Photo of Shatarupa Dasgupta

Partner in the Capital Markets Practice at the Delhi office of Cyril Amarchand Mangaldas, Shatarupa specialises in equity and debt capital markets, focussing on domestic and offshore public offerings, qualified institutions placements and structuring and listing of infrastructure investment trusts. She has also been actively involved in liaising with the government and other stakeholders in the capital markets space. She can be reached at shatarupa.dasgupta@cyrilshroff.com

Electrosteel Steels Limited v. Securities and Exchange Board of India

On November 14, 2019, almost a decade after the initial public offering of Electrosteel Steels Limited (Electrosteel), the Securities Appellate Tribunal (SAT) delivered its judgment in Electrosteel Steels Limited v. Securities and Exchange Board of India[1] (the SAT Order). It partially upheld the judgment dated March 31, 2016 (SEBI Order) of the adjudicating officer of the Securities and Exchange Board of India[2] (SEBI). The SAT Order has discussed the concept of ‘materiality’ in the context of disclosure in offer documents.
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NEW ICDR Regulations - SEBI

In November 2018, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (New ICDR Regulations) came into force, replacing the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (Old ICDR Regulations). The overhaul of the regulations followed a robust public consultative process, aimed at getting views from stakeholders and at bringing the Indian regulations closer to global best practices.

The New ICDR Regulations particularly emphasise streamlining disclosure requirements with respect to financial statements in offer documents for initial public offerings, by reducing the volume of disclosures and focusing on what is considered material and relevant to an investor in making an investment decision.


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