PRACTICE AREAS

Securities Litigation & Enforcement

TLP has a market-leading securities litigation and enforcement practice. Our securities litigation and enforcement team comprise of seasoned attorneys who provide strategic counsel on complex financial and securities laws, regulatory compliance, corporate governance, and transaction structuring.

The firm’s record includes several landmark victories in securities and regulatory disputes. Clients frequently engage our lawyers in representing them before various judicial fora, including the Supreme Court of India, the Bombay High Court, the Securities Appellate Tribunal (SAT), the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT).

TLP constantly engages with policymakers and regulators such as the Securities Exchange Board of India (SEBI), Multi Commodity Exchange of India Limited (MCX), the Bombay Stock Exchange (BSE), National Commodity and Derivatives Exchange Limited (NCDEX), addressing a wide range of issues, and closely monitors the latest developments in the field.

Indicative Matters

SEBI: Represented the regulator before SAT in the National Stock Exchange (NSE) co-location and dark fibre matter, where appeals were preferred by the NSE, its Managing Directorey Managerial Persons (KMPs), and trading members/ stockbrokers, challenging SEBI’s penalties and debarment directives. These penalties were levied due to severe irregularities in NSE’s co-location facilities and the unauthorised laying of dark fibre service providers, which gave certain trading members preferential treatment and undue advantage. SAT upheld majority of the findings against these entities.
SEBI: Represented the regulator before SAT in appeals preferred by Eros Group Entities against SEBI’s ad-interim ex-parte order and confirmatory order. TLP defended SEBI's refusal of a pre-decisional hearing in a case involving large-scale fund siphoning by the listed company to its overseas entities.
BSE: Represented the exchange before SAT in various appeals challenging its action, including compulsory delisting of securities, levying of standard operating procedures fines on listed companies, non-payment of annual listing fees by companies, action against stockbrokers, imposition of trading restriction on listed companies as a part of surveillance measures.
SEBI: Represented the regulator in the appeals preferred by Karvy Stock Broking Limited (Broker) against the Order where it was found that the Broker had inter alia misappropriated clients’ securities. Also represented SEBI in the appeals preferred by the banking sector lenders of the Broker
SEBI: Represented the regulator before SAT and the Supreme Court vis-à-vis SEBI’s enforcement actions against DLF Limited (DLF) and its connected entities for non-disclosures and material misstatements by DLF in its 2007 Initial Public Offering (IPO) documents.
SEBI: Represented the regulator before SAT in the matter against the fraudulent Collective Investment Scheme Company viz. Pancard Clubs Limited and its promoters/directors wherein the direction for recovery of the entire quantum of the investors' fund amounting to more than INR 7,500 crores was involved. Subsequently, the firm is representing the recovery officer of SEBI in various forums for suits initiated by Pancard, its promoter and certain motivated investors in an attempt to derail the recovery proceedings.
SEBI: Represented the regulator before SAT in appeals preferred by the KMPs of the erstwhile Satyam Computer Services in matters related to violation of insider trading regulations and misstatement in the books of the company.
SEBI: Represented the regulator before SAT in cases of alleged front running on the basis of advance confidential information of stocks to be recommended on the shows by top financial journalists in connivance with some of the individual investors and traders for fund houses.
BSE: Represented the exchange before the Bombay High Court in various Writ Petitions arising out of default committed by Anugrah Stock Broking.