Tag: Securities Regulation
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Petition on Composition of the Securities Appellate Tribunal
Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:Cambria;} (The following guest post is contributed by Amit Agrawal, Advocate, regarding a petition filed before the Delhi High Court. Amit is representing the petitioner, although the…
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Regulatory Reforms in the Capital Markets
SEBI has taken steps in the last few weeks to bring about reforms in the capital markets, particularly in the primary market segment. The first set of reforms essentially gives effect to decisions taken at SEBI’s board meeting on August 16, 2012. These include matters relating to both the equity markets, where the SEBI (Issue…
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AIF Regulations: Meaning of Ownership Interests and Investor Interests in a Company – Part III
[The following post is the last of the series contributed by Vinod Kothari and Soma Bagaria. The authors can be reached at vinod@vinodkothari.com and soma@vinodkothari.com respectively. The first two posts in the series can be found here and here.] In India, a company form of a fund is not very prevalent because of several constraining…
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AIF Regulations: Meaning of Ownership Interests and Investor Interests in a Company – Part II
[The following post is part of the series contributed by Vinod Kothari and Soma Bagaria. The authors can be reached at vinod@vinodkothari.com and soma@vinodkothari.com respectively. The first post of the series can be found here.] As the AIF Regulations are unclear on the extent of its applicability in case of companies, guidance can be sought…
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AIF Regulations: Meaning of Ownership Interests and Investor Interests in a Company – Part I
96 Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:Calibri;} [The following is the first in a series of posts contributed by Vinod Kothari and Soma Bagaria. The authors can be reached at vinod@vinodkothari.com and…
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Another Effort at Harmonizing Foreign Portfolio Investment
Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:Cambria;} In 2010, the Working Group on Foreign Investment in India made an important set of recommendations in relation to the consolidation of various types of investment…
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Supreme Court Judgment in the Sahara Case
The Supreme Court’s judgment in the Sahara case that was rendered yesterday is available here. The court found that the two companies in the Sahara group raised monies in violation of the corporate and securities laws applicable in India, and ordered refund of subscription monies along with interest. While the two judges have delivered separate…
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Relaxations on IDR Redemption
Last year, SEBI issued a circular that imposed some curbs on redemption by holders of Indian depository receipts (IDRs). Under that circular, redemption was permitted only if the IDRs are infrequently traded on the stock exchanges in India. This was a method of limiting exit options to investor exclusively to the Indian markets, except where…
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Prohibition on Acquisition of Shares by Employee Trusts
One of the decisions taken at SEBI’s board meeting escaped attention until some recent discussion in the financial press (here and here). The relevant paragraph in SEBI’s press release is as follows: Listed entities shall frame employee benefit schemes only in accordance with SEBI (ESOS and ESPS) Guidelines, 1999. Entities whose schemes are not in…
