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Securities and Exchange Board of India (SEBI)

17 January 2018

Zerick Dastur Advocates & Solicitors has filed an appeal before the Securities Appellate Tribunal (SAT) on behalf of PricewaterhouseCoopers (PwC) challenging the jurisdiction of the Securities and Exchange Board of India (SEBI) order of last week banning the Big 4 consultancy from auditing work in India.

30 June 2016

NLU Jodhpur 2007 alumnus Sumit Agrawal left his role as assistant legal advisor to the Securities and Exchange Board of India (SEBI) to start up Suvan Law Advisors with his wife Vaneesa Agrawal.

28 April 2016

The Supreme Court on Wednesday said the possibility of Sahara chief Subrata Roy’s release from jail - having been incarcerated for more than two years now - would depend on the outcome of the first round of auction of Sahara’s assets by market regulator the Securities and Exchange Board of India (SEBI).

12 March 2015

The Insider (Trader)Regulations require constant modifications to keep pace with the ever evolving market dynamics. Insider trading is no different, explain Khaitan & Co’s Ganesh Prasad and Sanjay Khan.

17 October 2014

Realty major DLF today moved the securities tribunal against the order passed by the Securities and Exchange Board of India (Sebi) banning it and six of its executives from the capital markets for three years on charges of misleading investors.

A DLF spokesperson told IANS that the Securities Appellate Tribunal (SAT) will hear its appeal against the Securities and Exchange Board of India Oct 22.

Ahead of filing the appeal, DLF had said in a statement that it had done no wrong nor had any law been violated during the initial public offer or otherwise. DLF had raised Rs.9,187 crore through the public offer in 2007.

“DLF and its board were guided by, and acted on, the advice of eminent legal advisors, merchant bankers and audit firms while formulating its Offer documents,” the statement had said.

“DLF will defend itself to the fullest extent against any adverse findings and measures contained in the order passed by SEBI DLF has full faith in the judicial process and is confident of vindication of its stand in the near future.”

Those prohibited from the markets include the chairman K P Singh, his son and vice-chair Rajiv Singh, daughter and whole-time director Pia Singh. Others barred are the managing director, TC Goyal, and senior officials Kameshwar Swarup and Ramesh Sanka.

14 October 2014

DLF: No More CMSEBI has banned real estate giant DLF and six managers from the capital markets for three years after a finding of fraud.

27 February 2014

Independent directors, many of whom are also partners in law firms, will have to resign from the boards of several companies after the Securities Exchange Board of India (SEBI) last week capped the number of directorships a person can hold to seven.

05 November 2013

The Supreme Court has, for the third time, upheld the appointment of Securities and Exchange Board of India (SEBI) chairman UK Sinha, Mint reported.

Dismissing a September 2012 petition filed by a Bangalore-based financial expert alleging irregularities in the process of his appointment, a bench of justices SS Nijjar and PC Ghose said that even though the petition was worth dismissing on several grounds they chose to examine the issue to “satisfy [their] judicial conscience”

In substance the petition had asserted that rules were bent to select Sinha to the chair.

In Friday’s 87-page order the judges accused the petitioners of being “stool pigeons” of powerful corporate lobbies, reported the Business Standard. They said: “We are unable to easily discard the reasoning. The anxiety of these business houses for the removal of the present Sebi chairman is not wholly unimaginable. We have been left with the very unsavoury impression that the petition is more for the protection of the vested interests of some unidentified business lobbies.”

06 June 2013

Glivec dissected: Must-read (long) feature in the Caravan delving into the history, background and repercussions on the Novartis Supreme Court patent judgment and the future of IP laws in India and globally [Caravan]

Public interest injections: Serial PIL lawyer ML Sharma filed in the SC yesterday seeking cancellation of generic drugs maker Ranbaxy’s manufacturing license on the grounds that it fudged data and sold adulterated products in the US [ET]

Taskmaster SEBI: SEBI has taken action against 105 companies that have flouted its minimum public shareholding norms and have missed the 3 June deadline to dilute promoter stakes. It has suspended 33 companies [Hindu BL/order]

Free speech SLAPPed: The Centre for Internet & Society (CIS) discusses the increasing incidence of SLAPP suits (Strategic Lawsuits Against Public Participation) and how they target free speech by holding a gun to the head of commentators and authors of academic opinion [CIS-India]

NHPC deal auction: 15 law firms including Luthra & Luthra and AZB & Partners will bid this month for a role on the divestment of 11.36 per cent stake in the National Hydropower Corporation for over Rs 2,200 crore [PTI]

CCI penance delays: The Competition Commission of India (CCI) is yet to realise a majority of the Rs 8,000 crore it has imposed in penalties since its inception, since all defaulters have appealed before the judiciary [SME Times]

Release thy neighbour: Supreme Court justice AK Ganguly is in Pakistan with SC lawyers Colin Gonsalves, Prashant Bhushan, Mukul SInha and Nijhari Sinha to attend an Indo-Pak conference on judicial activism, PIL, and human rights. The delegation will invite the Chief Justice of Pakistan to India to discuss the release of Pakistan’s prisoners in Indian jails [Pakistan Today]

Fat packets: Clifford Chance hikes newly-qualified associate pay up to £76,200 (Rs 67 lakh) with maximum bonus [The Lawyer]

26 February 2013

SEBI, UPSC appealed more CIC orders than they answered RTIs. UPSC hides civil service mains papers most, while SEBI doesn’t like disclosing insider trading orders and chairman’s assets and liabilities [Express]

Punjab and Haryana HC gives back government job benefit of Leave Travel Concession (LTC) to Haryana subordinate judiciary. The government had denied LTC to 400 judges holding them as a “separate class” of government employees [TOI]

Kerala high court judge Pius C Kuriakose, presiding in that HC since 2002, has been recommended for the position of Sikkim high court’s chief justice [New Indian Express]

Dismissing Sahara’s request for extension of deadline to deposit the court-ordered Rs 24,000 crore with SEBI, Chief Justice of India (CJI) Altamas Kabir yesterday rebuked SCBA president MN Krishnamani for interfering in the SEBI V Sahara matter [NDTV]

Calling erroneous his own judgement sentencing the Rajiv Gandhi assassins to death 13 years ago, former SC judge KT Thomas said in an interview that it would be “constitutionally incorrect” to hang them now [TOI]

30 January 2013

Former chief justice of India (CJI) SH Kapadia was yesterday appointed the Bombay Stock Exchange’s (BSE) public interest director, four months after he retired as the CJI.

The Securities Exchange Board of India (SEBI) nominated him to the post.

Kapadia dealt with matters under the SEBI Act 1992, the Companies Act 1956, the RBI Act, mergers and acquisitions, the Banking Regulation Act, taxation, the Information Technology Act 2000, and validity of the Indian Accounting Standards during his stint as a Supreme Court judge from 2003 onwards. [Business Standard]

According to several authoritative sources, Kapadia is also understood to have taken chambers in the offices of Gagrats in Mumbai; he started his legal career at the firm's precursor, Gagrat & Company.

06 December 2012

The chief justice of India Altamas Kabir yesterday told off senior advocate Arvind Dattar who, in the matter of SEBI V Sahara, had objected to his passing an order contradictory to an order passed by a two judge bench of the court - before which bench the matter is still pending.

A bench of justices KS Radhakrishnan and JS Khehar had on 31 August ordered two Sahara group companies to refund the Rs 24,000 crore they had collected through optional fully convertible debentures, to SEBI with 15 per cent interest by 30 November, because Sahara had violated regulatory norms.

Yesterday Kabir’s bench, also comprising justices SS Nijjar and J Chelameswar, allowed the Sahara group to complete the payment of refund to SEBI in two months’ time, ending in the first week of February, contrary to the 31 August order.

The bench reasoned that it was allowing Sahara’s application to protect the interest of investors. The investors, however, were not given a hearing before this order.

Dattar, appearing for SEBI, insisted that propriety called for the matter to be heard by the bench before which it was pending, and that Kabir must record this submission in the court’s order.

"We will record what we feel to record. We cannot record what you say,” shot back Kabir.

Senior advocate Vikas Singh insisted that the investors’ and Sahara’s application should not be disposed of without hearing the investors, which suggestion was again dismissed by Kabir in, reportedly, an “angry tone”. [Hindustan Times]

Singh was appearing for the Universal Investors Association, and wanted the court to take up a writ petition filed on behalf of the investors. Kabir’s bench rejected the plea saying that the investors had no rights since they were not party to the main petition. [The Hindu]

Legally India Supreme Court postcard writer Court Witness tweeted: “Would completely understand if both or one of Radhakrishnan & Khehar are supremely upset with Kabir for undermining them in this way.”

27 September 2012

Bangalore-based financial expert challenges SEBI chairman UK Sinha’s appointment to the SEBI chair in the Supreme Court through advocate Prashant Bhushan

In the petition he has questioned Sinha’s integrity, denial of extension to the previous chairman, and his alleged leniency toward corporate lobbyists facing action. The petition alleges that Sinha committed fraud on the Search and Selection Committee and the parliamentary Appointment Committee. Sinha allegedly concealed emoluments of over Rs 4 crore received as CMD of UTI Asset management.

The petitioner has asked for his removal from the SEBI chair and for a criminal investigation into his appointment at the asset management company.

Secretary to the president Omita Paul, the central government, SEBI, the chief vigilance commissioner, and the CBI have also been made respondents in the petition.

Two previous petitions in the Supreme Court challenging the appointment process behind instating Sinha were dismissed by a bench headed by the Chief Justice [Business Standard]

25 September 2012

Former Securities and Exchange Board of India (SEBI) executive director Usha Narayanan joined Amarchand Mangaldas Mumbai as of counsel in the general corporate and financial regulatory practice today after she retired from SEBI in June this year, having served with the regulator for 21 years.

31 August 2012

sahara By Nikhil Kanekal: It’s going to be an incredibly tough future for the Subroto Roy-owned Sahara Group (also known as Sahara India Parivar) after today’s judgment by the Supreme Court of India.  The court asked two group companies to return an unprecedented Rs 24,000 crores ($4.3bn) to their roughly 28 million investors, while setting the company and its directors up for possible criminal prosecution.

The judgment is a stinging indictment of the company’s practices. It is also probably the largest ever transaction ordered by an Indian court to date.