SECURITIES LAW
Supreme Court Dismisses Riddhi Siddhi Appeal Against SAT Order In SEBI Delisting, MPS Norm Violations Case
The Supreme Court recently dismissed appeals filed by Riddhi Siddhi Gluco Biols Limited against the Securities Appellate Tribunal's order upholding SEBI's findings of violation of minimum public shareholding norms, non-disclosure of promoter group entities, and fraudulent trading in the company's scrip during a proposed delisting process, holding that no substantial question of law arises for consideration.A division bench of Justice Sanjay Kumar and Justice K. Vinod Chandran refused to...
SEBI Amends ICDR Regulations, Revises Disclosure Requirements For Abridged Prospectus
The Securities and Exchange Board of India (SEBI) has amended the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, by notifying the SEBI (ICDR) (Amendment) Regulations, 2026, on 16 March.Under the amended regulations, a draft abridged prospectus must be submitted along with the offer documents and filed with SEBI and the stock exchanges. The abridged prospectus is required to be made available on the websites of the issuer, SEBI, stock exchanges, and lead managers, and must...
SEBI Allows Processing Of Vishvaraj Environment IPO Documents After RBI Regularises Violations
The Securities and Exchange Board of India (SEBI) on Friday disposed of proceedings initiated in relation to the proposed Initial Public Offering (IPO) of Vishvaraj Environment Limited, observing that the regulatory violations flagged by the Reserve Bank of India had been subsequently regularized.SEBI's Whole Time Member Kamlesh Chandra Varshney passed the order.“The department is advised to process the offer documents in regular course and carry out their due diligence as done in any other...
JP Morgan Chase Bank Settles SEBI Proceedings Over FPI Regulation Violations For ₹34.42 Lakh
US-based banking major J.P. Morgan Chase Bank on Friday settled proceedings that may be initiated with the Securities and Exchange Board of India in relation to alleged violations of Foreign Portfolio Investor (FPI) regulations upon payment of Rs 34.42 lakh as a settlement amount.The order was passed by Whole Time Members Kamlesh Chandra Varshney and Amarjeet Singh in exercise of powers under the SEBI Settlement Regulations.JP Morgan Chase Bank had filed a suo motu settlement application under...
SEBI Penalises 18 Entities ₹2.8 Crore For Manipulating RGRL Scrip Through Telegram Stock Tips
The Securities and Exchange Board of India has imposed penalties totalling Rs 2.8 crore on 18 noticees in the matter of Retro Green Revolution Limited (RGRL), in proceedings involving 21 noticees accused of manipulating the company's shares through Telegram stock tips and synchronized trading. SEBI also barred eight noticees from accessing the securities market and ordered disgorgement of Rs 2.94 crore with interest from two noticees linked to the Choksi group, who were found to be the ultimate...
SEBI Proposes To Simplify Nomination Rules For Demat, Mutual Funds; Suggests Cutting Nominee Limit To 4
The Securities and Exchange Board of India (SEBI) has recently issued a consultation paper proposing to simplify nomination norms for demat accounts and mutual fund folios after operational difficulties were reported in implementing its January 10, 2025 circular that had revamped the nomination framework. In the January circular, SEBI had made nomination mandatory for single holders, allowed up to ten nominees, required detailed nominee information, and introduced a facility enabling a nominee...
Diversion Of Preferential Issue Funds For Undisclosed Purpose Amounts To Fraud Under PFUTP Regulations: Supreme Court
The Supreme Court on Tuesday held that diversion of funds raised through a preferential issue for purposes not disclosed in the notice of the Extraordinary General Meeting (EoGM) convened to approve the allotment amounts to a violation of securities law and constitutes fraudulent conduct under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations (PFUTP). A bench of Justices J.B. Pardiwala and K.V. Viswanathan made the ruling while allowing appeals filed by the Securities...
Standard Chartered Bank Settles SEBI Proceedings, Pays ₹57.20 Lakh Over FPI Lapses
Standard Chartered Bank has settled adjudication proceedings with SEBI after paying Rs 57.20 lakh to resolve alleged lapses as a Designated Depository Participant relating to Foreign Portfolio Investors (FPIs).SEBI's Adjudicating Officer Sudeep Mishra passed the settlement order, disposing of the proceedings in terms of SEBI Act, 1992 and SEBI (Settlement Proceedings) Regulations, 2018.SEBI alleged that the bank failed to timely report material changes relating to beneficial ownership of FPIs,...
Supreme Court Refuses To Interfere With Bombay High Court Order Dismissing Plea Against WeWork India IPO
The Supreme Court recently refused to interfere with the Bombay High Court's decision dismissing a challenge to the Initial Public Offering (IPO) of WeWork India Management Pvt Ltd.A Bench comprising Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe dismissed a Special Leave Petition filed by Hemant Kulshrestha, who had alleged deficiencies in disclosures in the offer documents relating to WeWork India IPO.The petition arose from a judgment dated 1 December 2025 of the Bombay High...
Shareholder Ratification Cannot Wipe Out Liability For Violation Of SEBI Regulations: Supreme Court
The Supreme Court on Tuesday observed that violations of SEBI regulations cannot be nullified through shareholder ratification, observing that regulatory breaches affecting multiple stakeholders must face statutory consequences.A bench of Justices J.B. Pardiwala and K.V. Viswanathan while setting aside the order dated June 2, 2022 passed by the Securities Appellate Tribunal, which had set aside penalties imposed by SEBI on Terrascope Ventures Ltd and its directors.“SEBI's Regulations...
SEBI Revises Core Settlement Guarantee Fund Coverage Norms For Commodity Derivatives Segment
The Securities and Exchange Board of India (SEBI) on Monday issued a circular revising the norms related to Core Settlement Guarantee Fund (Core SGF) in the commodity derivatives segment.Under the revised framework, clearing corporations must calculate credit exposure assuming the simultaneous default of at least three clearing members (and their associates) causing the highest credit exposure. Earlier, the framework required credit exposure assuming simultaneous default of at least 2 clearing...