Category: SEBI and SAT
What is the degree of proof required to hold brokers/sub-brokers liable for fraudulent/manipulative practice?
The Supreme Court of India, in its judgement in case of SEBI v. Kishore R. Ajmera delivered on 23 Feb. 2016, dealt with this question. Facts in brief: A broker with his sub-broker were allegedly involved in creation of artificial volumes in an illiquid scrip of Malvica Engineering Ltd, who matched volumes for their two […]
What can be action by SEBI for not making public announcement, after acquiring shares from capital market?
What can be action by SEBI for not making public announcement, after acquiring shares from capital market? This is the issue many would have in mind, particularly in minds of promoters who are active in capital markets. GMR Holdings Pvt Ltd (‘GMR’) is promoter of Parrys Sugar Industries Ltd (‘Parrys), whose shares are listed on […]
SEBI alleged that United Bank of India holding certificate to act as Debenture Trustee violated following: 1) Regulations 13(a), 13A (b), 14, 15(1)(a) and 15(1)(i) of SEBI (Debenture Trustee) Regulations, 1993, 2) Clause 4 & 19 of Code of Conduct read with Regulation 16 and Regulation 21 (1) of SEBI (Debenture Trustee) Regulations, 1993, 3) […]
The judgement of the Hon’ble Supreme Court in Kosha Investments Ltd (delivered on 18 September 2015 summarised below) is of importance for several reasons, like: Wrong deed can creep up any time (in this case after 3 years by SEBI); and For SEBI takeover regulations, netting off in creeping acquisition is not allowed. The appellant, […]