When it comes to affixing responsibility for contraventions by companies, certain individuals are held liable under most Indian laws. The Companies Act, 2013, also imposes liability on an “officer who is in default”. In these cases, apart from directors and other employees, such individuals may include companies’ compliance officers.
Partner
Cyril Amarchand Mangaldas
The responsibility of compliance officers, specifically from the standpoint of securities market laws and regulatory actions initiated by the Securities and Exchange Board of India (SEBI), is examined below.
Under the SEBI Act, 1992, and the Securities Contracts (Regulation) Act, 1956, SEBI has notified rules, regulations and circulars dealing with the manner in which listed companies and securities market intermediaries are required to carry out their activities.
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Cyril Amarchand Mangaldas is India’s largest full-service law firm. Shruti Rajan is a partner and Garima Joshi is a principal associate at the firm.
Peninsula Chambers,
Peninsula Corporate Park,
Lower Parel, Mumbai – 400 013 India
New Delhi | Bengaluru | Hyderabad |
Chennai | Ahmedabad
Contact details
Tel: +91 22 2496 4455
Fax: +91 22 2496 3666
Email: cam.mumbai@cyrilshroff.com
