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Recently, SEBI took a decisive step by issuing an ad interim ex parte order against the investment platform ‘Growpital’, along with its designated partners (DPs). The regulatory body determined, prior to a hearing from the involved parties, that ‘Growpital’ and its DPs were involved in operating an unregistered collective investment scheme (CIS), effectively engaging in securities fraud by allegedly raising Rs. 184 crore from investors unlawfully.

In light of these developments, LiveMint has published a guest column by Mr. Sumit Agrawal, Managing Partner at Regstreet Law Advisors and a former SEBI officer. The column delves into pertinent questions regarding the development and persistence of legal principles, leveraging insights from the seminal ๐”.๐’. ๐’๐ฎ๐ฉ๐ซ๐ž๐ฆ๐ž ๐‚๐จ๐ฎ๐ซ๐ญ decision in ๐’๐„๐‚ ๐ฏ. ๐–๐‰ ๐‡๐จ๐ฐ๐ž๐ฒ (1946), in addition to other SEBI orders. Through this analysis, Mr. Agrawal encourages a thoughtful examination of the underlying legal framework and its practical application, advocating for a more nuanced approach to regulatory enforcement and compliance. 

The column also discusses the need for an independent agency in collaboration with state-level bodies and meanwhile, whether SEBI should explore avenues to regularize such platforms instead of imposing outright prohibitions. For instance, SEBIโ€™s order against PACL, seeking a refund of โ‚น50,000 crore, pending enforcement even after a decade, highlights the overarching issue of numerous schemes being prohibited without effective fund recovery or regularization. This necessitates a thorough evaluation of SEBIโ€™s regulatory strategies over the past 25 years, pondering whether itโ€™s the compliance burden or the regulatory structure that dissuades entities from registering with SEBI. As Winston Churchill aptly said, โ€œWhen you make 10,000 regulations, you destroy all respect for the law.”

While the detailed version is available online at (https://lnkd.in/dZuGZWku), printed column on February 07, 2024 is enclosed. 

Enthusiasts and followers of securities law are welcome to share their feedback or comments by reaching out to info@regstreetlaw.com

Sumit AgrawalSEBIRegstreet Law AdvisorsLiveMintHindustan Times

#securitieslaw#financialcrimes#regulation#sebi#ministryoffinance#governmentaffairs#governmentofindia#investmentmanagement

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