Tag: SEBI
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From Boundaries to Bridges: SEBI’s 2025 Overhaul of Stock Broker Regulations
[Diya Ambavi and Nimit Jain are 5th year B.Com. LL.B (Hons.) students at Institute of Law, Nirma University] In a year marked by increasing market sophistication and the expansion of digital ecosystems, the Securities and Exchange Board of India (SEBI) has made a pivotal regulatory intervention with the issuance of its Master Circular for Stock Brokers on June 17, 2025.
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Bridging the Gap: SEBI’s Draft Circular on SDI Trustee Disclosures
[Atharva Singh and Arushi Devendra Jha are 4th year B.A. LL.B. (Hons.) students at National Law Institute University, Bhopal] On 16 June 2025, the Securities and Exchange Board of India (“SEBI”) released a Consultation Paper on the Draft Circular proposing a bi-annual mandatory disclosure framework for trustees of Special Purpose Distinct Entities (“SPDIs”) issuing Securitised Debt Instruments (“SDIs”). To provide
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Permissibility of Non-Securities Investments by Brokers: Analysing the Revised SCRR Framework
[Manit Sharma is a 5th year student at Gujarat National Law University, Gandhinagar] The Indian broking industry has long been hemmed in by a web of regulatory constraints that severely limited the scope of its non-securities business activities. Central to this regulatory landscape are rules 8(1)(f) and 8(3)(f) of the Securities Contracts (Regulation) Rules, 1957 (“SCRR”), which not only govern
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RBI on Regulated Entities in AIFs: From Blanket Prohibition to Calibrated Limits
[Aditi Kanoongo is a 5th year law student at NALSAR University of Law, Hyderabad] The Reserve Bank of India (‘RBI’) recently released draft directions on Regulated Entities (‘REs’) in Alternative Investment Funds (‘AIFs’). The proposed rules follow the earlier circulars issued in December 2023 and March 2024, marking a continued effort by the RBI to strengthen oversight over REs’ indirect exposures
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Ministerial, Not Managerial: SAT Limits Compliance Officer Liability in V. Shankar
[Aadya Narain is a B.A. LL.B. (Hons.) student at Jindal Global Law School] On 5 May 2025, the Securities Appellate Tribunal (“SAT”) in V. Shankar v SEBI addressed a critical and controversial question: can a compliance officer be held personally liable for fraudulent disclosures and statutory violations committed by the board of directors of a listed company? The
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Fixing the Co-Investment Puzzle: Is SEBI’s CIV Proposal the Perfect Solution?
[Alka Nanda Mahapatra is a student at the National Law University, Jodhpur] On May 9, 2025, the Securities & Exchange Board of India (“SEBI”) released a Consultation Paper on providing flexibility to AIFs to offer Co-Investment opportunities to investors within the AIF structure under SEBI (Alternative Investment Funds) Regulations, 2012. The Consultation Paper released by SEBI proposes
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SEBI’s FPI Disclosure Shift Overhaul: Viability of the Trade-Off
[Deergha Meena is a fourth-year student at NALSAR University of Law, Hyderabad] In 2024, SEBI mandated FPIs that managed equity assets in India exceeding ₹25,000 crore to provide granular-level disclosures on their beneficial owners. In a recent circular, SEBI increased this threshold to ₹50,000 crore, reducing the number of FPIs required to disclose beneficial ownership details. The change,
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Recalibrating Compliance: Legal Implications of SEBI’s Revised Listing Regulations for HVDLEs
[Aparna Ravi and Kinnari Sanghvi are Partners and Manan Sheth an Associate at S&R Associates, Advocates] The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) provide for the various compliance actions and reporting requirements for entities who have listed equity shares or other specified securities and/or non-convertible securities on the stock exchange. The Securities and
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Reforming Criminal Proceedings under the SEBI Act
[Amarpal Singh Dua is an Advocate practising before the Supreme Court of India] In the Union Budget 2021–22, Finance Minister Nirmala Sitharaman proposed a unified Securities Markets Code (“Code“) aimed at consolidating all existing securities laws into a rationalized and updated framework. In July 2023, she announced that the groundwork was complete and that the Code
