[Aamir Kapadia and Shivam Yadav are final-year BBA, LLB (Hons.) students at Jindal Global Law School] On 27 May 2024, the Securities and Exchange Board of India (“SEBI”) issued a circular, “Norms for Sharing of Real Time Price Data to Third Parties” (“the Circular”) to, inter alia, stock exchanges generally restricting them from sharing real-time market data with third-party entities (primarily...
Navigating SEBI’s New IPO Norms: Enhancing Transparency or a Burden?
[Shreya Saswati and Sruti Patra are 4th year B.A.LL.B. (Hons.) students at National Law University, Odisha] Recently, the Securities and Exchange Board of India (“SEBI”) sent a letter to bankers with a list of 31 advisory points on due diligence pertaining to initial public offerings (“IPO”). The IPO disclosure requirements at present are quite broad and clear. Starting from the preparation of...
CCI (Determination of Monetary Penalty) Guidelines, 2024: A Long-Awaited Move
[Srishti Multani, Amritanshu Pushkar, and Aryan Birewar are 4th Year BBA LLB (Hons.) students at Symbiosis Law School, Pune] On March 6, 2024, the Competition Commission of India (‘CCI’) notified the CCI (Determination of Monetary Penalty) Guidelines, 2024 (‘Guidelines’) to help the CCI determine the penalty to be imposed for infractions of the Competition Act, 2002 (‘Act’). They provided the...
Minimum Promoter Contribution Revisited: SEBI’s Amendment
[Adnan Danish and Zaier Ahmad are penultimate year BA LL.B. (Hons.) students at National Law Institute University, Bhopal ] Following the Union Budget for the fiscal year 2023-24, an Expert Committee was established under the chairmanship of Mr. S.K. Mohanty, a former Whole Time Member of the Securities and Exchange Board of India (‘SEBI’). The Committee’s mandate was to review the SEBI (Listing...
Revisiting the ‘Settled’ Law on MSMED and Arbitration Acts: An Alternative Way Forward
[Ameya Sharma and Tassawar Ali are second-year students pursuing B.A., LL.B (Hons.) from NALSAR University of Law, Hyderabad] In Gujarat State Civil Supplies Corporation Ltd. v. Mahakali Foods Pvt. Ltd., the Supreme Court settled the conflict between the Micro, Small and Medium Enterprises Development Act, 2006 [“MSMED Act”] and the Arbitration and Conciliation Act, 1996 [“A&C Act”]. It was...
Pitch It or Ditch It: Are Investor and Analyst Presentations Mandatory?
[Mythri Murali is a 5th year B.A., LL.B. (Business Law Hons.) student from National Law University, Jodhpur] Listed companies typically hold gatherings with analysts and investors after quarterly results or at least once a year to share information about their performance and future prospects. These meetings often include presentations, conference calls, group meetings, one-on-one interactions...
SEBI’s New Price Discovery Framework: Navigating the Tax Implications
[Parv Jain is a 3rd-year B.A., LL.B. (Hons.) student at the Institute of Law, Nirma University, Ahmedabad] Recently, the Securities and Exchange Board of India (‘SEBI’) led the way and proposed a unique price discovery method for listed Investment Companies (‘ICs’) and listed Investment Holding Companies (‘IHCs’) through its consultation paper on “Framework for Price Discovery of Shares of listed...
Board Effectiveness: Challenges and Opportunities
[Bharat Vasani is Senior Advisor – Corporate laws at the Mumbai office of Cyril Amarchand Mangaldas. An earlier version of this post was published on the Cyril Amarchand Mangaldas Blog] It is the board’s responsibility to successfully run a company, as set out in terms of section 179 of the Companies Act, 2013 (“Act”). Hence, it is imperative that the boards function effectively to ensure that...
The DMRC Case – Assessing Exercise of Curative Jurisdiction in Annulment of Arbitral Award
[Prince Todi is an Associate at AZB & Partners, Mumbai. Yavipriya Gupta is an Advocate practising at the Bombay High Court and the Supreme Court of India] Perhaps, a pro-arbitration jurisdiction can be characterized as one having consistent laws, with a focus on expeditious adjudication of disputes, minimal judicial intervention, and a presence of strong enforcement framework aimed at...
Unravelling RBI’s Climate Disclosure Mandate: A Step towards Financial Sustainability?
[Shivam Bhattacharya is a 5th year and Subhasish Pamegam is a 3rd year law student at Gujarat National Law University, Gandhinagar] In a significant development, the Reserve Bank of India (“RBI”) has published the ‘Draft Disclosure Framework on Climate-related Financial Risks, 2024’. The framework mandates the Indian financial institutions (“FIs”) to incorporate climate-related assessments into...
Recent Comments