Adani Green Bribery Case: Gautam Adani and Sagar Adani Agree To Pay $18 Million To Settle US SEC Proceedings

Industrialists Gautam Adani and Sagar Adani have agreed to pay a total of $18 million in civil penalties to settle a securities fraud case brought by the United States Securities and Exchange Commission (SEC), arising from allegations of bribery and misleading disclosures linked to Adani Green Energy Ltd. and related securities offerings. Gautam Adani agreed to pay $6 million while Sagar Adani agreed to pay $12 million under consent filings submitted before the US District Court for the Eastern...

SEBI Proposes Overhaul Of Exchange-Traded Derivatives Rules, Seeks Simplified and Unified Structure

On 14 May, the Securities and Exchange Board of India (SEBI) issued a consultation paper proposing amendments to the regulatory framework for exchange-traded derivatives, aimed at simplifying compliance, removing redundant provisions, and improving ease of doing business. Among the key proposals, SEBI has suggested deleting provisions on “Close to the Money” (CTM) option series and related norms for “Options in Goods” in commodity derivatives. The master circular currently requires stock...

SEBI Proposes Allowing Municipalities To Refinance Existing Debt Through Bond Issuances

The Securities and Exchange Board of India (SEBI) on Wednesday proposed allowing municipal bodies to refinance existing debt through bond issuances, use part of the proceeds for project-linked working capital, and revise the framework for pooled municipal bond fundraising, as part of a review of the municipal debt securities framework. The proposals form part of a consultation paper seeking amendments to the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015. SEBI has...

SEBI Proposes Wider Use Of Mutual Fund Intraday Borrowings Beyond Redemption Payout Needs

The Securities and Exchange Board of India (SEBI) has proposed recognising intraday borrowing facilities used by mutual funds as a cash management tool. If approved, this would allow mutual funds to use such borrowing lines beyond meeting redemption payout timing mismatches, including for trade settlements, forex settlements and derivative obligations. SEBI said the carve-out for intraday borrowings in the SEBI (Mutual Funds) Regulations, 2026 was enabled after representations from the...

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...