TagSEBI

SEBI’s Consultation Paper Makes Minority-Shareholder Friendly Proposals on Independent Directors

The Securities and Exchange Board of India (“SEBI”) has released a consultation paper making minority-shareholder friendly proposals mainly relating to independent directors (“IDs”). The paper proposes a dual-approval process for appointment and removal of IDs, which includes a “majority of minority shareholders” approval. If this approval is not received, a...

SEBI Informal Guidance on Receipt of Broking Income from Advisory Clients

[Rakshita Poddar is an Associate at Mindspright Legal in Mumbai] India’s financial advisory market has been developing at a rapid pace in the last decade and this required financial regulators like the Securities and Exchange Board of India (SEBI) to introduce a comprehensive and transparent set of laws for scrutinising the conduct of the market participants like investment advisers. Accordingly...

CCI vs. SEBI: Overlapping Jurisdiction of CCI and a Sectoral Regulator

[Neha Sinha is a 4th year B.A. LL.B. student at National University of Study and Research in Law, Ranchi] The Competition Commission of India (‘CCI’) monitors markets of all nature to identify any anti-competitive practice by persons or enterprises leading to appreciable adverse effect on competition. This means that the CCI’s powers also traverse sectors governed by special laws and regulated by...

Pump and Dump? SEBI Order against TV Anchor and Family

In a somewhat unconventional interim order, the Securities and Exchange Board of India (SEBI) issued a series of directions against CNBC Awaaz anchor Hemant Ghai, his wife Jaya Hemant Ghai and his mother Shyam Mohini Ghai. SEBI’s preliminary examination of prices of certain stocks indicated a pattern of trading that potentially violated the SEBI Act, 1992 and the SEBI (Prohibition of Fraudulent...

A Need to Revisit the SEBI (Intermediaries) Regulations, 2008

[Pallavi Mishra is a 5th year student at Hidayatullah National Law University] The Securities and Exchange Board of India (“SEBI”) notified the SEBI (Intermediaries) Regulations, 2008 were notified as an attempt to consolidate various laws governing the market intermediaries in India. These regulations lay down the common procedural compliances and adjudicatory mechanisms. They are enforced along...

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...

SEBI Consults on Risk Management Committee

Risk management has acquired a crucial status in corporate governance. Its importance tends to get accentuated in the wake of crises. The concept came to the forefront after the global financial crisis more than a decade ago, and it became entrenched in specific sectors such as banking and financial services that were severely affected by the crisis. Even industrial accidents such as the BP oil...

SEBI Rules on Misapplication of IPO Funds

In an order issued yesterday involving Birla Pacific Medspa Limited (“BPML”), the Securities and Exchange Board of India (“SEBI”) was faced with an alleged misapplication of IPO funds by the company way back in 2011. Through a prospectus issued on June 29, 2011, the company raised Rs. 65.17 crores to establish “Evolve” Medspa centres across India, which constituted the primary purpose of the...

SEBI Relaxes Norms for Delisting of a Listed Subsidiary

[Sanjana Arvind Kumar and Divya Rau are final year law students at Jindal Global Law School] The Securities Exchange Board of India (“SEBI”) through, its board meeting, on 29 September 2020, approved an amendment to the SEBI (Delisting of Equity Shares) Regulations, 2009 (“Delisting Regulations”). The amendment aims to simplify the delisting procedure for listed subsidiaries of listed companies...

Regulating Listed PSUs for Disclosures and Transparency

[Gaurav Pingle  is a practising company secretary] True, fair, adequate and timely disclosures form one of the basic tenets of governance in listed companies and are essential for maintaining the integrity of the securities market. Timely disclosures of material events are of significant importance. They also bring about transparency and enable the investors to take an informed investment or...

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