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Why Did Franklin Templeton Have to Wind Up Six Debt Schemes Overnight?
On 23 April 2020, Franklin Templeton wound up six debt schemes with 25,000 crore across 300,000 unitholders. SEBI's June 2021 order found scheme-categorisation lapses, debarred new debt schemes for two years, ordered 512 crore refund. SAT moderated to 250 crore.
Were Yes Bank's AT-1 Bondholders Mis-Sold a Risk They Could Not See?
SEBI found 1,346 retail investors had bought roughly 679 crore of Yes Bank AT-1 bonds, many sold as 'super FDs.' Rana Kapoor penalised 2 crore in 2022. The 8,415-crore write-down challenge is reserved at the Supreme Court.
How Did SEBI Crack Down on the GDR Manipulation Cluster?
A cluster of Indian listed companies issued GDRs that were not really subscribed by foreign investors. Vintage FZE, controlled by Arun Panchariya, funded subscriptions with a loan secured by the issuers' own GDR proceeds. SEBI debarred multiple parties for up to ten years.
Did Reliance Manipulate Its Own RPL Share Price in 2007?
SEBI says yes, by depressing RPL's settlement price in the closing window of 29 November 2007 to crystallise a gain on a connected short position. SEBI ordered disgorgement of 447 crore in 2017; SAT upheld it in 2020; the Supreme Court appeal is pending.
How Did Karvy Force SEBI to Change How Brokers Hold Your Securities?
SEBI's November 2019 ex parte order against Karvy Stock Broking found it had pledged client securities to raise funds for itself. The order changed broker discipline in India, including segregation of client securities and tighter rules on power of attorney.
What Was the NSE Co-location Case, and What Did It Actually Find?
The case was widely treated as a 625-crore exchange-side disgorgement. The actual outcome was much narrower: SAT set it aside in 2023, SEBI dropped charges against NSE and seven ex-executives in 2024 for absence of evidence, and only OPG Securities was held to disgorge 85 crore.
How Did SEBI Catch DHFL's 14,000-Crore Diversion?
SEBI's 2025 WTM order found that DHFL and the Wadhawans had diverted approximately 14,040 crore to 'Bandra Book Entities' between 2006 and 2019. Five-year debarment, 120-crore penalty, disgorgement to be quantified separately.
What Did SEBI Actually Do About the IL&FS Collapse?
SEBI's IL&FS enforcement was narrower than the headlines: the regulator's orders penalised ICRA, CARE Ratings and India Ratings for maintaining investment-grade and AAA ratings past visible balance-sheet stress.
How Did the Supreme Court Force Sahara to Return Investor Money?
Sahara's OFCDs raised vast sums from three crore investors in violation of public-issue norms. The Supreme Court's 2012 order to refund with 15 per cent interest is still being unwound thirteen years later.
What Did the Satyam Fraud Teach Indian Securities Law?
Ramalinga Raju's 2009 confession exposed a 5,000-crore accounting fraud. SEBI's 2014 disgorgement order has been remanded and recalibrated for over a decade, and the doctrines it pushed into Indian law are still everywhere.
When Do an Investor's Protective Rights Become 'Control'?
A minority investor's veto rights are not control. The SAT said so in Subhkam, the Supreme Court declined to settle it, and the market has structured deals around the half-settled doctrine ever since.
Can Conduct Be 'Fraud' Without a Lie?
After Kanaiyalal, fraud under SEBI's anti-fraud rulebook is no longer about deceit. It is about effect: did the conduct induce someone to deal? That single shift reshaped market-manipulation enforcement in India.