M Damodaran
Chairperson, Excelence Enablers Private Limited
Former Chairman, SEBI, UTI and IDBI
IISD's invited Distinguished Guest Blog

Orderly conduct in the marketplace is premised on complete and correct disclosures. Firms must honestly state objectives of any fund-raising to their shareholders. Any deviation from this norm must be acted upon.

On June 2, 2022; the Securities Appellate Tribunal (SAT) set aside three orders passed by an adjudicating officer (AO) of the Securities and Exchange Board of India (SEBI). What's new, one might ask. Orders passed by regulatory authorities are often set aside by appellate authorities, and some of those matters go to the Supreme Court (SC). However, this order is different. Some commentators have described it as the biggest setback in India's securities law jurisprudence history. Others have seen the order as possibly incentivising companies to revisit decisions taken earlier in a casual manner.























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Shri M Damodaran is the Chairperson, Excelence Enablers Private Limited (EEPL) and Former Chairman, SEBI, UTI and IDBI. This is an IISD's invited Distinguished Guest Blog.