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Vanya Singh

Partner in the Disputes practice at the Mumbai office of Cyril Amarchand Mangaldas with a special focus on Securities Regulatory work. She was with SEBI between 2007-2025, and has worked across the policy, quasi-judicial, investigations, legal affairs and enforcement departments of SEBI. Vanya can be reached at vanya.singh@cyrilshroff.com

No such thing as innocent fraud: Key implications of the Supreme Court decision in Reliance Industries Ltd. and Ors. v. SEBI

Summary: The Supreme Court recently ruled[1] on SEBI’s case of fraud against Reliance Industries Ltd. (“RIL”) and twelve of its agents for trades in respect of Reliance Petroleum Ltd. (“RPL”) in 2007. Its emphasis on establishing intent when determining the elements of fraud in Regulation 2 (1) (c) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”), has implications for SEBI’s anti-fraud enforcement. This blog examines the fallout of the judgement.

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