Amendments to SEBI’s FUTP Regulations Effective

In previous posts (here,
here
and here),
we had discussed issues that had arisen under the SEBI (Prohibition of
Fraudulent and Unfair Trade Practices Relating to the Securities Market)
Regulations, 2003 (the FUTP Regulations),
particularly in the context of front running. We had also discussed SEBI’s proposal
to amend the FUTP Regulations to expand the scope of front running and also to
bring in illegal Ponzi schemes within their scope so as to constitute a
fraudulent practice.

One of our regular readers has brought to our
attention that SEBI has notified amendments to the FUTP Regulations effective September
6, 2013. A copy of the gazette notification is available
here,
while the background memoranda issued by SEBI stating the rationale for the
amendments are available
here
and
here.

About the author

Umakanth Varottil

Umakanth Varottil is an Associate Professor at the Faculty of Law, National University of Singapore. He specializes in corporate law and governance, mergers and acquisitions and cross-border investments. Prior to his foray into academia, Umakanth was a partner at a pre-eminent law firm in India.

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