Justice Dipak Misra Highlights Critical Role Of In-house Counsel In Regulatory Compliance

The BW Legal World Annual Legal Leaders Conclave 2024 marked a significant event in the legal fraternity, bringing together some of the most influential minds in the industry. The highlight of the conclave was the keynote address by Justice Dipak Misra, Former Chief Justice of India, on the theme, “Compliance with Regulatory Framework in the Dynamic Legal Scenario.”

In his keynote, Justice Misra emphasised the criticality of compliance as the foundation for sustainable business operations. He highlighted the evolving regulatory landscape in India, stressing how laws are designed to respond to citizen interests, economic growth, and advancements in technology.

Justice Misra underscored the importance of adapting swiftly to regulatory changes, noting that compliance fosters trust among stakeholders and minimises business risks. He commented that as India approaches 2025, several key regulations are set to transform the business environment. 

Digital Personal Data Protection Act, 2023 (DPDP Act)

India's first cross-sectoral law on personal data protection mandates corporations to adhere to stringent data handling protocols. The Act’s rules for implementation, expected in 2025, will redefine how businesses process digital personal data.

Digital India Act (DIA)

Aimed at modernising digital governance, the Act will regulate the internet and Artificial Intelligence (AI).

Businesses will face stricter cybersecurity and data privacy protocols, with heightened responsibilities for intermediaries like social media platforms and e-commerce businesses.

Competition (Amendment) Act, 2023

Introduced Deal Value Threshold (DVT), mandating M&A deals above INR 20 billion to seek approval from the Competition Commission of India.

Broadened definitions of anti-competitive agreements and updated the concept of “control” to include “material influence.”

Abolition of Angel Tax and Reduction in Corporate Tax:

The Finance Minister’s proposals in the 2024-25 Union Budget aim to attract foreign investments, including a reduction in corporate tax on foreign companies from 40 to 35 per cent.

Liberalisation of FDI Norms

The recent approval of 100 per cent FDI in the space sector is a testament to India’s pro-investment stance under the Make in India initiative.

The Role of In-House Counsel in the Evolving Landscape

Justice Misra also highlighted the growing responsibilities of in-house legal counsel in aligning corporate strategies with regulatory changes. Key areas of focus include strategic risk management and mitigation, driving environmental, social, and governance (ESG) initiatives,

addressing critical issues such as AI ethics, data privacy, and intellectual property rights.

He stressed that compliance is not just a statutory obligation but a competitive advantage, stating, “Only a compliant entity is confident.”

Justice Misra concluded his address by commending Dr. Anurag Batra and BW Legal World for their unwavering efforts in recognising legal talent and fostering dialogue on the growth of businesses within the new economic order.