SEBI and SFIO Lawyer – Supreme Court of India | Securities and Corporate Law

Matters involving the Securities and Exchange Board of India (SEBI) and the Serious Fraud Investigation Office (SFIO) concern some of the most complex areas of regulatory and corporate law in India. Proceedings before SEBI, the Securities Appellate Tribunal (SAT), and cases investigated by the SFIO can result in severe penalties, including monetary fines, debarment from the securities market, and criminal prosecution. The practice at KV Law represents individuals, corporate officers, and entities in SEBI and SFIO matters before the Supreme Court and the High Courts.

SEBI Proceedings and Enforcement

The Securities and Exchange Board of India is the statutory regulator of the securities market in India, established under the SEBI Act, 1992. SEBI exercises wide-ranging powers, including the power to conduct investigations, pass orders imposing penalties, issue directions for disgorgement of unfair gains, and debar persons from accessing the securities market. SEBI proceedings may be initiated for alleged violations of the SEBI Act, the SEBI (Prohibition of Insider Trading) Regulations, the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, and other regulations framed under the Act.

The practice represents clients in proceedings before SEBI, including show cause proceedings, adjudication proceedings, and enquiry proceedings. This includes matters involving allegations of insider trading, market manipulation, fraudulent trade practices, disclosure violations, and non-compliance with listing obligations.

Appeals Before the Securities Appellate Tribunal (SAT)

Orders of SEBI are appealable before the Securities Appellate Tribunal (SAT) under Section 15T of the SEBI Act. The SAT has the power to confirm, modify, or set aside the order of SEBI. The practice handles appeals before the SAT challenging SEBI orders, including orders imposing monetary penalties, orders of debarment, and directions for disgorgement.

Further appeal from the SAT lies to the Supreme Court of India under Section 15Z of the SEBI Act. The practice has handled matters before the Supreme Court involving appeals from SAT orders and challenges to SEBI’s regulatory and enforcement actions.

Insider Trading

Insider trading is one of the most serious securities law violations. The SEBI (Prohibition of Insider Trading) Regulations, 2015 prohibit trading in securities while in possession of unpublished price-sensitive information (UPSI) and the communication of UPSI to any person. Penalties for insider trading include disgorgement of profits, monetary penalties, and in criminal cases, imprisonment. The practice represents individuals and corporate officers who face insider trading proceedings before SEBI, the SAT, and the courts.

SFIO Investigations

The Serious Fraud Investigation Office (SFIO) is the agency established under Section 211 of the Companies Act, 2013 to investigate serious cases of corporate fraud. SFIO investigations are initiated on the direction of the Central Government and can result in prosecution before the Special Court constituted under the Companies Act. The practice handles matters arising from SFIO investigations, including representation during the investigation stage, defence in prosecution proceedings before the Special Court, and appeals before the High Courts and the Supreme Court.

Corporate Fraud and Companies Act Proceedings

The Companies Act, 2013 contains several provisions relating to fraud, mismanagement, oppression, and non-compliance with corporate governance norms. The practice advises and represents directors, officers, and companies in proceedings under the Companies Act, including proceedings before the National Company Law Tribunal (NCLT), the National Company Law Appellate Tribunal (NCLAT), and on appeal before the Supreme Court.

Supreme Court Jurisdiction in Securities and Corporate Matters

The Supreme Court exercises jurisdiction over securities and corporate law matters through appeals from the SAT under Section 15Z of the SEBI Act, appeals from the NCLAT under Section 423 of the Companies Act, and Special Leave Petitions under Article 136 of the Constitution. The practice has handled matters before the Supreme Court involving questions of securities regulation, corporate governance, and the powers of regulatory and investigative agencies.

For queries relating to SEBI or SFIO matters, please visit the Contact page. Related: CBI & ED Cases | Criminal Defence | Appeals & SLPs