TagSEBI

SEBI’s Proposed Buyback Rules for Leverage Limits

[Pammy Jaiswal is a Partner at Vinod Kothari and Company, and can be reached at [email protected]] The Securities and Exchange Board of India (SEBI) has issued a discussion paper on 22 May 2019 on proposed changes to the conditions relating to a buyback.  While one of the proposed changes in terms of computing the buy-back size is logical, the other change on taking the debt to equity...

Obliterating Unnecessarys Delays: SEBI Proposes 10% Mandatory Deposits for Appeal

[Shubham Gupta is a 4th Year Student at the Institute of Law, Nirma University] The Indian judicial system is grossly afflicted with litigation, some of which tends to be frivolous. The Supreme Court, in its Sahara decision, stated that ‘ways and means need to be evolved to deter the litigants from their compulsive obsession toward senseless and ill-considered claims’.  Therefore, with the aim of...

IBC and its Interface with Other Legislation: NCLT Clears the Air Again

[Rongeet Poddar is a final year BA LLB (Hons.) student at the West Bengal National University of Juridical Sciences, Kolkata and Yashika Gupta a fourth year BA LLB (Hons.) student at Hidayatullah National Law University] The Principal Bench of the National Company Law Tribunal (NCLT) has, in April this year, ordered the Securities and Exchange Board of India (SEBI) to de-attach the immovable...

Complexities in Regulating Artificial Intelligence & Machine Learning in the Indian Financial Market

[Rishabh Sharma is a IV Year student at NALSAR University of Law, Hyderabad] The Algorithmic Trading Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2025 Report forecasts the global algorithmic market in trading to expand at a compound annual growth rate of 11.8 percent between the period from 2019 to 2025. In the backdrop of such a rapidly booming global trading...

Financial Statements of Foreign Subsidiaries of Indian Listed Companies

Corporate group structures are common among Indian listed companies which hold shares in subsidiaries both in India and other countries around the world. Due to differences in financial reporting requirements in all jurisdictions where the corporate group is present, the Companies Act as well as regulations issued by the Securities and Exchange Board of India (SEBI) have sought to harmonize such...

SEBI’s Framework for Innovation Sandbox – Infusing FinTech into India’s Securities Markets

[Mansi Mishra is a 2nd year B.A.LL.B. (Hons) student at National Law Institute University, Bhopal] The Securities and Exchange Board of India (SEBI), amidst much speculation in the securities market, proposed the “Framework for Innovation Sandbox” by way of its circular dated 20 May 2019. This post seeks to analyse the key proposals of the SEBI framework and to highlight the takeaways for the...

SAT on Selective Disclosure of Information and Model Code of Conduct

The insider trading regime creates two types of offences in respect of insider trading, i.e., the “trading offence” whereby a person buys or sells securities while in possession of unpublished price sensitive information (UPSI) relating to such company and the “communication offence” which involves an inappropriate disclosure of UPSI on a selective basis. A vast number cases relating to insider...

SEBI Consults on Shares with Differential Voting Rights

Dual class share (DCS) structures are becoming more popular around the world. While they have been existent in several companies in the United States (US) for some decades now, they were accompanied sometimes by a sense of unease among investors and regulators due to the disparity they create between economic rights (level of ownership) of shareholders and their control rights (voting). Since the...

Supreme Court on Relevance of Section 15J of SEBI Act

[Rakshita Poddar and Jitesh Maheshwari are associates at Mindspright Legal] The Supreme Court of India has recently passed a landmark judgment in Adjudicating Officer (“AO”), SEBI v. Bhavesh Pabari by which it has overruled its previous judgment in SEBI v. Roofit Industries Ltd. and explained the relevance of section 15J of the Securities and Exchange Board of India Act, 1992. The Securities and...

Buyback during Pendency of Amalgamation: SEBI Order in the Wipro Case

The SEBI (Buy-back of Securities) Regulations, 2018 states in regulation 24(ii) that a company shall not announce a buy-back when a scheme of amalgamation or compromise or arrangement pursuant to the provisions of the Companies Act, 2013 is pending. Such a proscription against buy-back operates because a scheme of amalgamation is a material transaction and could potentially alter the fundamental...

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