Supreme Court
Market Integrity Prevails Over Investor Gains; Profits Can't Excuse Regulatory Breach: Supreme Court
The Supreme Court on Monday held that market integrity and regulatory compliance cannot be compromised merely because investors ultimately earned profits. It ruled that a regulatory breach cannot be excused simply because investors suffered no loss. A bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed appeals filed by Kotak Mahindra Asset Management Company (Kotak AMC), Kotak Mahindra Trustee Company Ltd. and their senior executives. The appeals challenged SEBI's action over...
Supreme Court Seeks Reply On SEBI's Appeal Against SAT Ruling In Bombay Dyeing-SCAL Services Case
The Supreme Court on Monday observed that the Securities Appellate Tribunal's 2:1 verdict setting aside SEBI's orders against Bombay Dyeing and SCAL Services shall not operate as a precedent in similar matters before the Tribunal, while hearing an appeal filed by the Securities and Exchange Board of India (SEBI).The majority judgment had, among other things, held that the Companies Act would prevail over the Accounting Standards in determining whether SCAL was an associate company, and...
'Mandate First, Gains Later; SEBI Compliance, Never Falter': Supreme Court To AMCs And Mutual Fund Houses
The court coined the phrase while dismissing challenges to SEBI's findings against Kotak AMC, its trustee company and senior executives over investments by six fixed maturity plans in Essel Group-linked debt securities
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...
Supreme Court Issues Notice In SEBI Appeal Against SAT Relief To Sahara Officials In ₹14,106 Crore OFCD Case
The Supreme Court on Thursday issued notice in an appeal filed by SEBI challenging a Securities Appellate Tribunal (SAT) order granting relief to certain officials of Sahara India Commercial Corporation Ltd. (SICCL) including its managers and company secretary, from liability arising out of the company's ₹14,106 crore OFCD fund-raising scheme.A vacation bench of Chief Justice Surya Kant and Justice V. Mohana while issuing notice tagged the case with a similar pending matter, which will be heard...
SEBI Moves SC Against SAT Relief To Sahara Managers In ₹14,106 Crore OFCD Case
The Securities and Exchange Board of India (SEBI) has moved the Supreme Court challenging a Securities Appellate Tribunal (SAT) order that granted relief to four managers and the company secretary of Sahara India Commercial Corporation Ltd (SICCL). The tribunal had set aside, insofar as they were concerned, a 2018 SEBI order in the Rs 14,106 crore Optionally Fully Convertible Debentures (OFCDs) case involving nearly 1.98 crore investors. The challenge comes after the SAT on March 9, 2026,...
Supreme Court Declines To Interfere With SAT Order Clearing Biocon VP Of Insider Trading Charge
The Supreme Court has declined to interfere with a Securities Appellate Tribunal (SAT) ruling that exonerated Biocon Vice President Shreehas P. Tambe of insider trading allegations. The allegations arose from trades executed ahead of Biocon's proposed collaboration with Sandoz.Tambe, who was Biocon's Vice President at the time of the trades, is currently the Chief Executive Officer and Managing Director of BioconBy an order dated July 26, 2022, SAT partly allowed Tambe's appeal. It quashed the...
'Inelegantly Drafted': Supreme Court Lays Down Two-Part Framework For Establishing Fraud Under PFUTP Regulations
The Supreme Court on Friday held that the definition of fraud under Regulation 2(1)(c) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003, suffers from "inelegant legislative drafting." Adopting a purposive interpretation of the provision, laid down a two-part framework for establishing fraud. Observing that the definition of fraud under Regulation 2(1)(c) appears to treat both deceitful intention and proof of wrongful gain or avoidance of loss as non-essential...
Supreme Court Defreezes Accounts Of Trader Involved In CNBC Awaaz 'Pandya Ka Funda' Market Manipulation Case
The Supreme Court on Friday ordered the defreezing of the bank accounts of trader Alpesh Vasanji Furiya, who is accused by SEBI of trading on advance knowledge of stock recommendations aired by CNBC Awaaz anchor Pradeep Pandya on the programme 'Pandya Ka Funda'. The Court passed the order after noting that ₹8.39 crore had already been deposited towards the disgorgement amount. The Court also directed that the amount lying in an escrow account shall continue. It issued notice on Furiya's...
Supreme Court Sets Aside Fraud Findings, ₹447-Crore Disgorgement Order Against Reliance In RPL Futures Trading Case
The Supreme Court on Friday partly allowed Reliance Industries Limited's appeal in the Reliance Petroleum Limited (RPL) futures trading case, setting aside findings of fraud and market manipulation, quashing a ₹447.27 crore disgorgement order, and directing the refund of ₹250 crore deposited by the company. However, the Court upheld the finding that Reliance had violated disclosure requirements relating to position limits under a 2001 Securities and Exchange Board of India (SEBI) circular and...
Supreme Court Stays SEBI Dividend Default Prosecution Against Former Zylog Systems Executive Till Next Hearing
The Supreme Court on Wednesday stayed the Madras High Court's April 6, 2026 order refusing to quash criminal proceedings initiated by SEBI against Parthasarathy Srikanth, former Executive Director of Zylog Systems Ltd. The proceedings are pending before the Principal Sessions Court, Chennai, over the alleged failure to disburse Rs. 16.44 crore in declared dividends to shareholders. A Bench of Justices P.K. Mishra and N.V. Anjaria, while issuing notice, stayed further proceedings in the...