The changes, which Modi’s party has said were designed to at least partially account for undocumented cash long used during India’s elections, may actually make it easier—and legal—for anonymous donors to support political parties. Spending on the election ending May 23 is set to rise 40 percent to 500 billion rupees ($7 billion), according to the New Delhi-based Centre for Media Studies.

“It won’t be an exaggeration to say our elections will never be the same again,” said N. Bhaskara Rao, the group’s chairman, who has advised previous Indian governments. “What is this if not the auctioning of our democracy to the highest-paying corporation?”

Modi swept to power in 2014 promising a business-friendly administration that would transform India’s image on the world stage. He remains the favorite for many investors, despite more recently introducing populist policies to boost support in rural India and tightening rules against corporate defaulters.

The biggest innovation in India’s campaign finance laws is the anonymous electoral bond. Despite the name, they bear little resemblance to the promissory notes investors are familiar with: Buyers aren’t paid any interest.

Anyone can buy an electoral bond at the government-owned State Bank of India in denominations ranging from 1,000 rupees to 10 million rupees ($14 to $140,000). Afterward they are delivered to a political party, which can exchange them for cash. They don’t carry the name of the donor and are exempt from tax.