A term sheet is a short document prepared at an early stage of a transaction.…

Introduction The Indian securities market has undergone a significant transformation with the rapid expansion of…

Introduction The Insolvency and Bankruptcy Code, 2016 (IBC), is an Act to consolidate and amend…

Growth is being driven by a structural shift toward active-first, anhydrous skincare architectures, where efficacy is engineered into the formula rather than layered through makeup. Consumers increasingly seek skin that performs independently, reducing reliance on complexion products while maintaining visible glow, tone balance, and barrier integrity.

Understanding FDI Routes, Joint Venture Structures, and Why Engaging the Right Venture Capital Law Firm…

Introduction to Alternative Investment Funds (AIFs) in India AIFs, or Alternative Investment Funds, are crucial…

Introduction: The Necessity of a Robust Insolvency Framework Corporate insolvency law, often perceived as the…

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The Negotiable Instruments Act, 1881 (Section 138): Legal Overview The Negotiable Instruments Act, 1881 (NI…

The Reserve Bank of India Act, 1934 is the main law that governs how the…

Climate change is no longer confined to the realm of environmental policy; it has emerged…

In a potentially transformative move for global financial architecture, India’s central bank—the Reserve Bank of…

Introduction “It’s 7 AM. Your salary just hit your neobank account. By 9 AM, the…

Abstract FinTech and digital payments have become central to India’s economic transformation, enabling rapid financial…

“Cash Flows Like Sand, But Section 269ST Holds Tight, Curbing Black Money, Shining India’s Light…

The global financial crisis—widely regarded as the most severe economic downturn since the 1930s Great…

Section 14 of The IBC,2016 Moratorium, Imposes a stay on legal proceedings against a corporate debtor undergoing insolvency, protecting its assets. Whereas section 138 of NI Act, Cheque Dishonour Makes cheque bounce a criminal offense if issued without sufficient funds, allowing legal action against the issuer.

This project explores the concept of disgorgement and its utilisation by the Securities and Exchange Board of India (“SEBI”). The research and analysis done through this research project reveals that SEBI’s rationale for employing disgorgement is based on its ‘equitable’ and ‘remedial’ authority, aiming to recover ill-gotten gains from wrongdoers and restore the situation to its original state. However, this differs from disgorgement practices elsewhere, which aim to strip wrongdoers of their gains without necessarily restoring the status quo.

The author observes that SEBI’s disgorgement orders do not consistently align with its stated justification, as none of the orders of the SEBI, till now, actually return the wrongdoer to their original position. Moreover, disgorgement decisions are made at the discretion of whole-time members (“WTMs”), who hold executive authority within the government. This exercise of public power without clear legislative or judicial boundaries raises significant concerns regarding regulatory governance.

Complicating matters further is the destination of disgorgement proceeds, which are directed to the Investor Protection and Education Fund controlled by the SEBI, unlike penalties that contribute to the Consolidated Fund of India. The findings suggest that SEBI needs to reassess how it conceptualises disgorgement, its underlying objectives, and the procedures governing its application. This analysis of disgorgement has implications beyond India and is pertinent to similar discussions in other jurisdictions, including the United States.

Introduction In the architecture of modern corporate governance in India, independent and non-executive directors occupy…

Introduction When Substantial Justice is pitted against Technicalities, Courts sometimes throttle Justice in the name…