India: Securities

An offer document must present a true, adequate and coherent account of the issuer, not conflicting versions of the same facts across its chapters.

Corporate borrowing is an essential component of business operations. Companies may require external funding for working capital, capital expenditure, acquisitions, expansion, restructuring or meeting short-term liquidity requirements. Depending upon the nature and circumstances of the transaction, such funding may be obtained from banks and financial institutions, group companies, shareholders, directors, promoters, employees, investors or other persons.

In the October 2026 edition of our monthly newsletter "Legalaxy", our team analyses some of the key developments in securities market, banking and finance, labour and consumer protection.

An open offer is a public offer made by an acquirer to purchase shares from the existing public shareholders of a listed company at a specified price when the acquirer acquires a substantial stake in, or control over, that company.

A person living outside India gifts shares of a US company to a family member or associate resident in India. No price is paid, no money leaves India, and there may be no commercial deal between them. It looks like a simple private transfer.

Seller rollover is a familiar feature of private equity deals. In a typical US sponsor-led acquisition, the seller takes most of the price in cash and reinvests the balance in the post-acquisition business. The seller keeps exposure to future upside, and the sponsor keeps continuing shareholders aligned with the new owners.

Argus Partners maintains a strategic presence across India's major business hubs with offices in Mumbai, New Delhi, and Bengaluru. The firm provides comprehensive legal services while adhering to Bar Council of India regulations regarding professional conduct and client engagement.

India's securities regulator has taken interim action against two entities for allegedly manipulating the closing price of the BSE SENSEX through strategic order placement and cancellation during the newly introduced Closing Auction Session. The investigation reveals how large buy and sell orders were used to influence the Indicative Equilibrium Price in coordination with expiry-day derivatives positions, raising questions about market manipulation tactics under the reformed price discovery mechanism.

The Supreme Court of India, through its judgment dated 11.08.2026 in Securities and Exchange Board of India v. Rajeev Vasant Sheth and Others , set aside the order of the Securities Appellate Tribunal (“SAT”) and restored the finding of insider trading recorded by SEBI against the promoters of Tara Jewels Limited.