[Simran Sharma is a fourth year B.A.,LL.B (Trade and Investment Law Hons.) student at National Law University, Jodhpur} The Securities and Exchange Board of India (SEBI) provided informal guidance in June this year on the interpretation of the “inter se transfer exemption” under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Code”). This post aims to...
Establishing Performance Validation Agency: Examining SEBI’s Consultation Paper
[Daksh Kasliwal and Prakhar Singh are 3rd year BSW LL.B. (Hons.) students at Gujarat National University, Gandhinagar] Recently, the Securities and Exchange Board of India (SEBI) has taken multiple steps to enhance the regulatory landscape to foster a more reliable and secure market environment for investors and entrepreneurs. Weeks after releasing a consultation paper to control unregistered...
SEBI’s Proposed Regulations on Finfluencers: Navigating Unresolved Practicalities
[Aamir Kapadia and Avinash Kotval are penultimate and final year BBA LL.B. (Hons.) student at Jindal Global Law School, Sonipat, respectively] On August 25, 2023, the Securities and Exchange Board of India (‘SEBI’) released a consultation paper on ‘Association of SEBI Registered Intermediaries/Regulated Entities with Unregistered Entities (including Finfluencers)’. The purpose behind the...
Receipt of Demand Notice under IBC: Whether Price Sensitive Information?
[Ravishekhar Pandey and Amarpal Singh Dua are with MDP & Partners, Mumbai] The Securities Exchange Board of India (“SEBI”) on 12 July 2023 passed an order relating to the scrip of Shilpi Cable Technologies Limited (“STCL”) imposing penalty on the Managing Director (“MD”) as well as the Compliance Officer for violations of securities laws. In the order, the Adjudicating Officer (“AO”)...
Snake Oil or Standards: A Critical Analysis of SEBI’s Index Provider Regulation
[Ritvij Ratn Tiwari is a 4th-year B.A., LL.B. (Hons.) student at the National Law School of India University, Bangalore] The Securities and Exchange Board of India’s (“SEBI”) recent decision to withhold its proposal for regulating index providers has placed the spotlight on a significant juncture in the regulatory landscape surrounding the financial markets in India. In December last year, SEBI...
Unraveling SEBI’s Ex-parte Interim Orders: A Critical Analysis of the Zee Entertainment Case
[Tanuj Sharma is a 5th year B.B.A. LL.B. (Hons.) student and Vanshika Sharma is a 4th year B.B.A. LL.B. (Hons.) student at National Law University Odisha] The Securities Appellate Tribunal (“SAT”) on 10 July 2023 upheld the decision of the Securities and Exchange Board of India (“SEBI”) barring Subhash Chandra, the then Chairman of Zee Entertainment Enterprises Ltd. (“ZEEL”), and Puneet Goenka...
Evaluating SEBI’s Fit & Proper Test: Striking the Right Balance
[Dhaval Bothra and Akshat Jain are law students at Symbiosis Law School Pune and National Law University Delhi, respectively] Trust remains the cornerstone in matters of public money, and the Securities and Exchange Board of India (“SEBI”) is the watchdog of this trust. In furtherance of this aim, almost two years ago, the SEBI introduced amendments to the “fit and proper rule” under the...
Strengthening AIF Governance: SEBI’s Pro-Rata Proposal
[Sagun Modi is a 4th Year B.A. LL.B. (Hons.) student at National Law University, Odisha] Alternative investment funds (‘AIFs’) have emerged as vital investment vehicles in the global financial landscape. They provide investors with diversified investment opportunities beyond traditional asset classes. India witnessed a 30% increase in investment commitments into AIFs, from Rs. 6.41 trillion in...
SEBI Circular on ESG Disclosures of Value Chains: A Double-Edged Sword
[Avani Hegde and Praneel Panchagavi are 3rd year B.A., LL.B. (Hons.) students at Symbiosis Law School, Pune] The Securities and Exchange Board of India (SEBI) issued a circular on July 12, 2023 notifying the mandate for environmental, social, and governance (ESG) disclosures and assurance requirements for value chains of the top 250 listed entities by market capitalization from the financial year...
SEBI’s Sponsorship Shake-Up: Unravelling the Implications for Mutual Funds
[RS Sanjanaa is a third-year BA LLB (Hons.) student at Symbiosis Law School, Pune] A sponsor of a mutual fund refers to any bank, financial institution or a corporate who acts as the promoter of the mutual fund. The entity establishes the fund, obtains necessary approvals and funding, and incorporates an asset management company (“AMC”). On June 27, 2023, the Securities and Exchange Board of...
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