Finsec Dialogue on SEBI Consultation Paper on Investment Advisers Regulations (January 2018)

We are pleased to announce the twenty-fourth edition of Finsec Dialogue on “SEBI Consultation Paper on Investment Advisers Regulations”. Under the existing framework, no person can provide advice on securities and investment products without obtaining registration under the SEBI (Investment Advisers) Regulations, 2013. The IA Regulations exempts persons such as, stock brokers and distributors, from…

SEBI introduces new mechanism for summary settlement of proceedings

On December 27, 2017, SEBI notified amendments to the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 (“Regulations”). This article discusses the changes brought by the amendment. The Regulations provide procedural guidelines for settlement of administrative and civil proceedings. An entity against which a proceeding for violation of certain specified securities laws and regulations…

SEBI Board Meeting in December, 2017

In the board meeting on December 28, 2017, SEBI has taken the following decisions: Consultation Paper on amendments to Investment Advisers Regulations SEBI had previously issued two consultation papers proposing to amend the SEBI (Investment Advisers) Regulations, 2013 to provide for a strict segregation of the investment advisory and distribution services of an entity. The…

Guidelines for exemption application where trust is an acquirer

On December 22, 2017, SEBI has issued a circular outlining a standard format for the filing of an application under Regulation 11 (1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations”) requesting exemption from the obligation to make an open offer (“Circular”). Over the past few years, promoters of various listed…

Prescient Messages on WhatsApp: Issues related with Enforcement of Insider Trading Regulations

On November 16, Reuters published an article claiming that three days before the publication of the financial results of Dr. Reddy’s Laboratories Limited (and certain other companies) for the year 2016-17, information regarding loss on its balance sheet had already been exchanged on WhatsApp. This issue became critical because the consensus forecast compiled by Thomson…

Open offer exemptions – Order of a Court or Competent Authorities

Regulation 10(1)(d)(ii) and (iii) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 exempts acquirers from open offer obligations in cases where acquisitions happen through schemes of arrangement undertaken pursuant to an order of an Indian or foreign court, tribunal, or competent authority. In a peculiar informal guidance released on October 30, in the matter…

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