TagSecurities Regulation

Dave Committee on Strengthening SEBI’s Recovery Mechanism: Missed Opportunities

[Rohan Deshpande practices as a Counsel at the Bombay High Court] On December 14, 2017, the Securities and Exchange Board of India (SEBI) formed a High Level Committee chaired by Justice Anil R. Dave, a former judge of the Supreme Court. One of the terms of reference of the Committee was to review the enforcement mechanism of SEBI, particularly the recovery mechanism under securities laws. The...

Foray into Global Capital Markets: Is India Inc. Ready for It?

[Eshvar Girish is a 5th year BBA LLB student at Christ University] Recently, the Union Cabinet approved a proposal to allow the listing of Indian companies overseas directly, without being listed on the domestic stock exchanges. India Inc. has perceived this approval as a much-needed move. Keeping this in mind, this post aims to analyze the implications of direct listing of Indian companies...

Relief Defendants in Recovery Proceedings: Implications of the Dave Committee’s Suggestion

[Pranav Mihir Kandada and Anuraag Bukkapatnam are 3rd year law students at NALSAR University of Law, Hyderabad] On June 16, 2020, SEBI notified the report of the High Level Committee under the chairmanship of Justice (Retd.) Anil R. Dave on the “Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues”. The Committee examined the present securities laws and noted...

Investment Adviser Regulations: Settling the Dust between Advisory and Distribution Services

[Aditya Bhayal and Prachi Tripathi are 4th Year, B.A.LLB (Hons.) students at NALSAR University of Law, Hyderabad] In February 2020, the Securities and Exchange Board of India (“SEBI”) approved proposals on some regulatory changes to the SEBI (Investment Advisers) Regulations, 2013 (the “Regulations”). These changes come in the backdrop of four consultation papers which were released in 2016...

Demystifying the Interface between Securities Law and the IBC

[Hitoishi Sarkar and Yash More are II year students at Gujarat National Law University, Gandhinagar] On June 16, 2020, a high-level committee constituted by the Securities and Exchange Board of India (“SEBI”) under the chairmanship of Justice Anil R. Dave released its report titled Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues (“SEBI...

Orders in the WhatsApp Leak Case: Technological Constraints and UPSI

[Pranav Mihir Kandada is a rising 3rd year student at NALSAR University of Law, Hyderabad] Ever since the first case of insider trading through online messaging about two decades ago, insider trading in the digital era has gained new contours over the years. In India, the advent of instant messaging services with end-to-end encryption has turned them into a new venue for communication of...

Opportunistic Delisting in the Times of Covid-19: Need for Checks and Balances

[Tanvi Prabhu is a IV year student and Mansi Mishra a III year student, both at National Law Institute University, Bhopal] With Covid-19 adversely affecting the markets, stocks are trading at multi-year lows. Companies, investors and shareholders are enduring the brunt of a bearish market. But, unsurprisingly, a few companies are embracing this opportunity to exit the stock market completely...

SEBI Working Group Report on Social Stock Exchange

[Rongeet Poddar is a 5th year student at the West Bengal National University of Juridical Sciences] The Working Group Report on Social Stock Exchange constituted by the Securities and Exchange Board of India (SEBI) has evaluated the prospect of introducing a ‘Social Stock Exchange’ (SSE). As acknowledged in the Report published on 1 June 2020, the Finance Minister of India had previously called...

The Delisting Dilemma

When the financial markets are on a decline, company managements tend to utilize it as an opportunity to delist shares from stock exchanges. Not only is there a perception that the depressed market price is far from reflecting the true value of the company, but it also provides the promoters the ability to acquire the shares of the public shareholders at a relatively lesser cost. It is no wonder...

SAT on the Nature of Offering of Fully Convertible Debentures

[Aastha Agarwalla is a 2nd year law LLB student at the Campus Law Centre. Faculty of Law, University of Delhi] In order to streamline the process for access to capital for a company, the Companies Act, 2013 prescribes various funding options by issuing various kinds of securities. Depending upon the specific circumstances and requirements, a company pursues a viable financing option ranging from...

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