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Expanding the Regulatory Framework: Deep dive into SEBI’s new AML/CFT guidelines

INTRODUCTION

The Securities and Exchange Board of India (‘SEBI’), through its Master Circular dated June 06, 2024, issued ‘Guidelines on Anti-Money Laundering (“AML”) Standards and Combating the Financing of Terrorism (“CFT”)/ Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002,’ (“Master Circular/2024 Guidelines”),[1] emphasising the need for stricter AML/ CFT measures in the securities market, given global efforts against drug trafficking, terrorism, and other serious crimes. The 2024 Guidelines supersede the SEBI AML/ CFT Guidelines of February 03, 2023 (“2023 Guidelines”),[2] strengthening the obligations of market intermediaries and aligning with international standards from the Financial Action Task Force (“FATF”).Continue Reading Expanding the Regulatory Framework: Deep dive into SEBI’s new AML/CFT guidelines

Scope of summoning Indian nationals for virtual testimonies by Securities and Exchange Commission- Legal limits by local laws and international cooperation framework

Introduction

International law enforcement authorities are increasingly relying on mutual cooperation to obtain evidence or information outside their jurisdictional authority. Conducting joint investigations into prospective securities law violations, spanning countries, is also becoming common practice. This article discusses the scope and powers of the United States Securities and Exchange Commission (“SEC”) to seek/ obtain documents and witness testimonies from an Indian national involved in potential securities law violations abroad, which may have implications in the United States.Continue Reading Scope of summoning Indian nationals for virtual testimonies by Securities and Exchange Commission- Legal limits by local laws and international cooperation framework