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Corporate Law · 84 notes

Securities and Exchange Board of India (SEBI) Laws notes.

Chapter-wise, structured notes for Judiciary (PCS-J / HJS), AIBE, CLAT and LLB preparation: sections, leading case law, illustrations and exam pointers. Every note is free to read, with previous and next topic links.

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  1. 01

    SCRA Introduction Object

    Inside this noteSCRA 1956
    1. 01Stock exchange – §2(j)
    2. 02Spot delivery contract – §2(i) T+0/T+1
    3. 03Option in securities – §2(d)
    4. 04Dalmia Cement v Union of India
    7 min readRead →
  2. 02

    SCRA Definition Securities Sec2h

    Inside this noteSCRA §2(h)
    1. 01Sahara India v SEBI – OFCDs as securities
    2. 022002 Amendment – derivatives & §18A
    3. 03CG residuary power – cl (iia) notified instruments
    4. 04Not securities – FDs, insurance, chit funds
    7 min readRead →
  3. 03

    SCRA Stock Exchange Recognition

    Inside this noteSCRA §3-9
    1. 01Recognition – privilege not right
    2. 02§3(2) conditions – SGF, demutualisation
    3. 03§4B corporatisation & demutualisation
    4. 04BSE v SEBI (2004) 12 SCC 635
    7 min readRead →
  4. 04

    SCRA Listing Securities Sec21 22

    Inside this noteSCRA §21
    1. 01Statutory contract – §21 listing agreement
    2. 02Rule 19(2)(b) – 25% min public shareholding
    3. 03§21A – compulsory delisting grounds
    4. 04Sterlite Industries v SEBI (SAT)
    6 min readRead →
  5. 05

    SCRA Contracts Types Validity

    Inside this noteSCRA
    1. 01Spot delivery contract – §2(i)
    2. 02Ready delivery contract – §2(g)
    3. 03Forward contracts void off-exchange – §16
    4. 04§18A overrides ICA §30 wagering rule
    6 min readRead →
  6. 06

    SCRA Prohibition Contracts Sec13 17

    Inside this noteSCRA §13-17
    1. 01Section 13 – off-exchange contract prohibition
    2. 02Five exceptions – spot, cash, hand, special, derivatives
    3. 03Section 16 – void contract consequence
    4. 04BSE v Jamnadas Madhavji – foundational case
    8 min readRead →
  7. 07

    SCRA SEBI Powers Inspection Supersession

    Inside this noteSCRA 1956
    1. 01Inspection of members' books – §10
    2. 02Four grounds for supersession – §8
    3. 03Withdrawal of recognition – §5
    4. 04Supersession vs withdrawal distinction
    9 min readRead →
  8. 08

    SCRA Penalties Offences Sec23 24

    Inside this noteSCRA
    1. 01§23(1) – 10yr & ₹25cr criminal penalty
    2. 02§23A-23E civil penalty schedule
    3. 03§26 – SEBI-authorised complaint only
    4. 04Kishore Ajmera – proof standard test
    9 min readRead →
  9. 09

    SAT Securities Appellate Tribunal

    Inside this noteSEBI Act
    1. 01SAT est under §15K – not SCRA
    2. 02§15T – appeal vs SEBI/IRDA/PFRDA, 45 days
    3. 03§15U – CPC powers, can review own order
    4. 04§15Z – appeal to SC on law only
    8 min readRead →
  10. 10

    SCRA Derivatives Regulation

    Inside this noteSCRA §18A
    1. 01Derivative def – §2(aa)
    2. 02Two conditions – §18A validity
    3. 03Overrides Contract Act §30 wagering
    4. 04L.C. Gupta Committee 1997
    8 min readRead →
  11. 11

    SEBI Act Introduction Object

    Inside this noteSEBI Act 1992
    1. 01Harshad Mehta scam – 1992 catalyst
    2. 02Threefold character – quasi-legislative/executive/judicial
    3. 03SEBI v Sahara India (2013)
    4. 04Entry 90+43+97 – constitutional basis
    7 min readRead →
  12. 12

    SEBI Act Constitution Board Sec3 5

    Inside this noteSEBI Act §3-5
    1. 01Board composition – 9 members §4(1)
    2. 02Tenure 5 yrs, retirement age 65 – §5
    3. 03Removal grounds & hearing – §5(3)
    4. 04Dalmia Cement v UOI – validity upheld
    9 min readRead →
  13. 13

    SEBI Act Functions Section 11

    Inside this note§ 11 SEBI
    1. 01Section 11(1) – threefold statutory duty
    2. 02Insider trading ban – §11(2)(g)
    3. 03PFUTP – §11(2)(d)
    4. 04Shriram Mutual Fund – §11(2) illustrative
    9 min readRead →
  14. 14

    SEBI Act Investigation Search Seizure 11C 11D

    Inside this noteSEBI Act §11C
    1. 01Reasonable grounds to believe – §11C(1)
    2. 02IA civil court powers – §11C(8)
    3. 03Inspection vs Investigation distinction
    4. 04SEBI v Classic Credit Ltd 2011 SC
    9 min readRead →
  15. 15

    SEBI Act Registration Intermediaries Section 12

    Inside this note§ 12 SEBI
    1. 01Section 12(1) – mandatory registration
    2. 02Fit and proper person criterion
    3. 03Suspension vs cancellation – §12(2)
    4. 04Reliance Capital v SEBI – proportionality
    7 min readRead →
  16. 16

    SEBI Act Cease Desist Orders Section 11B

    Inside this note§ 11B SEBI
    1. 01Cease & desist, debarment, impound orders
    2. 02Refund orders – Sahara ₹24,000 crore case
    3. 03Disgorgement vs penalty distinction
    4. 04Sterlite Industries v SEBI – natural justice
    8 min readRead →
  17. 17

    SEBI Act Adjudicating Officer 15I 15J

    Inside this note§15I & 15J
    1. 01AO rank – not below Division Chief
    2. 02Civil court powers – §15I(2)
    3. 03Three §15J factors – gain, loss, repeat
    4. 04Bhavesh Pabari 2019 – reasons mandatory
    7 min readRead →
  18. 18

    SEBI Act Penalties 15A to 15HB

    Inside this noteSEBI Act
    1. 0115G/15H/15HA – ₹25cr or 3× profit, higher
    2. 0215HB – catch-all, ₹1 crore penalty
    3. 0315A–15F – ₹1 lakh/day, ₹1cr ceiling
    4. 04Bhavesh Pabari – §15J factors
    8 min readRead →
  19. 19

    SAT SEBI Act Sections 15K 15Z

    Inside this note§§ 15K–15Z SEBI
    1. 01Constitution of SAT – §15K
    2. 02Composition & tenure – §15L
    3. 03Appellate jurisdiction – §15T, 45 days
    4. 04Appeal to SC on law only – §15Z
    10 min readRead →
  20. 20

    SEBI Act Offences Prosecution Sec24 26

    Inside this noteSEBI Act §24-26
    1. 01§24(1) – 10 yrs imprisonment/fine or both
    2. 02§24(2) – repeat offence mandatory minimums
    3. 03§24A – compounding, no repeat within 3 yrs
    4. 04SEBI v Ajay Agarwal (2010 SC) – no double jeopardy
    9 min readRead →
  21. 21

    SEBI Ombudsman Regulations 2003

    Inside this noteSEBI
    1. 01Ombudsman appointment – term 3 yrs
    2. 02Pre-complaint: 30-day wait, 1-yr limit
    3. 03Conciliation then binding Award
    4. 04SCORES – 21-day response, §15C penalty
    6 min readRead →
  22. 22

    SEBI Capital Market Primary Secondary

    Inside this noteSEBI ICDR
    1. 01ICDR Regs 2018 – DRHP review
    2. 02QIB 75%/NII 15%/RII 10% quota
    3. 03Promoter lock-in – 18 months
    4. 0410/15/20% index circuit breakers
    7 min readRead →
  23. 23

    SEBI RBI Regulators Coordination

    Inside this noteSEBI-RBI
    1. 01Currency derivatives MOU – SEBI vs RBI role
    2. 02G-Sec derivatives split – NDS-OM vs exchange
    3. 03ULIPs dispute – 2010 Cabinet to IRDAI
    4. 04FSDC – executive body, not statutory
    6 min readRead →
  24. 24

    SEBI Circulars Regulations Legal Hierarchy

    Inside this noteSEBI §30
    1. 01Hierarchy – Act→Rules→Regs→Circulars→Guidelines
    2. 02§30 – CG approval & Gazette publication
    3. 03Bhavesh Pabari (2019 SC) – legitimate expectations
    4. 04Clariant International v SEBI (2004 SC)
    8 min readRead →
  25. 25

    Depositories Act 1996 Introduction

    Inside this noteDepositories Act
    1. 01M.J. Pherwani Committee (1993)
    2. 02Preamble – four objects
    3. 03NSDL v SEBI (2017 SC)
    4. 04Karvy v SEBI (SAT 2020)
    7 min readRead →
  26. 26

    Depositories Act Key Definitions Section 2

    Inside this note§ 2
    1. 01Depository – §2(e) NSDL & CDSL
    2. 02Participant/DP – §2(g) agent role
    3. 03Beneficial owner – §2(a) vs legal owner
    4. 04Karvy v SEBI SAT 2020
    8 min readRead →
  27. 27

    Depositories Act Registration Sec3 8

    Inside this noteDepositories Act
    1. 01Two-stage: SEBI registration then §3 commencement
    2. 02§3(2) – three conditions for commencement
    3. 03§4 – issuer-depository agreement mandatory
    4. 04IL&FS Securities v SEBI (SAT 2012)
    8 min readRead →
  28. 28

    NSDL CDSL Role Functions Differences

    Inside this noteSEBI Law
    1. 01CDSL listed on BSE – 2017
    2. 02NSDL linked NSCCL, CDSL linked ICCL
    3. 03Depositories Act 1996 & §12(1A)
    4. 04Inter-depository transfer via DIS
    6 min readRead →
  29. 29

    Depositories Act Rights Obligations Sec9 16

    Inside this noteDepositories Act
    1. 01Depository as registered owner – §9
    2. 02Beneficial owner's rights & liabilities – §10
    3. 03Pledge & hypothecation – §11
    4. 04Karvy v SEBI (SAT 2020) – fiduciary duty
    9 min readRead →
  30. 30

    Dematerialisation Rematerialisation Fungibility

    Inside this noteDepositories Act
    1. 01Demat process – §8 & §9 Depositories Act
    2. 02DRF timeline – 15 days
    3. 03Rematerialisation RRF – 30 days
    4. 04Fungibility – §9A no distinctive numbers
    8 min readRead →
  31. 31

    Pledge Hypothecation Demat Securities

    Inside this noteDepositories Act
    1. 01Section 11(1) – pledge with depository approval
    2. 02Section 11(2) – 15-day intimation to DP
    3. 03Section 11(3) – depository strict liability
    4. 04Karvy scandal (2019) – DP misuse of client demat
    7 min readRead →
  32. 32

    Transmission Nomination Depositories Act

    Inside this noteDepositories Act
    1. 01Transfer vs transmission distinction
    2. 02₹5 lakh threshold – indemnity vs succession
    3. 03Up to 3 nominees – individuals only
    4. 04Harsha Nitin Kokate v Saraswat Bank 2010
    6 min readRead →
  33. 33

    Depositories Act Inspection Penalties

    Inside this noteDepositories Act
    1. 01Inspection – §17 grounds
    2. 02Mandatory duty to produce – §18
    3. 03Omnibus penalty – §20 (10yr/₹25cr)
    4. 04Inspection vs Investigation – §17 vs §11C
    7 min readRead →
  34. 34

    Fungibility Free Transferability Sec9A 9B

    Inside this noteDepositories Act
    1. 01Fungibility – §9A Depositories Act
    2. 02ISIN – 12-character code
    3. 03Free transferability – §9B override clause
    4. 04Bhagwati Developers v Peerless (2013 SC)
    7 min readRead →
  35. 35

    PFUTP Regulations 2003 Introduction

    Inside this notePFUTP Regs
    1. 01Section 12A SEBI Act – primary prohibition
    2. 02Ketan Parekh scam 2002 – led to 2003 revision
    3. 03Regulation 4 – manipulative & unfair practices
    4. 04Penalty §15HA – ₹25 cr or 3× profit
    6 min readRead →
  36. 36

    PFUTP Definitions Regulation 2 Fraud

    Inside this notePFUTP Reg 2
    1. 01'Fraud' definition – Reg 2(1)(c)
    2. 02No deceit/gain required – PFUTP vs IPC
    3. 03Fund diversion by issuer – cl (ix)
    4. 04Prakash Gupta v SEBI – SAT 2014
    7 min readRead →
  37. 37

    PFUTP Prohibition Regulations 3 4

    Inside this notePFUTP Regs 3&4
    1. 01Reg 3 – three UPSI offences
    2. 02Reg 4(2)(a)-(d) price/volume manipulation
    3. 03Front-running – Reg 4(2)(q)
    4. 04Rakhi Trading & Kanaiyalal Patel cases
    7 min readRead →
  38. 38

    PFUTP Market Manipulation Price Rigging

    Inside this notePFUTP Reg 4
    1. 01Kanaiyalal Patel – price rigging by pattern
    2. 02Circular trading – Reg 4(2)(a) network analysis
    3. 03Wash sales vs matched orders – Reg 4(2)(d)
    4. 04Rakhi Trading – algo trading PFUTP
    8 min readRead →
  39. 39

    PFUTP Front Running Mis Selling

    Inside this notePFUTP
    1. 01Front running – Reg 4(2)(q) 3 elements
    2. 02Front running vs insider trading distinction
    3. 03Prashant Jayantilal Patel – tipper liable
    4. 04Vikas Singhania – algo front running 2019
    7 min readRead →
  40. 40

    PFUTP Pump Dump Spoofing Layering

    Inside this notePFUTP
    1. 01Pump-and-dump – Reg 4(2)(a)/(b)/(e)
    2. 02Finfluencer crackdown 2022-23
    3. 03Spoofing vs Layering distinction
    4. 04Rakhi Trading (2018 SC) – algo trading
    8 min readRead →
  41. 41

    PFUTP SEBI Enforcement Investigation

    Inside this notePFUTP Regs
    1. 01Reg 5 – suo motu investigation power
    2. 02Reg 6 – IA civil court powers
    3. 03Reg 10 – recovery as land revenue arrears
    4. 04Kishore Ajmera – preponderance of probability
    7 min readRead →
  42. 42

    PFUTP Important Cases SEBI Orders

    Inside this notePFUTP
    1. 01Kishore Ajmera – preponderance of probability
    2. 02Rakhi Trading – algorithmic trading pattern proof
    3. 03Kanaiyalal Patel – circular trading via statistics
    4. 04Sterlite v SEBI – natural justice & debarment
    7 min readRead →
  43. 43

    PFUTP MCQ Practice Set

    Inside this notePFUTP Regs
    1. 01SEBI Act §12A – prohibition basis
    2. 02§30 – rule-making power for PFUTP Regs
    3. 03Reg 2(1)(c) – definition of fraud
    4. 04Fraud applies sans wrongful gain/loss
    833 min readRead →
  44. 44

    SAST Regulations 2011 Introduction

    Inside this noteSAST 2011
    1. 01Trigger threshold 15%→25% – 1997 vs 2011
    2. 02Open offer size 20%→26%
    3. 03Non-compete fee abolished
    4. 04C. Achuthan Committee Report 2010
    6 min readRead →
  45. 45

    SAST Definitions Acquirer Control PAC

    Inside this noteSAST Regs 2011
    1. 01Reg 2(1)(a) – Acquirer, agrees to acquire
    2. 02Reg 2(1)(e) – Control, positive vs negative
    3. 03Subhkam Ventures v SEBI (SAT 2010)
    4. 04PAC – Reg 2(1)(q), aggregation of holdings
    7 min readRead →
  46. 46

    SAST Creeping Acquisition Regulation 3

    Inside this noteSAST Reg 3
    1. 01Reg 3(1) – 25% mandatory open offer trigger
    2. 02Reg 3(2) – 5% per FY creeping limit
    3. 0374.99% cap & Reg 3(3) bar beyond it
    4. 04Nirma v SEBI & Subhkam Ventures (SAT)
    8 min readRead →
  47. 47

    SAST Mandatory Open Offer Regulations 3 4

    Inside this noteSAST Regs
    1. 01Reg 3(1) – 25% shareholding trigger
    2. 02Reg 4 – control trigger, notwithstanding Reg 3
    3. 0326% offer size – special resolution block
    4. 04Jet Airways v SEBI – totality of mgmt rights
    8 min readRead →
  48. 48

    SAST Voluntary Open Offer Regulation 6

    Inside this noteSAST Reg 6
    1. 01Reg 6(1) – 25%-74.99% eligibility
    2. 02Reg 6(2) – 10% min offer size
    3. 03Reg 6(3) – 52-week look-back bar
    4. 04Reg 6(4) – 6-month post-offer bar
    6 min readRead →
  49. 49

    SAST Offer Price Determination Regulation 8

    Inside this noteSAST Reg 8
    1. 01Offer price – highest of 4 params Reg 8(1)
    2. 02Indirect acquisition price – Reg 8(2) NAV
    3. 03Non-compete fee inclusion – Reg 8(3)
    4. 04Upward-only revision – Reg 8(4), 3 WD
    7 min readRead →
  50. 50

    SAST Disclosure Requirements Regulations 28 30

    Inside this noteSAST Regs 28-30
    1. 01Reg 28 – annual 5%+ disclosure by Apr 7
    2. 02Reg 29(1)/(2) – event-based 2WD disclosures
    3. 03Reg 30 – target company 7-day disclosure
    4. 04Penalty §15H SEBI Act – ₹25cr or 3× profit
    5 min readRead →
  51. 51

    SAST Exemptions Open Offer Regulation 10

    Inside this noteSAST 2011
    1. 01Inter-se transfer – Reg 10(1)(a)
    2. 02Court/NCLT scheme – Reg 10(1)(b)/(c)
    3. 03Conversion of convertibles – Reg 10(1)(h)
    4. 04SEBI/TRAC exemption order – Reg 10(4)
    6 min readRead →
  52. 52

    SAST Competing Offers Shareholders Rights

    Inside this noteSAST 2011
    1. 01Competing offer – Reg 20, within 15 WD
    2. 02Upward price revision only – Reg 24
    3. 03Withdraw acceptance – Reg 18(9)
    4. 04Acquirer withdrawal grounds – Reg 23
    7 min readRead →
  53. 53

    SAST Disinvestment Government Acquisitions

    Inside this noteSEBI SAST
    1. 01Reg 10(1)(f) – statutory obligation exemption
    2. 02Reg 10(4) TRAC exemption for strategic sale
    3. 03Arcelor Mittal v Satish Kumar Gupta (2019 SC)
    4. 04IBC §238 overrides SAST for resolution plans
    6 min readRead →
  54. 54

    SAST TRAC Manager Open Offer

    Inside this noteSAST Regs
    1. 01TRAC – Reg 10(4) exemption advisory body
    2. 02Justice C. Achuthan panel 2010 – basis SAST 2011
    3. 03Manager to Open Offer – Reg 12 obligations
    4. 04DSP Merrill Lynch v SEBI – independent liability
    7 min readRead →
  55. 55

    SAST MCQ Practice Set

    Inside this noteSAST Regs 2011
    1. 0125% threshold – Reg 3(1)
    2. 02Minimum offer size 26% – Reg 7(1)
    3. 03Creeping acquisition 5%/year – Reg 3(2)
    4. 04Offer price highest of 4 – Reg 8(1)
    10 min readRead →
  56. 56

    PIT Regulations 2015 Introduction

    Inside this notePIT Regs 2015
    1. 01T.K. Viswanathan Committee 2014
    2. 02HUL v SEBI 1998 SAT
    3. 03Legitimate purpose test – Reg 3(3)
    4. 04§12A(d)-(f) SEBI Act basis
    6 min readRead →
  57. 57

    PIT Definitions UPSI Insider Connected Person

    Inside this notePIT Regs 2015
    1. 01UPSI three-part test – Reg 2(1)(n)
    2. 02GAI – non-discriminatory access Reg 2(1)(e)
    3. 03Insider – connected OR possession Reg 2(1)(g)
    4. 04HUL v SEBI – merger info gap closed
    8 min readRead →
  58. 58

    PIT Who Is Insider Category Analysis

    Inside this notePIT Regs 2015
    1. 01Two categories – Reg 2(1)(g)
    2. 02Deemed connected persons – Reg 2(1)(d) proviso
    3. 03Six-month look-back rule
    4. 04Reversal of burden – SEBI v Samir Arora
    7 min readRead →
  59. 59

    PIT UPSI What Qualifies Does Not

    Inside this notePIT Regs 2015
    1. 01Three-part UPSI test – Reg 2(1)(n)
    2. 02Likely to materially affect – probability standard
    3. 03GAI transformation – non-discriminatory disclosure
    4. 04HUL v SEBI & Abhijit Rajan – M&A UPSI
    7 min readRead →
  60. 60

    PIT Prohibition Trading Regulation 4 Window

    Inside this notePIT Reg 4
    1. 01Reg 4(1) – absolute UPSI trading ban
    2. 02Trading window closure – Schedule B Cl.4
    3. 03SEBI 2020 circular – 48hr post-results rule
    4. 04Pre-clearance & 7-day execution – Cl.5
    7 min readRead →
  61. 61

    PIT Communication UPSI Regulation 3 SDD

    Inside this notePIT Reg 3
    1. 01Regulation 3(1) – communicate/provide/allow access
    2. 02Regulation 3(2) – procurement prohibition
    3. 03Legitimate purpose exception – Reg 3(3)
    4. 04SEBI v Prashant Patel (2010)
    7 min readRead →
  62. 62

    PIT Code of Conduct Schedules B C

    Inside this notePIT Regs 2015
    1. 01Schedule B – 8 minimum standards listed cos
    2. 02Schedule C – Chinese walls for intermediaries
    3. 03Sourabh Lohia (2020) – CO personal liability
    4. 04Axis Bank (SAT 2018) – Chinese wall failure
    8 min readRead →
  63. 63

    PIT Structured Digital Database SDD

    Inside this noteReg 3(5) PIT
    1. 01Reg 3(5) PIT – SDD mandatory
    2. 02Time-stamping & audit trail rules
    3. 03SDD retention – 8 years minimum
    4. 04Sourabh Lohia – compliance officer liability
    7 min readRead →
  64. 64

    PIT Legitimate Purpose Test Regulation 3 3

    Inside this noteReg 3(3) PIT
    1. 01Five conditions – Reg 3(3)
    2. 02NDA & need-to-know – M&A due diligence
    3. 03'Satisfying oneself' standard
    4. 04Samir Arora – SAT 2004
    7 min readRead →
  65. 65

    PIT Algorithmic Digital Insider Trading

    Inside this noteSEBI PIT
    1. 01Rakhi Trading 2018 SC – algo attribution
    2. 02Reg 5 trading plan vs UPSI defence
    3. 03Digital forensics – §11C + Reg 6 PIT
    4. 04Dhruv Consultancy 2022 – WhatsApp evidence
    7 min readRead →
  66. 66

    PIT Penalties Civil Criminal Consequences

    Inside this noteSEBI Act
    1. 01§15G – min ₹10L, max ₹25Cr or 3× profit
    2. 02§24 criminal – 10yrs jail + fine
    3. 03Disgorgement §11B(2) – not a penalty
    4. 04Ajay Agarwal 2010 SC – no double jeopardy
    7 min readRead →
  67. 67

    PIT Important Cases Satyam HUL Balram Garg

    Inside this notePIT Regs 2015
    1. 01HUL v SEBI (1998) – merger UPSI gap
    2. 02Samir Arora – timing correlation insufficient
    3. 03Balram Garg (2022) – reverse burden Reg 4(1)
    4. 04Kishore Ajmera – preponderance of probability
    8 min readRead →
  68. 68

    PIT MCQ Practice Set

    Inside this notePIT Regs 2015
    1. 01Insider – connected person OR UPSI access
    2. 026-month look-back – Reg 2(1)(d)
    3. 03SDD – Reg 3(5) requirement
    4. 04Trading Plan cooling-off – Reg 5 (6 months)
    12 min readRead →
  69. 69

    SEBI Enforcement Mechanism All Acts

    Inside this noteSEBI Act
    1. 01Investigation order – §11C SEBI Act
    2. 02Penalty scale – §15A-15HB SEBI Act
    3. 03Cognizance restriction – §26A/26 SCRA/22 DA
    4. 04SEBI v Ajay Agarwal – 2010 SC no double jeopardy
    8 min readRead →
  70. 70

    Comparison PFUTP PIT SAST Regulations

    Inside this noteSEBI Regs
    1. 01PFUTP §15HA vs PIT §15G vs SAST §15H
    2. 02PIT reversal of burden – Reg 4(1) Explanation
    3. 03SAST 25% open offer trigger – Reg 3
    4. 04PFUTP+PIT overlap – connected persons on UPSI
    7 min readRead →
  71. 71

    Quick Revision Chart All 6 Securities Laws

    Inside this noteSEBI
    1. 0125% trigger – SAST Reg 3(1)
    2. 02Deemed trading – Reg 4(1) Explanation
    3. 03Mandatory §15J penalty factors
    4. 04Off-exchange derivatives void – §18A SCRA
    8 min readRead →
  72. 72

    PYQ Analysis SEBI Grade A 2018 2024

    Inside this noteSEBI Grade A
    1. 01Section 15G penalty – min ₹10L max
    2. 0225% SAST trigger vs 5% creeping limit
    3. 03Insider definition – EITHER connected/UPSI
    4. 04Voluntary offer 10% vs mandatory 26%
    6 min readRead →
  73. 73

    MCQ Bank Cross Topic Securities Laws

    Inside this noteSEBI Law
    1. 01Security definition – SCRA §2(h)
    2. 02Registered owner – §9 Depositories Act
    3. 03Pump-and-dump – PFUTP Reg 4(2)(a)/(e)
    4. 04UPSI & connected person – PIT Reg 4/5
    13 min readRead →
  74. 74

    Mock Test Full Syllabus Securities Laws

    Inside this noteSEBI/SAST/PIT
    1. 01SAST creeping acquisition & block deals
    2. 02Open offer price – Reg 8(1) & 8(4)
    3. 03PIT 'insider' & UPSI – Reg 2(1)
    4. 04§15G penalty & §15J factors – SEBI Act
    17 min readRead →
  75. 75

    SEBI LODR Regulations 2015 Listed Entity

    Inside this noteSEBI LODR
    1. 01Regulation 30 – material events disclosure
    2. 02Board composition – Regulation 17 IDs
    3. 03Audit Committee – Regulation 18
    4. 04Min public shareholding – Reg 38/Rule 19A
    7 min readRead →
  76. 76

    SEBI ICDR Regulations 2018 IPO FPO

    Inside this noteICDR 2018
    1. 01IPO Track 1 vs Track 2 eligibility
    2. 02Book building ratios – QIB 75/NII 15/RII 10
    3. 03Anchor Investor sub-category & lock-in
    4. 04Promoter lock-in – 18 & 6 months
    6 min readRead →
  77. 77

    SEBI Mutual Funds Regulations 1996

    Inside this noteSEBI MF Regs
    1. 01Three-tier – Sponsor/Trust/AMC
    2. 02NAV calculation & 2009 entry-load ban
    3. 03Investment limits – 10%/25%/15%/20%
    4. 04Sahara – 50-person public offer test
    6 min readRead →
  78. 78

    SEBI AIF Regulations 2012 FPI Regulations 2019

    Inside this noteSEBI AIF/FPI
    1. 01AIF Cat I/II/III – Reg 2(1)(b)
    2. 02Cat III taxed at fund level, leverage ok
    3. 03AIF corpus ₹20cr, investor ₹1cr, max 1000
    4. 04FPI single limit 10% equity – SAST trigger
    6 min readRead →
  79. 79

    CIS Ponzi Frauds SEBI Investor Protection

    Inside this noteSEBI Act
    1. 01CIS three-part test – §11AA
    2. 02Sahara – 50-person public offer test
    3. 03OFCDs as securities – SCRA §2(h)(ix)
    4. 04§11B refund power over CIS/Ponzi
    6 min readRead →
  80. 80

    Securities Laws Competition Act IBC Intersection

    Inside this noteSEBI/IBC
    1. 01IBC §238 – overrides SAST obligations
    2. 02Arcelor Mittal v Satish Kumar Gupta (2019 SC)
    3. 03CCI approval as withdrawal ground – Reg 23(1)(a)
    4. 04Delisting 90% threshold & RBB pricing
    6 min readRead →
  81. 81

    SEBI Board Constitution Powers Governance

    Inside this noteSEBI Act
    1. 01Board composition – 9 members §4
    2. 02Removal grounds – §6 natural justice
    3. 03Policy vs operational independence §16
    4. 04Triple role: quasi-legislative/executive/judicial
    6 min readRead →
  82. 82

    Research Analysts Investment Advisers SEBI

    Inside this noteSEBI RA/IA Regs
    1. 01RA front-running – 30 days pre/5 post
    2. 02IA fiduciary duty & suitability test
    3. 03IA fee-only model – no commissions
    4. 04Finfluencers – PFUTP 4(2)(e) violation
    6 min readRead →
  83. 83

    PMLA AML Compliance Securities Market

    Inside this notePMLA
    1. 01STR filing – 7 days to FIU-IND
    2. 02CTR threshold – ₹10 lakh/month
    3. 03Tipping-off prohibition – §12A(b)
    4. 04UBO thresholds – FPI 25%/AIF 15%
    5 min readRead →
  84. 84

    REITs InvITs Emerging SEBI Frameworks

    Inside this noteSEBI
    1. 01REITs – SEBI (REIT) Regs 2014, 90% semi-annual
    2. 02InvITs – SEBI (InvIT) Regs 2014, 90% quarterly
    3. 03Social Stock Exchange – ZCZP bonds, Social Audit
    4. 04Security Receipts – ARCs under SARFAESI, SEBI listing
    5 min readRead →