[The following guest post is contributed by Pavit Singh Kochar, an advocate practicing in New Delhi] A popular concept abroad that is yet to be practised extensively in India is a “Side-Pocket”, which means the segregation of the portfolio or funds to separate the illiquid investments from the more liquid assets in the portfolio. This concept is used when a part of the portfolio is not performing...
The Growth of Unsponsored American Depository Receipts of Indian Companies
[The following guest post is contributed by Dhanush. M, a 5th year student at the Jindal Global Law School] On October 10, 2008, amendments to section 12g3-2(b) of the Securities Exchange Act of 1934 became effective. The amendment allowed a foreign private issuer to have its equity securities traded in the U.S. over-the-counter market without registration under Section 12(g) of the...
SEBI Denied Locus Over Scheme of Arrangement
It is a well-known fact that schemes of arrangement are a popular method to implement mergers and corporate restructuring transactions in India. While they involves an elaborate and cumbersome procedure and the oversight of the court, parties enjoy tremendous flexibility in structuring their transactions. More importantly, such a scheme is binding on the dissenting minority. When this involves...
It’s the “Material” Things That Matter: Disclosures under the New SEBI Regulations
[The following guest post is contributed by Yogesh Chande, Partner and Malek-ul-Ashtar Shipchandler, Associate, at Shardul Amarchand Mangaldas. Views expressed herein are personal and solely that of the authors. A related post by Somasekhar Sundaresan is available here.] Background The Securities and Exchange Board of India (“SEBI”) notified the SEBI (Listing Obligations and Disclosure...
The Introduction of Real Estate Investment Trusts (REITS) In India
[The following guest post is contributed by Dhanush. M, a 5th year student at the Jindal Global Law School] `Leverage without supporting cash flows could be the death knell for the real estate industry`. The present state of the Indian real estate industry could be a testament to this adage where the total net debt of the top ten real estate firms by market capitalisation stood at Rs...
SEBI’s Guidance Note on Insider Trading Regulations
After the SEBI (Prohibition of Insider Trading) Regulations, 2015 (the “Regulations”) were issued that came into effect on May 15, 2015, SEBI received several requests from companies and their advisors on certain operational issues that came to the fore in the implementation of the Regulations. In order to address those, SEBI issued a Guidance Note earlier this week. One of the more prominent...
Start-up India: Should foreign listing of start-ups be facilitated?
[This guest post is by Pratik Datta and Mehtab Hans, who are Consultants at the National Institute of Public Finance and Policy (NIPFP), New Delhi. They can be reached at [email protected] and [email protected] respectively.] Last week, the SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2015 were issued to facilitate listing of start-ups on institutional...
National Securities Law Moot Court Competition 2015: 25 -27 September 2015
[The following announcement is posted on behalf of NUALS, Kochi] The Centre for Law and Development, the National University of Advanced Legal Studies, Kochi, Kerala invites participation for the National Securities Law Moot Court Competition 2015 to be organized between September 25-27, 2015 at the NUALS Campus, Kalamassery, Kochi, Kerala. The Competition is open for students who are pursuing...
GNLU Moot on Securities and Investment Law
[The following announcement is being posted on behalf of the Gujarat National Law University] Gujarat National Law University is pleased to announce the inaugural edition of GNLU Moot on Securities and Investment Law, scheduled to be held from 11th to 13th September, 2015. Given the interest of the student community in the nuances of these laws and considering the fact that none of the existing...
Participatory Notes
[The following guest post is contributed by Rishi A, a fourth year student of Hidayatullah National Law University] Introduction The Supreme Court appointed Special Investigations Team (“SIT”), in its report on how best to curb black money, made a number of recommendations. One of these was to check the misuse of participatory notes (“p-notes”). When the markets opened on the following...
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