Tag: SEBI
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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,…
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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,…
