TagSecurities Regulation

Minimum Promoter Contribution Revisited: SEBI’s Amendment

[Adnan Danish and Zaier Ahmad are penultimate year BA LL.B. (Hons.) students at National Law Institute University, Bhopal ] Following the Union Budget for the fiscal year 2023-24, an Expert Committee was established under the chairmanship of Mr. S.K. Mohanty, a former Whole Time Member of the Securities and Exchange Board of India (‘SEBI’). The Committee’s mandate was to review the SEBI (Listing...

SEBI’s New Price Discovery Framework: Navigating the Tax Implications

[Parv Jain is a 3rd-year B.A., LL.B. (Hons.) student at the Institute of Law, Nirma University, Ahmedabad] Recently, the Securities and Exchange Board of India (‘SEBI’) led the way and proposed a unique price discovery method for listed Investment Companies (‘ICs’) and listed Investment Holding Companies (‘IHCs’) through its consultation paper on “Framework for Price Discovery of Shares of listed...

Ensuring Market Integrity: SEBI’s New Framework on Unaffected Prices Amidst Market Rumours

[Sahil Kripalani is a 4th year B.B.A., LL.B. (Hons.) student at Gujarat National Law University] In an effort to enhance market integrity and ensure fair valuation, the Securities and Exchange Board of India (“SEBI”), by its recent circular, has introduced a new framework focused on managing unaffected prices amidst market rumours. According to the SEBI Listing Obligations and Disclosure...

SEBI’s Right of Recovery: Limited to One’s Lifetime or Beyond?

[Urvashi Misra is a Counsel and Arnab Ray an Associate at AZB & Partners, New Delhi] Actio personalis moritur cum persona, i.e., personal actions die with the death of a person is a well-established legal principle, which is widely accepted by judicial and regulatory authorities, including  the Securities and Exchange Board of India (“SEBI”). While SEBI has been implementing this principle in...

Crowdsourcing Capital Faces Stiff Penal Actions

[Pammy Jaiswal is a Partner at Vinod Kothari and Company] Several well-known digital platforms have been showcasing the immense potential to raise funds for start-ups from private equity investors, reaching very often to retail investors too. However, one needs to note the provisions of section 42 (7) of the Companies Act, 2013 (‘CA 2013’), and several recent penalty orders which, with detailed...

SEBI’s Proposed Price Discovery Framework: Balancing Market Protection

[Avinash Kotval and Aviral Bhardwaj are final and penultimate year BBA LL.B. (Hons.) students, respectively, at Jindal Global Law School, Sonipat] On April 19, 2024, the Securities and Exchanges Board of India (‘SEBI’) released a consultation paper on ‘Framework for Price Discovery of Shares of listed Investment Companies & listed Investment Holding Companies’. This consultation paper intends...

Foreign Direct Listing: Status of an Unlisted Public Company Post-Listing

[Sanyam Jha is a 4th year law student at West Bengal National University of Juridical Sciences, Kolkata] The transformation of India’s legal framework in terms of global fundraising opportunities for local enterprises represents a key step toward attracting foreign investment and boosting growth potential. Historically, Indian enterprises sought access to foreign cash through methods such...

Addressing Regulatory Arbitrage: Foreign Investment Compliance Recommendations for AIFs

[Harit Gandhi and Mukund Arora are fourth-year law students at National Law School of India University, Bangalore and Symbiosis Law School, Pune, respectively] Recently, commitments in alternative investment funds (‘AIF’) crossed INR 10 trillion for the first time amid rising demand from high net-worth individuals. As of December 2023, the investment commitments amounted to INR 10.84 trillion...

SEBI and Brokers’ Industry Standards Forum: Charting a New Course in the Sector

[Vaishnavi Srinivasan and Philip Oommen are lawyers based in Mumbai, and graduates of the National Institute of Securities Markets] In a pioneering move, the Securities and Exchange Board of India (SEBI) has established the Brokers Industry Standards Forum (BISF). Initially proposed in July 2023, the formation of the Industry Standards Forum by SEBI aims to establish regulatory standards, drawing...

Demystifying Overlap in Collective Investment Schemes and Joint Ownership Structures

[Mihir Vashishtha is a final year B.A., LL.B. (Hons.) student at National University of Study and Research in Law, Ranchi] With the rise of digitization in the capital market, there has been a notable surge in interaction between retail investors and the market, leading to increased investment activity. In turn, this increased digitization has incentivized market players to develop investment...

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