A credible securities regulatory regime derives its authority not from the severity of its penalties, but from their predictability, coherence, and constitutional legitimacy.

Subhkam should never have been transplanted: SAST and IBC pursue divergent objectives, the SAT order was non-precedential by direct Supreme Court fiat, and the positive-control reading under-includes the negative-control defaulter-promoters Parliament meant to capture.

The main thesis of this article is not as broad as that, which is that the increase of the powers of SEBI under the SMC has not been offset by a corresponding increase in the supply of institutional checks to those powers.

This article examines the SAT order’s interpretation of the RPT framework with respect to materiality assessment, and delineates regulatory implications for industry stakeholders.

The Linde Judgement is a major step towards a more substance oriented and shareholder centric RPTs regime in India.

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.