Tag: SEBI
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SEBI Informal Guidance: Trading Disclosures – What’s the “Value”?
[The following post is contributed by Yogesh Chande, Partner, Shardul Amarchand Mangaldas & Co. Advocates and Solicitors. Views are personal.] The SEBI (Prohibition of Insider Trading) Regulations, 2015 (the “PIT Regulations”) prescribe certain disclosure norms relating to acquisitions and disposals of securities by insiders in companies. Specifically, regulation 7(2)(a) states that where acquisitions or disposals…
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Ascertaining Legal Ramifications of Compensation Agreements – Part I (Common Law Approach)
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The Supreme Court on the SAT’s jurisdiction over SEBI Circulars
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Has SEBI Altered Its Position on the Question of “Control”?
The issue of what amounts to “control” for purposes of the SEBI Takeover Regulations has been a vexed one, and has eluded any form of resolution for nearly 15 years. In a paper titled “The Nature of the Market for Corporate Control in India”, I have sought to summarize the present position (footnotes omitted): Under…
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SAT on Holding Period for Inter Se Promoter Transfers
Mandatory takeover offer requirements are subject to certain exemptions. One such exemption is when there is an inter se transfer of shares among promoters of a company, so long as certain conditions are satisfied. One such condition, stipulated in regulation 10(1)(a)(ii) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “Takeover Regulations”),…
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Finance Act Amendments to the SEBI Act and the SCRA: Parliament Settles the Roofit Question
[Guest post by Shashank Prabhakar, who is a lawyer with Finsec Law Advisors] The Finance Bill, 2017, which has been passed by both the houses of Parliament and which was assented to by the President of India on 3 April 2017, has amended certain provisions of the Securities and Exchange Board of India Act, 1992…
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Hush of the Whistleblower
[Guest post by Malek Shipchandler, who practices law with a firm in Mumbai. Views are personal and do not necessarily represent those of the firm.] The ongoing controversy at one of India’s most celebrated companies, built on high standards of corporate governance, raises some interesting issues for consideration from a whistleblower perspective. It was earlier reported that…
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SAT on Interest Payment Obligations under the SEBI Act
Readers may recall that the securities law were amended in 2013 in order to confer significant enforcement powers on SEBI. This was done initially by the Securities Laws (Amendment) Ordinance, 2013 that was promulgated with effect from 18 July 2013. The Ordinance had to be re-promulgated before the amendments finally took shape by way of…
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The Potential for an Online Private Placement Platform in India
[Guest post by Rishi A, a 5th year at Hidayatullah National Law University, Chhattisgarh] The London Stock Exchange (LSE) has a program that it runs for small and medium scaled enterprises called the ELITE Programme. Providing services like professional advice from industry experts about value-creation and also assistance in issues relating to raising of funds,…
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SEBI’s Interference in a Compliance Officer’s Decision under Insider Trading Regulations – A Recent Informal Guidance
[Guest post by Suvan Law Advisors, a law firm specializing in regulatory laws. They can be reached at info@suvanlaw.com. Disclosure: Partners of Suvan Law Advisors contributories to Justice Sodhi Committee Report on Insider Trading.] SEBI has issued a ‘path-breaking’ Informal Guidance dated February 3, 2017 to Kirloskar Chillers Private Limited (“Kirloskar Private”), which has been…
