Regulatory compliance lawyers in Chennai
FEMA, competition law, data protection, SEBI and company law compliance.
Overview
Businesses in India answer to several regulators at once. The rules that apply depend on where the money comes from, how large the business is, what data it handles and who controls it. Most of our work in this area covers foreign exchange, competition law, data protection, and company and securities law.
We advise and represent clients in regulatory compliance before the Madras High Court and the courts and tribunals in Chennai. The work includes routine filings and reporting, review of agreements and deals before they are signed, and responses when a regulator issues a notice or opens an inquiry.
Time limits in this field are short and are enforced. A compounding application under FEMA must be decided within one hundred and eighty days, and most appeals run from the date the party receives a copy of the order.
Our Regulatory Compliance services
Foreign exchange (FEMA)
Inbound and outbound investment
Pricing, sector conditions and RBI reporting for foreign investment into India under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, and overseas investment by Indian companies and residents under the Foreign Exchange Management (Overseas Investment) Rules, 2022.
External commercial borrowings
Eligibility, end-use and reporting conditions for foreign currency and rupee borrowings raised from lenders outside India.
Compounding
Applications to compound contraventions under Section 15 of the Foreign Exchange Management Act, 1999, made to the Director of Enforcement or to the authorised officers of the Enforcement Directorate and the Reserve Bank. The application is decided within one hundred and eighty days of its receipt, and a compounded contravention is not pursued further.
Adjudication, penalties and appeals
Penalty proceedings under Section 13, where the penalty can go up to three times the sum involved in a quantifiable contravention, or up to two lakh rupees where it is not quantifiable, with five thousand rupees for each day a continuing contravention lasts. Adjudication under Section 16 allows the person to appear in person or through a lawyer or chartered accountant, and appeals follow under Sections 17 and 19.
Competition law
Merger control
Assessing whether a deal crosses the asset or turnover limits in Section 5 of the Competition Act, 2002, or the deal value limit in Section 5(d), and preparing the notice to the Competition Commission of India. The notice is given after board approval of a merger or the execution of an acquisition agreement, and before the deal is completed (Section 6(2)).
Agreements and dominance
Reviewing distribution, pricing and cooperation arrangements under Section 3 of the Competition Act, 2002, and conduct by dominant businesses under Section 4. An agreement that causes an appreciable adverse effect on competition is void under Section 3(2), and penalties under Section 27 can reach ten per cent of the average turnover of the last three financial years.
Compliance programmes
Competition compliance policies and training for sales and management teams.
Data protection
DPDP Act compliance
Preparing for the Digital Personal Data Protection Act, 2023 and the Digital Personal Data Protection (DPDP) Rules, 2025: notices to data principals, consent, the rights of data principals, processor contracts and breach response. The Act's main obligations take effect on 13 May 2027.
Cyber security incidents
Responding to data breaches and cyber incidents, including reporting to CERT-In under Section 70B of the Information Technology Act, 2000 and the directions issued under it, and dealing with the Data Protection Board of India once the Act's main provisions are in force.
Company, securities and sector rules
Company law compliance
Annual filings, board processes and CSR obligations under Section 135 of the Companies Act, 2013, including the requirement to spend at least two per cent of the average net profits of the three preceding financial years where the section applies.
Listed companies
Disclosure obligations under the SEBI listing regulations and insider trading compliance under the SEBI (Prohibition of Insider Trading) Regulations, 2015.
Environmental, labour and tax compliance
Obligations under the Environment (Protection) Act, 1986, the labour codes and GST, worked on together with our employment and tax practice.
Inspections and notices
Responding to inspections, show cause notices and inquiries from regulators, and filing appeals against their orders within the time each statute allows.
Laws we work with
- Foreign Exchange Management Act, 1999
- Competition Act, 2002
- Digital Personal Data Protection Act, 2023
- Information Technology Act, 2000
- Companies Act, 2013
- Securities and Exchange Board of India Act, 1992 and SEBI regulations
- Environment (Protection) Act, 1986
Courts and tribunals
- Reserve Bank of India and the Enforcement Directorate
- Competition Commission of India and the National Company Law Appellate Tribunal
- Data Protection Board of India
- SEBI and the Securities Appellate Tribunal
- Madras High Court
Questions and answers
Frequently asked questions
8 questions. These answers are general information about Indian law, not legal advice on your situation.
When does a deal need clearance from the Competition Commission?
Section 5 of the Competition Act, 2002 covers a deal where the parties cross the asset or turnover thresholds in that section, which the Central Government revises by notification, or the higher limits that apply to a group. Section 5(d) also covers any transaction worth more than ₹2,000 crore where the enterprise being acquired has substantial business operations in India. Notice to the Commission is given before the deal is completed, under Section 6(2).
How long does the Competition Commission take to review a merger?
Once notice is given under Section 6(2) of the Competition Act, 2002, the combination cannot come into effect until one hundred and fifty days have passed from the notice or the Commission has passed orders under Section 31, whichever is earlier (Section 6(2A)). The period is counted from the day the notice is given to the Commission.
What is the time limit to appeal an order of the Competition Commission?
Sixty days from the day the aggrieved party receives a copy of the order, under Section 53B of the Competition Act, 2002. The National Company Law Appellate Tribunal can still hear a late appeal if there is sufficient cause for the delay. An appeal against an order to pay money is heard only after twenty-five per cent of that amount is deposited, as the Appellate Tribunal directs. Appeals from the Commission go to that tribunal under Section 410 of the Companies Act, 2013.
Can a FEMA contravention be settled without a penalty proceeding?
Yes, through compounding. Under Section 15 of the Foreign Exchange Management Act, 1999, the person who committed the contravention applies to have it compounded by the Director of Enforcement or the officers of the Enforcement Directorate and the Reserve Bank authorised for the purpose, and the application is decided within one hundred and eighty days of receipt. Once compounded, no proceeding is taken or continued on that contravention.
How long do I have to appeal against a FEMA penalty order?
Forty-five days from the day a copy of the order is received. An appeal against an order of an Assistant or Deputy Director of Enforcement goes to the Special Director (Appeals) under Section 17 of the Foreign Exchange Management Act, 1999, and other adjudication orders go to the Appellate Tribunal under Section 19. For an appeal to the Appellate Tribunal against an order levying a penalty, the penalty has to be deposited with the appeal unless the Tribunal waives the deposit on the ground of undue hardship (Section 19(1)).
Who does the DPDP Act apply to, and from when?
Under Section 3 of the Digital Personal Data Protection Act, 2023, it applies to the processing of digital personal data in India, and to processing outside India connected with offering goods or services to people in India. Its main obligations and the rights of data principals take effect on 13 May 2027. Until then, personal data is governed by the Information Technology Act, 2000 and the rules under it.
What penalties can follow a personal data breach?
The Data Protection Board of India can impose the penalties listed in the Schedule to the Digital Personal Data Protection Act, 2023 after an inquiry and an opportunity of being heard (Section 33). Failing to take reasonable security safeguards to prevent a breach can attract up to ₹250 crore, failing to notify the Board or the affected person of a breach up to ₹200 crore, and a breach of a provision not listed separately up to ₹50 crore.
Which companies have to spend on corporate social responsibility?
A company with net worth of ₹500 crore or more, turnover of ₹1,000 crore or more, or net profit of ₹5 crore or more in the preceding financial year falls under Section 135 of the Companies Act, 2013. It must form a CSR committee of the board and spend at least two per cent of the average net profits of the three preceding financial years on activities the section allows.