TagCapital Markets

Sustainability-Linked Bonds: The Next Frontier in Sustainable Finance?

[Umang Bhat Nair and Vedant Kashyap are fourth year BA. LL.B.(Hons.) students at the NALSAR University of Law, Hyderabad] Earlier this year, India witnessed its first issue of a Sustainability-Linked Bond (‘SLB’) by UltraTech Cement. This is in line with India’s endeavour to achieve all of UN’s Sustainable Development Goals by 2030. India also wishes to achieve a robust 175 gigawatt of renewable...

Mandatory Sunset Provisions in Shares with Superior Voting Rights

[Bhavya Solanki is a 4th year B.A., LL.B. (Hons.) student at the Maharashtra National Law University, Mumbai] Shares with differential voting rights [“DVR”], internationally known as dual class shares [“DCS”], are shares which have rights disproportionate to their economic ownership. DVRs include shares with superior voting rights [“SR Shares”] and shares with...

The Reliance Open Offer Penalty: ‘Unexplained’ Delays in Regulatory Action

Shikhar Aggarwal is a 3rd year B.A.LL.B. (Hons.) student at National Law University, Delhi] On 7 April 2021, the Adjudicating Officer (“AO”) of the Securities and Exchange Board of India (“SEBI”) imposed a monetary penalty of ₹25 crore jointly on 34 entities, including brothers Mukesh and Anil Ambani and other promoters of Reliance Industries Limited (“RIL”), for their failure to comply with the...

Social Stock Exchange in India: Scrutinizing the Vision

[Prachi Agrawal is a 4th year B.B.A., LL.B. (Business Law Hons.) student and Stuti Bhargava a 4th year B.A., LL.B (Business Law Hons.) student, both at the National Law University, Jodhpur] “It is time to take our capital markets closer to the masses and meet various social welfare objectives related to inclusive growth and financial inclusion.”– Nirmala Sitharaman In her budget speech in...

Analysis of SEBI’s Proposal on the Delisting Regulations

[Abhinav Gupta and Ayush Khandelwal are final year students at National Law University, Jodhpur] The Securities and Exchange Board of India (“SEBI”) on 20 November 2020 issued a consultation paper to review the SEBI (Delisting of Equity Shares) Regulations, 2009. It aims to enhance disclosures to help investors to make informed decisions, rationalize the timeline under the Delisting Regulations...

Foray into Global Capital Markets: Is India Inc. Ready for It?

[Eshvar Girish is a 5th year BBA LLB student at Christ University] Recently, the Union Cabinet approved a proposal to allow the listing of Indian companies overseas directly, without being listed on the domestic stock exchanges. India Inc. has perceived this approval as a much-needed move. Keeping this in mind, this post aims to analyze the implications of direct listing of Indian companies...

Cross Listing of Shares: A Start

[Rahul Sinha is a consultant with EY] The Securities and Exchange Board of India (“SEBI”) constituted the ‘Expert Committee for listing of equity shares of companies incorporated in India on foreign stock exchanges and of companies incorporated outside India on Indian stock exchanges’ on 12 June 2018 with a view to facilitating companies incorporated in India to directly list their equity shares...

SEBI’s Policy on Self-Trades

[Guest post by Jitesh Maheshwari, Associate at Mindspright Legal in Mumbai] Introduction Self-trades are trades executed on the stock market in which the same entity is both buyer and seller. These trades do not represent a real change in beneficial ownership of the security. Earlier, the position on self-trades was that they create artificial or fictitious volume in the market, and give a false...

SAT on Market Manipulation Involving GDRs

Last year, we had discussed a decision of the Supreme Court which clarified that the Securities and Exchange Board of India (SEBI) had jurisdiction over the issuance of global depository receipts (GDRs), due to which lead managers to such issuances would also come within the purview of SEBI if their actions were found to violate Indian securities law. This involved PAN Asia Advisors Limited and...

Recent Measures to Curb ODI Abuse – Do They Represent an Equilibrium Point?

[The following guest post is contributed by Arka Saha, who is a 4th Year B.A.LL.B. (Hons) & Executive Student in CS (ICSI) at National Law University Odisha (NLU-O)] Offshore Derivative Instruments (ODIs) such as Participatory Notes (P-Notes) and equity linked notes constitute a significant chunk of total investments by Foreign Portfolio Investors in India, thus posing an imminent threat...

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