SEBI

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI | What could give a ‘semblance of credibility on first blush’, denied on ‘second’| Fraudulent issuance of GDR dealt suitably | Directed to disgorge

Securities and Exchange Board of India (SEBI): S.K. Mohanty (Whole Time Member) in a detailed 92 paged order, barred six individuals and

Case BriefsTribunals/Commissions/Regulatory Bodies

SAT | Separate penalties by the stock exchanges can be imposed | While positing, rejects appeal

Securities Appellate Tribunal (SAT): A Coram of Tarun Agarwala, J., (Presiding Officer) and M.T. Joshi, J., (Judicial Member) while dismissing an appeal

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI | ‘Diligence is due diligence done diligently’-Impliedly volumed | Recommendations revised attributing to the gravity of the lapses

Securities Exchange Board of India (SEBI): G Mahalingam, (Whole Time Member) while revising the recommendations made by the Designated Authority (DA) considering

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI | On account of active and willful issuance of fake and bogus contract notes, stockbroker registration cancelled

Securities and Exchange Board of India (SEBI): G. Mahalingam (Whole Time Member), while exercising powers conferred under Section 12(3)  read with Section

Case BriefsHigh Courts

Ker HC | Inappropriate for Court to interfere with statutory proceedings at show-cause stage; HC dismisses petition against SEBI

Kerala High Court:  N. Nagaresh, J., addressed the instant petition filed by a Non-Banking Finance Company to challenge show-cause notices issued by

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI grants an exemption to ‘Pantone’ from takeover norms with respect to acquisition of shares in Tata Communications Ltd.

Security and Exchange Board of India (SEBI): S.K. Mohanty, (Whole Time Member) had granted exemptions to Pantone Finvest Ltd., from complying with

Case BriefsTribunals/Commissions/Regulatory Bodies

SAT | Selling only one share per transactions despite having adequate holding creates false misleading appearance of trading in the securities market and is violative of Regulation 3 and 4 of PFUTP Regulations

Securities Appellate Tribunal (SAT): Justice Tarun Agarwala, Presiding Officer, Dr C.K.G. Nair  Member and Justice M.T. Joshi, Judicial Member affirmed the impugned

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI bans Kishor Biyani and other promoters of FRL from securities market; Rs 17.78 crore to be disgorged for the wrongful gains made by them

Security and Exchange Board of India (SEBI): Ananta Barua, (Whole Time Member) found Chairman of Future Group, Kishor Biyani and its other

Case BriefsTribunals/Commissions/Regulatory Bodies

Noticing “unauthorised activities”, SEBI passes ex parte order against National Stock Advisory Research prohibiting its activities in stock market

Security and Exchange Board of India (SEBI): Madhabi Puri Buch, (Whole Time Member) issued ex-parte order against National Stock Advisory Research (NSAR)

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI directs HDFC to deposit Rs 158.68 Crore in Escrow Account in BRH Wealth Kreators case; Penalty of Rs 1 Crore imposed

Security and Exchange Board of India (SEBI): G. Mahalingam (Whole Time Member) imposed a penalty of Rupees One Crore on HDFC Bank

Case BriefsTribunals/Commissions/Regulatory Bodies

Ex-parte order passed against TV anchor Hemant Ghai restraining him from trading in securities

Madhabi Puri Buch, Whole Time Member, SEBI in an interim order has restrained Hemant Ghai, co-anchor of a television show Stock 20-20

Case BriefsTribunals/Commissions/Regulatory Bodies

Establishment of direct quantified damage/loss to an investor in personam is not an essential ingredient to prove charges of price manipulation; SEBI explains

Securities and Exchange Board of India (SEBI): S.K. Mohanty, (Whole Time Member) while holding the Noticees liable for manipulative trade practises explained,

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI grants limited relaxation to Noticees for inter alia availing benefits of corporate actions during restraint period

Securities and Exchange Board of India (SEBI): G. Mahalingam, (Whole Time Member) has granted limited relaxations to the noticee, namely N. Ravichandran,

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI | Permitting investors to receive portfolio management services from unregistered entity causes irreparable injury to securities market; SEBI’s objective not only protection of investors but also orderly development of market

Security and Exchange Board of India (SEBI): Madhabi Puri Buch, (Whole Time Member) imposed certain restrictions on GJ Advisory Services and Profit

Legislation UpdatesRules & Regulations

SEBI notifies SEBI (Alternative Investment Funds) (Amendment) Regulations, 2021; Amends ‘General Obligations’ relating to constitution of Investment Committee by the Manager

Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2021 SEBI amends the Securities and Exchange Board of India (Alternative

Legislation UpdatesRules & Regulations

SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2021

Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2021 In Regulation 112 of Securities and Exchange Board

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI | Reliance Industries Ltd. and it’s MD Mukesh D. Ambani found indulged in fraudulent trade practises, an exemplary penalty of Rs 25 crore and 15 crore imposed respectively by SEBI

Security and Exchange Board of India (SEBI): B J Dilip, (Adjudicating Officer) imposed the penalty of 25 crores and 15 crore respectively

Case BriefsTribunals/Commissions/Regulatory Bodies

SEBI | Whether a company be exempted from min. public shareholding requirement and whether requirement of receiving 90% shareholders’ consent for Delisting be relaxed? SEBI replies in affirmative

Security and Exchange Board of India (SEBI): S. K. Mohanty, (Whole Time Member) granted exemptions to the United Provinces Sugar Company Ltd.

Case BriefsTribunals/Commissions/Regulatory Bodies

SAT | The strategy of ‘momentum trading’ is about creating its own momentum inimical to the interest of the securities market and is violative of PFUTP regulations

Securities Appellate Tribunal (SAT):The Bench of Justice Tarun Agarwala (Presiding Officer), Justice M. T. Joshi and Dr C. K. G. Nair Member

Cabinet DecisionsLegislation Updates

Cabinet approves proposal of Securities & Exchange Board of India to sign Bilateral Memorandum of Understanding between India and Luxembourg

The Union Cabinet has given its approval for the proposal of Securities & Exchange Board of India (SEBI) to sign a bilateral