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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...

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 of...

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...

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...

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...

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...

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...

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...

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...

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...

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

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 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 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 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 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 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 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

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...

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 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...
Sawant Singh and Aditya Bhargava are partners at Phoenix Legal. Sristi Yadav, an associate

Guidelines for provisional ratings by credit rating agencies

By Sawant Singh, Sristi Yadav and Aditya Bhargava, Phoenix Legal
In November 2016, the Securities and Exchange Board of India (SEBI) issued a circular, requiring credit rating agencies to put in place policies on assigning provisional ratings. To “standardise and strengthen the policies on...
Cryptocurrencies unchained

Cryptocurrencies unchained?

By Anu Tiwari and Anindita Bhowmik, Cyril Amarchand Mangaldas; Rajiv Luthra and Anirudh Gotety, L&L Partners
Since the Supreme Court overturned India's ban on cryptocurrencies, trading volumes have increased exponentially and home-grown crypto startups have blossomed. But the government has yet to establish a regulatory regime, and reports of another...
InvITs continue to evolve in infrastructure M&A, Jay Gandhi and Abhishek Parekh, Shardul Amarchand Mangaldas & Co

InvITs continue to evolve in infrastructure M&A

By Jay Gandhi and Abhishek Parekh, Shardul Amarchand Mangaldas & Co
The infrastructure sector has seen much M&A and private equity activity in recent years. While some sub-sectors have contracted due to the pandemic with a consequent slowdown in M&As, others such as renewable energy...
panacea or problem

Panacea or problem?

SPACS have generated tremendous interest in India, but are these re-emerging investment tools really a practical alternative to IPOs and a panacea for reviving capital markets? And just how tightly should they be regulated?...
Revised regulations on due diligence for listed debentures, Sawant Singh, Aditya Bhargava and Sristi Yadav, Phoenix Legal

Revised regulations on due diligence for listed debentures

By Sawant Singh, Aditya Bhargava and Sristi Yadav, Phoenix Legal
In November 2020, the Securities and Exchange Board of India (SEBI) issued a circular on due diligence to be carried out by debenture trustees on security for listed debentures. The circular prescribed additional obligations...
More liability on the cards for independent directors

More liability on the cards for independent directors

The Supreme Court decision last month that ended the four-year boardroom feud in the Tata-Mistry saga exposes the vulnerabilities of independent directors when they do not agree with promoters. While the 26 March verdict is...
Differential voting rights may finally be accepted, Nisha Mallik and Neha Mirajgaoker, Samvad Partners

Differential voting rights may finally be accepted

By Nisha Mallik and Neha Mirajgaoker, Samvad Partners
Companies that issue shares with differential voting rights (DVR) give those shares increased or decreased voting rights, compared to simple equity issues with one share carrying one vote Regulation(s) have been relaxed for the issue...
With a rise in corporate misdeeds, the courts and the parliament are responding by necessity to the definition and treatment of executive liability in India

Businesses behaving badly

With a rise in corporate misdeeds, India's courts and parliament are rethinking the definition and treatment of executive liability, writes Vikramaditya Khanna India’s economic rise has been accompanied by greater revelations of corporate wrongdoing. Whether...
Increased liabilities for AIF committee members

Increased liabilities for AIF committee members

The Securities and Exchange Board of India (SEBI) recently amended the SEBI (AIF) Regulations, 2012. The amendment introduces several regulatory changes to the framework for governance of alternative investment funds (AIFs) in India. One...

Future legal leaders

India Business Law Journal reveals 50 up-and-coming lawyers who are making a name for themselves in the profession Access The List In a year where leadership has never been a more crucial quality, India Business Law...
Not-Happy

Not happy

Amazon isn't smiling about the proposed Reliance-Future deal, arguing that it will call into question the enforcement of contracts in India. Freny Patel finds out whether its arguments hold water The world’s richest man, Jeff...
Changing regulatory landscape of AIFs, Nivedita Nivargi and Vineetha Stephen

Changing regulatory landscape of AIFs

By Nivedita Nivargi and Vineetha Stephen, Samvad Partners
The regulatory framework governing alternative investment funds (AIF) has recently been amended in important ways, clarifying the regulatory intent of the Securities and Exchange Board of India (SEBI). The first key amendment was the Securities...
India-top-100-lawyers-A-List-2020-cover-image

The A-List 2020

India Business Law Journal reveals the country’s top lawyers and legal icons ACCESS THE A-LIST 2020 Each year, the A-List seeks to recognize India’s most outstanding lawyers. This year required the country’s top lawyers to demonstrate...
debt market Aditya Vikram Dua,Aniket Sawant,SNG & Partners

Trustees to be watchdogs in the debt market

By Aditya Vikram Dua and Aniket Sawant, SNG & Partners
With the aim of improving protection and transparency for investors in debt markets, the Securities and Exchange Board of India (SEBI) by its circulars of 8 October 2020 significantly amended the SEBI (Debenture Trustees)...
multi cap investment diversification

Diversification rule ‘is good for funds’

The Securities and Exchange Board of India (SEBI) in 2017 had mandated multi-cap funds to allocate its investments to the tune of 65% in equity or equity-related instruments in either large, small or mid-cap...
regulatory

Awkward regulatory tango over COVID-19 relief

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The COVID-19 pandemic and its dampening effects on economies has compelled governments and regulators to introduce innovative measures, in particular to restore stakeholder confidence in financial markets. Among Indian regulators, the Reserve Bank of...
relief

Slowing the free fall

Taking stock of the relief measures deployed by regulators to soften the impact of the lockdown. Gautam Kagalwala reports With the COVID-19 outbreak, the government has been fighting on two fronts. It has introduced a...
VC

Virtual currency trade sees challenges with FDI

By Arjun Rajgopal and Akshaya Iyer, L&L Partners
On 4 March 2020, the Supreme Court (court) quashed the Reserve Bank of India’s (RBI) circular of 6 April 2018 prohibiting entities regulated by the RBI from dealing in virtual currencies (VC) or providing...
M&A

What’s in store for M&As in a post COVID-19 economy

By Raghubir Menon and Aditya Parolia, Shardul Amarchand Mangaldas & Co
The economy has come to a halt in the current unprecedented situation. Apart from medical and essential service providers, labour and capital have been idle during the coronavirus-induced lockdown, and the world economy seems...
covid

RBI provides COVID-19 relief; others yet to catch up

By Sawant Singh and Aditya Bhargava, Phoenix Legal
A “black swan event” such as the current COVID-19 crisis is beyond the risk management capabilities of financial institutions as well as regulators such as central banks that oversee them. In such situations, it...
Integrated disclosure Linklaters

Integrated disclosure system needs further clarification

By Arun Balasubramanian, Linklaters
On 21 January 2008, the Securities and Exchange Board of India (SEBI) published a consultation paper on the creation of an integrated disclosure system for Indian public listed companies. The system would enable issuers...
Companies Act

Takeover offer provisions of Companies Act updated

The Ministry of Corporate Affairs has notified section 230(11) and section 230 (12) of the Companies Act, 2013, which pertain to takeover offers in case of an unlisted company, vide its notification dated 3...
family

Securing the family silver

Spooked by domestic tax and regulatory changes, many wealthy Indians are shifting capital overseas. Vandana Chatlani reports In India, business is personal. An estimated 95% of companies are run by families. Promoters of companies...
deals

Deals of the Year 2019

India Business Law Journal reveals the most significant deals and disputes of 2019 and the law firms that worked tirelessly to bring them to fruition The best transactions for the past year in India came...
data

Juggling act

The evolution of the personal data protection bill is influenced by the need to protect the interests of businesses, the government and the individual, writes Yukti Sharma India’s journey to a personal data protection law...
fraud

Auditor’s professional lapses not fraud

By Karthik Somasundram and Sneha Jaisingh, Bharucha & Partners
In January 2018, the Securities and Exchange Board of India (SEBI) banned the accountancy firm Price Waterhouse (PW) from auditing listed companies for a period of two years due to lapses in the audit...
Essar

Something for everyone in the Essar judgment

By Aniket Sawant and Arvind Nagaraj, SNG & Partners
The long-awaited decision of the Supreme Court in Committee of Creditors of Essar Steel India Limited v Satish Kumar Gupta & Ors case comes as a relief for financial creditors, especially those holding security,...
encumbrance

FAQs for encumbrance definition raise concerns

By Yogesh Chande and Preeti Kapany, Shardul Amarchand Mangaldas & Co
The concept of encumbrance was cursorily adopted in the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (takeover regulations). The takeover regulations defined an encumbrance in connection...
Total

Adani Gas sells large stake to Total

Total and Adani have signed definitive agreements to deepen their partnership to supply and market natural gas in India. Total will acquire a 37.4% stake in Adani Gas for ₹61 billion (US$864 million). The...
exchange

Foreign exchange management rules notified

The Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (NDI rules), notified by the central government on 17 October 2019, along with the Reserve Bank of India’s (RBI) Foreign Exchange Management (Debt Instrument) Regulations, 2019,...

Acquisition of companies through share swaps

By Jay Gandhi and Abhishek Parekh, Shardul Amarchand Mangaldas & Co
Analysis of global trends shows that share swap structures have become integral elements in most M&A transactions. The acceptance of stocks as currency for such acquisitions is well established, as Disney’s US$71 billion acquisition...
sandbox

Innovative play in the sandbox

Regulators in this sphere need to be flexible, writes Sanhita Katyal The triad of financial regulators in India – the Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI) and Insurance Regulatory and...
trading

Closing trading windows: To trade or not to trade

By Jabarati Chandra and Pratichi Mishra, S&R Associates
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (Insider Trading Regulations) require listed companies to use a trading window for monitoring trades by designated persons and their immediate relatives....

Sandbox helps businesses and regulators innovate

By Archana Tewary and Arjun David Alexander, J. Sagar Associates
A regulatory sandbox is an enabling interface or infrastructure constructed by a regulator, to conduct live tests on new financial innovations and technology, in which, the regulator may permit certain regulatory relaxations for testing....
Private equity

Watch your step

Steering clear of conflicts of interest can be the difference between life and death for private equity investments, writes PM Devaiah It may be trite to say that trust is the force that drives the...
sandbox

Enter sandbox

Dear Editor, In an article on the regulatory sandbox proposed by the Reserve Bank of India (RBI), Shilpa Mankar Ahluwalia gave a comprehensive overview on the guidelines. While she raised concerns such as restrictive eligibility...
India Business Law Journal

Historic mandate

Challenges abound as India’s new government takes charge Applause for the efficient running of the recent elections has been loud and long. With 900 million potential voters, 12 million polling workers and a million polling...
voting rights

Tipping the balance

SEBI’s discussion paper on the introduction of dual-class shares has divided opinions, reports Mithun Varkey Dual-class shares is a topic that divides opinions globally. It is no different in India, which has vocal opponents and...
投票权

Striking a balance on differential voting rights

By Juhi Singh and Tarinee Sudan, S&R Associates
The Securities and Exchange Board of India (SEBI) recently issued a consultation paper seeking public comments on a proposed regulatory regime for issuance of equity shares with differential voting rights (DVRs) by listed and...
Reserve Bank of India

RBI market abuse directions: A mature development

By Sawant Singh and Aditya Bhargava, Phoenix Legal
In June 2018, in what might have been considered a period of relative stability (given the events that transpired thereafter), the Reserve Bank of India (RBI), in its statement on developmental and regulatory policies,...
india advertising laws

Running in circles

Preeti Balwani evaluates the country's labyrinthine advertising laws and their impact on the industry Advertisements are at the heart of commercial speech, which the Supreme Court has held is a part of freedom of speech...
real estate infrastructure trust listings guidelines

Guidelines for real estate, infrastructure trust listings

The Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (InvIT regulations) and the SEBI (Real Estate Investment Trusts) Regulations, 2014 (REIT regulations) were amended on 22 April 2019 which reduced the...
Vodafone raised largest rights issue

Vodafone Idea raises US$3.5 billion in country’s largest rights issue

Vodafone Idea raised ₹250 billion (US$3.5 billion) in the largest ever rights issue in the country. This is the first capital raising by Vodafone Idea after the merger of Vodafone India and Idea Cellular...
India Business Law Journal

Unintended consequences

Fighting online counterfeiting may come at the cost of business Taking action against counterfeiters is a worthy endeavour. Yet the chances of total victory may be slim, not least because the enemy in question has...
inside-out-Ashwinee-Oturkar

Inside out

Ensuring compliance with amended insider trading regulations. By Ashwinee Oturkar At the turn of the year, the Securities and Exchange Board of India (SEBI) notified amendments to the country’s insider trading regulations, bringing about some...
Foreign investors permitted to participate in IFSC commodity derivatives

Foreign investors permitted to participate in IFSC commodity derivatives

On 4 January 2017, SEBI issued a circular prescribing guidelines for the participation or functioning of eligible foreign investors (EFIs) and foreign portfolio investors (FPIs) in International Financial Services Centre (IFSC). The circular stipulated that...
Metropolis IPO a triumph despite regulatory complexity

Metropolis IPO a triumph despite regulatory complexity

Diagnostics chain Metropolis Healthcare completed a ₹12 billion (US$174 million) initial public offering, debuting at a 9% premium to the issue price of ₹880 a share. The issue was a secondary sale of shares...