SAT imposes costs on SEBI for passing another mechanical order: Need for a Uniform Securities Code

We’re pleased to share an insightful article by Sumit Agrawal, Founder of Regstreet Law Advisors and a former SEBI officer, with assistance from Akarsh Tripathi, Associate at Regstreet Law Advisors, published on Bar and Bench.

The article discusses a recent order of Hon’ble Securities Appellate Tribunal (SAT) wherein the the Tribunal has set aside a SEBI AO order for issuing a “mechanical” penalty on SRBC, a CA firm. The article provides a relook on the past instances of regulatory overreach and provides recommendations for the draft Uniform Securities Code, as announced by the Finance Minister of India which includes:
– Defining time limits for SEBI investigations.
– Enhancing transparency in SEBI’s annual reporting.
– Separating SEBI’s adjudicatory and executive functions.
– Reviewing and rationalizing SEBI’s powers through legislative oversight.

Read the full article here: https://lnkd.in/dijvVjtu