Tag: SEBI
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Assessing the Viability of Opinion Trading Platforms in India
[Rishi A. Kumar and Zainab Bhanpurawala are fifth-year B.A., LL.B. (Hons.) students at Tamil Nadu National Law University and ILS Law College, Pune, respectively] On April 29, 2025, the Securities and Exchange Board of India (“SEBI”) published a cautionary press release to investors operating on opinion trading platforms. SEBI stated no investor protection mechanisms will apply, as opinion trading fall
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Broadening the Strategic Investor Base: SEBI’s Proposed Amendment to REIT and InvIT Norms
[Khushi Patel is a 4th year BBA LLB student at Gujarat National Law University, Gandhinagar] In a move that could significantly deepen India’s capital markets and enhance investor participation in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), SEBI released a consultation paper proposing a critical amendment to the definition of ‘strategic investors’. This proposal seeks to
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Unvested SARs in the IPO Pipeline: A Regulatory Blind Spot in SEBI’s 2025 ICDR Amendments
[Kinjal Ahuja and Ashish Rawat are 3rd year B.A., LL.B. (Hons.) students at Chanakya National Law University, Patna] In March 2025, the Securities and Exchange Board of India (SEBI) introduced a significant reform to its Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018. The amendment is widely hailed by the startup and tech ecosystem as it enables the companies to retain
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The Delta Delusion: A Critique of SEBI’s Surveillance Overhaul in the Derivatives Market
[Abhishek Sanjay is a third-year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] The Indian equity derivatives market has evolved into a complex, high-velocity ecosystem defined as much by algorithmic precision as by speculative depth. In recent years, expiry-day volumes have surged, open interest has ballooned, and sophisticated option strategies have proliferated at scale.
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Down Selling of NCDs through OBPPs: Private Placement to Public Risk
[Ashutosh Chandra is an associate at Veritas Legal, Mumbai and Shriyansh Singhal is a 3rd year B.B.A LL.B. (Hons.) Student at National Law University Odisha] The debt capital market in India has recently witnessed an unprecedented surge in terms of participation from retail investors, thanks to the Securities Exchange Board of India (“SEBI”) bringing in regulations and relaxed norms
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SEBI’s Draft Mutual Fund Circular: Navigating Diversification and Investor Protection
[Rudraksh Sharma and Ayush Raj are 4th year students of the B.S.W. LL.B. and B.A. LL.B. programmes, respectively, at Gujarat National Law University.] India’s mutual fund industry has grown enormously, now exceeding ₹55 lakh crore in assets, prompting Securities and Exchange Board of India (SEBI) to propose an updated categorization framework. On July 18 2025, SEBI released a consultation paper titled “Categorization and
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Regulating Equity Exposure Offshore Derivative Instruments: A Substance Over Form Imperative for SEBI
[Mustafa Rajkotwala and Shamik Datta are lawyers based in Mumbai] Tracker shares and total return swaps (“TRSs”) are sophisticated financial instruments that allow foreign investors to synthetically replicate exposure to Indian equity markets. These instruments have gained prominence as alternatives to traditional participatory notes (“P-notes”), offering similar economic outcomes while circumventing scrutiny under SEBI’s offshore derivative instruments (“ODI”)
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From Algorithms to Accountability: Analysing SEBI’s AI/ML Governance Framework
[Vibhor Maloo is a 4th year B.A. LL.B. (Hons.) student at Hidayatullah National Law University, Raipur] On June 20, 2025, the Securities and Exchange Board of India (“SEBI”) released a consultation paper providing a framework for the ethical application of artificial intelligence (“AI”) and machine learning (“ML”) in the Indian securities markets. This move signals SEBI’s growing recognition of
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Optimizing SEBI’s Angel Fund Reforms: Accreditation to Suitability Alignment
[Deergha Meena is a 5th year student at NALSAR University of Law] In its 210th board meeting held on June 18, 2025, the Securities and Exchange Board of India (“SEBI”) has approved a significant overhaul of the regulatory framework for angel funds, proposing amendments to both the SEBI (Alternative Investment Funds) Regulations, 2012, (“AIF Regulations”) and the SEBI (Issue of Capital and Disclosure Requirements) Regulations,
