Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
New regulations consolidate and replace the 1993 framework for registration and regulation of registrars to an issue and share transfer agents, requiring a SEBI certificate to act and prescribing application, scrutiny, hearing, reconsideration, and fee-payment mechanics; non-payment can result in suspension and cessation of activities. They set eligibility and ongoing conditions, including minimum net worth of ₹50 lakh (with an 18-month transition for existing registrants), prior approval for change in control, mandatory client agreements, appointment of a compliance officer, maintenance and 8-year preservation of specified records, and investor grievance redressal within 21 calendar days, with dispute resolution via Board-specified mechanisms. Services to unlisted companies must be segregated into a separate unit and disclaimed as outside SEBI jurisdiction (subject to stated exceptions), with an 18-month migration. They mandate internal controls, surveillance, escalation, and whistleblower systems, and provide for inspection, audit, and default action under the SEBI Intermediaries Regulations, 2008, with savings on repeal.
New regulations consolidate and replace the 1993 framework for registration and regulation of registrars to an issue and share transfer agents, requiring a SEBI certificate to act and prescribing application, scrutiny, hearing, reconsideration, and fee-payment mechanics; non-payment can result in suspension and cessation of activities. They set eligibility and ongoing conditions, including minimum net worth of ₹50 lakh (with an 18-month transition for existing registrants), prior approval for change in control, mandatory client agreements, appointment of a compliance officer, maintenance and 8-year preservation of specified records, and investor grievance redressal within 21 calendar days, with dispute resolution via Board-specified mechanisms. Services to unlisted companies must be segregated into a separate unit and disclaimed as outside SEBI jurisdiction (subject to stated exceptions), with an 18-month migration. They mandate internal controls, surveillance, escalation, and whistleblower systems, and provide for inspection, audit, and default action under the SEBI Intermediaries Regulations, 2008, with savings on repeal.
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