[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Coromandel International Limited (“Coromandel”) to surrender unlawful gains along with interest for alleged passing of unpublished price sensitive information (“UPSI”) pertaining to Coramandel’s acquisition of Sabero Organic...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...
The Efficacy of a Listing Platform for Start-Ups
Last week, SEBI issued a discussion paper on “Alternate Capital Raising Platform and Review of Other Regulatory Requirements”, which is aimed at providing start-up companies the facility of listing their securities on a trading platform without going through the extensive onerous and listing requirements that might be applicable in the normal course. This is explicit recognition of the need to...
SEBI Guidelines for International Finance Centres
[The following post is contributed by Yogesh Chande, who is an Associate Partner with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal.] The report (2007) of the High Powered Expert Committee (HPEC) on ‘Mumbai: An International Financial Centre’ had in its report suggested the setting up of International Financial Centre in Mumbai. The Minister of Finance...
SEBI’s Restraint Order: Impact on Joint Accounts
[The following post is contributed by Yogesh Chande, who is an Associate Partner with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal. The author discusses a recent SEBI order regarding the scope of a restraint passed by it earlier on a noticee from dealing in securities. By now clarifying that joint accounts too are within the purview of the prohibition...
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