SEBI Cannot Reject Requests Affecting Rights Through Cryptic Communications: SAT Mumbai

The Mumbai Bench of the Securities Appellate Tribunal (SAT) on 8 July held that the Securities and Exchange Board of India (SEBI) cannot reject a request to withdraw an open offer through a cryptic communication, as any decision having civil consequences must be supported by reasons. Presiding Officer Justice P.S. Dinesh Kumar with Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar allowed the appeal filed by Marwadi Chandarana Intermediaries Brokers Ltd against SEBI's communication...

NSE Chief Performs Public Duty; Delhi High Court Rejects Former CEO Chitra Ramkrishna's Challenge To PC Act

The Delhi High Court on Thursday held that the Managing Director and Chief Executive Officer of the National Stock Exchange performs a public duty in which the public at large is invested. It dismissed former NSE chief Chitra Ramkrishna's challenge to the constitutional validity of provisions of the Prevention of Corruption Act, the sanction granted for her prosecution, and the criminal proceedings arising out of the NSE co-location case. A division bench of Justice Navin Chawla and Justice...

SEBI Replaces Annual Custodian Fee Regime With Monthly Payments, Effective October 1 2026

The Securities and Exchange Board of India (SEBI) on 3 July notified the SEBI (Custodian) (Amendment) Regulations, 2026, replacing the existing annual fee mechanism for custodians with a monthly fee payment system. The amendments will come into force on 1 October 2026. Under the amended regulations, custodians will pay Rs. 85,000 per month or 0.0000416 per cent of their assets under custody, whichever is higher, instead of the existing annual fee of Rs. 10 lakh or 0.0005 per cent of assets...

SEBI Allows Depositories To Use 5% of IPF Investment Income For Administrative Expenses

The Securities and Exchange Board of India (SEBI) on Tuesday allowed depositories to utilise up to 5% of the annual interest or income earned from Investor Protection Fund (IPF) investments towards specified administrative and statutory expenses. This replaces the existing requirement that the entire interest or income earned from such investments be treated as part of the IPF corpus.The revised norms will come into effect from September 1, 2026. SEBI said the review was undertaken after...

SEBI Tightens Buyback Framework, Introduces 15% Limit On Stock Exchange Route From 1 August

The Securities and Exchange Board of India (SEBI) on 1 July notified the SEBI (Buy-Back of Securities) (Amendment) Regulations, 2026, introducing changes to the framework governing share buybacks. The amendments will come into effect from 1 August 2026. The amendments cap stock exchange buybacks at less than 15% of a company's paid-up capital and free reserves. SEBI has also restricted companies from making another buyback offer within the period prescribed under the Companies Act, 2013, from...

Former Lakshya Promoter Moves SAT Against SEBI's Approval Of Learnfluence Education IPO

Former Learnfluence Education Limited promoter Adheesh Damodaran has approached the Securities Appellate Tribunal challenging the Securities and Exchange Board of India's approval of the company's proposed Initial Public Offering (IPO). Learnfluence Education Limited operates the Lakshya Indian Institute of Commerce coaching platform.The appeal came up before a Bench comprising Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar. After...

SEBI Revises Framework For Clients' Unpaid Securities Held By Trading Members

The Securities and Exchange Board of India (SEBI) on 25 June amended the framework governing the handling of clients' unpaid securities by Trading Members, citing regulatory developments and operational challenges under the existing regime. SEBI said regulatory changes, including the mandatory pay-out of securities to clients' demat accounts, and evolving market practices necessitated a revision of the framework. It also took into account stakeholder representations highlighting implementation...

SEBI Launches Settlement Helpdesk To Assist Applicants In Filing Settlement Applications

The Securities and Exchange Board of India (SEBI) has introduced a Settlement Helpdesk Facility aimed at assisting applicants and prospective applicants with the procedural aspects of filing settlement applications.In a press release issued on July 1, SEBI stated that the helpdesk would address settlement-related queries and guide applicants through the procedure for filing settlement applications.The regulator said the facility would help applicants file settlement applications, calculate the...

NSEL Moves Supreme Court Against HC Order Refusing Joint Trial In CBI Cases Over Alleged Payment Crisis

National Spot Exchange Ltd (NSEL) has moved the Supreme Court challenging the Bombay High Court's March 27, 2026 judgment refusing to direct a joint trial in two CBI cases arising out of the alleged NSEL payment crisis.NSEL argues that the cases stem from the same alleged fraudulent paired contracts. It says they involve the common accused, witnesses, and documents. The special leave petition, filed on June 19, 2026, is yet to be listed. The dispute concerns two CBI Special Cases pending...

Delhi High Court Holds NSE Is Public Authority Under RTI Act, Upholds 2010 Ruling

The Delhi High Court on Wednesday upheld a 2010 ruling declaring the National Stock Exchange (NSE) a public authority under the Right to Information Act. It held that the exchange must be regarded as having been established or, at the very least, constituted by an order of the Central Government because governmental recognition is required for a stock exchange to function and the recognition order is issued by the Securities and Exchange Board of India (SEBI) as the Central Government's...

SEBI Fines A Holiday Club Company's Directors ₹1.10 Crore For Unregistered Collective Investment Scheme

The Securities and Exchange Board of India (SEBI) has imposed a ₹1.10 crore penalty on four directors of Citrus Check Inns Limited, a holiday club company that marketed holiday plans. The regulator held that the company operated an unregistered collective investment scheme (CIS) and engaged in fraudulent and unfair trade practices.The order was passed by SEBI Adjudicating Officer N. Murugan against Omprakash Basantlal Goenka, Prakash Ganpat Utekar, Venkatraman Natarajan and Narayan Shivram...

SEBI Proposes Uniform 75% Investor Consent Threshold For AIFs

The Securities and Exchange Board of India (SEBI) on Tuesday proposed a uniform approval threshold of 75% investor consent by value for decisions under the Alternative Investment Funds (AIF) framework that require investor approval. The proposal is part of a consultation paper aimed at simplifying investor consent requirements and tightening rules governing conflict-of-interest transactions. The regulator said the existing framework prescribes different approval thresholds for different...