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SEBI & RBI OVERHAUL OF AIF REGULATIONS IN 2025: BALANCING TRANSPARENCY, RISK, AND GROWTH IN INDIA’S FUND ECOSYSTEM

SEBI & RBI OVERHAUL OF AIF REGULATIONS IN 2025: BALANCING TRANSPARENCY, RISK, AND GROWTH IN INDIA’S FUND ECOSYSTEM Vidushi Dubey, B.A LL.B (Hons.), 5th Year, 10th Semester, Student at Amity Law School, Amity University, Uttar Pradesh Dr. Axita Srivastava, Assistant Professor, Amity Law School, Amity University Uttar Pradesh Download Manuscript doi.org/10.70183/lijdlr.2025.v03.89 The regulatory landscape of Alternative Investment Funds (AIFs) in India has undergone significant transformation since the enactment of the SEBI (Alternative Investment Funds) Regulations, 2012. Despite rapid industry growth, challenges persisted in transparency, taxation, and systemic oversight, prompting a comprehensive overhaul by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) in 2025. This paper examines the structural, supervisory, and policy changes introduced through the reforms and analyzes their implications for India’s fund ecosystem. The study highlights five key areas of reform: restructuring of fund categorization to prevent regulatory arbitrage, enhanced disclosure and transparency norms, robust risk-management and investor protection mechanisms, stringent cross-border capital flow regulations, and adoption of digital compliance frameworks. Judicial precedents from the Supreme Court and High Courts of India, alongside global regulatory models such as the EU AIFMD and the U.S. Investment Advisers Act, inform the analysis and establish the comparative dimension of the reforms. The findings suggest that while the overhaul strengthens investor protection, improves systemic resilience, and aligns Indian AIF regulation with international standards, it also raises concerns of compliance burdens, dual regulatory overlaps, and incomplete taxation reforms. The paper concludes with policy recommendations advocating harmonization of SEBI and RBI mandates, uniform tax treatment across fund categories, expansion of technology-driven supervision, and integration of ESG obligations. These reforms are positioned not only to consolidate India’s domestic market but also to enhance its credibility as a global hub for private equity, venture capital, and alternative investments.

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FREEDOM OF THE PRESS IN THE SHADOW OF PRIVACY: THE RIGHT TO BE FORGOTTEN IN INDIA, EU, AND USA

FREEDOM OF THE PRESS IN THE SHADOW OF PRIVACY: THE RIGHT TO BE FORGOTTEN IN INDIA, EU, AND USA Jyothi Sharma, LL.M (Pursuing), Lovely Professional University Download Manuscript doi.org/10.70183/lijdlr.2025.v03.88 “The Internet never forgets” — a characteristic that has evolved into a pressing legal problem when past information continues to shape reputations and public memory. This article offers a comparative doctrinal analysis of the so-called Right to Be Forgotten (RTBF) and its tensions with press freedom across three legal traditions: the European Union, India, and the United States. Drawing on leading judicial decisions, statutory texts (notably the GDPR and India’s DPDP Act, 2023), and regulatory practice, the paper examines how each system defines erasure, scopes public-interest exceptions, places obligations on intermediaries, and handles temporal reach and cross‑border enforcement. The EU model provides a robust delisting remedy codified in the GDPR, coupled with journalistic and public‑interest exceptions applied through balancing tests. India’s post‑Puttaswamy jurisprudence recognizes privacy as constitutionally protected and the DPDP Act introduces limited erasure, but no settled RTBF doctrine; Indian courts are developing case‑based remedies focused on anonymization and proportionality. The United States, guided by the First Amendment, resists a European‑style RTBF and confines redress to narrow torts and sectoral statutes. The paper contributes to the literature by proposing a practicable hybrid model: a narrowly scoped statutory erasure right for private individuals, explicit public‑interest carve‑outs for journalism and archives, robust process safeguards (notice, independent review, proportional remedies), and limited temporal rules to preserve historical integrity. These recommendations aim to harmonize privacy and press freedom while minimizing risks of political or commercial abuse.

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THE REGULATORY CONUNDRUM: A MULTIDIMENSIONAL ANALYSIS OF THE DIGITAL PERSONAL DATA PROTECTION ACT, 2023, AND ITS IMPLICATIONS FOR INDIAN STARTUPS

THE REGULATORY CONUNDRUM: A MULTIDIMENSIONAL ANALYSIS OF THE DIGITAL PERSONAL DATA PROTECTION ACT, 2023, AND ITS IMPLICATIONS FOR INDIAN STARTUPS Parul Shukla, Law Centre II, University of Delhi. Download Manuscript doi.org/10.70183/lijdlr.2025.v03.78 The Digital Personal Data Protection Act, 2023 (DPDP Act), marks India’s first comprehensive data protection legislation, reaffirming the constitutional right to privacy as upheld in K.S. Puttaswamy v. Union of India (2017). This paper employs a multidimensional analytical framework encompassing political, social, economic, technological, environmental, and legal (PSETEL) lenses to evaluate the Act’s implications on India’s startup ecosystem, particularly data-intensive sectors such as SaaS, health-tech, ed-tech, and fintech. Politically, while aligning with global benchmarks like the GDPR, the Act asserts digital sovereignty through the creation of the Data Protection Board of India, which wields enforcement and adjudicatory powers under Section 27, thus balancing innovation incentives under Section 17(1)(e) with concerns of potential executive overreach. Socially, the Act enhances data principal rights, including informed consent, correction, and erasure, expected to improve consumer trust, though requirements like verifiable parental consent (Section 9) may affect user acquisition strategies, especially in ed-tech sectors. Economically, compliance costs are projected to increase by 7–10% for early-stage startups due to obligations such as appointing Data Protection Officers and conducting Data Protection Impact Assessments, with non-compliance penalties extending up to Rs. 250 Crores under Schedule I. Technologically, the Act necessitates system-wide changes in data processing and architecture to meet principles of data minimization and purpose limitation, though its regulatory silence on AI and ML raises compliance ambiguities. Environmentally, data localization mandates could elevate energy demands through the expansion of domestic data centers, albeit offset partially by sustainable data minimization practices. Legally, the Act’s extraterritorial scope (Section 3), mandatory breach reporting (Section 8), and amendments to the RTI Act create regulatory uncertainties and increase administrative burdens, particularly for cross-border operations. Despite these challenges, the Act presents opportunities for startups to differentiate themselves through ethical data stewardship, thereby aligning with India’s ambition of achieving a USD 1 trillion digital economy by 2030.

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NAVIGATING THE LEGAL LABYRINTH: ETHICAL AND JURISPRUDENTIAL CHALLENGES OF NON-CONSENSUAL CELEBRITY IMPERSONATION THROUGH DEEPFAKE TECHNOLOGY

NAVIGATING THE LEGAL LABYRINTH: ETHICAL AND JURISPRUDENTIAL CHALLENGES OF NON-CONSENSUAL CELEBRITY IMPERSONATION THROUGH DEEPFAKE TECHNOLOGY Mofarreha Firdaus, Student at Jamia Millia Islamia, New Delhi Download Manuscript doi.org/10.70183/lijdlr.2024.v03.8 Deepfake technology, fueled by advancements in artificial intelligence, has dramatically transformed the way of highly realistic audiovisual content. While, it was initially celebrated for its applications within entertainment, education, and creative media, this technology has raised significant concerns related to its misuse, particularly in the unauthorized impersonation of the celebrity. The inappropriate utilization of a celebrity’s likeness or voice to produce misleading or harmful content infringes privacy, damages reputations, and erodes public confidence in the authenticity of the media. This research paper seeks to evaluate the possible breaches of privacy, defamation, and right to publicity laws that arise from non-consensual impersonation via deepfake technology. It evaluates whether current legal mechanisms offer sufficient protection for celebrities against such abuses and critically reviews the judicial precedents related to similar matters. By employing a qualitative and analytical approach, the study investigated both national and international legal frameworks, judicial decisions, and ethical standards to gauge their effectiveness in tackling these issues. Additionally, it underscores the immediate requirements for more stringent regulations, clearer definitions regarding privacy, and collaborative global enforcement mechanisms to mitigate the risks posed by deepfakes, while also stressing the importance of ethical responsibility in the time of technological progress. In Douglass v. Hustler Magazine, the U.S. Court of Appeal opined that the publication was violative of an individual’s right to privacy and right to publicity, reinforcing that the person has control over their likeness. Further, in Khushwant Singh v. Maneka Gandhi, the court recognized that publishing unauthorized content about an individual, especially if it affects their reputation, and privacy, can be legally challenged. Type Information Research Paper LawFoyer International Journal of Doctrinal Legal Research, Volume III, Issue I, Page 156-177. Creative Commons Copyright This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. © Authors, 2024

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DIGITAL SURVEILLANCE AND INDIAN PRIVACY LAWS

DIGITAL SURVEILLANCE AND INDIAN PRIVACY LAWS Kamalpreet Kaur, BABA FARID LAW COLLEGE, PUNJAB Download Manuscript doi.org/10.70183/lijdlr.2024.v03.4 “Privacy is not an option, and it should not be the price we accept for just getting on the Internet.[1].” These words by technology expert Gary Kovacs highlight the growing concerns relating to privacy in this digital age. Privacy is a fundamental human right that allows an individual to live free from unwarranted public attention and interference. On the other hand, there is ‘Digital Surveillance’, the process of monitoring, analyzing, and collecting data relating to the virtual activities of individuals like online communications, social media usage, patterns, behaviors, etc. In this digital era, the internet and technology are growing rampantly and have become an important aspect of almost all spheres of life. This technology is also being used for surveillance by government agencies for various purposes like prevention of crime, national security, etc., and even private entities collect individuals’ data for running advertisement campaigns, preventing fraud, etc. However, such practices also raise concerns about individuals’ privacy as they violate the Right to Privacy, which, although not explicitly mentioned, has been recognized as an integral part of Article 21 of the Indian Constitution. Now, as the popular saying goes, “Excess of anything is bad.” While unchecked surveillance violates privacy rights, absolute privacy can also be misused. Thus, there is a need for a perfect balance between the surveillance and the privacy laws so that the misuse of any of these laws be checked. This paper examines the relationship between digital surveillance and privacy laws in India, assessing the effectiveness of existing legal provisions and their ability to balance security needs with individual freedoms. It also explores judicial perspectives, policy gaps, and potential reforms inspired by international best practices to strengthen privacy protection in the Indian context.   Type Information Research Paper LawFoyer International Journal of Doctrinal Legal Research, Volume III, Issue I, Page 61-77. Creative Commons Copyright This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. © Authors, 2024

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DARK WEB : UNVEILING THE PATHWAYS TO CRIMINALITY IN THE CYBER UNDERGROUND

DARK WEB : UNVEILING THE PATHWAYS TO CRIMINALITY IN THE CYBER UNDERGROUND Gnanavel.L, Student – IV th year B.Com. LL.B (Hons),School of Excellence in Law [SOEL], The Tamil Nadu Dr Ambedkar Law University, Chennai, TAMILNADU. Download Manuscript ABSTRACT This research paper delves into the intricacies of the Dark Web and its impact on internet users, focusing on privacy, security, and the perpetration of cybercrimes. The advent of the Internet in the 20th century paved the way for the World Wide Web, transforming communication and information exchange globally. However, the ease of quick communication also raised concerns about privacy and security, particularly with the emergence of the Dark Web. The Dark Web constitutes a small but significant part of the Deep Web, requiring specialized software like the Tor browser for access. This hidden online environment facilitates both positive, secure communication and nefarious activities, creating a dichotomy. The research objectives include evaluating cybersecurity threats, analyzing societal impacts, and examining measures to regulate the Dark Web and reduce crime rates. The overview on the Dark Web explores its origins, structure, and access methods. Tor, developed by the U.S. Naval Research Laboratory, plays a crucial role in accessing the Dark Web by employing onion routing for anonymity. Also, this paper highlights the three layers of the internet – Surface Web, Deep Web, and Dark Web – each serving different purposes. The criminal activities associated with the Dark Web are discussed, ranging from cyber terrorism and illegal markets to hitman hiring and information leakage. The paper sheds light on the challenges law enforcement faces in combating crimes on the Dark Web due to its encrypted and anonymous nature. The importance of legislative frameworks and law enforcement efforts is emphasized to curb cybercrimes and protect individuals’ security and privacy. In conclusion, the research underscores the significance of understanding the Dark Web’s dynamics to combat cybercrime effectively. Type Information Research Paper LawFoyer International Journal of Doctrinal Legal Research, Volume I, Issue IV, Page 346-356. Creative Commons Copyright This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Copyright © LIJDLR 2024

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A STROLL THROUGH THE STATE OF DIGITAL PRIVACY IN INDIA

A STROLL THROUGH THE STATE OF DIGITAL PRIVACY IN INDIA Kritik. Kumar Jain, 4th YEAR STUDENT OF BBA.LLB(Hons.) At LAW COLLEGE DEHRADUN, UTTARANCHAL UNIVERSITY. Tushar Ahuja, 4th YEAR STUDENT OF BBA.LLB(Hons.) At LAW COLLEGE DEHRADUN, UTTARANCHAL UNIVERSITY. Download Manuscript ABSTRACT Since the onset of the internet age, an infamous Data Entrepreneur, Clive Humby, proclaimed that “data is new oil”[1] and today we are witnessing his assertions turning into a reality as individuals are moving across every direction seeking strategies for mining data, much like oil. certain are morally sound, such as collecting with consent, which is neither coerced nor without our own free will, whilst others frequently accumulate these data unilaterally by forcing us into accepting certain “terms and conditions” while without them, we cannot utilize the service given by them. In addition, there are some cyber-attacks by perpetrators, with the most unsettling usage we have ever witnessed, it’s also employed by the governments of several states, including ours, using spywares to target their rivals as well as other individuals in order to obtain an edge over their rivals. In this study, we will explore each of these issues in brief, from computer usage to the government exploiting this data for various objectives from “segmenting to blocking”, as well as certain sections of the Information Technology Act[2] (hereinafter IT Act) dealing with these attacks on our privacy. Type Information Research Paper LawFoyer International Journal of Doctrinal Legal Research, Volume I, Issue II, Page 355- 363. Creative Commons Copyright This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Copyright © LIJDLR 2023 Recent content A STROLL THROUGH THE STATE OF DIGITAL PRIVACY IN INDIA DOMESTIC VIOLENCE: THE GAP BETWEEN STATISTICS AND REALITY UNRAVELLING THE EMERGENCE OF RIGHT TO BE FORGOTTEN IN INDIA EVALUATING THE BEST EVIDENCE RULE: A COMPREHENSIVE ANALYSIS OF ITS APPLICATION IN THE JUDICIAL SYSTEM THE STATE OF JHARKHAND V. SHAILENDRA KUMAR RAI @ PANDAV RAI, [2022 SCC OnLine SC 1494] ANALYSING THE NOTION OF CYBER CRIMES: A LOOMING THREAT TO THE INDIAN E-BANKING SECTOR

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UNRAVELLING THE EMERGENCE OF RIGHT TO BE FORGOTTEN IN INDIA

UNRAVELLING THE EMERGENCE OF RIGHT TO BE FORGOTTEN IN INDIA Gargee Yadav, Law student at Amity University, Lucknow. Download Manuscript ABSTRACT The right to be forgotten is a concept that has emerged as a consequence of the befitting challenges posed by the perpetual availability of personal information on digital platforms. With the evolution of technology at such a swift pace, it has become very difficult to control personal data and protect our privacy. The right to be forgotten recognises the need to have control over our personal information by entitling us to remove or erase it from online platforms. With the help of this Article, we will attempt to examine the emergence of the right to be forgotten in India. This article includes several sub-headings, starting with the introduction and enlightening on, how the emergence of the internet has affected our rights. Further moving on, we would get to know about the definition and origin of the right to be forgotten. This article would also deal with the status of other countries along with that of India vis-à-vis this right. While coming to the closure of the article, the readers would get to know about some of the consequential challenges pertaining to the proper implementation of the right, and finally, the Conclusion along with the Author’s views on the topic, where this article would sum up, providing suggestions for the improvement of the implementation of this sui-generis right. Type Information Research Paper LawFoyer International Journal of Doctrinal Legal Research, Volume I, Issue II, Page 337- 348. Creative Commons Copyright This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Copyright © LIJDLR 2023 Recent content UNRAVELLING THE EMERGENCE OF RIGHT TO BE FORGOTTEN IN INDIA EVALUATING THE BEST EVIDENCE RULE: A COMPREHENSIVE ANALYSIS OF ITS APPLICATION IN THE JUDICIAL SYSTEM THE STATE OF JHARKHAND V. SHAILENDRA KUMAR RAI @ PANDAV RAI, [2022 SCC OnLine SC 1494] ANALYSING THE NOTION OF CYBER CRIMES: A LOOMING THREAT TO THE INDIAN E-BANKING SECTOR ‘ARREST’ IN INDIA: 360 ANALYSIS Book Review on “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else” by Hernando de Soto

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