SHOULD INDIAN SECURITIES LAW SHIFT FOCUS FROM PROMOTERS TO PERSONS IN CONTROL?
Indian securities law has focussed on regulating, holding accountable and penalizing “promoters” as a result of concentrated family owned businesses which are largely prevalent in India. In this regard, the Securities and Exchange Board of India (the “SEBI”) defines a “promoter” to include any person: (a) who has been identified as a promoter by the …
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