Tag: Securities Regulation
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The Delta Delusion: A Critique of SEBI’s Surveillance Overhaul in the Derivatives Market
[Abhishek Sanjay is a third-year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] The Indian equity derivatives market has evolved into a complex, high-velocity ecosystem defined as much by algorithmic precision as by speculative depth. In recent years, expiry-day volumes have surged, open interest has ballooned, and sophisticated option strategies have proliferated at scale.
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Down Selling of NCDs through OBPPs: Private Placement to Public Risk
[Ashutosh Chandra is an associate at Veritas Legal, Mumbai and Shriyansh Singhal is a 3rd year B.B.A LL.B. (Hons.) Student at National Law University Odisha] The debt capital market in India has recently witnessed an unprecedented surge in terms of participation from retail investors, thanks to the Securities Exchange Board of India (“SEBI”) bringing in regulations and relaxed norms
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SEBI’s Draft Mutual Fund Circular: Navigating Diversification and Investor Protection
[Rudraksh Sharma and Ayush Raj are 4th year students of the B.S.W. LL.B. and B.A. LL.B. programmes, respectively, at Gujarat National Law University.] India’s mutual fund industry has grown enormously, now exceeding ₹55 lakh crore in assets, prompting Securities and Exchange Board of India (SEBI) to propose an updated categorization framework. On July 18 2025, SEBI released a consultation paper titled “Categorization and
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Optimizing SEBI’s Angel Fund Reforms: Accreditation to Suitability Alignment
[Deergha Meena is a 5th year student at NALSAR University of Law] In its 210th board meeting held on June 18, 2025, the Securities and Exchange Board of India (“SEBI”) has approved a significant overhaul of the regulatory framework for angel funds, proposing amendments to both the SEBI (Alternative Investment Funds) Regulations, 2012, (“AIF Regulations”) and the SEBI (Issue of Capital and Disclosure Requirements) Regulations,
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From Boundaries to Bridges: SEBI’s 2025 Overhaul of Stock Broker Regulations
[Diya Ambavi and Nimit Jain are 5th year B.Com. LL.B (Hons.) students at Institute of Law, Nirma University] In a year marked by increasing market sophistication and the expansion of digital ecosystems, the Securities and Exchange Board of India (SEBI) has made a pivotal regulatory intervention with the issuance of its Master Circular for Stock Brokers on June 17, 2025.
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Bridging the Gap: SEBI’s Draft Circular on SDI Trustee Disclosures
[Atharva Singh and Arushi Devendra Jha are 4th year B.A. LL.B. (Hons.) students at National Law Institute University, Bhopal] On 16 June 2025, the Securities and Exchange Board of India (“SEBI”) released a Consultation Paper on the Draft Circular proposing a bi-annual mandatory disclosure framework for trustees of Special Purpose Distinct Entities (“SPDIs”) issuing Securitised Debt Instruments (“SDIs”). To provide
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Permissibility of Non-Securities Investments by Brokers: Analysing the Revised SCRR Framework
[Manit Sharma is a 5th year student at Gujarat National Law University, Gandhinagar] The Indian broking industry has long been hemmed in by a web of regulatory constraints that severely limited the scope of its non-securities business activities. Central to this regulatory landscape are rules 8(1)(f) and 8(3)(f) of the Securities Contracts (Regulation) Rules, 1957 (“SCRR”), which not only govern
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Ministerial, Not Managerial: SAT Limits Compliance Officer Liability in V. Shankar
[Aadya Narain is a B.A. LL.B. (Hons.) student at Jindal Global Law School] On 5 May 2025, the Securities Appellate Tribunal (“SAT”) in V. Shankar v SEBI addressed a critical and controversial question: can a compliance officer be held personally liable for fraudulent disclosures and statutory violations committed by the board of directors of a listed company? The
