[ Kislay and Sakshi are students at National Law Institute University Bhopal. ] On 3 July 2025, the Securities and Exchange Board of India ( SEBI ) passed an interim order  under the Securities and Exchange Board of India Act 1992  against Jane Street, a prestigious American trading firm in the matter regarding index market manipulation  in the Indian options trading market by earning massive positions in derivatives amounting up to 4.3 billion dollars. While the SEBI order h

The proposed framework by the SEBI on an accreditation-based framework for AIFs reflects its broader vision to depart from a ‘minimum commitment’ threshold to ‘only accreditation’ status as a standard for risk assessment of an investor.

India’s import of the shadow director test, judicially narrowed by an unwarranted impropriety filter, undermines accountability.

The first part of the blog will establish the English jurisprudential benchmark, tracing the evolution of the shadow director test from the rigid “puppet master” standard in Re Hydrodam (Corby) Ltd to the more pragmatic “real influence” test in Secretary of State for Trade and Industry v. Deverell.

Mandatory dematerialization prima facie appears to be a welcome step as far as reducing the vulnerabilities and risks of physical shares are concerned. However, it is important to consider that the transition is not without challenges.

The balancing or “sliding scale” approach in Sequana is necessarily indeterminate, but such flexibility is preferable in the sphere of directors’ duties.

The payments revolution in India is not anywhere near finished, but the next stage is likely to play out at a steadier, almost cautious, pace under the regulator’s watchful eye.

The regulatory ambiguity surrounding buy-back transactions by FOCCs exposes significant gaps in India’s capital market governance.

The consultation paper shifts the regulations from a rigid uniformity towards proportional oversight.

This blog examines the introduced amendments and analyses how they will accelerate corporate restructuring and create a more predictable environment for foreign and domestic investors. The blog further identifies the potential challenges and considerations that need to be addressed for the amendments to be beneficial for India’s market economy.

The lighter touch approach adopted by the SEBI in regulating the AIF market reflects the proactive attempt to balance the ease of doing business with investor protection.

SEBI’s consultation paper provides a forward-looking approach to ease compliance, maintain uniform standards, and reduce redundant disclosure norms within which the RPTs operate.

The circular marks an important shift in regulating off-market transfers of unlisted shares, aligning procedural norms with the mandates of the Companies Act 2013.

This blog seeks to provide an analytical and critical narrative of the policy shift by examining the constitutional, economic, and legal implications of the new fixed-price route.

The article explores the challenges and shortcomings of SEBI’s proposed AI/ML liability framework, particularly its reliance on senior management accountability, while suggesting alternative governance models informed by global best practices, and aims to contribute to the ongoing discourse on corporate and commercial law and aims to contribute to the ongoing discourse on corporate and commercial law.

SEBI, in February 2025, released the regulation for the process of regulation-making to increase transparency and, inter alia, mandated stakeholder consultation and a statement of the regulatory intent and objectives of the proposed regulations. However, as noted, merely articulating the objective without committed engagement with the underlying rationale and the chosen intervention can result in the objective being realized in foreseeably unintended ways.

SEBI’s circular is a good step towards regulating ERPs. However, there is still not enough clarity on what exactly the ratings are trying to achieve.

Owing to the abysmal usage of the IPEF and issues surrounding it, a strong compensation mechanism is required to be set up, either giving express power to SEBI to direct compensation or creating a fund specifically for compensating affected investors due to the violation of any securities law.

HFT's contribution to improving market efficiency and liquidity in India is evident. By consistently placing sizable volumes of buy and sell orders, narrowing bid-ask spreads, and guaranteeing more seamless trade execution, high-frequency trading increases liquidity and enhances market efficiency.

Legal teams and corporate secretaries should therefore start reviewing RPT policies now, for instance, updating internal RPT registers, arm’s-length procedures, and disclosure checklists to reflect the new regime.

SEBI’s 2025 proposals represent a significant evolution, combining empirical data, comparative insight, and statutory modernization. If adopted, these changes would foster a deeper, more diversified pool of anchor investors, strengthen the role of long-term institutions, and produce a more realistic structure for public allocation in large IPOs.

The amendment recognizes the contributions of founders and aims to make it easier for startups to go public. However, it does not fully address the governance risks that arise when control and financial benefits overlap.

While the Consultation Paper is a progressive step towards enhancing operational flexibility for AMCs, the proposed framework requires stronger safeguards to prevent regulatory arbitrage and protect retail investors.

Asian Paints should not be the beginning of corporate criminal empire-building—it should be a prompt for cautious, principled, and restrained evolution.