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Changes to the Employees Provident Fund Act (EPF Act), which were notified in October 2008, are proving burdensome to multinational companies employing expatriates in their Indian subsidiaries, say lawyers. Of particular concern are the amendments that cover the concept of international workers, under which expatriates in India and Indian workers abroad apply

Labour laws continue to lag behind business developments say lawyers, resulting in uncertainty and ambiguity in the application of certain laws in the country. For example, the definition of ‘workman’, and issues surrounding this discussion, has revealed that clarification is needed so as to protect the segments of workers intended by the laws.

Haldiram petition revealed trade mark file loss India’s intellectual property regulatory and tribunal frameworks have been under great scrutiny over the past 12 months. The country’s IP office has endured a challenging year, with embarrassments such as the loss of 44,000 trade mark files as well as allegations of corruption among officials. And the tribunal process did not escape criticism, with the constitutionality of the Intellectual Property Appellate Board (IPAB) and the Copyright Board (CB) questioned in public interest litigation (PIL) permitted by the Madras High Court.

The Reserve Bank of India’s (RBI) guidelines on structured products released in May 2011 allow for greater corporate transparency and disclosure, according to one Indian derivatives specialist.

The Reserve Bank of India has issued guidelines on credit default swaps (CDS) for corporate bonds, which will become effective from October 24 2011. This development is being viewed with measured optimism by practitioners and market commentators, with the RBI seeking primarily to manage risk rather than encourage speculation. The introduction of a CDS regime underlines the RBI’s commitment to deepening the country’s bond markets, and should be viewed as a small but meaningful step forward.

DSP Merrill Lynch’s general counsel for India, Abhimanyu Singh Poonia, gives his verdict on how India’s regulators are rising to meet the challenges they face

The Reserve Bank of India (RBI) has made it clear that, from a regulatory standpoint, it prefers that foreign banks operate in India through the subsidiary route. Such a route is not mandatory at the moment, and there remain uncertainties and concerns that will need to be addressed before many foreign banks go down that road

Gajendra Haldea is adviser to the deputy chairman of infrastructure at the Planning Commission. He told Justin Kung about a sector that is providing lots of opportunities for foreign investors

Left: Andimuthu Raja, poilitician; P. Chidambaram, politician; Barkha Dutt, journalist; Kanimozhi Karunandhi, politician and journalist; and Anil Ambani,chairman, Reliance

The inaugural India Annual Review is being published at a pivotal time in the country’s development. The monsoon session of Parliament is now sitting, with various legislative amendments being discussed such as the divisive Lokpal Bill and the much-debated Copyright Bill.