[Sumit Agrawal is a regulatory lawyer and ex-SEBI official. Views are his own. Twitter: @sumit12agrawal] During his Budget Speech 2018, the Finance Minister spoke about amending the Securities and Exchange Board of India Act 1992 (“SEBI Act”), the Securities Contracts (Regulation) Act 1956 (“SCRA”), and the Depositories Act 1996, to streamline adjudication procedures and to provide for penalties...
Amendments to the Regulatory Framework for REITs And InvITs: An Analysis
[Jubair Bhati and Anjali Choudhary are 5th year B.B.A., LL.B. (Hons.) students at School of Law, Raffles University, Neemrana (Rajasthan)] The regulatory framework for real estate investment trusts (“REITs”) and infrastructure investment trusts (“InvITs”) was first introduced by the Securities and Exchange Board of India (“SEBI”) in 2014. However, these structures did not experience a great...
Cryptocurrency Investment Vehicles in India: Possibilities and Challenges – Part 2
[Job Michael Mathew is a 4th year BA.LL.B (Hons) student at NALSAR University of Law. The first part is available here.] Commodity Mutual Funds and Exchange Traded Funds? In light of the above discussion, an investment vehicle like a mutual fund that invests in cryptocurrency and issues units of the fund in return for investing in the fund can be termed a commodity mutual fund since the...
Cryptocurrency Investment Vehicles in India: Possibilities and Challenges – Part 1
[Job Michael Mathew is a 4th year BA.LL.B (Hons) student at NALSAR University of Law] Introduction In October 2009, for every dollar one could purchase 1309 bitcoins. At the beginning of 2017, the price of one bitcoin was close to $1000. It attained $5000 in October and nearly doubled in November. In December it rose to $20000 in some exchanges. This post does not attempt to document the reasons...
Side-pocketing: A plausible liquidity management tool for the Indian mutual fund industry
[Param Pandya is a Research Fellow in the Corporate Law and Financial Regulation vertical at Vidhi Centre for Legal Policy. The author is thankful to Prof. Jayanth R Varma, Indian Institute of Management, Ahmedabad for his valuable comments. Views are personal. This post was first published in the Oxford Business Law Blog] An illiquid asset may lead to reduced returns and increased redemptions in...
More on SEBI’s Order in the Price Waterhouse Case
In an earlier post, Jayant Thakur had discussed the order of the Securities and Exchange Board of India (SEBI) passed against Price Waterhouse last week. In addition, readers may find the following two further pieces on the legalities of the SEBI order of relevance: In a column titled “SEBI’s ban onPwC:Learnings for an auditor” in Bar & Bench, Kanwardeep Singh examines SEBI’s...
Implications of SEBI (Intermediaries) (Amendment) Regulations, 2017
[Rishabh Chawla is a 5th year B.A., LL.B.(Hons.) Student, National Law Institute University in Bhopal] Introduction On May 26, 2008, the Securities and Exchange Board of India (SEBI) notified the SEBI (Intermediaries) Regulations, 2008 (Regulations). They provide for a comprehensive regulation over all intermediaries on various requirements such as registration, code of conduct, procedure for...
Exemptions to Wholly Owned Subsidiaries: Do they Call for a Revision?
[Shubham Sancheti is a 4th year B.A., LL.B. (Hons.) student at NALSAR University of Law in Hyderabad] The Securities and Exchange Board of India (“SEBI”) recently availed an opportunity to interpret regulation 37(6) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). It provided an interesting yet contestable interpretation of the regulation...
Understanding the Dichotomy between Materiality and Price Sensitivity: Where to Draw the Line?
[Anuj Bansal is a 5th year B.A. L.L.B. (Hons.) student at the Dr. Ram Manohar Lohiya National Law University, Lucknow] The approach of the securities law adjudicatory bodies, as observable through the orders on insider trading, has often given rise to an interesting issue of much academic relevance: what distinguishes ‘price sensitive information’ under SEBI (Prohibition of Insider Trading)...
Sharing of Unpublished Price Sensitive Information with Promoters
[Shikha Rawal is an Associate at a law firm in Mumbai. The views in this post are personal.] In June this year, the Securities and Exchange Board of India (“SEBI”) constituted a committee under the Chairmanship of Mr. Uday Kotak (“Kotak Committee”) to propose reforms to regulations governing listed companies. After careful deliberations, the Kotak Committee submitted a report on October 5, 2017...
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