SECURITIES LAW
Role Of Independent Directors In Companies
Governance is the most discussed word nowadays in the corporate scenario, the reasons of which are quite obvious owing to the immense competition and regulatory framework. The concept of multi-national companies and their trans-national operation not only requires strict governance with the domestic laws of the country but also demands assurance of transparent working in the organization. In India, the need for stronger compliance and ethically upright companies was observed after the...
Evolution Of Corporate Governance In India
India, today, is a widely preferred business location for companies all over the world because of its robust regulatory framework, sustainable environment and a polished talent pool. However, was this the case in the earlier days after independence too? The answer, without any thinking is, a clear 'No'. So, what has made a difference? The answer to this question is the advancement that has been constantly and promptly captured and curated in the corporate governance sphere. Decades ago,...
'CBI Has Guts To Not Appear Before Us?' : Supreme Court Questions CBI's Absence In Plea For Probe Against Indiabulls Housing Finance
The Supreme Court today(July 21) passed strong critical oral remarks against the Central Bureau of Investigation (CBI) for not entering appearance in a case concerning allegations of serious illegalities, including round-tripping of funds, violations of provisions of the Companies Act, and siphoning of funds committed by the promoters of Indiabulls House Finance Limited (renamed as...
SEBI Act | Interest On Unpaid Penalty Applicable Retrospectively, Liability Accrues From Adjudication Order : Supreme Court
In a case involving SEBI's imposition of interest on unpaid penalties, the Supreme Court recently held that interest on unpaid penalty amounts can be applied retrospectively and the defaulter's liability to pay interest shall accrue from the date of expiry of the period specified in the assessment order.No separate demand notice, after the liability is crystallized in the assessment order,...
The Panoramic View Of The NSE Co-Location Case
The 'NSE co-location' case is a security market scam that surfaced owing to the courage of a whistle-blower in 2015, in which some brokers and National Stock Exchange (“NSE”) officials were involved in sabotaging the system for securing gains during the market trade. The first question which arises in this instance is – What do we mean by 'co-location' in this regard? Co-location is a service given by the NSE allowing trading members to have their own servers within the exchange's data centre,...
The DRHP Rulebook: Volume II – Our Business And Industry Overview
When the story of an IPO begins, it sprouts from context and credibility. Volume I of The DRHP Rulebook, explored the Risk Factors chapter - the issuer's structured confession of vulnerabilities and regulatory red flags. This second installment advances that journey, shifting from disclosures of risk to disclosures of reality: the Industry Overview and Our Business chapters.These twin chapters don't just describe, they define. The former maps the issuer's external ecosystem; the latter, the...
“More Likely Than Not”: Preponderance Of Probabilities In Indian Securities Law
Imagine a trading floor “part war room, part theatre” where numbers flicker like sparks from a live wire. In this high-stakes arena, fortunes are made in milliseconds. But beneath the surface, unseen hands tilt the scales. Insiders whisper tips behind encrypted screens, manipulators stage trades that mimic genuine demand, and every move is cloaked in digital smoke.For SEBI, finding a smoking gun (direct evidence) in the form of a damning message, a recorded call, a confessional slip is nearly...
Singhania & Co. Acted As Legal Advisors To Shivalik FundO n Its First Investment Of Usd 5 Million In Real Estate Projects Across Ahmedabad
Singhania & Co. acted as legal advisors for Shivalik Fund a SEBI-registered Category II Alternative Investment Fund (AIF), in its first investment of USD 5 million in real estate projects across Ahmedabad, Gujarat. This landmark deployment marks a strategic milestone in Shivalik Fund's growth trajectory, setting a strong precedent for future real estate investments and reaffirming its commitment to delivering value-driven, high-impact assets through the AIF route.SEBI-Registered Shivalik...
The Gatekeeper: Compliance Officer
In the high-stakes corridors of corporate compliance, Unpublished Price Sensitive Information (“UPSI”) is a storm . The legal and regulatory wreckage left behind when Compliance Officers forget (or fumble) fundamental duties. Through a series of landmark enforcement actions, the article dissects the anatomy of lapses: ignored notices, “deemed closures,” pre-clearance gone rogue, and Compliance Officers i.e. “the Gatekeepers” caught on the wrong side of their own rulebook. Even when the ...
SEBI-Imposed Penalty Qualifies As A 'Fine' & Is An 'Excluded Debt' U/S 79(15)(A) Of IBC: NCLAT Chennai
The National Company Appellate Tribunal (NCLAT), Chennai Bench, comprising Justice Sharad Kumar Sharma (Member-Judicial) and Jatindranath Swain (Member-Technical), has upheld a decision passed by the Adjudicating Authority (NCLT, Hyderabad), admitting an application filed under Section 122(1) of the IBC, 2016. The Adjudicating Authority has earlier held that the penalty imposed by the...
Beneath Tip Of The Iceberg: Defenses For Insider Trading
Defenses against the charge of Insider Trading, much like an iceberg, reveal only a fraction of its true form above the surface. What is seen and codified is but a sliver of what actually exists. On paper, SEBI (Prohibition of Insider Trading) Regulations 2015 (“2015 Regulations”) appear to offer a neatly defined framework, with Regulation 4(1) categorically stating that trading when in possession of UPSI would attract the charge of Insider Trading and the Explanation thereof latches a...