03 Aug 2026
SC ruling seen shaping Sebi’s fraud-finding frame
08 Jun 2026
08 Jun 2026
This is a link-enhanced version of an article that first appeared in The Economic Times.
Article Overview:
The Supreme Court’s ruling in Reliance Industries vs Sebi is expected to significantly influence how fraud is established in securities law matters. The judgment clarifies that fraud may be proven either through evidence of investor injury or through demonstrable intent, and is likely to shape Sebi’s future enforcement actions. The regulator’s reliance on this framework in the Rajesh Exports matter is being viewed as a move towards greater consistency in enforcement and precedent-setting.
Partner Quote:
Our Partner, Shruti Rajan, shared her perspective. Here’s what she had to say:
“The court had crystallised two tenets — where you cannot prove intention, you must prove injury, and where you can prove intention, injury is irrelevant.”
“With Sebi applying the court’s observations in Rajesh Exports, it is a sign that the regulator is looking to create more consistency in precedent making across its enforcement process.”
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