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New Delhi: The proposed amendments to the laws governing both companies and limited liability partnerships (LLPs) signal India’s intent to adopt a modern framework that focuses on facilitation rather than regulation but its implementation will be key, experts said.Several aspects of the proposed changes are to be spelt out later through rules and regulations once the final bill, which would be introduced by the government after the recommendations of the Joint Parliamentary Committee (JPC), is passed by Parliament, they said.These include the types of companies that would be allowed flexibility in share buybacks, in certain corporate social responsibility obligations and audit exemption.Only those categories of companies that would be specified later would be allowed to undertake two share buybacks a year, instead of the current one. Similarly, only specified small companies would be exempted from mandatory statutory audits.Similarly, only specified trusts “having such activities as may be provided by rules” can be into LLPs. This will facilitate the conversion of alternative investment funds formed as trusts into LLPs.The experts reckon that rules and regulations flowing from the new law must match with the pragmatic legislative intent and shouldn’t turn overbearing or make compliances tougher.“The devil always lies in the details. The fine-print of subsequent rules and regulations should not run counter to the government’s intent of ensuring greater ease of doing business and ease of living,” said a Delhi-based corporate compliance expert.“Once the law is in place, the job is only half done. Fair rules and regulations are equally important,” he added.To be sure, some of the provisions of the Corporate Laws Amendment Bill, 2026, could be tweaked after the JPC submits its report.“The real impact will depend on how these changes are implemented in a consistent and practical manner,” said Prasenjit Sarkar, partner at Grant Thornton Bharat. He added that the current bill combines decriminalisation with process simplification and targeted relaxations.“By empowering regulators to impose, recover, and settle penalties administratively, enforcement is streamlined, though it carries the risk of non-compliance being treated as a cost of doing business,” Manmeet Kaur, partner at Karanjawala & Co, said.The bill furthers the government’s broader agenda of progressive decriminalisation and regulatory simplification in the corporate law, Kaur added.