[The following post is contributed by Yogesh Chande, who is an Associate Partner with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal.] The report (2007) of the High Powered Expert Committee (HPEC) on ‘Mumbai: An International Financial Centre’ had in its report suggested the setting up of International Financial Centre in Mumbai. The Minister of Finance...
SEBI Amends Delisting, Takeovers and Buyback Regulations
[The following post is contributed by Yogesh Chande, who is an Associate Partner with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal. SEBI has with effect from 24 March 2015 amended the following regulations: (a) SEBI (Delisting of Equity Shares) Regulations, 2009 (“Delisting Regulations”); (b) SEBI (Substantial Acquisition of Shares...
SEBI’s Restraint Order: Impact on Joint Accounts
[The following post is contributed by Yogesh Chande, who is an Associate Partner with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal. The author discusses a recent SEBI order regarding the scope of a restraint passed by it earlier on a noticee from dealing in securities. By now clarifying that joint accounts too are within the purview of the prohibition...
SEBI Board Decisions
SEBI announced a slew of decisions taken at its board meeting yesterday, which are excpected to have an impact on the capital markets, both primary and secondary. International Financial Services Centres (IFSCs) SEBI’s board has approved the SEBI (International Financial Services Centres) Guidelines, 2015, which will help establish IFSCs such as the proposed Gujarat International Finance Tec-City...
Dissecting the Convergence of the Securities Markets and the Commodities Markets Regulators
[The following guest post is contributed by Abhilasha Mondal, a 5th year student at the National Law School of India University, Bangalore. She can be contacted at [email protected].] The Finance Bill, 2015-16, actualises the merger between the Securities and Exchange Board of India (“SEBI”) and the Forward Markets Commission (“FMC”). The unification of the...
SAT Order in the DLF Case: Controlling SEBI’s Punitive Vehemence
[In an earlier post, I had offered some initial overview and commentary on the SAT Order in the DLF IPO Case. In the following post, Vinod Kothari offers another perspective that focus on certain specific aspects of the order and analyzes their impact on SEBI’s role as an enforcer of securities regulation. The author can be contacted at [email protected].] The order of the Securities...
SAT Order in the DLF IPO Case
As readers may recall, the adequacy of disclosures in the IPO prospectus pertaining to DLF Limited was called into question in a series of investigations by the Securities and Exchange Board of India (SEBI). The process culminated in SEBI passing an order on October 10, 2014 finding that the disclosures were inadequate and thereby restraining DLF, its directors and CFO from buying or selling...
Regulating Equity Crowdfunding in India
[The following guest post is contributed by Arjya Majumdar, who is an Assistant Professor at the Jindal Global Law School. He can be contacted at [email protected]] In the aftermath of the 2008 financial crisis, small businesses found it increasingly difficult to raise funds. As a response, crowdfunding has emerged as a viable alternative for sourcing capital to support innovative...
Insider Trading and the Risks of Due Diligence Access
[The following post is contributed by Aparna Ravi, a researcher at the Centre for Law and Policy Research, Bangalore and previously a capital markets lawyer in London. She can be contacted at [email protected] She presents an interesting critique of the new SEBI insider trading regulations on matters relating to due diligence set in the backdrop of international experience] In...
Wilful Defaulters: A Further Analysis
[The following post is contributed by Prachi Narayan of Vinod Kothari & Company. She can be contacted at [email protected]. A previous post on the topic discusses SEBI’s recent proposal towards “wilful defaulters”. This guest post discusses in detail the current regime imposed by the RBI and also comments briefly on the SEBI proposal as well as relevant case law on the topic] The...
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