Tag: Securities Regulation
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Towards a Conducive Framework for REITs – Recent SEBI Amendments
[The following guest post is contributed by Sumit Agrawal, Partner, Suvan Law Advisors and Arka Saha, a final year law Student from National Law University, Orissa. Views are personal] Although the capital and commodities market regulator, the Securities and Exchange Board of India (SEBI), had introduced Real Estate Investment Trusts (REITs) Regulations on September 26,…
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US Supreme Court Clarifies Tippee Liability in Insider Trading
The law on insider trading has received considerable attention in the United States (US) in recent years. At the same time, the law in the US is quite narrow compared to most other jurisdictions because liability for insider trading arises only if the person trading owes a fiduciary duty to the company and its shareholders,…
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Protection of Financial Consumers under the Indian Financial Code
[The following guest post is contributed by Sharada Krishnamurthy, LLM student, National University of Singapore and Gokul Ashok Thampi, final year BSL LLB student, ILS Law College, Pune] Introduction Existing financial regulation in India has been amended multiple times resulting in inconsistencies, regulatory gaps and overlaps. There are several regulators with overlapping domains, thereby creating…
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Disgorgement Orders under Indian Securities Law
[The following guest post is contributed by Shubham Janghu, a third year student at Jindal Global Law School with inputs and minor edits by Aditya Swarup, who is an Assistant Professor at Jindal Global Law School.] Introduction Gain-based remedies, though rarely adjudicated in India, are an important aspect of commercial law. The powers of courts…
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SEBI’s Proposals on Stock Advice through Social Media
Nearly a month ago, the Securities and Exchange Board of India (SEBI) issued a Consultation Paper on Amendments/Clarifications to the SEBI (Investment Advisers) Regulations, 2013. Although the consultation paper deals with a number of issues relating to investment advice, one aspect has received undue attention, and perhaps rightly so. Tucked into the consultation paper are…
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SEBI to Reconsider the Largest Penalty Imposed
On September 22, 2015, an Adjudicating Officer (AO) of SEBI passed an order against PACL Limited and certain other persons imposing a penalty of Rs. 7,269.5 crores in connection with a case involving the illegal and fraudulent mobilization of funds from the public. This is said to be highest penalty that SEBI has ever imposed.…
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SAT on Market Manipulation Involving GDRs
Last year, we had discussed a decision of the Supreme Court which clarified that the Securities and Exchange Board of India (SEBI) had jurisdiction over the issuance of global depository receipts (GDRs), due to which lead managers to such issuances would also come within the purview of SEBI if their actions were found to violate…
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Promoter Upside Sharing Arrangements in Listed Companies: SEBI Comes Down Hard
[The following post is contributed by Amitabh Robin Singh, who is a corporate lawyer practising in Mumbai. For another perspective on the topic, please see an earlier post on the Blog.] The Securities and Exchange Board of India (“SEBI“) has released a discussion paper (“Paper“) to regulate certain arrangements between private equity investors and the…
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SAT on Merchant Bankers’ Obligation in a Public Offering
Background: History Repeats Itself The Securities and Exchange Board of India (“SEBI”) has in recent year initiated actions pertaining to the alleged lack of accurate disclosures in prospectuses issued by companies in public offerings of securities. One high profile case involved the initial public offering (“IPO”) of DLF Limited wherein SEBI issued an order restraining…
