The library

The things founders google at 11pm.

Plain-language explainers on Indian equity and compliance — written from the same rulebook Saral runs on, reviewed by a practising Company Secretary. No jargon, no scare tactics.

N° 01 · 4 min

What is PAS-6? The half-yearly reconciliation explained

PAS-6 is the half-yearly reconciliation of share capital for unlisted companies under Rule 9A/9B — what it is, who must file, and the deadlines.

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N° 02 · 4 min

PAS-3 deadlines: 15 or 30 days? The trap in the return of allotment

Private placements must file PAS-3 within 15 days, not 30 — and the money is locked until you do. The rule most founders learn the expensive way.

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N° 03 · 5 min

ESOP taxation in India — including the 2026 change

How ESOPs are taxed at exercise and sale, the merchant-banker FMV rule, and how the Income-tax Act 2025 changed the 80-IAC deferral from 48 to 60 months.

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N° 04 · 5 min

CCPS explained: the instrument your term sheet is actually about

Compulsorily Convertible Preference Shares — liquidation preference, participation, anti-dilution — explained in plain language for Indian founders.

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N° 05 · 4 min

iSAFE vs SAFE: why the Indian version is a different animal

A US SAFE does not fit Indian law. The iSAFE is legally a CCPS or CCD with SAFE-style economics — here is what that means for founders and investors.

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N° 06 · 4 min

What is FC-GPR? Foreign money, a 30-day clock, and the RBI

FC-GPR is the RBI filing due within 30 days of allotting shares to a foreign investor — the pack, the portal, and the Late Submission Fee if you miss it.

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N° 07 · 4 min

Rule 9B: your private company probably has to demat its shares

Since 2023, non-small private companies must dematerialise securities. Who is covered, the 18-month entry rule, and what it changes day-to-day.

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N° 08 · 4 min

The ESOP rules that actually bind you: Rule 12 in plain language

Minimum one-year cliff, who cannot receive ESOPs, resolution requirements — the Rule 12 conditions for private-company ESOPs, explained.

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