SAT Overturns SEBI Orders Against Bombay Dyeing, SCAL In Flat Sale MoU Case In 2–1 Verdict

In a 2–1 split verdict, the Securities Appellate Tribunal in Mumbai has overturned SEBI's orders against Bombay Dyeing and SCAL Services, holding that the regulator failed to establish that the flat sale agreements between the two group companies were sham transactions.The majority ruling was delivered by Technical Members Meera Swarup and Dheeraj Bhatnagar. Presiding Officer Justice P. S. Dinesh Kumar dissented. SEBI's case focused on 11 memoranda of understanding signed between 2012 and 2014...

Calcutta High Court Sets Aside Calcutta Stock Exchange Penalty Against Dalmia Securities Over Invalid Board

The Calcutta High Court has set aside a penalty order passed by the Calcutta Stock Exchange Ltd (CSE) against Dalmia Securities Pvt Ltd, holding that the decision was taken by an unlawfully constituted governing board. The court, however, upheld the validity of the underlying investigation. Justice Sabyasachi Bhattacharyya partly allowed the writ petition filed by Dalmia Securities and its director. He held that the investigation into alleged violations was legally valid, but the final order...

SAT Upholds SEBI Finding Of Telegram-Linked Pump-And-Dump In Superior Finlease shares

The Securities Appellate Tribunal (SAT) at Mumbai has upheld SEBI's finding that a “pump and dump” scheme was carried out in the shares of Superior Finlease Limited through Telegram channels in September 2021. While doing so, a coram of Presiding officer P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar confirmed disgorgement of unlawful gains and market debarment against Rajneesh Kumar, a director of the company, and his connected entities. It also upheld monetary...

Minimum Penalty Under SEBI Act Can Be Reduced In Appropriate Cases: SAT Majority

The Securities Appellate Tribunal at Mumbai has, by a 2:1 majority, held that penalties imposed under the SEBI Act can be reduced below the statutory minimum in appropriate cases after considering mitigating factors.Setting out its reasoning upfront, the majority said that the scheme of the Act itself allows such flexibility. “In our considered opinion, the provisions of section 15J come to the rescue in appropriate cases and, in our interpretation, have the power to reduce the penalty below...

What Is MF-Lite? SEBI Introduces New Mutual Fund Category Under 2026 Regulations

In a sweeping overhaul of the mutual fund regulatory regime, the Securities and Exchange Board of India (SEBI) has notified the Securities and Exchange Board of India (Mutual Funds) Regulations, 2026, which introduces Mutual Fund-Lite (MF-Lite) as a separate category of mutual funds. Notified on 14 January, the regulations have repealed the nearly three-decade-old SEBI (Mutual Funds) Regulations, 1996 and are scheduled to come into force with effect from 1 April 2026. Under the new regime,...

SAT Mumbai: Termination of SPA in Financial Notes is 'No Disclosure' Under SEBI Regulations

The Securities Appellate Tribunal (SAT) held that termination of a Share Purchase Agreement, when camouflaged in the notes appended to financial results and not disclosed in the main minutes of the board meeting, amounts to no disclosure at all under the SEBI (LODR) Regulations, 2015.Tanzania Bottling Company (TBC) has successfully challenged SEBI's dismissal of its complaint against Varun Beverages Limited (VBL), alleging that a 'camouflaged' disclosure regarding a terminated deal led to a...

SEBI Limits Technical Glitch Reporting Norms To Stockbrokers With Over 10,000 Clients

SEBI has revised its technical glitch reporting framework, limiting its applicability to larger stockbrokers and easing compliance for smaller firms. In a circular issued on January 9, 2026, the Securities and Exchange Board of India said the rules apply when failures in electronic trading systems, such as login problems, order placement issues, or app outages, last for five minutes or more during market hours and disrupt trading. The revised framework will apply only to stockbrokers with...

SEBI Grants One-Year Renewal To AMC Repo Clearing Limited

The Securities and Exchange Board of India (SEBI) has officially announced the renewal of recognition for AMC Repo Clearing Limited as a clearing corporation. The notification, issued from Mumbai on 13 January 2026, confirms that the regulator is satisfied that the renewal is in the interest of trade, the securities market, and the public.Renewal Period and AuthorityThe renewal has been granted for a one-year period, commencing on 17 January 2026 and scheduled to end on 16 January 2027. This...

Bombay High Court Sets Aside Arbitral Awards Holding Sharekhan Liable For Investor Losses In F&O Trades

The Bombay High Court recently ruled that mere violation of SEBI's trade confirmation circular does not automatically make a broker liable for market losses, and it set aside arbitral awards that directed stockbroker Sharekhan Limited to reimburse investors for losses sustained in Futures and Options (F&O) trading. The Single Bench on 24th December, 2025, decided that investors who authorised an individual to trade on their behalf could not thereafter retract those trades and shift losses to...

SEBI Cancels Research Analyst Registration After Holder Says He Runs Grocery Shop, Not Market Activities

The Securities and Exchange Board of India (SEBI) has cancelled the registration of a research analyst who told the regulator that he runs a small grocery shop and is not engaged in securities market activities, after proceedings relating to the misuse of his SEBI registration details by an unregistered investment advisory firm. The noticee had been registered with SEBI as a Research Analyst since June 19, 2018. The action follows complaints received in June 2022 and February 2023...

Securities Markets Code, 2025: What Is New In the Government's Proposed Overhaul of Capital Markets Law

The Central government on Thursday introduced the Securities Markets Code, 2025 in the Lok Sabha, proposing a single, consolidated law to govern India's securities markets. The proposed bill repeals the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India Act, 1992, and the Depositories Act, 1996.Beyond consolidation, It also introduces introduces several substantive changes to existing regulatory mechanism Expanded Definition of 'Securities'One of the...

Appointment Of SEBI Adjudicating Officer To Conduct Inquiry Is An Administrative Step, Not Finding Of Guilt: Delhi High Court

The Delhi High Court has recently held that the appointment of an adjudicating officer by the Securities and Exchange Board of India (SEBI) is only an administrative step to initiate an inquiry and does not amount to finding of guilt at that stage. A Division Bench of Justices Anil Kshetarpal and Harish Vaidyanathan Shankar overturned a Single Judge's decision that had halted SEBI's action against Amit Jain, a significant shareholder of Himalaya Granites Ltd., for allegedly not disclosing his...