[Manit Sharma and Priyal Singh are 4th year students at Gujarat National Law University, Gandhinagar and SVKM’s NMIMS School of Law, Navi Mumbai respectively] The Securities and Exchange Board of India (SEBI) late last year reviewed and approved amendments to the SEBI (Merchant Bankers) Regulations, 1992 (Regulations). These regulations have acted as the cornerstone for the elibility of...
Margin Call on Misinformation: SEBI’s Crackdown on Finfluencers
[Srashti Talreja is a fourth-year BBA LLB (Hons.) student at Symbiosis Law School, Pune, and Kartik Mehta a fourth-year BA LLB (Hons.) student at Hidayatullah National Law University, Raipur] The recent crackdown by Securities and Exchange Board of India (SEBI) on ‘Asmita Patel’ —also known as the ‘she-wolf of the Stock Market’ — following the issuance of the new circular, (Circular) has sent...
Party Autonomy vs. Judicial Oversight: The Arbitration Dilemma
[Rishab Chand Jain and Jitya Singh are in the 3rd year and 4th year respectively in B.A. LL.B. (Hons.) programme at the National Law School of India University, Bangalore (NLSIU)] Party autonomy, impartiality, and independence in appointing arbitrators have always been a tussling point in Indian arbitration jurisprudence. The Indian judiciary has juggled between two differing lines of reasoning...
India’s Cross-Border Insolvency Framework: Time to Honour Exclusive Jurisdiction Clauses
[Vishrut Kansal is a Principal Associate at the Delhi office of Shardul Amarchand Mangaldas, and Mohd Fahad Ansari is a 4th year B.A., LL.B. (Hons.) student at NUSRL Ranchi] In cross-border commercial transactions that involve parties from India and other jurisdictions, it is common to include a clause which specifies that any dispute arising shall be subject to the exclusive jurisdiction of the...
The Religare Takeover Saga: Competing Offers and SEBI’S Tightrope Walk
[Aayush Ambasht, Param Kailash and Sudiksha Moorthi are 4th Year BBA LLB (Hons.) students at Symbiosis Law School, Pune] The 16-month long takeover saga of Religare Enterprise Limited (REL) reached its much-awaited conclusion on 14 February 2025 by way of an order of the Securities and Exchange Board of India (SEBI) following Supreme Court directions. The controversy unfolded in early 2024 when...
RPT Disclosure Standards: Regulator’s Ongoing Quest for Balance
[Bharat Vasani is Senior Advisor – Corporate laws at the Mumbai office of Cyril Amarchand Mangaldas. An earlier version of this post was published on the Cyril Amarchand Mangaldas Blog] The law on related party transactions (“RPTs”) has been evolving since its inclusion in the Companies Act, 2013 (“the Act”) and the introduction of stricter regulations for listed companies by the Securities and...
The SEBI-RBI Conflict: Regulatory Gridlock in NBFC Takeovers
[Akshay Dhekane is a 5th year B.A., LL.B. (Hons.) student at National Law University Delhi] In the Indian markets, hostile takeovers are a potent but rare strategy to gain control over companies. Recognizing their importance the Supreme Court in Pramod Jain v SEBI held: “A hostile takeover helps to unlock the hidden value of the shares and puts pressure on the management to work efficiently”...
Decoding CCI’s Integrationist Stance: Unpacking the WhatsApp Privacy Policy Saga
[Andaleeb Haider is a 2nd year B.A. LL.B (Hons.) student at National Academy of Legal Studies and Research (NALSAR) University of Law, Hyderabad] Recently, the National Company Law Appellate Tribunal (NCLAT) stayed the five-year ban imposed by the Competition Commission of India (CCI) on WhatsApp Inc. from sharing its users’ data with Meta Platforms for advertising purposes. The CCI had imposed...
Share Application Money: Is it Financial Debt under the IBC?
[Tejas Venkatesh is a Final Year student at Jindal Global Law School] On 26 November 2025, the principal bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi dismissed an appeal arising from an order of the National Company Law Tribunal (NCLT). The order of the NCLT rejected an application by Muralidhar Vincom Pvt. Ltd. to initiate corporate insolvency resolution process...
The Doctrine of Vicarious Liability of Auditors: Delhi High Court in Deloitte v. Union of India
[Bharat Vasani is a Senior Advisor and Maharshi Shah and Ayush Lahoti are Associates, all at the Mumbai office of Cyril Amarchand Mangaldas. An earlier version of this post was published on the Cyril Amarchand Mangaldas Blog] India’s evolving financial reporting system has made robust corporate governance mechanisms indispensable. The need for heightened financial reporting mechanisms was first...
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