Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The circular clarifies conditions under amended Regulation 9C of the SEBI (Debenture Trustees) Regulations, 1993 for debenture trustees undertaking activities outside SEBI's purview. Such activities must be fee-based, non-fund based, financial-services related, and carried out on an arm's length basis through ring-fenced Separate Business Units with Chinese Walls, distinct staff, records, grievance mechanisms, and segregated marketing. Debenture trustees must disclose non-SEBI-regulated activities, absence of SEBI investor protection, and, where applicable, identify the relevant financial sector regulator, obtaining stakeholder acknowledgments. Existing arrangements require retrospective disclosures and confirmations within six months and half-yearly compliance reporting. RBI-regulated entities must conduct debenture trustee activities only through SBUs.
The circular clarifies conditions under amended Regulation 9C of the SEBI (Debenture Trustees) Regulations, 1993 for debenture trustees undertaking activities outside SEBI's purview. Such activities must be fee-based, non-fund based, financial-services related, and carried out on an arm's length basis through ring-fenced Separate Business Units with Chinese Walls, distinct staff, records, grievance mechanisms, and segregated marketing. Debenture trustees must disclose non-SEBI-regulated activities, absence of SEBI investor protection, and, where applicable, identify the relevant financial sector regulator, obtaining stakeholder acknowledgments. Existing arrangements require retrospective disclosures and confirmations within six months and half-yearly compliance reporting. RBI-regulated entities must conduct debenture trustee activities only through SBUs.
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