• SEBI bans Jane Street from Indian markets, accusing it of manipulating Bank Nifty cash futures options through large-volume trades. SEBI has frozen approximately $567 million in offline gains and launched a broader probe
• Consultation on credit ratings expansion: SEBI proposed allowing Credit Rating Agencies (CRAs) to rate instruments regulated by other financial sector regulators (e.g., RBI, IRDA, PFRDA), subject to strict segregation, disclosure, and governance controls. Public feedback is open until July 30
• NSEL Settlement Scheme 2025 announced: Brokers implicated in the 2013 NSEL crisis can now settle SEBI violations under Section 15JB by February 25, 2026—subject to eligibility criteria
• Tighter oversight on brokers via new BSE circular: Brokerages must implement corrective actions post-inspection. Non-compliance beyond 45 days may lead to client onboarding bans or disabled trading terminals.
• New electricity futures market: MCX electricity futures to launch July 10, backed by SEBI approval, allowing hedging for power-sector participants
Financial Institutions & Broker-Dealers
• Multiple SEBI orders and recovery certificates issued (e.g., Arushi Dhadda, Pankaj Agarwal) under enforcement actions relating to unregistered advisory/violations
• Axis Securities faced a recent adjudication penalty for regulatory non-compliance (as of Feb 21, 2025)
Enforcement Highlights
• Front-running case: Sanjiv Bhasin, Lalit Bhasin, and others barred by SEBI for front-running; ~₹11.37 cr of gains impounded
• Celebrity market manipulation: Earlier in late May, actor Arshad Warsi, his wife, and 57 others were barred (1–5 years) and fined for influencing Sadhna Broadcast share prices; ~₹58 cr in illicit gains recovered
• Eros Worldwide/Eros Digital and related entries barred; BSE ordered to conduct forensic audits of listed companies linked to Eros
SEBI Leadership & Structural Updates
• Tuhin Kanta Pandey, former Finance Secretary, became SEBI Chair on March 1, 2025
Summary & Implications:
• SEBI is taking a firm stance on market abuses—from banning high-frequency trading actors to strict enforcement against market manipulations.
• Reforms on credit ratings and broker compliance are bolstering transparency, aligning with global best practices.
• Launching products like electricity futures and settlement schemes supports market infrastructure and stability.
