This paper investigates the regulatory and ethical positioning of Bohem, a men’s grooming product line launched by Piramal Pharma Limited (PPL), within the Indian cosmetic–drug regulatory framework. Drawing upon publicly available documents from the Central Drugs Standard Control Organisation (CDSCO), Piramal Pharma’s corporate communications, and state regulatory norms, the study demonstrates that Bohem—while branded under a major pharmaceutical conglomerate—is not a pharmacologically approved medicine. Rather, it is classified as a cosmetic or personal-care product, subject to the relatively lenient provisions of the Cosmetics Rules 2020.

The analysis underscores how blurred categorizations between cosmetics and therapeutics enable large corporations to exploit brand trust associated with pharmaceutical credibility while avoiding the rigor of clinical testing and drug regulation. The paper situates this within broader debates on consumer safety, regulatory opacity, and corporate ethics in India’s post-liberalization health-industrial economy. A parallel case study juxtaposes the cosmetic “haircut” of Bohem with the financial “haircut” suffered by DHFL investors, illustrating how governance and grooming converge in the moral economy of neoliberal India.