July 2015

Policy on annulment of trades

Under the existing framework on annulment of trades executed on stock exchanges, dealings on an exchange are treated as inviolable and the exchange may annul trades only on grounds of fraud, willful misrepresentation or material mistake in the trade. SAT has held that negligence and execution of erroneous trades do not qualify for annulment. SEBI,…

Issue and Listing of Debt Securities by Municipalities

A municipality is a self-government institution constituted under Article 243Q of the Constitution of India and includes a municipal corporation, a municipal council and a nagar panchayat. To facilitate funding mechanisms for municipalities, SEBI notified the SEBI (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015, on July 15, 2015. The regulations permit municipalities…

SEBI has powers to regulate GDRs

SEBI, through its order dated June 20, 2013, had barred Pan Asia Advisors and one Mr. Arun Panchariya from rendering services in connection with securities, dealing in securities and accessing the capital market for 10 years, for having manipulated the securities market by issuing global depository receipts. This order was challenged before the Securities Appellate…

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