[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...
SEBI Regulations Inapplicable to “Phantom” Stock Schemes
The SEBI (Share Based Employee Benefits) Regulations, 2014 (the “Regulations”) regulate various types of schemes offered by companies to their employees relating to shares. In two separate letters issued pursuant to requests for informal guidance, SEBI has stated that the Regulations are not applicable to phantom stock options and similar schemes that do not involve the actual issue or transfer...
Is the Alternate Listing Platform for Start-Ups Really an Alternative?
[The following guest post is contributed by Geeta Dhania, Partner and Abhyuday Bhotika, Associate at Luthra & Luthra Law Offices. Views are personal.] For any business to grow it is pertinent that it has access to capital and is able to complete the capital formation cycle. Companies should be able to access the funding they need for their growth and the investors should be able to smoothly...
SEBI’s Action on Illegal Collective Investment Schemes
[The following guest post is contributed by Pavit Singh Kochar, a legal associate (corporate) with KNM & Partners Law Offices, New Delhi] The Securities and Exchange Board of India (SEBI), the Indian market regulator has been taking significant steps over the last couple of years by protecting the interests of retail investors due to their inability to take a well-informed decision about...
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