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, is required to be issued by SEBI, the Court said."Under section 220(1) read with section 28A of the SEBI...

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 SEBI will come under the ambit of 'fine' and will be treated as the 'excluded debt' for the purpose of...

Bombay High Court Stays Special Court Order Directing Registration Of FIR Against Ex-SEBI Chief Madhabi Puri Buch, Other BSE Officials

The High Court observed that the Special Judge passed the order 'mechanically'.

Bombay HC 'Disappointed' With CBI & Mumbai Police Showing Reluctance To Probe Multi-Crore Money Laundering Case; Orders Formation Of SIT

The Bombay High Court recently expressed 'disappointment' over the Central Bureau of Investigation (CBI) and also the Economic Offences Wing (EOW) of the Mumbai Police, both showing 'reluctance' to investigate into the complaints of multi-crore fraud by a company both in India and also several foraging countries.A division bench of Justices Revati Mohite-Dere and Prithviraj Chavan noted that both the EOW as well as the CBI, for the reasons best known to these Agencies, were reluctant to...

Adani-Hindenburg Matter : Supreme Court Affirms Registry's Refusal To Accept Plea To Direct SEBI To Complete Probe

The Supreme Court on January 27 dismissed a litigant's challenge to an order passed by the Registrar of the Court refusing to register his application for direction to the Securities and Exchange Board (SEBI) to file its investigation report in the Hindenburg Research-Adani Group matter.A bench of Justices JB Pardiwala and R Mahadevan passed the order rejecting a Miscellaneous Application filed by Advocate Vishal Tiwari.To recap, on January 3, 2024, while refusing to order SIT/CBI investigation...

Navigating The Neo-Banking Wave: Insights Into India's Digital Financial Future

The novel point of neobanks is that they operate sans physical branches, utilizing dynamic business models and upscale technological tools to improve customers' ease of use, transparency, and service efficiency. The concept of neo-banking emerged in the UK and Germany in 2013 and 2015. It is disputed over when the neo-banks entered the Indian market. Key players like NIYO[1] and PayQ[2] claim to be the initial neobank in the industry. Irrespective of the first entrant, the neo- banking sector in...

SEBI v. Sahara| Supreme Court Asks SEBI To Examine Sahara Group's Proposed JV Agreement For Versova Land

The Supreme Court today (January 8) directed the Security Exchange Board of India (SEBI) to examine Sahara Group's Joint Venture Agreement proposed for developing latter's Versova land in Mumbai and file sealed cover response before the Court. The proposed developer for the project is also ordered to deposit Rs.1000 Crores with the Court in 15 days from today. The bench of CJI Sanjiv Khanna and Justices MM Sundresh and Bela Trivedi was hearing a batch of contempt petitions against Sahara...

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If you are a corporate law enthusiast, you would know how important/relevant is the knowledge of Company Law & SEBI Regulations practice. The major chunk of functioning of law firms dealing with the corporate side of law rests on company law and thus it becomes imperative for any law student, lawyer, company secretary, transaction lawyer, compliance lawyer, Independent advocate or anyone seeking to work in a corporate firm to gain theoretical & practical knowledge on company law ...