TagSEBI Act

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...

SEBI’s Order against PwC: A Questionable Approach towards Mens Rea

[Sanchit Varma is a 4th year BA.LL.B (Hons) student at NALSAR University of Law, Hyderabad] The nearly decade-old Satyam controversy has left a lasting impact on the Indian corporate sphere, raising dormant issues of corporate governance and the need for stricter regulatory control over listed entities. The fallout from the scam especially affected Satyam’s auditors, who were hauled up in equal...

Harmonization of Insider Trading Norms and the Companies Act

[Ankit Handa and Arunima Vijay are 3rd year (VI Semester) B.A., LL.B. (Hons.) students at National Law University in Jodhpur] The Companies Amendment Act 2017 (“CAA ‘17”) has been notified by the Ministry of Corporate Affairs (“MCA”) on 3 January 2018. One of the major aims of harmonisation with the Securities and Exchange Board of India Act 1992 (“SEBI Act”) and regulations made thereunder is...

Implications of SEBI (Intermediaries) (Amendment) Regulations, 2017

[Rishabh Chawla is a 5th year B.A., LL.B.(Hons.) Student, National Law Institute University in Bhopal] Introduction On May 26, 2008, the Securities and Exchange Board of India (SEBI) notified the SEBI (Intermediaries) Regulations, 2008 (Regulations). They provide for a comprehensive regulation over all intermediaries on various requirements such as registration, code of conduct, procedure for...

Does Section 11B of the SEBI Act Envisage ‘Non-Compliance’ of Directions? – Part I

[Rahul Sibal is a 4th Year student and Deep Shah a 3rd Year student of NALSAR Hyderabad] Background In March this year, the Securities and Exchange Board of India (‘SEBI’) confirmed an interesting interim order that was passed last year. The interim order (the ‘Order’) impounded profits that Beejay Investments derived from trading in securities, with such profits being termed as ‘unlawful gains’...

The Supreme Court’s Liberal Interpretation of the SEBI Regulations on Fraudulent Trade Practices

[Jitesh Maheshwari is an Associate at Mindspright Legal in Mumbai] Introduction The Supreme Court last month passed a landmark judgment in SEBI v. Shri Kanaiyalal Baldevbhai Patel in which front running by a non-intermediary has been bought within  the prohibition of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (the “PFUTP...

SEBI’s Discretion (or Lack Thereof) in Imposing Penalty – A Twist in the Tale

[The following guest post is contributed by Vaneesa Agrawal, Securities Lawyer and former Legal Officer, SEBI. She can be reached at [email protected] A previous post on this Blog relating to the subject matter can be found here.] Background There has been much furore in the corporate world due to the Supreme Court’s order in SEBI v. Roofit Industries Limited, [(2015 (12) SCALE 642...

Dissecting SEBI’s Powers Under Section 11B of the SEBI Act, 1992: Part 3

[The following guest post is contributed by Kanwardeep Singh Kapany, and is a continuation of previous posts in Parts 1 and 2] Direction to disgorge does not amount to double jeopardy The expression disgorgement is a common term in developed markets across the world, though it is new to the securities market in India. The said expression connotes repayment of ill-gotten gains that is imposed on...

Dissecting SEBI’s Powers Under Section 11B of the SEBI Act, 1992: Part 2

[The following guest post is contributed by Kanwardeep Singh Kapany, and is a continuation of a previous post in Part 1] Retrospective application Section 11B was introduced to the statute through the 1995 Amendments with effect from January 25, 1995. In a certain case before the Supreme Court of India,[1] the misconduct had taken place in the months of October and November 1993. When directions...

Dissecting SEBI’s Powers Under Section 11B of the SEBI Act, 1992: Part 1

[The following guest post is contributed by Kanwardeep Singh Kapany, a 5th year B.S.L.LL.B student at ILS Law College, Pune. The author can be contacted at [email protected] In this three-part series, the author analyzes the provisions of Section 11B of the SEBI Act, 1992 which confers wide powers on SEBI to regulate the capital markets. This provision has been used extensively by SEBI...

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