[Deergha Meena is a fourth-year student at NALSAR University of Law, Hyderabad] In 2024, SEBI mandated FPIs that managed equity assets in India exceeding ₹25,000 crore to provide granular-level disclosures on their beneficial owners. In a recent circular, SEBI increased this threshold to ₹50,000 crore, reducing the number of FPIs required to disclose beneficial ownership details...
Recalibrating Compliance: Legal Implications of SEBI’s Revised Listing Regulations for HVDLEs
[Aparna Ravi and Kinnari Sanghvi are Partners and Manan Sheth an Associate at S&R Associates, Advocates] The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) provide for the various compliance actions and reporting requirements for entities who have listed equity shares or...
Reforming Criminal Proceedings under the SEBI Act
[Amarpal Singh Dua is an Advocate practising before the Supreme Court of India] In the Union Budget 2021–22, Finance Minister Nirmala Sitharaman proposed a unified Securities Markets Code (“Code“) aimed at consolidating all existing securities laws into a rationalized and updated framework. In July 2023, she announced that the groundwork was complete and that the Code would soon...
Strangling Growth or Ensuring Stability? SEBI’s New Regulatory Framework for SMEs
[Tirth Purani and Aditi Srivastava are 4th year BALLB (Hons) students at Institute of Law, Nirma University] Small and medium enterprises (“SMEs”) constitute the backbone of the Indian economy, contributing significantly to employment generation, innovation and growth. When the question of their survival and growth emerges, capital often becomes a roadblock. An initial...
SEBI’s Move to Allow Promoters to Retain ESOPs Post-IPO: A Critical Analysis
[Arushita Singh is a fourth year student at National Law Institute University, Bhopal] In its recent consultation paper, the Securities and Exchange Board of India (SEBI) has proposed a slew of amendments aimed at refining the regulatory landscape for public issues and offering clarity on procedural requirements. Among these proposals, a clarificatory amendment aims to resolve...
Philanthropic Stock Market: SEBI’s Framework on the Social Stock Exchange
[Anenya and Yash Sharan are students of Hidayatullah National Law University, Raipur] On 19 March 2025, the Securities and Exchange Board of India (“SEBI”) issued a circular (“the Circular”) proffering a framework on a social stock exchange (“SSE”). This regulatory development allows social enterprises to obtain funding through an exchange system that receives regulatory...
Advancing from Reactive to Proactive Post-Acquisition Control Surveillance with Global Insights
[Deergha Meena is a fourth year student at NALSAR University of Law] India’s framework for monitoring post-acquisition control remains largely reactive, leaving a critical gap in tracking the evolution of control after transactions close. Although the Securities and Exchange Board of India’s (SEBI’s) Takeover Regulations and SEBI’s Listing and Disclosure Requirements...
Navigating SEBI’s Merchant Banker Reforms: Challenges and Solutions
[Manit Sharma and Priyal Singh are 4th year students at Gujarat National Law University, Gandhinagar and SVKM’s NMIMS School of Law, Navi Mumbai respectively] The Securities and Exchange Board of India (SEBI) late last year reviewed and approved amendments to the SEBI (Merchant Bankers) Regulations, 1992 (Regulations). These regulations have acted as the cornerstone for the elibility of...
Margin Call on Misinformation: SEBI’s Crackdown on Finfluencers
[Srashti Talreja is a fourth-year BBA LLB (Hons.) student at Symbiosis Law School, Pune, and Kartik Mehta a fourth-year BA LLB (Hons.) student at Hidayatullah National Law University, Raipur] The recent crackdown by Securities and Exchange Board of India (SEBI) on ‘Asmita Patel’ —also known as the ‘she-wolf of the Stock Market’ — following the issuance of the new circular, (Circular) has sent...
The Religare Takeover Saga: Competing Offers and SEBI’S Tightrope Walk
[Aayush Ambasht, Param Kailash and Sudiksha Moorthi are 4th Year BBA LLB (Hons.) students at Symbiosis Law School, Pune] The 16-month long takeover saga of Religare Enterprise Limited (REL) reached its much-awaited conclusion on 14 February 2025 by way of an order of the Securities and Exchange Board of India (SEBI) following Supreme Court directions. The controversy unfolded in early 2024 when...
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