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1. SEBI considering graded compliance framework for stock brokers, review of short-selling and SLB norms

SEBI considering graded compliance framework for stock brokers, review of short-selling and SLB norms

The Securities and Exchange Board of India (SEBI) is considering introducing a graded compliance framework for stock brokers, under which regulatory requirements would be set according to the scale of a broker's business, its client exposure and its reliance on technology. SEBI chairperson Tuhin Kanta Pandey stated this on Saturday while speaking at the 16th International Capital Market Convention organised by the Association of National Exchange Members of India (ANMI) in Mumbai, where he set out a framework of measures aimed at improving market efficiency, reducing regulatory costs and strengthening investor protection. The proposed framework is intended to ensure that compliance conditions are not uniform across the industry but are determined by each broker's business size and the associated operational risk. SEBI is also reviewing rules relating to depository participants in order to simplify compliance processes and strengthen protection against fraud. The regulator is developing safeguards to prevent the misuse of trading terminals. It is also reviewing the short-selling and Securities Lending and Borrowing (SLB) frameworks to improve liquidity in the market and the process of price discovery. SEBI is working to bring its inspection portals onto an integrated digital workflow, which is expected to improve regulatory processes and bring greater uniformity to regulatory work. It plans to extend the automated give-up and take-up facility in the cash market segment to custodial clients, including portfolio management services (PMS) and alternative investment funds (AIF), with the aim of increasing capital efficiency by reducing the time funds remain blocked while custodians confirm transactions. SEBI is also considering ways to reduce compliance costs relating to tender offers, share buybacks and the offer for sale (OFS), where operational expenses can currently rise because of parallel clearing arrangements.

2. Kentucky appeals court upholds sale of Vanceburg property to satisfy $177,667.88 judgment

Kentucky appeals court upholds sale of Vanceburg property to satisfy $177,667.88 judgment

The Kentucky Court of Appeals on October 23, 2026 upheld an order allowing a Vanceburg, Kentucky property assessed at approximately $210,000 to be sold to satisfy a judgment of $177,667.88, plus applicable costs and attorney fees. The dispute involved Kimberly A Goodman, David W Hill and their company, Woodsmoke Acres LLC. Members 1st Federal Credit Union had filed a complaint against Goodman and Hill in Lewis Circuit Court on July 24, 2024, alleging default on financial obligations. The credit union initially claimed $170,073.48 in principal, $32,857.73 in interest and $2,445.26 in late charges. The loan was secured by a mortgage on property in Pennsylvania, which the credit union later acquired through a short sale; after that transaction, the outstanding debt was reduced to $177,667.88. Goodman and Hill later moved to Kentucky and purchased property at 3597 Chalk Ridge Road in Vanceburg, Lewis County. They then transferred the property to Woodsmoke Acres LLC, a company Goodman formed in May 2023, for $1 even though the property was assessed at approximately $210,000 for property tax purposes. The credit union alleged that the transfer was intended to hinder its ability to collect the debt and sought to have the transfer set aside or to obtain a lien against the property. On May 19, 2025, the Lewis Circuit Court granted summary judgment in favour of Members 1st Federal Credit Union against Goodman and Hill for $177,667.88, plus costs and attorney fees, and voided the transfer to Woodsmoke Acres. A separate default judgment entered on June 6, 2025 voided the company's interest in the property. Goodman and Hill appealed the underlying judgment and tried to prevent enforcement by submitting a supersedeas bond; the circuit court rejected their proposed $30,000 bond as insufficient. With enforcement not suspended, the credit union sought a further order allowing the Vanceburg property to be sold. On September 8, 2025, the circuit court ruled that the credit union's judgment liens were valid and superior to other asserted interests and directed the Master Commissioner to sell the property and apply the proceeds towards the judgment. The couple challenged that order, arguing that the bond had been improperly rejected and that enforcement should not have proceeded while their earlier appeal was pending. In its October 23 opinion, the Kentucky Court of Appeals found no basis to reverse the lower court. The panel noted that it had already upheld the underlying judgment in a separate appeal on May 1, 2026, which also affirmed the order setting aside the transfer to Woodsmoke Acres. The court concluded that the couple's arguments about suspending enforcement during the earlier appeal no longer provided a basis for relief. It also explained that Woodsmoke Acres was a separate legal entity and that Goodman and Hill could not simply assert claims belonging to the company merely because they were its members.

3. GSTAT allows Singapore Airlines GST refund of Rs 45.92 lakh on cancelled flight tickets

GSTAT allows Singapore Airlines GST refund of Rs 45.92 lakh on cancelled flight tickets

The GST Appellate Tribunal has ruled that airlines can claim refunds of Goods and Services Tax paid on cancelled flight tickets if they have returned both the fare and the tax to passengers and can substantiate the refunds with supporting documents. In the case of Singapore Airlines Ltd versus Kochi Commissioner of CGST & CE, Kochi, the Ernakulam bench of the GST Appellate Tribunal found sufficient evidence that the refunds had reached the passengers directly and that the airline had not passed on the incidence of tax. The tribunal directed the revenue department to process Singapore Airlines' refund claim within two weeks and pay the amount along with interest. The ruling concerns eight GST refund claims totalling Rs 45.92 lakh for the period from October 2019 to March 2021. During the Covid-19 pandemic, Singapore Airlines cancelled flights and refunded passengers the fares, including GST, but was unable to adjust the corresponding credit notes against its output tax liability. The GST Joint Commissioner had rejected the refund claims, prompting the airline to approach the tribunal. In its order dated October 16, the GSTAT set aside the earlier decision. The tribunal held that Singapore Airlines was eligible for a refund of the GST collected from passengers and paid to the tax department, as the airline had subsequently returned the entire fare, including GST, following flight cancellations during the pandemic in accordance with a Supreme Court order. It also concluded that the airline had furnished sufficient evidence to establish that refunds for cancelled tickets had reached the respective passengers directly, with no passing on of the tax incidence. The question of whether a business has passed on the tax burden to another party is relevant to the principle of unjust enrichment, which can affect eligibility for a tax refund. Rahul Shekhar, partner for indirect tax at Nangia Global, described the ruling as a positive development for the industry, arguing that GST should not become a cost when a transaction is cancelled and the tax collected has been fully returned to customers. He said the decision highlighted the need for tax authorities to assess supporting documents collectively instead of rejecting genuine refund claims on technical grounds, while stressing that taxpayers must maintain robust documentation to satisfy the test of unjust enrichment. AMRG global managing partner Rajat Mohan said the tribunal had allowed the refund as an excess payment of tax in a case where the business had repaid customers but had no remaining outward tax liability against which to adjust the credit notes, leaving the tax with the government. He said what decided the case was evidence: passenger-level records linking invoice, credit note and refund, with settlement data, showed no tax was retained, so there was no unjust enrichment. Taxpayers unable to build that trail, especially for agent-sold tickets, should not assume the same outcome. The ruling underscores the importance of maintaining passenger-level records and documentation linking invoices, credit notes and refunds when seeking GST refunds for cancelled transactions.

4. Delhi High Court dismisses Justice For All review plea against cash-for-uniforms policy for EWS students

Delhi High Court dismisses Justice For All review plea against cash-for-uniforms policy for EWS students

The Delhi High Court has dismissed a review petition filed by NGO Justice For All seeking reconsideration of its January 23 judgment upholding the Delhi government’s decision to provide cash to Economically Weaker Sections and disadvantaged group students in private schools to buy uniforms. A bench of Justices Subramonium Prasad and Renu Bhatnagar rejected the plea. The petitioner argued that the Delhi government should provide uniforms, rather than cash, to EWS and disadvantaged group students in aided and unaided private schools under the Right of Children to Free and Compulsory Education Act. The Delhi government had submitted that its Cabinet considered procurement and distribution of uniforms unfeasible due to operational constraints and subsequently introduced a policy in June 2025 to provide students with a suitable amount of money to purchase uniforms. In its October 12 order, the bench said the grounds raised in the review petition amounted to an attempt to reargue the case in its entirety. It observed that a policy decision could not be interfered with unless it was so arbitrary, whimsical or capricious that it shocked the conscience of the court, and said the decision to provide cash instead of uniforms because of the difficulties faced by the government could not be said to be completely arbitrary, whimsical or capricious. The court added that the material submitted by the Government of the National Capital Territory of Delhi, including the policy dated June 10, 2025, and the note for the Council of Ministers, had been considered before it concluded that the policy did not violate the statute. On January 23, the High Court had upheld the decision to provide cash directly to eligible students for purchasing uniforms, observing that processing individual orders for each student’s uniform would pose genuine difficulties and that providing a uniform subsidy through Direct Benefit Transfer was not contrary to the Right to Education Act or its rules and would help ensure students received uniforms on time. It had said it would be impossible to take measurements of every student, place orders for different kinds of uniform cloth on the GeM portal, get uniforms stitched as per measurements and distribute them in schools before the commencement of a new session.

5. Justice Kaul says CJI Chandrachud asked him to take middle path in PMLA reconsideration case

Justice Kaul says CJI Chandrachud asked him to take middle path in PMLA reconsideration case

Former Supreme Court judge Justice Sanjay Kishan Kaul said in an interview with journalist Karan Thapar of The Wire about his forthcoming memoir, Without Fear or Favour, that then Chief Justice of India DY Chandrachud asked him to take a middle path in petitions seeking reconsideration of the Supreme Court judgment upholding key provisions of the Prevention of Money Laundering Act. Justice Kaul said the CJI called him to his chambers while a three-judge bench headed by Kaul was scheduled to hear the petitions seeking reconsideration of the judgment in Vijay Madanlal Choudhary v. Union of India, and that Justice Sanjiv Khanna, who was part of the bench, was also present. According to Justice Kaul, the CJI attempted to persuade him not to proceed with the matter and suggested that if he decided to go ahead he should exercise caution and take a middle path. Justice Kaul said he decided to proceed because backing out would have cast a shadow on his integrity, and he told the CJI that he had never taken a middle path in his judicial career and had proceeded with matters whenever he believed doing so was right. Justice Kaul added that after the discussion he and Justice Khanna walked to the courtroom to proceed with the hearing. He said the Union wanted to drag the matter till his retirement and kept seeking adjournments, and eventually the bench was dissolved shortly before his retirement. The petitions sought reconsideration of the Supreme Court's 2022 judgment in Vijay Madanlal Choudhary, which upheld several PMLA provisions, including the Enforcement Directorate's powers of arrest, search and seizure, as well as the stringent twin conditions for bail. Justice Kaul also said that before the hearing there was an attempt to shift the case from his bench. He said a colleague judge informed him that the batch of petitions had gone to another bench, which disturbed him, and he spoke to the CJI, who said some judge had passed an order for consolidation of all the matters before herself and her bench. Justice Kaul said he told the CJI that this could not be done without the Chief Justice's concurrence and told them that if they did not want him to hear the matters they should tell him, adding that he had no great anxiety about hearing them. In another revelation, Justice Kaul said the case concerning delays in judicial appointments was withdrawn from his bench when he was attempting to push the Union Government to act on pending collegium recommendations. He said the then CJI appeared to have been under some pressure to remove the matter from his bench, though he could not say whether the government had exerted that pressure, and that he had conveyed his objection to the CJI.

1. Gir Vanvaso Resort vs. Pancard Clubs Limited (22.07.2026 - SC)(MANU/SC/1207/2026)

The Supreme Court of India addressed the dispute between Gir Vanvaso Resort and Pancard Clubs Limited, focusing on the ownership and possession of a resort under Corporate Insolvency Resolution Proces

2. Anumandala Rajesh Reddy vs. State of Karnataka and Ors. (24.08.2026 - SC)(MANU/SC/1206/2026)

The Supreme Court of India addressed the appeals by Anumandala Rajesh Reddy against the State of Karnataka and others, focusing on whether the High Court erred in quashing proceedings initiated by Red

3. Indroneel Goho vs. Razouvonuo Thong and Ors. (29.09.2026 - SC)(MANU/SC/1203/2026)

The Supreme Court of India addressed the appeal by Indroneel Goho against Razouvonuo Thong and others, focusing on whether the criminal proceedings for cheating under Sections 417 and 420 of the IPC s

4. Zaki Ullah Khan vs. State of U.P. and Ors. (15.07.2026 - SC)(MANU/SC/1202/2026)

The Supreme Court of India addressed whether the deed granting fishing rights to Zaki Ullah Khan constituted a lease of immovable property, thus requiring registration and stamp duty. The Collector of

5. Rasilaben and Ors. vs. Dinesh Deumal Harani and Ors. (21.07.2026 - SC)(MANU/SC/1201/2026)

The Supreme Court of India addressed whether Rasilaben and others should be impleaded as necessary parties in a suit filed by Dinesh Deumal Harani, who sought a declaration of his status as a tenant o

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