Incorporating Environment, Social And Governance Norms Into Indian Corporations

Environment, Social and Governance (ESG) norms are a set of standards that provide a framework for the company’s operations to have more accountability and transparency and ensures that the operations follow better governance, environmentally friendly measure and social responsibility. Concerning the Environment, it mainly deals with potential climate risks, carbon footprints, deforestation etc. Social deals with how the companies are dealing with the stakeholders, and employees is their ...

Delegation Of Quasi-Judicial Functions By SEBI To Its Members Is Permissible: Kerala High Court

The Kerala High Court recently held that the Securities and Exchange Board Of India (SEBI) can delegate the quasi-judicial functions of the Board to its members if the statute permits such delegation. The court noted that Section 19 of the SEBI Act permits delegation of the function and power of the Board to its members, except the powers under under Section 29, being the rule making power of the Board.A single bench of Justice V G Arun observed that: “In the Indian context, delegation of...

Adani-Hindenburg : Did The Supreme Court Panel Ask The Right Questions?

To get the right answers, one needs to ask the right questions.The expert committee constituted by the Supreme Court in the Adani-Hindenburg case has made a prima facie finding that there is no regulatory failure on the part of the Securities and Exchange Board of India (SEBI) in relation to the Adani group of companies. However, a reading of the 173-page report leaves an impression that the committee has omitted to ask certain right questions. At some places, it seems that the committee has...

Expert Committee Submits Report, Finds No “Regulatory Failure” by SEBI | Adani-Hindenburg Report [Video]

Adani-Hindenburg : Minister's 2021 Statement In Parliament Not Related To 2016 Investigation, SEBI Tells Supreme Court

In the Adani-Hindenburg matter, Securities and Exchange Board of India (SEBI) on Wednesday filed an affidavit before the Supreme Court clarifying that the statement of the Minister of State for Finance Pankaj Chaudhary in his 2021 reply in the Parliament had no connection with SEBI's 2016 probe over GDR issue against 51 Indian listed companies, of which the Adani group was not a part. As per SEBI, the investigation referred to in the reply by the minister was in respect of non-compliance with...

Allegation That Adani Companies Were Being Investigated Since 2016 Is Baseless, SEBI Tells Supreme Court

In a rejoinder affidavit filed by the the Securities and Exchange Board of India (SEBI) today in the Supreme Court, the apex regulatory body has given additional reasons for seeking more time to probe into the Adani-Hindenburg issue. “The application for extension of time filed by SEBI is meant to ensure carriage of justice keeping in mind the interest of investors and the securities market since any incorrect or premature conclusion of the case arrived at without full facts material on...

Adani-Hindenburg Issue : 6 Months More Needed For Conclusive Findings On Prima Facie Violations, SEBI Tells Supreme Court

The Securities and Exchange Board of India has files application in the Supreme Court seeking a six-month extension to complete its probe into allegations made by US-based short seller firm Hindenburg Research against Adani group companies about stock price manipulations.On March 2, the Supreme Court had directed the SEBI to complete the investigation into the Adani-Hindenburg report and submit a status report within a period of two months. As the deadline given by the Court is set to end on...

Supreme Court Allows Disbursal Of Rs 5000 Crores From SEBI-Sahara Fund To Depositors; Former SC Judge To Monitor Disbursement

The Supreme Court on Wednesday allowed an application filed by the Central Government seeking allocation of ₹ 5,000 crore out of ₹ 24,979 crores deposited by the Sahara group with the Securities and Exchange Board of India (SEBI) to repay the dues of the depositors of the Sahara Group of Cooperative Societies.The Court ordered that out of the total amount of Rs. 24,979.67 Crores lying in the “Sahara-SEBI Refund Account”, Rs. 5000 Crores be transferred to the Central Registrar of Cooperative...

Adani-Hindenburg | Formation Of Expert Committee Does Not Divest SEBI Of Its Responsibilities In Continuing Investigation : Supreme Court

The Supreme Court of India, in its judgement constituting an expert committee to review the regulatory mechanism in the light of Adani-Hindenburg issue, provided details regarding a note SEBI had submitted before the bench to set out the existing statutory regime for investors in India. The court remarked that the constitution of the expert committee did not divest SEBI of its powers or responsibilities in continuing with its investigation into the volatility in the securities market in...

SEBI LODR Amendments: Stricter Disclosure Norms For Public Owned Entities

“The role of the financial regulator is threefold. First, to complete the reforms to repair the cracks in the system exposed by the global financial crisis. Second, to implement regulations consistently. And third, to monitor evolving markets and evolving risks.” It becomes imperative on the regulators to ensure greater transparency in the disclosure norms of public entities as such entities are ultimately accountable for the stakes/interests of the public. In this sense, high...

Winding Up AIFS Set Up In The Form Of Trusts

“Alternative Investment Fund” means a fund established or incorporated in India under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) in the form of a trust, a company, a limited liability partnership, or a body corporate. The AIF Regulations define an alternative investment fund (“AIF”) (i) as a privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance...

Satyam Scam: SAT Sets Aside SEBI Order Barring Ramalinga Raju & Others From Dealing In Securities Market For 14 Yrs, Seeks Fresh Order In 4 Months

The Securities Appellate Tribunal (SAT) has set aside an order of market’s regulator SEBI barring erstwhile promoters of Satyam - Ramalinga Raju, Rama Raju, and others – from dealing in the securities market for 14 years and ordering disgorgement of Rs. 813 crores. SAT has remanded the matter back to SEBI and directed the Whole Time member who passed the order on November 2, 2018 to re-adjudicate the matter within four months observing it was unclear how the magic figure of “14 years”...