Tag: SEBI
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Greenwashing as Securities Fraud: Exploring Liability for Misstatements in Sustainability Reporting
[Kamal Nambiar is a 3rd year B.A., LL.B. (Hons.) student and Shruti Ghosh is a 2nd year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] The integration of Environmental, Social, and Governance (“ESG”) metrics into capital markets has made sustainability credentials a meaningful driver of investment decisions across several jurisdictions, including India. As ESG investment has…
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SEBI’s Public Private Partnership Classification and its Implications for Renewable InvITs
[Shivam Gupta is a 4th year BA LLB (Hons) student at the National Law School of India University, Bengaluru] On 27 November 2025, Sustainable Energy Infra Investment Managers Pvt. Ltd. submitted a request letter to the Securities and Exchange Board of India (SEBI) under the SEBI (Informal Guidance) Scheme, 2003. The request sought clarification on whether renewable energy assets materialised…
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One Size Fits None: Reading Indian REIT and InvIT Data Against a One-Dimensional Leverage Cap
[Varun Soni is a graduate from the National Law School of India University, and an upcoming associate at AZB and Partners] Real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) operate under a peculiar financial straitjacket. According to their governing regulations, they must distribute at least 90% of their distributable cash flow to unitholders. These…
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SEBI’s ‘Fit and Proper’ Overhaul
[Dhaval Bothra is a dispute resolution lawyer at a law firm in New Delhi] The consultation paper released by the Securities and Exchange Board of India (“SEBI”) on 04 February 2026 (“Consultation Paper”) has now culminated in the Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2026, published on 15 April 2026 (“2026 Amendment”). The 2026 Amendment has…
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Dividends Denied: Why InvIT SPV CashFlows Don’t Flow Up
[Simrat Singh is an assistant manager at Vinod Kothari Consultants Pvt. Ltd.] Real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) are often discussed together as parallel innovations in India’s capital markets, reflecting a push towards deploying capital in real estate and infrastructure. Both frameworks were introduced in 2014, share a trust-based structure and are…
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Illegality and the Limits of Shareholder Ratification
[Umakanth Varottil is a Professor of Corporate Law at the National University of Singapore] The legal structure of a company carries inherent checks and balances. This is because certain corporate actors, usually the board of directors, make decisions that have an impact on company (which is a separate legal personality) and its other constituencies such as…
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The State of SEBI’s Settlement Mechanism
[Sambit Rath is a 5th year B.A. LL.B. (Hons.) student at Dr. Ram Manohar Lohiya National Law University, Lucknow] In recent years, the Securities and Exchange Board of India’s (“SEBI”) settlement mechanism has come under renewed scrutiny, with judicial observations on its legal implications and debates surrounding the mechanism’s transparency and proportionality. At its core, the settlement…
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Rethinking Retail Participation: SEBI’s Proposal to Permit Incentives in Public Debt Offerings
[Sharnam Agarwal and Siddhant Samaiya are 3rd year students at National Law Institute University, Bhopal] Last month, the board of the Securities and Exchange Board of India (“SEBI”) approved a proposed amendment relating to public debt offerings, following its October 2025 consultation paper. The amendment permits issuers to provide higher coupons or issue-price discounts to specific investor classes, including senior citizens, women, armed forces…
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Equality By Design: SEBI’s Latest Blueprint for AIF Investor Rights
[Kritika Jain and Niharika Singh are 4th Year B.B.A. LL.B. (Hons.) and B.A. LL.B. (Hons.) students, respectively, at Gujarat National Law University, Gandhinagar] On November 7, 2025, the Securities and Exchange Board of India (‘SEBI’) released a draft circular (the ‘Draft Circular’) seeking public comments on operational clarifications to pro-rata and pari-passu investor rights for Alternative Investment Funds (‘AIFs’). Through this,…