[The following guest post is contributed by Kanwardeep Singh Kapany, and is a continuation of previous posts in Parts 1 and 2] Direction to disgorge does not amount to double jeopardy The expression disgorgement is a common term in developed markets across the world, though it is new to the securities market in India. The said expression connotes repayment of ill-gotten gains that is imposed on...
Dissecting SEBI’s Powers Under Section 11B of the SEBI Act, 1992: Part 2
[The following guest post is contributed by Kanwardeep Singh Kapany, and is a continuation of a previous post in Part 1] Retrospective application Section 11B was introduced to the statute through the 1995 Amendments with effect from January 25, 1995. In a certain case before the Supreme Court of India,[1] the misconduct had taken place in the months of October and November 1993. When directions...
Dissecting SEBI’s Powers Under Section 11B of the SEBI Act, 1992: Part 1
[The following guest post is contributed by Kanwardeep Singh Kapany, a 5th year B.S.L.LL.B student at ILS Law College, Pune. The author can be contacted at [email protected]. In this three-part series, the author analyzes the provisions of Section 11B of the SEBI Act, 1992 which confers wide powers on SEBI to regulate the capital markets. This provision has been used extensively by SEBI...
SEBI’s Interim Measure in an Insider Trading Case
[The following guest post is contributed by Supreme Waskar, who is a corporate lawyer] The securities market regulator, SEBI, has directed Mr. A. Vellayan (Chairman of Coromandel International Limited (“Coromandel”) to surrender unlawful gains along with interest for alleged passing of unpublished price sensitive information (“UPSI”) pertaining to Coramandel’s acquisition of Sabero Organic...
Synchronised Trading: In Sync With the Law? – Part 2
[The following guest post is contributed by Kanwardeep Singh Kapany (5th B.S.L.LL.B) and Mitravinda Chunduru (4th B.S.L.LL.B.), both students of ILS Law College, Pune This is a continuation of Part 1, which is available here] DEFENCES What amounts to commission of Illegal Synchronisation had been a moot point for quite a while. However, with the passage of time and development of jurisprudence...
Synchronised Trading: In Sync With the Law? – Part 1
[The following guest post is contributed by Kanwardeep Singh Kapany (5th B.S.L.LL.B) and Mitravinda Chunduru (4th B.S.L.LL.B.), both students of ILS Law College, Pune] INTRODUCTION The on-line trading system on the stock exchange is a blind trading system, which maintains complete anonymity of the persons trading on it. It does not permit the buyers and sellers to have any interaction between...
SEBI Circular Directs Companies to Identify Insiders Among Outsiders
[The following guest post is contributed by Vinita Nair and Aman Nijhawan, Vinod Kothari & Company, Practising Company Secretaries] The Securities and Exchange Board of India (‘SEBI’) rolled out the SEBI (Prohibition of Insider Trading) Regulations, 2015 (the ‘Regulations, 2015’) on January 15, 2015 which will come into force on the 120th date of its publication in Official Gazette i.e. on...
GIFT City: A New Chapter in the Indian Financial Sector: Part 2
[The following guest post is contributed by Surbhi Jaiswal of Vinod Kothari & Co. The author can be contacted at [email protected]. This is a continuation from the first part, which is available here] Slew of Regulations 1. Foreign Exchange Management (International Financial Service Centre ) Regulations, 2015 To operationalize the IFSC, a notification under the Foreign Exchange...
GIFT City: A New Chapter in the Indian Financial Sector: Part 1
[The following guest post is contributed by Surbhi Jaiswal of Vinod Kothari & Co. The author can be contacted at [email protected].] The International Financial Service Centre (IFSC) is a hub of financial services within a country, which has laws and regulations that are different from the rest of the country. Usually these centres have low tax rates and flexible regulations for...
Capital Raising Prospects for Startups: India and US Compared
[The following guest post is contributed by Surya Kumar Gheda, a final year law student. The author can be contacted at [email protected]] Last week, two capital market regulators, the Securities Exchange Commission (SEC) in the United States (US) and the Securities Exchange Board of India (SEBI), have announced frameworks to enable startups to obtain easy access to capital through the...
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