May, 2025 - MMJC

May 21, 2025

Investor Charter for RTAs: Key Updates and Actionable for Listed Companies

The Securities and Exchange Board of India (SEBI) continues to strengthen investor protection in the Indian securities market. SEBI circulars issued on May 07, 2024 (Master Circular for RTAs ) and May 14, 2025 (Investor Charter for RTAs ) highlight SEBI’s ongoing commitment to enhancing transparency, efficiency, and grievance redressal mechanisms for investors dealing with

May 16, 2025

SEBI Guidance on Material Pecuniary Relationship with Independent Directors

Introduction This newsletter summarizes informal guidance from SEBI regarding the interpretation of “material pecuniary relationship” under Regulation 16(1)(b)(iv) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). The guidance was provided in response to a query from InfoBeans Technologies Limited concerning an independent director’s consultancy arrangement with a US-based subsidiary Background of

May 15, 2025

SEBI’s Informal Guidance – Century Plyboards Ltd[1] (Gift as Contra Trade and identification of promoter group as designated person)

Introduction: This newsletter summarizes key points from a recent informal guidance letter issued by the Securities and Exchange Board of India (SEBI) regarding the interpretation of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations. The guidance was provided in response to a request from Century Plyboards (India) Limited, a company whose equity shares

May 10, 2025

MMJC Insights

This issue of MMJC Insights covers the following: Confidential IPO Filings: Why They Emerged, How They Were Designed, and What was Implemented Immediate SEBI LODR Compliance for High Value Debt Entities SEBI amends UPSI Definition: Can Companies Still Defend against UPSI Claims? Bonus Shares in No-Go Zones? DPIIT Clears Air on FDI-Restricted Sectors RBI Makes

May 3, 2025

UPSI Definition Changes 2025 – Companies Can Still Defend Against UPSI Claims?

Background Securities and Exchange Board of India (Prohibition of Insider Trading), regulations, 2015 [‘PIT’] vide its amendment notification dt: March 12, 2025, amended the definition of ‘Unpublished Price Sensitive Information’ as per reg. 2(1)(n) of PIT [‘UPSI’]. Post this amendment events that are ordinarily considered as UPSI have increased from five events to sixteen events.

May 3, 2025

SEBI Proposes Mandatory Dematerialization for Select Shareholders Before IPO – Here’s What You Need to Know

The Securities and Exchange Board of India (SEBI) has issued a consultation paper on April 30, 2025, proposing a major amendment to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations).Making it mandatory for a wider group of pre-IPO shareholders to convert their physical shares into electronic (demat) form before the company