[Tanishq Vijay Vargiya and Vaibhav Nishad are 3rd year students at the Gujarat National Law University, Gandhinagar] The Securities and Exchange Board of India (SEBI) has on 21 September 2023 published the SEBI (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2023 (the ‘Amendment’), by which it introduced regulation 62A of the SEBI (Listing Obligations and...
Establishing Performance Validation Agency: Examining SEBI’s Consultation Paper
[Daksh Kasliwal and Prakhar Singh are 3rd year BSW LL.B. (Hons.) students at Gujarat National University, Gandhinagar] Recently, the Securities and Exchange Board of India (SEBI) has taken multiple steps to enhance the regulatory landscape to foster a more reliable and secure market environment for investors and entrepreneurs. Weeks after releasing a consultation paper to control unregistered...
SEBI’s Proposed Regulations on Finfluencers: Navigating Unresolved Practicalities
[Aamir Kapadia and Avinash Kotval are penultimate and final year BBA LL.B. (Hons.) student at Jindal Global Law School, Sonipat, respectively] On August 25, 2023, the Securities and Exchange Board of India (‘SEBI’) released a consultation paper on ‘Association of SEBI Registered Intermediaries/Regulated Entities with Unregistered Entities (including Finfluencers)’. The purpose behind the...
Receipt of Demand Notice under IBC: Whether Price Sensitive Information?
[Ravishekhar Pandey and Amarpal Singh Dua are with MDP & Partners, Mumbai] The Securities Exchange Board of India (“SEBI”) on 12 July 2023 passed an order relating to the scrip of Shilpi Cable Technologies Limited (“STCL”) imposing penalty on the Managing Director (“MD”) as well as the Compliance Officer for violations of securities laws. In the order, the Adjudicating Officer (“AO”)...
Evaluating India’s Regulatory Regime for ESG Rating Agencies
[Shouvik Kumar Guha is an Associate Professor of Law and Sourav Paul a fourth year undergraduate student, both at the West Bengal National University of Juridical Sciences, Kolkata] On July 3, 2023, the Securities and Exchange Board of India (‘SEBI’), introduced the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2023 (‘Regulation’) to amend the Securities...
Unraveling SEBI’s Ex-parte Interim Orders: A Critical Analysis of the Zee Entertainment Case
[Tanuj Sharma is a 5th year B.B.A. LL.B. (Hons.) student and Vanshika Sharma is a 4th year B.B.A. LL.B. (Hons.) student at National Law University Odisha] The Securities Appellate Tribunal (“SAT”) on 10 July 2023 upheld the decision of the Securities and Exchange Board of India (“SEBI”) barring Subhash Chandra, the then Chairman of Zee Entertainment Enterprises Ltd. (“ZEEL”), and Puneet Goenka...
SEBI’s Order on Spoofing – A Way Forward
[Shivangi Paliwal and Mahak Shinghal are final year B.A. LL.B. (IPR Hons.) and B.B.A. LL.B. (IPR Hons.) students at National Law University, Jodhpur] Section 12A of the Securities and Exchange Board of India Act, 1992 [“SEBI Act”] read along with Regulation 3 & 4 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 [“PFUTP...
Karvy Demat Case: How has SEBI Responded?
[Anant Budhraja and Praneeta Tiwari are 5th year BA-LLB (Hons.) students at West Bengal National University of Juridical Sciences] The Securities and Exchange Board of India (“SEBI”) on April 28, 2023, passed a stringent final order against Karvy Stock Broking Limited (“KSBL”) and its promoter Comandur Parthasarthy, whereby it banned them from accessing the securities market for seven years...
SEBI’s Regulatory Focus: Examining AIF Investors’ Excuse And Exclusion Rights
[Shreya Singh is a 5th year B.B.A., LL.B. (Hons.) student at National Law University, Odisha in Cuttack, Odisha] Over the past decade, the alternative investment funds (“AIFs”) regime (which structures in the private equity and venture capital investment) in India, has experienced substantial expansion. Private equity investments in India reached a cumulative value of $44 billion between 2015 and...
“Private Placement”: Syntactic Interpretation of a Financing Engagement Letter
Recently, the England and Wales High Court (Commercial Court) had the occasion in Cantor Fitzgerald & Co. v. Yes Bank Limited [2023] EWHC 745 (Comm) (31 March 2023) to consider contractual language in capital market transactions. While the contract itself was governed by English law, the ruling has implications on contractual interpretation more generally, in addition to its relevance to...
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