with real-time verification to be integrated into the activation process by November 30, 2026. Contributed by Jitendra Soni (Partner) and Samia Haider (Associate). Read more at: argus-p.com/updates/updates/… #QuickUpdate #DoT #Telecommunications #DigitalIntelligencePlatform #TelecomCompliance #SubscriberVerification #TSP #ArgusPartners

Our Partners, Krishnava Dutt, Soorjya Ganguli and Abhinav Bhalaik, will be attending the IBA Annual Conference Copenhagen 2026, taking place from 4–9 October 2026 in Copenhagen, Denmark. The IBA Annual Conference brings together legal professionals from across the world for a week of discussions spanning key practice areas, emerging developments and issues shaping the global legal profession. We look forward to engaging with colleagues, clients and peers from across jurisdictions, and to meaningful conversations and exchanges throughout the conference. #IBA2026 #IBACopenhagen2026 #IBAAnnualConference #InternationalBarAssociation #GlobalLegalCommunity #ArgusPartners

The Foreign Exchange Management (Non-Debt Instruments) (Third Amendment) Rules, 2026 widen the Portfolio Investment Scheme to permit any individual person resident outside India to invest in listed Indian companies on a repatriation basis. The amendment also raises the individual investment limit to less than 10% and the aggregate limit to 24%, while prescribing revised consequences for breaches of the applicable investment limits. Read more at: argus-p.com/updates/updates/… Contributed by Armaan Patkar (Partner) and Aditi Maheshwari (Associate). #QuickUpdate #FEMA #PortfolioInvestment #PIS #ForeignInvestment #NDIRules #FDI #CapitalMarkets #ArgusPartners

The Uttar Pradesh Aggregator and Delivery Services Provider Rules, 2026 introduce a State-wide licensing and regulatory framework for aggregators and delivery service providers. The Rules prescribe requirements relating to driver and vehicle compliance, fare regulation, technology and data, insurance and electric mobility, while also establishing penalties, suspension and cancellation mechanisms for non-compliance. Read more at: argus-p.com/updates/updates/… Contributed by Jitendra Soni (Partner) and Samia Haider (Associate). #QuickUpdate #UttarPradesh #Aggregators #DeliveryServices #Mobility #ECommerce #MotorVehicles #Compliance #ArgusPartners

The RBI has amended the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, reducing the general period for realisation and repatriation of export proceeds from 15 months to 9 months, effective October 1, 2026. The amendments also empower AD banks to handle specified legacy export, import and merchanting trade transactions that previously required RBI approval. Read more at: argus-p.com/updates/updates/… Contributed by Jitendra Soni (Partner), and Harsh Garg (Associate). #QuickUpdate #RBI #FEMA #ForeignExchange #Exports #ExportProceeds #ADBanks #Trade #ArgusPartners

We are pleased to announce that Argus Partners has provided expert practitioner inputs to the Financial Services assessment for India as part of The World Bank Group’s Business Ready (B-READY) 2026 project. B-READY is the World Bank Group’s data collection and analysis project assessing the business and investment climate worldwide, accompanied by an annual corporate flagship report. Replacing and improving upon the earlier Doing Business project, B-READY assesses economies across three pillars (regulatory framework, public services and operational efficiency) drawing on expert inputs on laws, regulations and public services, together with firm-level data on how the business environment operates in practice. India is being assessed under the B-READY framework for the first time in the 2026 edition. The Firm’s inputs covered two areas of the Financial Services assessment – Electronic Payments and Commercial Lending (Customer Due Diligence). The Electronic Payments assessment examines the legal and regulatory framework governing e-payments and payment service providers, including consumer protection, data protection, cybersecurity and operational resilience, interoperability and competition, supervisory oversight and regulatory innovation. The Commercial Lending assessment examines customer due diligence requirements, including identity verification and beneficial ownership, e-KYC and digital identity, data protection and the regulatory framework for digital commercial lending. The contribution was led by Jitendra Soni, Partner, who was invited by the World Bank Group as an expert for both areas, supported by Sadia Akhter, Senior Associate, and Harsh Garg, Samia Haider and Abhirami R., Associates. We look forward to the publication of the B-READY 2026 report and the World Bank Group's first assessment of India under the B-READY framework. #BREADY2026 #WorldBankGroup #FinancialServices #DigitalPayments #DataProtection #FinTech

The Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2026 permit foreign-invested e-commerce entities to undertake an inventory-based model exclusively for export of goods manufactured or produced in India. The amendment gives effect to the FDI relaxation introduced under Press Note 3, while existing restrictions on domestic inventory-based e-commerce continue to apply. Read more at: argus-p.com/updates/updates/… Contributed by Jitendra Soni (Partner) and Samia Haider (Associate). #QuickUpdate #FEMA #FDI #ECommerce #ForeignInvestment #Export #NDIRules #ArgusPartners

India's Carbon Credit Trading Scheme, 2023 establishes the country’s first mandatory carbon market by assigning greenhouse gas emission intensity targets to obligated entities across energy-intensive sectors and allowing the trading of carbon credit certificates on a centralized exchange. Through this article, we trace the legal and regulatory architecture of this framework while situating it within the broader international landscape of compliance and voluntary carbon markets. The piece also offers practical guidance for companies on compliance readiness, transactional considerations in M&A and financing, strategic positioning in the credit market, and managing greenwashing and reputational risk as the framework continues to evolve. Read more at: argus-p.com/papers-publicati… Contributed by Saurav Kumar (Senior Partner), Swathi Sreenath (Partner) and Suyash Bajpai (Associate). #ArgusPartners #EnergyTransition #CarbonCredits #EmissionsTrading #CarbonMarkets #ClimateLaw #ESG #Sustainability #EnvironmentalLaw

We are pleased to share our latest thought paper, ‘When Does Settlement Become a Payment System?’, which examines a regulatory question arising from the application of payments law to the clearing and settlement framework of India’s power exchanges. For more than a decade, power exchanges operated within a regulatory framework under the Electricity Act, 2003, with clearing and settlement forming an integral part of the architecture governing electricity-market transactions. In 2021, the CERC introduced a requirement that such clearing and settlement must be undertaken in accordance with the Payment and Settlement Systems Act, 2007 (“PSS Act”). This brought into contact two statutory frameworks that had until then largely operated within distinct institutional spheres. Against this backdrop, the article examines whether exchange-based clearing and settlement should, in the first place, fall within the statutory conception of a ‘payment system’ under the PSS Act. More broadly, it considers where the boundaries of payments law should lie when specialised market infrastructures involve settlement and movement of funds but are constituted and regulated for a different underlying purpose. Read more at: argus-p.com/papers-publicati… Contributed by Jitendra Soni (Partner). #ThoughtPaper #Finance #Fintech #Payments #Settlement #ArgusPartners

The Supreme Court, in GVV Constructions Private Limited v. Union of India, has reaffirmed the limited scope of judicial scrutiny at the stage of referral to arbitration. The Court held that a court under section 11 or in a writ jurisdiction cannot assess whether a dispute falls within an ‘excepted matters’ clause, such questions being for the arbitral tribunal to decide. Read more at: argus-p.com/updates/updates/… Contributed by R. Sudhinder (Senior Partner) and Anushka Sharma (Associate). #QuickUpdate #SupremeCourt #Disputes #Arbitration #ArbitralTribunal #ArgusPartners

We are pleased to share that Saurav Kumar has joined Argus Partners as a Senior Partner and shall head the Firm’s Japan and South Korea Desk. Swathi Sreenath has joined as a Partner and will be an integral part of the Japan and South Korea Desk. Based out of the Delhi office, Saurav and Swathi are part of the Firm’s Corporate M&A and Private Equity and Venture Capital Practice. They are joined by Shreya Chaturvedi (Principal Associate), Ayusha Choudhury and Ekjot Dang (Senior Associates), and Aryan Rawat, Kaustubh Garg, Rudhi Nawal and Suyash Bajpai (Associates). Welcome to the Argus family! We wish you all the very best in your new role. Read more at: law.asia/argus-partners-japa… #Arguspartners #NewJoinee #Partner #Associate #Japan #SouthKorea #Corporate #MergersandAcquisitions #PEVC #delhi #growth #lawfirm