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Issuance of repo directions welcome but barely noticed
The government has often voiced its desire to shift Indian borrowers to the capital markets from banks that are reeling from the burden of non-performing assets. Not only are capital markets better placed to...
Role of sub-broker category discontinued
The Securities and Exchange Board of India (SEBI) issued a circular on 3 August which provides that the sub-broker category (under the SEBI regulations governing stockbrokers and sub-brokers) is discontinued as an intermediary to...
Fine Organics goes public
The initial public offering by Fine Organics Industries required that the company’s financial statements be converted as per the new accounting standards, said a partner at Duane Morris & Selvam, who worked on the...
Malabar snaps up Affle stake before IPO
Under a tight deadline, Malabar Investments was able to purchase a 5-6% stake in Affle India, ahead of its initial public offering according to a partner who advised the investors.
“Since the company was in...
Bond investment guidelines a relief for foreign investors
Circulars on corporate bond investments by foreign portfolio investor (FPIs), issued by the Reserve Bank of India (RBI) on 27 April and 1 May, disconcerted the financial services sector, particularly the provisions restricting investment...
SNA structures permitted
The Securities and Exchange Board of India (SEBI) issued a circular on 24 May permitting segregated nominee account (SNA) structures in international financial services centres (IFSCs) to further ease market access for foreign investors...
Guidelines for InvITs
The Securities and Exchange Board of India (SEBI) has introduced guidelines for listed infrastructure investment trusts (InvITs) registered under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, allowing institutional investors to raise capital by way...
Ministry’s move mystifies financial services sector
India’s financial services sector has attracted significant interest, both from lawmakers and foreign investors. Liberalization of the sector can be traced back to the early 1990s.
Before October 2016, foreign direct investment (FDI) in the...
Deals in brief – May 2018
ELP ADVISES FUTURE LIFESTYLE
Economic Laws Practice (ELP) assisted Future Lifestyle Fashions (FLFL) with the sale of a 10% stake to Singapore-based Spectacular Investments for US$125 million. The transaction is a combination of primary and...
Debt securities guidelines issued for REITs, INVITs
The Securities and Exchange Board of India (SEBI) issued a notification on 13 April providing guidelines for issuance of debt securities by real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). On 15...
Clubbing of investment limits explained
The Securities and Exchange Board of India (SEBI) issued a circular on 10 April clarifying the clubbing of investment limits of foreign government-related entities registered as foreign portfolio investors (FPIs) under the SEBI (Foreign...
Due diligence instructions for foreign investors in India
The Securities and Exchange Board of India (SEBI) issued instructions in relation to carrying out necessary due diligence and reporting for foreign portfolio investors (FPIs) through a circular dated 21 March. The circular was...
Bandhan Bank completes record IPO
Kolkata-based Bandhan Bank has completed a successful IPO on the Bombay Stock Exchange and the National Stock Exchange of India. The issue was oversubscribed 14.5 times and took place in March.
According to Cyril Amarchand Mangaldas,...
Access norms clarified for FPIs
The Securities and Exchange Board of India (SEBI) issued clarifications in respect to investments by certain category II foreign portfolio investors (FPIs), through a circular on 13 March.
The clarifications relate to amendments made on...
Structuring key to Birlasoft, KPIT deal
Birlasoft, a digital business IT services company owned by the CK Birla Group, has joined forces with KPIT Technologies, which focuses on IT consulting and product engineering.
The “unprecedented transaction” involved “a merger, de-merger, a...
FPI limit for interest rate futures
The Securities and Exchange Board of India (SEBI) has allocated a separate limit of ₹50 billion (US$768 million) to foreign portfolio investors (FPIs) for long positions in interest rate futures (IRFs) through a circular...
Markets regulator implements amendments to FPI access norms
The Securities and Exchange Board of India (SEBI) on 15 February notified certain amendments to the SEBI (Foreign Portfolio Investors) Regulations, 2014, by way of a circular, which effected several reforms to facilitate participation...
Supreme Court rules on synchronized trading case
The Supreme Court in a landmark judgement ruled on whether synchronized/reversal trades executed in the futures and options segment of the stock exchange violate the Securities and Exchange Board of India (Prohibition of Fraudulent...
Instruments and options available under FDI route
The past two to three years have been an exciting time to practise private equity law in India with the government heightening its focus on creating a more navigable terrain for foreign investors. Various...
Deals of the Year 2017
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India in 2018
In-house counsel foretell the key issues and developments that will shape the country’s business and legal environment in the year ahead
DIBYOJYOTI MAINAK
India’s ‘start-up boom’ has seen a considerable decline over the last year especially...
Infosys buyback retrieves 113m shares
The buyback of 113 million equity shares by Infosys for US$2 billion required clearances of markets regulators in the US, UK and France in addition to India said a partner at AZB & Partners that advised...
Board releases circular on schemes of arrangement
The Securities and Exchange Board of India (SEBI) issued a circular dated 3 January 2018 giving effect to certain relaxations in the regulatory framework governing schemes of arrangements (which includes mergers/demergers) involving listed companies,...
Conundrum of funding for insurance companies
A flourishing insurance sector is crucial in a developing economy like India. The sector has been in the limelight in recent years – first due to the raising of the foreign investment cap from...
Individual liability and the role of compliance officers
When it comes to affixing responsibility for contraventions by companies, certain individuals are held liable under most Indian laws. The Companies Act, 2013, also imposes liability on an “officer who is in default”. In...
Shot in the arm for ‘Bharat’
A new fund – Bharat 22 ETF – has boosted the government’s disinvestment programme. Who were the legal advisers and what was their role? Rebecca Abraham reports
The “government has no business to be in business”,...
Axis Bank to raise big bucks with investors
Axis Bank, India's third-largest private sector bank, will accept one of the largest private equity investments in the Indian banking sector if its capital raising exercise is approved at the extraordinary general meeting on 8 December.
The...
RBI implements new foreign exchange regulations
The Reserve Bank of India (RBI) on 7 November issued the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 (TISPRO Regulations). The new TISPRO regulations supersede...
General Insurance holds biggest IPO since 2010
An initial public offer (IPO) to raise ₹113 billion (US$1.7 billion) by the country’s only reinsurance company General Insurance Corporation of India (GIC Re) was the largest since Coal India’s 2010 IPO. With the...
Will easier M&A for stressed companies cause any stress?
With a view to facilitate turnaround of listed companies in distress and for the benefit of their shareholders and lenders, the Securities and Exchange Board of India (SEBI) on 14 August approved amendments to...
Corporate bond investment limits: Changes make sense
On 20 July, foreign portfolio investors (FPIs) and investors in rupee denominated bonds (RDBs) got an unwelcome surprise in the form of a circular from the Securities and Exchange Board of India (SEBI) that...
Know your customer and Aadhaar: The way forward
The necessity of financial institutions undertaking “know your customer” (KYC) checks on clients participating in the financial markets has been well established across the globe. The purposes of such KYC checks include preventing illicit...
New cross-border regime: Analysis and observations
In April this year, the Ministry of Corporate Affairs (MCA) brought into force section 234 of the Companies Act, 2013, which permits cross-border mergers. Simultaneously, the MCA in consultation with the Reserve Bank of...
Exchanges can launch GIFT derivatives
The Securities and Exchange Board of India (SEBI) has given approval to the Bombay Stock Exchange’s India INX and the National Stock Exchange’s NSE IFSC to launch derivatives on an additional 33 and 52...
Key concerns for minority investors in listed companies
Private equity and other investors (strategic or otherwise), while making minority investments in a listed company (listco), have to navigate a myriad of regulations including the Securities and Exchange Board of India (Listing Obligations...
Trading in commodity derivatives and other securities integrated
The Securities and Exchange Board of India on 13 July notified the omission of regulation 18C of the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992. Regulation 18C provides that a stockbroker engaged in buying,...
Category III AIFs may invest in commodity derivatives
The Securities and Exchange Board of India through Circular No. 61 dated 21 June allowed for the participation of category III alternative investment funds (AIFs) in the commodity derivatives market subject to the following...
IPO lock-in norms for category II AIFs eased
The Securities and Exchange Board of India announced on 21 June that the existing exemption of the one-year lock-in obligations for an initial public offering, which is available to category I alternative investment funds...
Compliance issues under insider trading regulations
Since the introduction of the new insider trading regime in 2015, India’s securities market has seen a number of changes in terms of processes and controls for transactions and also with regard to routine...
Slow road takes its toll
Working through regulatory uncertainties was vital to pulling off the maiden issue by an infrastructure investment trust. Rebecca Abraham reports
On 5 May IRB InvIT Fund became the first infrastructure investment trust (InvIT) to raise...
Bustling market
Liberalization and reforms fuel record-breaking M&A activity, writes Nandini Lakshman
The year 2016 saw a swell in the number of India-related mergers and acquisitions thanks to a series of changes. A more liberalized foreign direct...
Education company scores a first with IPO
AZB & Partners advised S Chand and Company – and three promoters and four other selling shareholders – on its recent ₹7.3 billion (US$ 113 million) IPO. The firm’s team comprised Delhi-based partners Madhurima...
Changes proposed for offshore derivative instruments
The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing: (1) to levy regulatory fees on foreign portfolio investors (FPIs) issuing offshore derivative instruments (ODIs); and (2) to prohibit the...
Practical implications of trading window closure
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations), restrict “insiders” from dealing in listed (or to-be-listed) securities when in possession of unpublished price sensitive information (UPSI). Any...
Board evaluation: A step towards greater governance
Quis custodiet ipsos custodes? (Who will guard the guardians?) – Juvenal
Since the introduction of clause 49 in the Listing Agreement more than a decade ago, the Securities and Exchange Board of India (SEBI) has...
Corporate governance and upside sharing agreements
Upside sharing agreements (otherwise referred to as compensation agreements) are arrangements which are sometimes entered between an investor (usually a private equity investor) and the promoters and/or management of a listed company with an...
Issues related to written-off securities clarified
The Securities and Exchange Board of India (SEBI) through its circular dated 2 January has clarified that proceeds arising due to a write-off of securities held by foreign portfolio investors (FPIs) or deemed FPIs...
Stock exchange co-location facility guidelines reviewed
Through a circular dated 1 December 2016, the Securities and Exchange Board of India (SEBI), in consultation with the Technical Advisory Committee, reviewed certain provisions relating to guidelines to be followed by stock exchanges...
Maiden Stock exchange IPO
Four law firms – three Indian and one international – shared the honours as advisers on the recent IPO of BSE (the Bombay Stock Exchange), which was oversubscribed 51 times and netted US$184 million....
Foreign portfolio investors still waiting for easier entry
To deepen the Indian corporate bond market and broaden the sources of funding available to Indian borrowers, the 2016-17 budget announced that foreign portfolio investors (FPIs) would be allowed to invest in unlisted debt...
Regulatory view of ‘control’ puts investors in catch-22
Historically, “control” in corporate parlance has been understood as positive control. As per a 2009 press note from the Department of Industrial Policy and Promotion, control means the power to appoint a majority of...
A push for procedural certainty
Gowree Gokhale and Jaideep Reddy analyse the problems of delegated legislation and suggest ways to resolve them.
While the constitution and central and state statutes are the basis of India’s legal regime, delegated (or subordinate)...
Deals of the year 2016
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Deals of...
The wisdom (or lack of wisdom) of the crowd
India’s underserved debt and equity investment markets have seen a proliferation of specialized lenders creating avenues for capital that used to be stashed under beds to be put to better (hopefully) and riskier (definitely)...
Issues in reclassification of listed companies’ promoters
In India, a promoter is generally understood as a person in control of a company. A change in the promoter of a listed company is perceived as sufficiently significant to affect the company’s share...
Bombay Stock Exchange faces legal and regulatory hurdles
The Bombay Stock Exchange and the National Stock Exchange of India are gearing up for their own listings but they still face legal and regulatory hurdles.
Nandini Lakshman reports
For quite some time, the highly profitable stock exchanges...
Venture capital investors get clarifications
Earlier this year, the Reserve Bank of India (RBI) amended schedule VI of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (TISPRO regulations), which govern...
Municipal bonds as a way to fund smart city projects
Government grants and multilateral agency loans will cover a mere fraction of the total cost of India’s Smart Cities Mission projects. Thus various other sources of financing are being encouraged, including municipal bonds (muni-bonds)....
Rules for overseas debt instruments clarified
In a circular on 29 June, the Securities and Exchange Board of India issued a clarification stating that those who have subscribed to overseas debt instruments (ODIs) under foreign institutional investor regulations can continue...
Share sales via exchange: Decoding the mechanism
Through a notification dated 24 March 2015, the Securities and Exchange Board of India (SEBI) amended its Buy Back of Securities Regulations, 1998, Substantial Acquisition of Shares and Takeovers Regulations, 2011, and Delisting of...
Key aspects of legal regime for employee stock options
The grant of employee stock options has become a common tool used by employers around the world to retain talent. Under employee stock options schemes (ESOS), employees are granted options that give them a...
Update on assured return for foreign investors’ exit
India has been one of the hot destinations for global financial investors, and private equity and venture capital investment has been the most popular route for foreign investments in India. What is of paramount...
5 key parameters to set up alternative investment funds
Venture capital (VC) fundraising and deals have a promising outlook particularly with the government’s desire to create an ecosystem in which entrepreneurs can mushroom. For this to happen, one cannot rely solely on funds...
Budget 2016: Good times ahead for bond markets?
While the Indian corporate bond market has become more active in the private placement segment in the past few years, the market’s overall development has been ad hoc. This situation seems set for a...
Enforceability of options has seen positive evolution
The past few years have witnessed sluggish primary market activity and few startups and mid-size companies have taken effective steps towards going public. In this environment, one of the typical exit strategies that assumes...
Capital markets curbs imposed on wilful defaulters
In line with its objective of restricting access by wilful defaulters to the capital markets for raising funds from the public (as specified under the master circular on wilful defaulters issued by the Reserve...
Companies Act suggestions: A step in line with the times
India’s Companies Act, 2013, has had a chequered and a sluggish start. While it received presidential assent on 29 August 2013 and appeared in the official gazette the next day, only 98 of its...
The curious case of FAQs
Ipsita Dutta takes a look at clarifications issued by financial regulators and how to pre-empt the risks they pose
The Indian financial sector has seen a steady rise in the number and scope of regulations,...
Sea change
The world of offshore opportunities for India-related business is undergoing a transformation that may set tried and tested relationships adrift, writes John Church
It used to be that when you mentioned India and offshore investment...
Insights into changes in the insider trading regulationsc
The Securities and Exchange Board of India (SEBI) has taken further steps to curb insider trading by issuing the SEBI (Prohibition of Insider Trading) Regulations, 2015, effective from 15 May 2015. Insiders, including those...
IRDAI regulations on ‘other forms of capital’ notified
The Insurance Regulatory Development Authority of India (IRDAI) has notified the IRDAI (Other Forms of Capital) Regulations, 2015, permitting the issuance of “other forms of capital” such as preference share capital or subordinated debt...
Procedures for compliance by listed exchanges
The Securities and Exchange Board of India (SEBI) issued a circular on 1 January outlining the procedures for ensuring compliance with the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 (SECC regulations),...
Alternative fund rules and the push to ‘Make in India’
The government’s flagship “Make in India” project is aimed at reviving economic growth and making India a manufacturing hub, with the cascading effect of job creation at all levels across urban and rural India....
Deals of the Year 2015
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Deals of the year 2020
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Rights of the media
Pre-censorship law in India has important ramifications, argue Jasleen Oberoi, Surbhi Mehta and Deepro Guha
Freedom of the press emanates from article 19(1)(a) of the Constitution of India, which guarantees freedom of speech and expression...
Listing venue for startups: Issues and way forward
India is seeing a boom in private investments in e-commerce and technology startups and a large number of funds have invested billions of US dollars in such online companies. Most of these private equity...
A work in progress
Disclosure and due diligence obligations in India are evolving, say Varoon Chandra and Lionel D’Almeida
The Securities and Exchange Board of India (SEBI) is the primary regulator of equity and debt offerings by Indian companies....
Chasing capital
As India’s equity markets stir, Nandini Lakshman investigates some of the recent deals, reveals the law firms that guided them and asks what’s in store for cash-hungry companies
It has been a modest but eventful...
Early days for InvITs
Infrastructure investment trusts have great potential, but as Vishal Yaduvanshi explains, changes are necessary
The Securities and Exchange Board of India (SEBI) introduced infrastructure investment trusts (InvITs) with the notification of the SEBI (Infrastructure Investment...
Reinforcing obligations
New listing regulations are a step in the right direction. Priyanka Kumar and Sohrab Khushrushahi explain why
The Securities and Exchange Board of India (SEBI) notified the Securities and Exchange Board of India (Listing Obligations...
Restrictions on foreign investment by AIFs and VCFs
On 1 October, the Securities and Exchange Board of India (SEBI) issued a circular dealing with regulatory restrictions concerning overseas investments by alternative investment funds (AIFs) and venture capital funds (VCFs) which are registered...
Municipal bonds offer one creative financing solution
The capital requirements for developing smart cities over the next two decades are staggering. While some funding will be available from the central and state governments and urban local bodies (ULBs) for the initial...
Listing and disclosure rules consolidation: A good step?
The Securities and Exchange Board of India (SEBI) notified the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on 2 September. The regulations are designed to consolidate all post-listing requirements applicable to entities that...
Share-based employee benefits rules amended
On 18 September, SEBI notified an amendment to the SEBI (Share Based Employee Benefits) Regulations, 2014.
An employee under regulation 2(1)(f) was previously defined as: (i) a permanent employee of the company who has been...
Issue of capital and disclosure rules changed
On 10 September, the Securities and Exchange Board of India (SEBI) notified an amendment to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
Schedule XI, part A, paragraph (10), clause (b), sub-clause (iii)...
Foreign investors to see more change on options
The regulatory regime governing optionality clauses in India has seen a history of restrictions and uncertainties, leading to ambiguities on their enforceability. A notification issued by the Securities and Exchange Board of India (SEBI)...
Institutional Trading Platform
The Securities and Exchange Board of India (SEBI), at its board meeting on 23 June, revised the regulatory framework of the Institutional Trading Platform (ITP) to enable it to accommodate a larger number of...
Uncovering the real deal
Recent experience suggests the process of conducting due diligence is not taken seriously enough in India. Nandini Lakshman reports
Differences between buyers and sellers after a deal is done are not unusual. But the recent mud-slinging between...
Price discovery of delisting offers: Time for a change
The Securities and Exchange Board of India (SEBI) has recently amended the Takeover Regulations providing potential acquirers who trigger a mandatory tender offer an opportunity to directly delist the company. This helps avoid the...
Issue of capital and disclosure rules amended
On 5 May SEBI also notified the SEBI (Issue of Capital and Disclosure Requirements (Second Amendment) Regulations, 2015, to amend the 2009 regulations.
The amendment made to regulation 70 exempts from the scope of chapter...
Takeover regulations amended
On 5 May the Securities and Exchange Board of India notified the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2015, to amend the 2011 regulations.
Regulation 10, which provides for exemptions to...
Zuari wins control of UB Group unit
Shardul Amarchand Mangaldas & Co advised Zuari Fertilisers & Chemicals and Zuari Agro Chemicals when it completed its second open offer for Mangalore Chemicals & Fertilizers (MCFL), which was part of the UB Group. The firm has been advising the...
Trial and error
Can the media ever dissect a criminal case without interfering with the judicial process? Amit Vyas examines the issues at stake
Freedom of the media is an integral part of freedom of expression and an essential...
A smooth ride
VRL Logistics steered successfully down the IPO route last month. Other companies are eyeing fundraising opportunities, but will they race ahead or hit regulatory roadblocks? Vandana Chatlani reports
In 1976, Vijay Sankeshwar set up a small...
One step forward two steps back?
Corporate activity is on the increase yet uncertainty persists
The Competition Commission of India is one among several agencies that are seeing evidence of an uptick in corporate activity. Ashok Chawla, the chairman of India’s...
Bank units in international finance centres welcome
The establishment of “international finance centres” – specifically the Gujarat International Finance Tec- City (GIFT) – on par with Singapore and Dubai, received a notable mention in the finance minister’s budget speech on 28...
Voting arrangements in listed companies clarified
The question of acquisition of control in listed companies gets even more complex when voting arrangements come into play. The Securities and Exchange Board of India (SEBI) has considered this previously but its recent...
Red signals on put options turned yellow, soon green?
Not long ago, the validity and enforceability of put options on equity shares and compulsorily convertible debentures and preference shares held by foreign investors, being one of the preferred exit routes, was the biggest...
Dissemination board: Liquidity at all costs!
The Securities and Exchange Board of India (SEBI) in 2008 issued guidelines for regional stock exchanges (RSEs) whose recognition it withdraws or refuses, and RSEs that seek to surrender their recognition. In all such...
A useful comparison
Dear Editor,
I wish to draw your attention to some key points that arise during a comparative analysis of the takeover laws of India and the UK. This will be of interest to readers who...
Investment through IPO in township business company
India’s foreign investment policy prohibits any sort of foreign investment in real estate business. “Real estate” business means dealing in land and immovable property with a view to earning profit or income. However, “township...
Highlights of India’s budget for 2015-16
We highlight below some important changes that were proposed by the finance minister during his budget speech on 28 February:
Reducing corporate tax
The 30% corporate tax for domestic companies is proposed to be reduced in...
FMC and securities regulator merged into single body
Consolidation of the regulation of all markets under a single body has been a long mooted idea dating back to the Wajahat Habibullah Committee in 2003. However, the suggestion of a merger between the...
New insider trading rules: Issues for due diligence
The Securities and Exchange Board of India (SEBI) has recently published the SEBI (Prohibition of Insider Trading) Regulations, 2015, which, once effective, will replace the SEBI (Prohibition of Insider Trading) Regulations, 1992.
An inherent problem...
Proposals to strengthen the clearing corporations
The core of risk management for any clearing corporation (CC) is collateral deposited by the stockbroker or trading or clearing member with the CC. Participants bring risk to the system by way of trades...
Regulation proposed for crowdfunding in India
Crowdfunding is a popular mode for raising funds for startups and entrepreneurs. Simply put, crowdfunding is the solicitation of funds, usually a small amount, from multiple investors through an online platform or through social...
Whipping tipping: ‘Tippee’ now liable as insider trader
Securities regulation is based on the core idea that all investors should have equal access to the rewards of participation in securities transactions. Insider trading is the antithesis to this equal access theory.
Insider trading...
New certainty on trigger for merger control notice?
Under the Competition Act, a merger control notification for an acquisition must be filed within 30 days of execution of any agreement or “other document”. The term “other document” has been explained under the...
Rewarding whistleblowers: Arguments for and against
In what is by far the largest whistleblower bounty under the Dodd-Frank Act’s whistleblower provisions, the US Securities and Exchange Commission (SEC) on 22 September 2014 awarded more than US$30 million to a whistleblower...
Pledge of shares in an IPO: Whose skin is it anyway?
It is common practice for listed and unlisted companies to borrow money from banks and other financial institutions to fund their ventures. Banks and financial institutions, which usually deploy public funds, would typically require...
Deals of the Year 2014
Deals of the year 2022
Deals of the year 2021
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Deals of the year 2016
Deals of...
Insider trading regulations overhaul: What to expect
The Justice NK Sodhi Committee has recommended an overhaul of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992, and has put together a set of recommended regulations titled the...
Grossly deceiving receipts: fraud found in GDR
The Securities and Exchange Board of India (SEBI) received alerts about large scale off-market transactions through its market monitoring system. On investigation, it was found that global depository receipts (GDRs) had been issued to...
Modifications to protection fund guidelines
The Securities and Exchange Board of India (SEBI) amended the eligibility criteria for claimants under the Investor Protection Fund (IPF) and Consumer Protection Fund (CPF) guidelines through a circular issued on 29 September.
Following the...
Pulling the strings
Foreign players in newly liberalized sectors can increase their decision making powers and safeguard their investments through creative strategies, even if they don’t have full control. Nandini Lakshman reports from Mumbai
The issue of control of...
Amendments give more teeth to securities regulator
The policy paralysis plaguing India’s regulatory system seems to have abated with the notification of the Securities Laws (Amendment) Act, 2014, on 22 August. The act had already enjoyed two terms in force as...
Overseas investment and bringing in foreign funding
Aspiring Indian investors and investee companies can use the following rules of thumb in various overseas investment scenarios as well as for bringing in private equity investments and external commercial borrowings (ECBs).
Setting up new...
Too fat, too fast: Dilemma posed by erroneous trades
In May 2010, when the Dow Jones industrial average mysteriously dipped 1,000 points in the blink of an eye, the “flash crash” was initially blamed on a “fat-finger” error, possibly from a trader mistaking...
Key points of the Securities Law (Amendment) Act
The Securities Law (Amendment) Act, 2014, came into force on 22 August with the objective of amending the Securities and Exchange Board of India (SEBI) Act, 1992, the Securities Contracts (Regulation) Act, 1956, and...
