SEBI Proposes Manager-Led Accreditation For Investors, Adds ₹5 Crore Securities Asset Criterion

The Securities and Exchange Board of India (SEBI) has proposed simplifying the onboarding process for Accredited Investors through manager-led accreditation, in addition to the existing Accreditation Agency route.SEBI has issued a consultation paper for a comprehensive review of the Accredited Investor framework, based on suggestions received from stakeholders and recommendations of its Alternative Investment Policy Advisory Committee (AIPAC).Under the proposal, manager-led accreditation would...

SAT Partly Lifts SEBI Market Ban On ZEEL, Punit Goenka To Allow Fundraise From Promoter Group Entity

The Securities Appellate Tribunal (SAT) has partly relaxed the market-access restrictions imposed on Zee Entertainment Enterprises Limited (ZEEL) and its former MD Punit Goenka by SEBI. It has allowed them to complete a preferential issue of fully convertible warrants to a promoter group entity.The permission is subject to ZEEL and Goenka depositing their respective penalties of ₹30 lakh and ₹58 lakh within one week. The Tribunal has also extended by one week the deadline for completing the...

SEBI Settlement Does Not Bar Stock Exchange From Imposing Separate Fine For Same Violation: SAT

The Securities Appellate Tribunal (SAT) at Mumbai has recently reiterated that a listed company's settlement with the Securities and Exchange Board of India (SEBI) does not prevent a stock exchange from imposing a separate fine for the same violation.A bench of Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar made the observation while dismissing Hindustan Foods Limited's appeal against a ₹52.21 lakh fine imposed by BSE Limited for...

SEBI Proposes Wider FPI Participation In Non-Agricultural Commodity Derivatives

On 11 August, the Securities and Exchange Board of India (SEBI) proposed expanding Foreign Portfolio Investor (FPI) participation in Exchange Traded Commodity Derivatives (ETCDs) by allowing them to participate in non-agricultural index derivatives and non-cash-settled non-agricultural commodity derivatives. Currently, FPIs can participate only in cash-settled non-agricultural commodity derivatives. Under the proposed framework, SEBI would allow FPIs to trade in non-agricultural index...

Supreme Court Dismisses NSEL Plea For Joint Trial In Two CBI Cases Over 2013 Payment Crisis

The Supreme Court on Wednesday dismissed National Spot Exchange Ltd.'s (NSEL) challenge to the Bombay High Court's March 27, 2026 judgment. The Bombay High Court had refused to direct a joint trial in two CBI cases arising from the alleged 2013 NSEL payment crisis.A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and V. Mohana held that, "No case to interfere with the impugned order passed by the High Court is made out. The Special Leave Petition is,...

SEBI Amends Municipal Debt Rules, Allows ₹10,000 Face Value For Private Placements

On 11 August, the Securities and Exchange Board of India (SEBI) amended the regulatory framework for municipal debt securities, allowing issuers to offer privately placed municipal debt securities with a face value of Rs. 10,000 or Rs. 1 lakh. It introduced the changes through a circular dated 11 August 2026, following recommendations from a Working Group that SEBI constituted in August 2024 and public comments on the proposed amendments. Under the revised framework, issuers may offer...

SAT Questions Rationale Behind SEBI's 2-Month Market Ban On Zee Entertainment, Reserves Order On Interim Relief

The Securities Appellate Tribunal on Wednesday reserved its order on the interim relief sought by Zee Entertainment Enterprises Limited (ZEEL) and Punit Goenka against SEBI's market access restrictions. SEBI had restrained ZEEL from accessing the securities market for two months and Goenka for one year in the case concerning the alleged unauthorised pledging of ZEEL's Hyderabad property to secure loans for promoter-linked entities.During the hearing, a the coram of Presiding Officer Justice...

Defences Against Insider Trading Given Under 2015 SEBI Regulations Not Exhaustive, But Must Be Similar: Supreme Court

The Supreme Court on Tuesday ruled that the defences available against an insider trading allegation under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 are not exhaustive. Any additional defence, however, must be of the same or similar nature as those specifically listed in the regulations.The court was considering the six specific defences set out under Regulation 4(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, which provides...

SEBI Proposes Raising ISIN Limit For Privately Placed Debt Securities From 14 To 17

On 10 August, the Securities and Exchange Board of India (SEBI) proposed increasing the maximum number of International Securities Identification Numbers (ISINs) maturing in a financial year for privately placed debt securities from 14 to 17 to facilitate fund raising and improve issuers' asset liability management. Under the existing framework, issuers can have a maximum of 14 ISINs maturing in a financial year, comprising nine ISINs for plain vanilla debt securities and five for structured...

Zee Entertainment, Punit Goenka Challenge SEBI's Market Ban Over Hyderabad Property Pledge

Zee Entertainment Enterprises Limited (ZEEL) and its former Managing Director and CEO Punit Goenka have approached the Securities Appellate Tribunal (SAT), challenging an order passed by the Securities and Exchange Board of India (SEBI). The order restrains them from accessing the securities market over the alleged unauthorized pledging of ZEEL's Hyderabad property. SEBI, on July 31, 2026, restrained ZEEL from accessing the securities market for two months. Goenka and former Chairman Subhash...

SAT Stays SEBI's ₹29.15 Crore Penalty Order Against Suzlon Energy, Officials

The Securities Appellate Tribunal on August 7, 2026, stayed the operation of a Securities and Exchange Board of India order imposing penalties totalling ₹29.15 crore on Suzlon Energy Limited and its officials, subject to them depositing ₹10 crore in a fixed deposit with a lien marked in favour of SEBI within four weeks.The order was passed by Presiding Officer P.S Dinesh Kumar, Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar. “The impugned order shall remain stayed subject to appellant...

US Court Dismisses Criminal Charges Against Gautam and Sagar Adani, Raises Concerns Over DOJ Process

A US federal court on Monday dismissed with prejudice the securities fraud and wire fraud charges against Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and former Adani Green Energy CEO Vneet Jaain.US District Judge Nicholas G. Garaufis, however, questioned the process followed by the US Department of Justice in seeking the dismissal. He observed that it was “highly unusual” for DOJ official R. Trent McCotter to have reached the decision largely in collaboration with defence counsel...