Tag: Securities Regulation
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Duty of a Crowdfund Campaigner towards Contributors
[The following post is contributed by Nikunj Agarwal, a 3rd year, B.A. LL.B. (Hons.) student at RML National Law University, and Arjun Agarwal, a 2nd year, B.A. LL.B. (Hons.) at W.B. National University of Juridical Sciences. They may be contacted at nikunj.rmlnlu@gmail.com. This post discusses the first legal proceeding by the Federal Trade Commission of…
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Lenders Empowered to Take Control over Distressed Firms
The Reserve Bank of India (RBI) yesterday conferred a significant power to banks to acquire control of borrower companies which fail to achieve prescribed milestones as part of their restructuring. Under this arrangement, the Joint Lenders’ Forum (or JLF, formed for the purpose of addressing distressed assets) may “convert the whole or part of the…
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Whether Land is a “Security” Under Collective Investment Schemes
[The following guest post is contributed by Prachi Pandya, who is the founding member of Corporate Attorneys and can be contacted at contact@corporateattorneys.in] It is a matter of interest that the trigger point of framing the SEBI (Collective Investment Schemes) Regulations, 1999 (the “CIS Regulations”) was owing to initiatives by private entrepreneurs undertaking plantation or…
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Dissecting SEBI’s Powers Under Section 11B of the SEBI Act, 1992: Part 3
[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…
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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…
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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 kanwardeepskapany@gmail.com. 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.…
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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 Gujarat Limited…
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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…
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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…
