Constitution of Committees on FMC and CFRT

Acknowledging the dynamic nature of the securities market and the crucial role played by technology, SEBI has recently constituted committees on ‘Fair Market Conduct’ (FMC) and ‘Financial and Regulatory Technologies’ (CFRT). FMC is formed under the chairmanship of Mr T.K. Vishwanathan and aims to identify the opportunities for improvement in SEBI (Prohibition of Insider Trading)…

Actions against Directors and Promoters of Exclusively Listed Companies

Background In 2008, the Securities and Exchange Board of India (SEBI) started de-recognition of regional stock exchanges. The companies which were exclusively listed on these de-recognized stock exchanges (the Exclusively Listed Company or ELCs) were transferred to the Dissemination Board (DB) hosted by nationwide exchanges (NSE and BSE) and were given two options: (i) to list on nationwide…

SEBI tightens norms applicable to issuance of Offshore Derivative Instruments

Foreign Portfolio Investors registered under the SEBI (FPI) Regulations, 2014, are permitted to issue offshore derivative instruments (ODIs) and participatory notes (P-Notes) to overseas investors who seek to invest in the Indian securities market without registering as an FPI. While the issuance of ODIs is governed by stringent norms within regulation 22 of the FPI…

SEBI proposes revamp of the Investment Advisers Regulations

The SEBI (Investment Advisers) Regulations was notified in 2013 making it mandatory for investment advisers to obtain a certificate of registration from SEBI and to adhere to various safeguards intended at minimizing any conflicts of interest between the interests of the advisers and those of their clients. In its constant endeavour to improve these safeguards,…

SEBI Informal Guidance on Lock-In Requirements

Recently, SEBI has issued an informal guidance to PC Jeweller Limited (“Applicant”) in relation to the lock-in requirements of the pre-preferential allotment shareholding of an allottee of unlisted convertible securities under Regulation 78 of the SEBI (ICDR) Regulations, 2009 (“SEBI ICDR Regulations”). In the matter of M/s PC Jeweller Limited Facts The Applicant is a…

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