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Ananta Barua joins IndusLaw

Former SEBI stalwart Ananta Barua joins IndusLaw

Ananta Barua has joined as a senior adviser at IndusLaw, following his retirement as a full-time member of the Securities and Exchange Board of India (SEBI) in 2023. The central government appointed Barua from 2018,...
AIFs under scrutiny

SEBI plans to prevent misuse of alternative investment funds

Alternative investment funds (AIFs) have come under regulatory scrutiny with the capital market watchdog being the latest to voice concerns. The Securities and Exchange Board of India (SEBI) published a consultation paper in mid-January outlining...
SEBI bans Mohammad Nasiruddin Ansari

SEBI bans ‘finfluencer’ Ansari over unregistered advice

The Securities and Exchange Board of India (SEBI) has banned financial influencer Mohammad Nasiruddin Ansari from the securities market. The capital market watchdog took action against the well-known “finfluencer” for providing unregistered investment advice under...
SEBI-eyes-looser-insider-trading-rules-L

SEBI eyes looser insider trading rules

The Securities and Exchange Board of India (SEBI) is contemplating amendments to insider trading regulations, aiming to facilitate trading for key insiders while ensuring market fairness. The proposed changes intend to ease restrictions for high-level...
Changes to listing rules for debt securities

SEBI suggests changes to listing rules for debt securities

The Securities and Exchange Board of India (SEBI) has introduced amendments to its regulations for the issue and listing of debt securities. Key changes in the Securities and Exchange Board of India (Issue and Listing...
Demised investors now reportable

SEBI mandates reporting of demised investors

The Securities and Exchange Board of India (SEBI) has mandated the reporting of investor demise by market participants and introduced a centralised reporting mechanism through know your customer (KYC) registration agencies. The SEBI’s circular spells...
Zee banned from management

SEBI bars Zee promoters from management

The Securities Appellate Tribunal (SAT) is “not satisfied” with the Securities and Exchange Board of India’s (SEBI) recent confirmatory order against Zee’s former managing director and CEO, Punit Goenka, that barred him from holding...
SEBI on governance of equities

SEBI proposes better governance of equities

The Securities and Exchange Board of India (SEBI) has proposed measures to bolster governance in the equities market. In a consultation paper, the regulator recommended that asset management companies (AMCs) establish surveillance and internal control...
SEBI-strengthening-governance-and-protecting-minority-shareholders-L

SEBI strengthening governance and protecting minority shareholders

By Abhishek Guha and Amrita Ghosh, Shardul Amarchand Mangaldas & Co
The Securities and Exchange Board of India (SEBI) notified the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023 (LODR amendment) on 14 June 2023. Among other matters, it sets out provisions to...
SEBI-completes-rollout-of-XBRL-format-for-IPOs-L

SEBI completes rollout of XBRL format for IPOs

The Securities and Exchange Board of India (SEBI) has completed a new measure aimed at implementing the XBRL format for filing IPO papers and securities issues. XBRL (extensible business reporting language) is a globally recognised...
Buy-Back Regulations streamlined

SEBI’s buyback regulations streamlined

The Securities and Exchange Board of India (SEBI) has announced amendments to its Buy-Back Regulations with the aim of streamlining the process of buybacks, promoting the ease of doing business and creating a level...
SEBI introduces ISD

SEBI introduces ISD to boost stakeholder awareness

In a move towards creating greater transparency, the Securities and Exchange Board of India (SEBI) issued a circular announcing the introduction of the issue summary document (ISD) and the dissemination of issue advertisements. The circular...

SEBI permits 39 entities to use e-KYC Aadhaar services

The Securities and Exchange Board of India (SEBI) recently listed 39 entities to use the e-KYC Aadhaar authentication services in the securities market as a sub-KYC (know your customer) user agency, under the Prevention...
SEBI listing debt securities

SEBI cuts time for listing debt securities

To expedite the trading of securities by investors, the Securities and Exchange Board of India (SEBI) has stipulated a three working day (T+3) timeline for listing of debt securities issued on a private placement...
SEBI probes claims against Adani

India’s stock regulator SEBI probes report claims against Adani

The Securities and Exchange Board of India (SEBI) has told the Supreme Court that it is investigating the Hindenburg Research report’s claims of financial irregularities among the Adani group of companies. “As the matter is...

AIFs must ring-fence assets, liabilities in schemes: SEBI

Alternative investment funds (AIF), including venture capital (VC) and private equity (PE) firms, must “segregate and ring-fence” liabilities and assets of each scheme from others, mandated the Securities and Exchange Board of India (SEBI). “The...
SEBI changes framework on debt securities

SEBI changes framework on non-convertible debt securities

The Securities and Exchange Board of India (SEBI) plans to review the norms on the electronic book provider (EBP) platform, using it to issue and list non-convertible securities, securitised debt instruments, security receipts, municipal...
SEBI settlement scheme

SEBI extends settlement scheme

The Securities and Exchange Board of India has extended the SEBI Settlement Scheme 2022, for companies involved in trading in illiquid stock options, until 21 January 2023. The scheme began on 22 August and...
SEBI to offer 'pre-filing' for IPOs

SEBI to offer ‘pre-filing’ for IPOs

The Securities and Exchange Board of India (SEBI) has proposed to offer companies floating shares to confidentially “pre-file” the offer document with them. The regulator has invited comments on the matter to be sent...
SEBI must disclose says Supreme Court, Sneha Jaisingh

Supreme Court rules that SEBI must disclose

By Sneha Jaisingh and Aniruddha Banerji, Bharucha & Partners
The Securities and Exchange Board of India (SEBI) issued the SEBI (AF) Regulations, 2003 (regulations), to regulate unlawful, fraudulent and unfair trade practices in the securities market. The regulations give SEBI and the investigating...
SEBI amends CIS regulations

SEBI amends CIS regulations

The Securities and Exchange Board of India (SEBI), in its quarterly board meeting held at the end of March, amended regulations governing collective investment schemes (CIS) to bring them on a par with mutual fund...
SEBI mulls stricter disclosure norms for tech cos

SEBI mulls stricter disclosure norms for tech cos

The Securities and Exchange Board of India (SEBI) has proposed amendments to the valuation methods adopted by new-age technology companies, such as introducing key performance indicators (KPI) besides existing disclosures in an IPO prospectus. The...
Role-of-SEBI-in-‘year-of-IPOs’-L

Role of SEBI in ‘year of IPOs’

By Manshoor Nazki, IndusLaw
The capital markets regulator has facilitated IPOs in 2021, but has also sought to deter large shareholders from using them as an avenue for quick company exits, writes Manshoor Nazki The year 2021 has undoubtedly been...
Special-situation-L

SEBI introduces special situation funds

The Securities and Exchanges Board of India (SEBI) has introduced a new sub-category under alternate investment funds to recognise special situation funds (SSFs). On 24 January 2022, the securities regulator notified the amended SEBI (Alternative...
SEBI-revises-related-party-disclosure-requirements-L

SEBI revises related party disclosure requirements

The Securities and Exchange Board of India (SEBI) has issued amendments to disclosure requirements on related party transactions (RPTs) for listed companies. The new requirements will come into force with effect from 1 April 2022....
SEBI-relaxes-lock-in-norms

SEBI relaxes lock-in norms

The Securities and Exchange Board of India (SEBI) has notified relaxations to lock-in requirements for shareholdings of promoters and non-promoters under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The amendments, in effect...
SEBI imposes greater duties on debenture trustees, Jyotika Bajaj and Shivendra Shukla

SEBI imposes greater duties on debenture trustees

By Jyotika Bajaj and Shivendra Shukla, SNG & Partners
In October 2020, the Securities and Exchange Board of India (SEBI) amended the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (ILDS Regulations), and SEBI (Debenture Trustees) Regulations, 1993 (DT Regulations), to further...
SEBI Phoenix legal

SEBI’s awkward two-step on recent changes

By Sawant Singh and Aditya Bhargava,Phoenix Legal
The Securities and Exchange Board of India (SEBI) recently introduced a series of changes to protect investors in listed issuance debt securities. The precursor to these changes was a little noticed amendment to the...
Securities and Exchange Board of India angel fund

Implications of SEBI guidance on angel funds

On 17 September 2020, the Securities and Exchange Board of India (SEBI) issued an informal guidance to Lets Venture Advisors, manager to LV Angel Fund, an angel fund registered with the SEBI under the...
Rabindra Jhunjhunwala, Khaitan & Co,Saranya Mishra, Proxy advisers

SEBI prepares guidelines for proxy advisers

The concept of a “proxy adviser” is of Western import, and, despite its nascency, has slowly and steadily gained importance in the Indian market as a critical intermediary and a rather persuasive influencer of...

SEBI revises norms for portfolio managers

The portfolio management services (PMS) industry has witnessed robust growth of 18% CAGR (compound annual growth rate) in the past five years, with assets under management (AUM) rising to ₹13.7 trillion (US$183.86 billion) from...
SEBI

Recent SEBI amendments to pledge disclosures

By Jyotika Bajaj and Medha Unadkat, SNG & Partners
Raising debt by pledging shares is a common practice in the banking and finance industry. However, pledging the shares of a listed company has a direct impact on the marketability of those shares, and...
SEBI

SEBI updates foreign portfolio regulations

The Securities and Exchange Board of India has released SEBI (Foreign Portfolio Investors) Regulations, 2019, to replace SEBI (Foreign Portfolio Investors) Regulations, 2014. The FPI regulations, 2019 seek to simplify the 2014 regulations by...
SEBI's

Analyzing SEBI’s paper on rewarding whistleblowers

By Radhika Iyer and Meher Mehta, S&R Associates
The Securities and Exchange Board of India (SEBI) faces numerous challenges in investigating and determining insider trading violations. Lack of direct or conclusive evidence of violations is a key challenge in most cases. On...
SEBI

SEBI limits exemption from open offer on debt conversion

By Ambarish and Mihir Roy, Shardul Amarchand Mangaldas & Co
The Securities and Exchange Board of India (SEBI) no longer considers entities that are not scheduled commercial banks (SCBs) or all India financial institutions (AIFIs) as “lenders” for exemption from a mandatory open offer...
SEBI

SEBI mulls bounties for insider trading informants

By Manoj Kumar, Hammurabi & Solomon
The Securities and Exchange Board of India (SEBI) recently circulated a discussion paper on amendments to the SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT regulations), towards provisioning for an informant mechanism. The PIT regulations...
SEBI

SEBI raises questions on IBC’s overriding provisions

By Abhishek Dutta, Manish Parmar and Sayli Petiwale, Aureus Law Partners
A recent challenge by the Securities and Exchange Board of India (SEBI) before the Supreme Court exemplifies how the Insolvency and Bankruptcy Code, 2016 (IBC), remains a heavily contested field. The Supreme Court is...
Alternative Investment Funds follow guidelines by SEBI

SEBI issues circular for alternative investment funds

The Securities and Exchange Board of India (SEBI) on 26 November 2018 issued a circular outlining the operating guidelines for alternative investment funds (AIFs) in the international financial services centre (IFSC). SEBI had issued...
Tanya-Aggarwal-and-Lakshmi-Pradeep-S&R-Associates

Information sharing under SEBI’s insider trading rules

By Tanya Aggarwal and Lakshmi Pradeep, S&R Associates
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (PITR), prohibits communication of unpublished price sensitive information (UPSI) to any person except where it is in furtherance of legitimate purposes,...

SEBI allows foreign participation in commodity derivatives

The Securities and Exchange Board of India (SEBI), through a circular dated 9 October 2018, has permitted foreign entities having actual exposure to the Indian commodity markets to participate in the commodity derivative segment...

SEBI clarifies on transfer of securities

The Securities and Exchange Board of India (SEBI) issued a press release on 10 August that provides clarifications with respect to amendments to regulation 40 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,...

SEBI pricing norms for merger schemes

By Promode Murugavelu and Karthika Menon, Shardul Amarchand Mangaldas & Co
Listed companies undertaking schemes for compromises and arrangements have to comply with conditions prescribed by the Securities and Exchange Board of India (SEBI). The framework for this is set out in a circular issued...

Ex-SEBI chief joins CAM

Cyril Amarchand Mangaldas has established a corporate governance centre (CGC) and appointed the former chairman of the Securities and Exchange Board of India (SEBI), UK Sinha, to lead it in the capacity of a...

SEBI issues exemption application format under takeover code

The Securities and Exchange Board of India (SEBI) has been empowered by SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (takeover code), to grant exemption from the obligation to make an open offer for...

SEBI modifies block deal window mechanism

The Securities and Exchange Board of India (SEBI) on 26 October issued Circular No. CIR/MRD/DP/118/2017 overhauling the mechanism for block deals. These were instituted in 2005 as transactions involving the purchase/sale of a minimum...
Securities and Exchange Board of India SEBI further liberalizes real estate investment trusts, REITs, and infrastructure investment trusts, InvITs

SEBI further liberalizes REITs

The Securities and Exchange Board of India (SEBI) on 18 September notified decisions it has taken in relation to regulations governing real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). REITs, which were until...
SEBI unveils amendments for investment in debt

SEBI unveils amendments for investment in debt

On 27 February, the Securities and Exchange Board of India (SEBI) released amendments to the SEBI (Foreign Portfolio Investors) Regulations, 2014, that permit foreign portfolio investors to invest in unlisted non-convertible debentures/bonds issued by...
SEBI clarifies timeline for draft letter of offer

SEBI clarifies timeline for draft letter of offer

The Securities and Exchange Board of India (SEBI) has revised the time period for which information is required to be filed in a draft letter of offer in accordance with the provisions of the...
Iqbal Khan and Tanavi Mohanty Companies to face SEBI’s tightened merger regime

Companies to face SEBI’s tightened merger regime

By Iqbal Khan and Tanavi Mohanty, Shardul Amarchand Mangaldas
The Securities and Exchange Board of India (SEBI), in its meeting on 14 January, proposed revisions to the regulatory framework governing the merger of an unlisted company with a listed company. The existing regime comprises (a)...
SEBI evaluating board of directors

SEBI issues guidance on evaluating board of directors

The Securities and Exchange Board of India (SEBI) released a guidance note dated 5 January on the evaluation of the board of directors of a listed company. The note aims to help companies evaluate...

SEBI amends listing obligations and disclosure requirements

The Securities and Exchange Board of India (SEBI) has amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, through the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016. The amendment has...
Insider trading

SEBI amends guidance note on insider trading

The Securities and Exchange Board of India (SEBI) amended the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, with effect from 17 February to provide dissenting shareholders with an exit opportunity in terms...

SEBI provides exit for dissenting shareholders

The Securities and Exchange Board of India (SEBI) issued a notification on 17 February to amend the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, by inserting chapter VI-A, which gives dissenting shareholders...

FAQs on SEBI’s listing and disclosure rules

Last year, the Securities and Exchange Board of India (SEBI) notified the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Since then, SEBI has published multiple frequently asked questions (FAQs) to facilitate the listing process...
veritas stock

SEBI updates listing obligations and disclosure rules

On 2 September, SEBI published the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which come into effect on 1 December 2015. Two provisions, however, came into force with immediate effect. They are: Passing...

SEBI can probe and take action in case of sham GDR issue

Allowing an appeal in Securities and Exchange Board of India v Pan Asia Advisors Ltd & Anr, the Supreme Court held that the Securities and Exchange Board of India (SEBI) had jurisdiction to initiate...

SEBI amends issue of capital requirements

On 11 August, the Securities and Exchange Board of India notified a third amendment to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. Some of the key changes to regulation 10 (Fast...

Delisting before open offer: SEBI’s missed opportunity?

By Ganesh Prasad and Sanjay Khan, Khaitan & Co
The Securities and Exchange Board of India (SEBI) has recently notified crucial amendments to the SEBI (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations), and the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations,...

SEBI notifies amended delisting regulations

The Securities and Exchange Board of India (SEBI) notified the SEBI (Delisting of Equity Shares) (Amendment) Regulations, 2015 (amendment regulations), on 24 March amending the SEBI (Delisting of Equity Shares) Regulations, 2009 (delisting regulations)....

SEBI redefines ‘venture capital undertaking’

The Securities and Exchange Board of India (SEBI) has made amendments to the SEBI (Foreign Venture Capital Investors) Regulations, 2000, through the SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2014, dated 30 December 2014. Under...

SEBI amends clause 49 of the Listing Agreement

By way of a circular dated 15 September, the Securities and Exchange Board of India (SEBI) has streamlined and clarified the corporate governance compliance requirements of listed companies. Clause 49 of the Listing Agreement...

SEBI clarifies amended rules for preferential issues

On 25 August, the Securities and Exchange Board of India (SEBI) issued the SEBI (Issue of Capital and Disclosure) (Second Amendment) Regulations, 2014, introducing new and revised regulations on preferential issues. Through a circular dated...
Stock_market_data

SEBI amends Equity Listing Agreement

The Securities and Exchange Board of India (SEBI) issued a circular on 15 September amending clause 49 of the Equity Listing Agreement, with effect from 1 October. The salient features of the circular are...

SEBI releases new risk management and margin rules

On 15 May, the Securities and Exchange Board of India (SEBI) released a circular on the risk management framework for foreign portfolio investors (FPIs) under the SEBI (Foreign Portfolio Investors) Regulations, 2014. As per this...
By Ranjana Roy Gawai and Krishna Keshav, RRG & Associates

SEBI allows shareholders’ options/pre-emptive rights

By Ranjana Roy Gawai and Krishna Keshav, RRG & Associates
The question as to a shareholder’s right to enter into a private arrangement in relation to transfer of shares of a public company was resolved by a decision of Bombay High Court in Messer...

Alstom complies with SEBI rules

Amarchand Mangaldas acted as legal counsel to Alstom T&D India in its issue of 16,942,500 equity shares to qualified institutional buyers through an institutional placement programme. Alstom T&D India, a subsidiary of the French company...
By Siddharth Hariani and Aditya Bhargava, Phoenix Legal

A look at SEBI notification allowing contractual rights

By Siddharth Hariani and Aditya Bhargava, Phoenix Legal
With the issuance on 3 October of a notification under the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India (SEBI) provided much needed clarity on the validity of contracts relating...

SEBI provides platform for listing without an IPO

As a welcome development for the Indian start-up ecosystem and small and medium enterprises (SMEs), the Securities and Exchange Board of India (SEBI) recently notified the regulations for the listing of small and medium...
document

SEBI permits options and pre-emptive rights

The Securities and Exchange Board of India (SEBI), by a recent notification, has agreed to include clauses relating to pre-emptive rights (right of first offer, tag-along right, drag-along right) and call and put options,...

SEBI updates investment fund regulations

The Securities and Exchange Board of India (SEBI) has notified the first amendment to the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF regulations). The key amendments are outlined below: Permission to market a fund prior...
By Inder Mohan Singh and Arya Tripathy, Amarchand Mangaldas2

Analysis of circular shows SEBI is being too cautious

By Inder Mohan Singh and Arya Tripathy, Amarchand Mangaldas
The Securities and Exchange Board of India (SEBI) issued a circular on 4 February, withdrawing its earlier circular dated 3 September 2009, setting stringent requirements for listed companies and stock exchanges in relation to...
plants

SEBI approves framework for angel funds

The Securities and Exchange Board of India (SEBI), at its board meeting on 25 June, approved amendments to the SEBI (Alternative Investment Fund) Regulations, 2012 (AIF regulations), thereby providing a framework for the setup...

SEBI guidelines on employee stock schemes clarified

The Securities Exchange Board of India (SEBI), through a circular dated 13 May, provided some clarifications to an earlier SEBI circular dated 17 January 2013, which made amendments to the SEBI (Employee Stock Option...
Business_race

SEBI sparks race to comply with shareholding rules

The Securities and Exchange Board of India (SEBI) has begun penalizing public listed companies that failed to meet the 3 June deadline for putting a minimum of 25% of their equity shares in public...

SEBI notifies investment adviser regulations

On 21 January, the Securities and Exchange Board of India (SEBI) notified the SEBI (Investment Advisers) Regulations, 2013 (IA Regulations). These regulations have been introduced with a view to regulate the work of investment...

SEBI amends debt listing regulations

On 12 October the Securities and Exchange Board of India (SEBI) amended the SEBI (Issue and Listing of Debt Securities) Regulations, 2008. Some of the key changes in the regulations are outlined briefly below. Addition...

SEBI issues circular on OFS route

In January, the Securities and Exchange Board of India (SEBI) introduced two additional routes for listed companies to meet the minimum 25% public shareholding requirement under the listing agreement: the institutional placement programme, and...

RBI and SEBI further liberalize QFI framework

The Securities and Exchange Board of India (SEBI) through a circular on 7 June and the Reserve Bank of India (RBI) in a circular dated 16 July have revised the investment framework for qualified...

SEBI streamlines FII debt limit process

In a circular on 6 February 2009, the Securities and Exchange Board of India (SEBI) introduced an open bidding process to allocate a cumulative debt investment limit of US$15 billion for foreign institutional investors...
Puja Sondhi Ramanuj Gopalan Amarchand Mangaldas

Proposals could improve SEBI consent order rules

By Puja Sondhi and Ramanuj Gopalan, Amarchand & Mangaldas & Suresh A Shroff & Co
India’s securities and capital markets regulator, the Securities and Exchange Board of India (SEBI), is empowered to pursue civil/administrative and criminal action under the provisions of the SEBI Act, 1992, the Securities Contracts (Regulation)...

QFIs: A welcome move by SEBI for foreign investors

By Chirayu Chandani, Khaitan & Co
The Securities and Exchange Board of India (SEBI), through a circular dated 13 January, allowed qualified foreign investors (QFIs) to invest in the Indian equity market. The decision to open the equity market to...

SEBI to regulate private pools of capital

The Securities and Exchange Board of India (SEBI) has published its draft SEBI (Alternative Investment Funds) Regulations, 2011, which seek to introduce a comprehensive regulatory framework to regulate private pools of capital, also known...

SEBI imposes restrictions on IDR redemption

The Securities and Exchange Board of India (SEBI) has dealt a blow to foreign investors with an announcement that Indian depository receipts (IDRs) cannot be redeemed into underlying equity shares unless the IDRs are...
SEBI reviews ownership and governance of MIIs

SEBI reviews ownership and governance of MIIs

A committee appointed by the Securities and Exchange Board of India (SEBI), has submitted a report reviewing the existing norms regarding the ownership and governance of market infrastructure institutions (MIIs). The report discusses the existing...

SEBI changes give retail investors more participation

In yet another move to up the role of the retail investor in the stock market the Securities and Exchange Board of India (SEBI) has recently amended the SEBI (Issue of Capital and Disclosure...
Bharat Budholia,Associate,Juris Corp

The final verdict on ULIPs: has SEBI lost?

By Bharat Budholia, Juris Corp
The five-month-long proxy battle between the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory Development Authority (IRDA) has ended abruptly. On 18 June the president promulgated the Securities and Insurance Laws...

SEBI legal chief goes solo

Sandeep Parekh, a former head of legal affairs and enforcement at the Securities and Exchange Board of India (SEBI), has set up a boutique law firm in Mumbai. The firm, which is called Finsec...

SEBI reduces timeline for listing by 10 days

In an effort to make public issue of shares more transparent and faster, the Securities and Exchange Board of India (SEBI) has almost halved the time allowed between closure of an issue and its...
SEBI ULIP issues

SEBI bans insurers from ULIP issues

The Securities and Exchange Board of India (SEBI) has banned 14 life insurance companies, including those belonging to Tata, the State Bank of India (SBI), ICICI, HDFC and Anil Ambani’s Reliance group, from raising...
SEBI FII

SEBI slams FII for inadequate disclosure

In a recent investigation, the Securities and Exchange Board of India (SEBI) came across apparent discrepancies with respect to disclosure filings made for the issuance of offshore derivative instruments (ODIs) by Société Générale to...
SEBI takeover code clarification

SEBI clarifies ambiguities in takeover code

Pursuant to its board meeting on 22 September 2009 the Securities and Exchange Board of India (SEBI) has sprung into action, bringing out a notification dated 6 November (the “amendment regulations”) to amend the...
SEBI securities guidelines

SEBI proposes new securities guidelines

In a recent meeting SEBI proposed certain amendments to securities laws in India. The changes are intended to realign the takeover norms with market developments and to bring various pieces of legislation governing Indian...
SEBI capital issues

SEBI strengthens governance of capital issues

The Securities and Exchange Board of India (SEBI) has replaced the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (the DIP guidelines) with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (the ICDR...
SEBI

SEBI clarifies rules for creeping acquisitions

On 26 August the Securities and Exchange Board of India (SEBI) issued informal guidance to Gulf Oil Corporation under the SEBI (Informal Guidance) Scheme, 2003. Gulf Oil Corporation (the target) is an Indian-listed company. Gulf...
Cayman Islands Monetary Authority set to join SEBI’s circle of trust

Cayman Islands Monetary Authority set to join SEBI’s circle of trust

Until recently the Cayman Islands Monetary Authority (CIMA) was not recognized by the International Organization for Securities Commissions (IOSCO) as an ordinary member. As a result, the Securities and Exchange Board of India (SEBI)...

SEBI amendments: Warranted and timely?

The Securities and Exchange Board of India (SEBI) through its amendments in December 2008 to the SEBI (Disclosure and Investor Protection) Guidelines, 2000, has permitted the introduction of certain financial instruments for companies to...
SEBI takeover code acquisition limit

Amendments to SEBI takeover code to extend acquisition limit

With the stock market plummeting and stocks of even fundamentally strong blue chip companies sinking, the Securities and Exchange Board of India (SEBI) has relaxed the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations,...
SEBI securities

SEBI redraws securities guidelines

On 28 August, SEBI amended the SEBI (Disclosure and Investor Protection) Guidelines, 2000. For public issues, securities which have been acquired by shareholders or promoters during the preceding year, pursuant to a restructuring scheme approved...
Priti Suri, PSA, Proprietor

Foreign VC funds may wish to register with SEBI

By Priti Suri, PSA
The Indian media are flooded daily with explosive figures earned by venture capital investors. Increasingly, new domestic and offshore funds are being formed with a specific India and industry focus. One avenue open to...

Flow interrupted!

The central bank’s move to curb evergreening loans looks set to backfire as the future of alternative investment funds may hang in the balance, writes Freny Patel Many non-bank finance companies (NBFCs) are running pillar-to-post...
India-In-house-counsel-award-IBLJ-2023-2024

In-house Counsel Awards 2023-24

In-house counsel and corporate legal teams honoured by their peers for outstanding legal work. Katherine Abraham reports Individual AwardsTeam Awards The third edition of the In-House Counsel Awards continues our endeavour to recognise the driving forces...
GIFT-regulator-drives-REIT,-InvIT-development-L

GIFT regulator drives REIT, InvIT development

The International Financial Services Centre Authority (IFSCA) at Gujarat International Finance Tec-City (GIFT City) has established an expert committee to drive development of real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). The committee,...
Nishith Desai introduces NaiDA

Nishith Desai launches in-house tailored AI bot NaiDA

Nishith Desai Associates (NDA) has introduced NaiDA, an in-house AI bot exclusively tailored for the firm’s legal team to efficiently deliver high-quality services. Extensive experience, thorough research, training and an innovative culture supports NaiDA’s capabilities. “The...

Does private credit need stricter regulation?

By Aditya Vikram Dua and Aniket Sawant, SNG & Partners
Private credit has become an attractive source of funding for issuers, compared to traditional sources. This is because the Reserve Bank of India (RBI) has stricter regulations and has tightened lending standards for banks...
FDI opportunities for India

AIFs provide safety in numbers for FDI

By Rohit Jain and Roopal Bajaj, Singhania & Co
Foreign Direct Investment (FDI) is significant for the global economy and is also critical to India’s economic advancement. Defying worldwide sluggish performance, India has seen sustainable macro-level growth. This has offered various investor classes...
Lumiere Law partners left

Turbulence at Lumiere as exodus of legal talent continues

Tough times are continuing at Lumiere Law as three partners, along with their teams, leave to join DMD Advocates, while partner Dhruv Gupta heads to Trilegal. Vihang Virkar, Monika Deshmukh and Ayesha Rai, along with...
Shishir-Vayttaden-launches-new-fiction-book,-Kill-the-Lawyers-cover

Shishir Vayttaden launches new fiction book, Kill the Lawyers

Cyril Amarchand Mangaldas senior partner Shishir Vayttaden has published a new book, Kill the Lawyers, on his tales of corporate chicanery. Vayttaden’s earlier book was a non-fiction commentary on the SEBI (Substantial Acquisition of Shares...
India Business Law Journal

Powering up

Green hydrogen a potent futureb source of clean energy In mid-August this year, the Ministry of Power and New and Renewable Energy came out with a national green hydrogen standard that defined the emission threshold...
Regulating ‘finfluencers’

Consultation on move to regulate ‘finfluencers’

In a move to regulate the rapidly growing field of financial influencers, the Securities Exchange Board of India (SEBI) has issued a consultation paper proposing restrictions on the association of SEBI-registered intermediaries and regulated...
SEBI fixed price delisting India

Delisting Roadblock?

Delisting shares under the proposed fixed-price mechanism could be a game changer, but retaining the 90% delisting threshold may derail its effectiveness, writes Freny Patel. In line with global norms, India’s proposal to allow promoters...
Trilegal counsels Muthoot Finance on INR7bn NCD issuance

Trilegal counsels Muthoot Finance on INR7bn NCD issuance

Trilegal advised Muthoot Finance on its Tranche II issue of non-convertible debentures (NCDs) raising INR7 billion (USD 84.12 million). Muthoot Finance’s NCD deal marks one of the initial public issuances after the Securities and Exchange...
SMART ODR portal launches

SMART ODR portal launches

The Securities and Exchange Board of India (SEBI) has introduced an online dispute resolution system to ease dispute settlements in the Indian securities market. This platform, known as the SMART ODR portal – securities market...
mandatory verification market rumours

Mandatory verification of market rumours

India’s top listed companies must investigate and correct market rumours within hours under new rules from the Securities and Exchange Board of India (SEBI). The new Listing Obligations and Disclosure Requirements regulation 30(11) requires listed...
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No green finance framework no sustainable development

By Rajesh K Sehgal, Dentons Link Legal
India’s growing economy faces challenges from climate change and environmental degradation. Its target, under the Paris Agreement goal, of 450GW of renewable energy (RE) capacity by 2030 needs investment of USD30-40 billion annually. Transitioning...
IPO listing timelines

Proposal to shorten IPO listing timelines

The Securities and Exchange Board of India (SEBI) has proposed reducing the time between initial public offerings and company share listings. Under the plan, the listing period would be shortened from six days to...
fractional ownership platforms

Regulating RE fractional ownership platforms

The Securities and Exchange Board of India (SEBI) is planning its next steps on proposed regulation for web-based platforms that offer fractional ownership of real estate assets. It aims to promote the development of...

A finance and technology GIFT to investors

By Rohit Jain and Kunal Sharma, Singhania & Co.
The Gujarat International Finance Tec-City (GIFT City) was conceived as an International Financial Services Centre (IFSC), offering international connectivity and a business-friendly environment. It is the only greenfield smart city in India set up...

Fractional ownership – A piece of the action

Fractional ownership is a new buzz phrase in India's real estate market gaining popularity with retail investors looking for lucrative projects. Amit Aggarwal, a senior partner at SNG & Partners, and Devyani Dhawan, an...
Responsible investing in private equityvideo

The challenges of impact investment facing PE investors

By Vandana Pai and Ayush Jain, Bharucha & Partners
Globally, private equity investors have been a driving force for economic growth, and have recently been adding responsible investments to their portfolios. This is driven by factors such as climate change, regulatory developments, and...
Expansion-of-QIB-definition-proposed-L

Expansion of QIB definition proposed

The Securities and Exchange Board of India (SEBI) has proposed to broaden the definition of qualified institutional buyer (QIB) for investing in debt securities. According to the stock exchange regulator, the move will encourage participation...

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