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TOP STORY OF THE WEEK
Gig Workers Remain Unprotected Despite Labour Ministry’s OSH&WC Central Rules
An editorial in The Hindu has flagged serious gaps in social security for gig and platform workers, despite recent regulatory efforts by the Labour Ministry. While the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions (OSH&WC) Central Rules recognise gig workers within India’s labour law framework, the absence of enforceable benefits and funding mechanisms has rendered these protections largely ineffective. The editorial notes that OSH&WC rules focus primarily on workplace safety, offering little clarity on health insurance, income security or retirement benefits for platform workers. With state-level implementation uneven and platforms facing limited obligations, gig workers continue to remain outside a functional social security net.
LEGAL AND TECH
SC Clarifies Arbitration Timelines, Restores Interim Relief in Franchise Dispute
The Supreme Court has clarified that arbitral proceedings commence when a notice invoking arbitration is received under Section 21 of the Arbitration and Conciliation Act, and not when a petition under Section 11 is filed. Allowing the appeal in a hotel franchise dispute, the Court held that the Karnataka High Court erred in vacating interim protection on the ground that the Section 11 petition was filed beyond 90 days. The Bench ruled that once arbitration is validly invoked within time, subsequent procedural delays cannot defeat interim relief granted under Section 9. Emphasising substance over technicality, the Court restored interim protection and reiterated that arbitration law must facilitate, not frustrate, dispute resolution.
Jurisdiction Changes Do Not Invalidate Anti-Corruption Investigations, Says SC
The Supreme Court has upheld the validity of an anti-corruption investigation, rejecting objections raised on jurisdiction following the bifurcation of Andhra Pradesh and Telangana. The Court ruled that proceedings initiated by the Anti-Corruption Bureau could not be invalidated merely because the alleged offence occurred prior to state reorganisation. Clarifying the interpretation of “officer in charge of a police station” under criminal law, the Bench held that investigative authority continues unless expressly barred by statute. The Court cautioned against technical challenges aimed at derailing corruption prosecutions, emphasising that procedural objections must not frustrate substantive justice. The ruling strengthens continuity of anti-corruption enforcement across reorganised states and reinforces accountability of public servants.
CORPORATE COMPLIANCE
SEBI Alleges Bank of America Unit Breached Insider-Trading Rules in 2024 Share Sale
India’s Securities and Exchange Board (SEBI) has accused a local unit of Bank of America (BofA) of breaching insider-trading regulations and failing to maintain internal “Chinese walls” during a March 2024 share sale of Aditya Birla Sun Life Asset Management (ABSL AMC), according to a regulatory notice. SEBI’s October 30, 2025 notice alleges that, while in possession of unpublished price-sensitive information, the bank’s deal team directed its broking arm, research division and Asia-Pacific syndicate to contact potential investors and share confidential valuation details,actions prohibited under insider trading norms. The regulator also said the bank initially provided misleading responses during the probe. BofA has applied for settlement without admitting guilt; the matter remains under SEBI review.
NCLAT Rejects SEBI’s Bid to Recover Penalty From Annie’s Apparel Post Insolvency
The National Company Law Appellate Tribunal (NCLAT) has rejected SEBI’s plea seeking recovery of a monetary penalty from Annie’s Apparel, holding that such claims cannot be enforced after the commencement of insolvency proceedings. The appellate tribunal ruled that penalties imposed by market regulators do not qualify as insolvency resolution costs and cannot take precedence over the waterfall mechanism under the Insolvency and Bankruptcy Code (IBC). NCLAT observed that SEBI’s claim arose prior to the liquidation commencement date and must therefore be dealt with in accordance with the IBC framework. The ruling reinforces the supremacy of insolvency law over recovery actions by regulatory authorities once insolvency proceedings are triggered.
RBI Cancels Licences of 35 NBFCs Under Section 45-IA(6) of RBI Act
The Reserve Bank of India (RBI) has cancelled the certificates of registration of 35 non-banking financial companies (NBFCs) under Section 45-IA(6) of the Reserve Bank of India Act, 1934, for regulatory non-compliance. In addition, 16 NBFCs voluntarily surrendered their registrations, the RBI said. The cancellation orders were issued between December 9 and December 31, 2025, citing reasons such as cessation of business activities, failure to meet minimum net owned fund requirements, and violations of prudential norms. RBI clarified that these entities are barred from carrying on NBFC operations with immediate effect. The action reflects the regulator’s continued supervisory push to strengthen governance, financial discipline and systemic stability in the NBFC sector.
RISK INTELLIGENCE
BCCL IPO Draws Buzz, but Eight Red Flags Worry Market Watchers
The upcoming BCCL initial public offering has generated strong market buzz with the grey market premium (GMP) reportedly exceeding 50% signalling robust investor interest. However, analysts have flagged several risks that could temper enthusiasm. According to a Financial Express analysis, concerns include high valuation compared to peers, dependence on cyclical demand, revenue concentration, rising input costs and working capital pressures. Questions have also been raised around margin sustainability and post-listing liquidity. While the elevated GMP reflects positive sentiment, experts caution retail investors against relying solely on unofficial market indicators and advise a careful assessment of fundamentals and risk factors before subscribing to the issue.
Fintech Regulatory Landscape Sees Key Legal and Market Shifts in November 2025
India’s fintech sector witnessed significant legal and regulatory developments in November 2025, reflecting heightened oversight and market realignments, according to a Mondaq analysis. Regulators intensified scrutiny over digital lending, payments and data governance with the Reserve Bank of India continuing to refine compliance expectations for fintech entities and their bank partnerships. The period also saw increased enforcement actions and policy discussions around consumer protection, KYC norms and technology risk management. Market activity remained resilient, with fintech firms adapting business models to align with evolving regulatory requirements. The analysis highlights how legal clarity, regulatory engagement, and compliance preparedness are becoming critical as India’s fintech ecosystem matures under closer supervisory attention.