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VOLUME XIII ISSUE I
MUSIC COPYRIGHT SECURITISATION IN INDIA LEGAL, FINANCIAL, AND INSTITUTIONAL
PERSPECTIVES
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Dr. Shiva Satish Sharda & Avantika Chaudhary
The authors are Assistant Professor of law and Research Scholar at Rajiv Gandhi National University of Law, Punjab Respectively.
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The creation of a Special Purpose Vehicle to generate future royalties from various songs released by David Bowie in 1997 led to Moody's assigning an A3 rating to these bonds. Due to concerns about digital privacy, they were downgraded to junk in 2004, thanks to the sound of Napster piracy. Although Bowie bonds remained unaffected, the survivability of music asset-backed security, ABS, was exposed to increased risk. Market shrinkage occurred but rebounded after 2020, mainly due to streaming services such as Spotify, Apple Music, and YouTube adopting a recurring-usage model based on micro-royalties. Notable sales, including Bruce Springsteen’s catalogue valued at USD 500 million and Bob Dylan’s at USD 300 million, heightened market interest. Although Bollywood films have traditionally generated greater revenue, streaming platforms such as Gaana and Spotify India are experiencing rapid growth in popularity, which could stabilise music revenues and facilitate securitisation. India, a prominent producer and consumer of music, lacks established precedents for royalty-backed securitisation, underscoring a paradox in which substantial cultural production has not been matched by corresponding financial innovation. The Insolvency and Bankruptcy Code, 2016 (IBC), is silent on the issues at the centre of royalty securitisation. This paper, therefore, follows the steps outlined by four interrelated goals. Firstly, it examines the valuation of music copyrights in the light of evolving consumption patterns and investor expectations. Secondly, it analyses the structural mechanisms of securitisation, along with its advantages and vulnerabilities. Thirdly, it evaluates India's legal and regulatory preparedness for the introduction of Music ABS. Lastly, it proposes reforms that could enable music copyright securitisation to contribute meaningfully to both the financial system and the cultural economy in India.
TOKENISATION AS AN ALTERNATIVE TO SECURITIZATION: LEGAL, REGULATORY AND
OPERATIONAL CHALLENGES
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The authors are students of B.A.LL.B (Hons.) at the National University of Advanced Legal Studies, Kochi.
​This paper explores tokenization as a modern alternative to securitization, analyzing its legal, regulatory, and operational challenges. While tokenization leverages blockchain to enhance liquidity, enable fractional ownership, and democratize access to financial assets, it faces hurdles in classification, custody, settlement, interoperability, and jurisdiction. The study compares global regulatory approaches and highlights India’s fragmented framework, proposing phased licensing, legal recognition of smart contracts, regulated digital custody, and interoperability mandates. Concluding that tokenization is not a panacea but a transformative tool, the paper argues it can bridge financial markets and retail investors, fostering a resilient and inclusive financial ecosystem.
FROM TARMAC TO TRUST: NAVIGATING A TURBULENCE-FREE FLIGHT PATH FOR DATA IN INSOLVENCY
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The author is a student at the West Bengal National University of Juridical Sciences, Kolkata.
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The recent liquidations of SpiceJet and Jet Airways bring to the fore an overlooked legal issue that of what to do with passenger data when an airline is in corporate distress. Resolution professionals can and should maximise the value of the assets, including corporate data-driven ones, such as loyalty programs, passenger records, and transaction histories, under the Insolvency and Bankruptcy Code, 2016 (IBC). However, with the Digital Personal Data Protection Act, 2023 (DPDP Act), much greater safeguards have been placed on consent and the need not to have personal data spill over its intended purpose, and erasure, so the question arises whether such personal data can be commodified in insolvency without infringing individual rights. This paper looks critically at the conflict and crossing between the IBC and the DPDP Act. It takes a closer look at the Jet Airways CIRP and how data assets became the pivot of cross-border restructuring negotiations. Comparative learning experiences are also drawn from various jurisdictions. This paper will argue that the current Indian approach of taking a focused and regulated view of data as an asset, and a subject of insolvency, and securing privacy at the same time is necessary. It suggests specific exemptions under the DPDP Act in the context of insolvency and Standard Operating Procedures (SOPs) to be followed by the resolution professionals. A framework of this kind would match business efficacy with the constitutional promise of privacy in the context of both recovery by creditors and trust by consumers.
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The author is student at National Law University, Jodhpur
Critical Mineral Resources have been called the ‘oil’ of the 21st century, given their indispensable role in the global clean energy transition. However, the geographic concentration of these minerals, coupled with complex supply chains, exposes the world to geopolitical risks, trade restrictions, and supply disruptions. Several resource-rich nations have imposed export restrictions to safeguard domestic industries and assert economic sovereignty, raising concerns over the legality of such measures under World Trade Organization rules. This paper examines the legal framework governing export restrictions on CMR under the General Agreement on Tariffs and Trade, focusing on quantitative restrictions under Article XI and general exceptions under Article XX. Additionally, it assesses the role of export duties and their implications for global trade governance. A key challenge for the WTO is balancing the competing interests of resource-endowed nations seeking control over their critical minerals and resource-dependent nations relying on stable supply chains. The paper explores how WTO policy can mediate these tensions, ensuring a legally sound yet pragmatic approach to CMR trade regulation. In light of emerging trends in international trade law, this study also evaluates India’s position as a resource-dependent economy vulnerable to supply shocks. By analysing global best practices and recent WTO disputes, the paper provides policy recommendations for India to enhance its trade resilience, mitigate geopolitical risks, and secure critical mineral supply chains. Ultimately, this paper contributes to the broader discourse on sustainable, legally coherent trade policies for CMR in an increasingly fragmented global economy.
TREATY SUPREMACY ON TRIAL: THE NESTLÉ RULING AND ITS AFTERMATH
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The author is a student at at Hidayatullah National Law University, Raipur.
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This article examines the doctrine of treaty supremacy in India’s international taxation law through the evolving interpretation of the Most-Favored-Nation (MFN) clauses. While Indian jurisprudence historically recognized that treaty provisions prevail over inconsistent domestic law where they are more beneficial to the assessee, several High Court decisions extended this principle to treat MFN clauses as self-operational, permitting the automatic importation of favorable terms from third-country treaties without further executive action. This approach was disrupted by the Supreme Court’s decision in Assessing Officer v. Nestlé SA (2023) and its reaffirmation in Income Tax Officer v. Deccan Holdings B.V. (2025), which clarified that MFN clauses are not self-executing and become enforceable only upon an express notification under Section 90(1) of the Income-tax Act. The shift to a notification-based framework has introduced significant uncertainty for investors and treaty partners, leading to diplomatic and fiscal repercussions. The most notable fallout is Switzerland’s suspension of the MFN clause from the Switzerland-India DTAAs in late 2024. This article argues that India’s rigid dualist framework undermines the predictability essential for cross-border investment. It recommends legislative clarification of Section 90 of the Act, time-bound notifications regarding the operation of the MFN clause, and transparent administrative guidance to reconcile sovereignty with predictability and certainty, which are vital for sustaining investor confidence and preserving India’s credibility as a reliable participant in global tax governance.
EVOLVING BUT UNCLEAR: THE FUTURE OF EFFECTS-BASED APPROACH UNDER SECTION 4 OF INDIAN COMPETITION LAW
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Vaishnavi Kulkarni & Maitreyi Shinde
The authors are students at Ramaiah College of Law.
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This paper examines the evolution of the concept of “abuse of dominance” under Section 4 of the Competition Act, 2002. It focuses on the recent Schott Glass judgment, which marks a clear shift from a rigid, form-based approach to a more flexible, effects-based approach. Effect-based analysis focuses on the actual or likely impact on the market rather than relying on the earlier tick-box approach that focused only on the form of the practice. The paper examines the understanding of exclusionary and exploitative abuses, as well as the relevance of the As Efficient Competitor (AEC) Principle in assessing these abuses, with an emphasis on case-by-case analysis. It discusses the position of the Doctrine of Special Responsibility and the defense of objective justification as a tool for assessing legitimate business conduct. In doing so, it reflects on the ongoing challenges of defining what constitutes abuse, understanding when competition is harmed, and striking the right balance between maintaining fair markets and allowing dominant firms to compete on their strengths.