Market Medley

  The Securities and Exchange Board of India (“SEBI”) had at its Board meeting held on 12 September 2025, approved certain changes, inter-alia to the Related Party Transactions (“RPTs”) framework under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”). These changes have now been notified on 19 November 2025 vide the SEBI LODR (Fifth Amendment) Regulations, 2025.

  The Securities and Exchange Board of India (‘SEBI’), in a recent informal guidance, clarified that revocation of pledge and subsequent sale of ESOP shares (viz. shares acquired under Employee Stock Option Plan (‘ESOP’)) by a Designated Person constitute ‘trading’ under the SEBI Prohibition of Insider Trading (PIT) Regulations. However, such transaction does not attract ‘contra’ trade restrictions if they are bona fide and pre-cleared by the Compliance Officer.

  The RBI has undertaken a comprehensive review of the ECB regulations with the objective of rationalising and simplifying the regulatory regime governing borrowings from outside India. The RBI had recently, released the draft amendments to the ECB regulations which represents a significant move towards modernising and streamlining India’s ECB regime.