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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...
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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

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

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...

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:...

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...