SEBI Orders Former Religare Chair Rashmi Saluja To Disgorge ₹1.99 Crore In Insider Trading Case

The Securities and Exchange Board of India (SEBI) on Wednesday directed former Religare Enterprises Limited (REL) executive chairperson Rashmi Saluja to disgorge ₹1.99 crore for insider trading in REL shares linked to the Burman Group's open offer. It has also imposed a ₹40 lakh monetary penalty on her. SEBI Whole Time Member Kamlesh C Varshney passed the order, holding that Saluja sold REL shares while in possession of unpublished price-sensitive information (UPSI) relating to the Burman...

SEBI Proposes Higher Client Position Limits For Agricultural Commodity Derivatives

The Securities and Exchange Board of India (SEBI) has proposed increasing client position limits for agricultural commodity derivatives while revising the penalty framework for breaches of those limits. Position limits cap the number of contracts a trader can hold in a commodity at any given time. SEBI said these limits are meant to curb excessive speculation, prevent concentration of positions in the hands of a few participants, and reduce systemic risk. At present, agricultural commodities...

SEBI Proposes Phased Physical Settlement For Select Agricultural Commodity Derivatives Contracts

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing a phased introduction of physical settlement for select agricultural commodity derivatives contracts. Under the proposal, certain delivery-based agricultural commodity contracts could begin trading as financially settled instruments, with a mandatory shift to physical settlement once predefined thresholds are met. SEBI has sought stakeholder comments on the proposed pilot framework, which is aimed at...

SEBI Penalises Kishore, Rakesh Biyani, Ex-Future Retail CFO ₹50 Lakh Over Disclosure Lapses

The Securities and Exchange Board of India (SEBI) on Tuesday imposed a consolidated penalty of ₹50 lakh on Future Retail founder Kishore Biyani, former managing director Rakesh Biyani, and the company's former chief financial officer C.P. Toshniwal for disclosure violations relating to related party transactions involving the company. SEBI's Quasi Judicial Authority Santosh Shukla passed the order. The proceedings concern alleged securities law violations by promoters of Future Retail Limited...

SAT Slams SEBI For 'Sleeping Over' Shree Global Tradefin Case, Sets Aside Penalties Against 7 Entities

The Securities Appellate Tribunal (SAT) has set aside SEBI's penalties against seven entities in a case concerning alleged manipulation in the shares of Shree Global Tradefin Limited. It held that the regulator's action was hit by inordinate delay and deprecated SEBI for issuing a third show cause notice despite an earlier SAT ruling on similar grounds. The tribunal, comprising Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar, observed...

"Precious Right To First Appeal": Supreme Court Condones 1059-Day Delay In Khelo MCX Challenge To SEBI Order

The Supreme Court recently restored Khelo MCX Research Services' appeal against SEBI's order directing it to refund money collected while acting as an unregistered investment adviser, condoning a 1059-day delay in approaching the Securities Appellate Tribunal while observing that a first appeal is a “precious right.” "In view of the above, we are inclined to condone the delay in filing the appeal. This will, however, be subject to the appellant paying cost quantified at Rs. 5,00,000/- (Rupees...

BofA Securities Settles SEBI Case On Payment Of ₹58.50 Lakh Over Insider Trading Compliance Lapses

The Securities and Exchange Board of India (SEBI) has closed adjudication proceedings against BofA Securities India Limited, the Indian securities arm of Bank of America. The company paid ₹58.50 lakh to settle allegations that, in its role as a merchant banker, it failed to maintain a Structured Digital Database required under insider trading regulations. In the settlement order, SEBI Adjudicating Officer Amit Kapoor said: “...in view of the acceptance of the settlement terms and the receipt of...

SEBI Proposes Allowing Depositories To Use Up To 5% Of IPF Investment Income For Administrative Expenses

The Securities and Exchange Board of India (SEBI) has floated a consultation paper proposing to allow depositories to use up to 5% of the annual interest or income earned from investments of their Investor Protection Fund (IPF) corpus to meet expenses related to the IPF Trust. The move would align the framework applicable to depositories with that currently applicable to stock exchanges. SEBI noted that stock exchanges are currently permitted to utilise up to 5% of the interest or income...

SEBI Proposes “GARUDA” Fast-Track Framework To Cut AIF Launch Timeline To 10 Days

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing a new fast-track mechanism titled “Green-Channel: AIF Rollout Upon Document Acknowledgement” (GARUDA) for processing Placement Memorandums (PPMs) filed by Alternative Investment Funds (AIFs). SEBI noted that the AIF industry has been growing rapidly and that the inflow of applications for registration and scheme launches has increased significantly. The proposals aim to facilitate faster and more...

SAT Stays SEBI Order Directing Setco Automotive Promoters To Bring Back ₹208.77 Crore

The Securities Appellate Tribunal (SAT) has recently stayed SEBI's direction requiring Setco Automotive promoters to bring back ₹208.77 crore in an alleged fund diversion case, prima facie holding that a regulator cannot override lawful shareholder-approved business decisions. “In our view, shareholders' opinion and business decision, if they are lawful, cannot be substituted by the Regulator.” The interim relief was granted by Presiding Officer Justice P.S. Dinesh Kumar, Technical Member...

SAT Upholds BSE Rejection Of Jetking Share Listing Plea Over Crypto Investments

The Securities Appellate Tribunal (SAT) has upheld BSE's decision to return Jetking Infotrain Limited's listing application for shares issued through a preferential allotment. It held that the company's preferential fundraise and all subsequent actions, including investment in virtual digital assets (VDAs), before the amendment of its main objects clause were ultra vires its Memorandum of Association (MoA). A coram of Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera...

SEBI Proposes Scrapping Mandatory Merchant Banker Requirement For Buy-Backs; Seeks Public Comments

The Securities and Exchange Board of India (SEBI) has proposed dispensing with the mandatory requirement of appointing merchant bankers for buy-backs, as part of a wider review and rationalisation of the SEBI (Buy-Back of Securities) Regulations, 2018. The proposals also include changes relating to shareholder intimation, promoter participation, minimum public shareholding compliance, interval between buy-backs, and open market buy-backs through stock exchanges. SEBI said it had earlier...