This week, SEBI pursued aggressive enforcement—raids against fraud, governance reforms at exchanges, broker age reforms, and a historic NSE-IPO settlement. Simultaneously, major global legal developments unfolded: UK antitrust rulings, U.S. court decisions straightening executive power, and landmark legal firm activity reshaping international counsel access.
India: SEBI & Broader Legal Pulse
1. SEBI raids ₹3 b pump‑and‑dump syndicate
SEBI conducted raids across Ahmedabad, Mumbai, and Gurugram targeting shell companies linked to a multi-billion‑rupee scheme. The regulator confirmed search-and-seize operations and is building tech tools to monitor such illegal trading in real-time.
2. ₹160 million NSE‑SEBI settlement paves way for IPO
The National Stock Exchange has proposed a record ₹13.88 billion settlement with SEBI to resolve the 2019 governance access case. Pending court approval and system upgrades, this deal could restart its delayed IPO by mid‑2026.
3. SEBI board unleashes regulatory makeover
At its June meeting, SEBI issued extensive new rules—for PSU delistings, bond-market access, UPI-enabled broker transactions, cooling-off mandates for MII directors, passive fund rebalancing, and AI-algo trading consultations.
4. Broker rules and oversight execution begin
From July 1, SEBI’s updated compliance norms require brokers and exchanges to enforce post-inspection changes, with trading terminal blocks for non-compliance.
5. Bar Council affirms foreign-firm rules amid SILF row
The BCI defended its 2025 regulations to permit foreign law firms in India for international law services, rejecting SILF’s claims of sovereignty threats and emphasizing protections for smaller domestic players.
6. SC orders probe into builder-bank nexus
The Supreme Court directed the CBI to investigate possible collusion between top NCR builders and banks—alleged to have defrauded homebuyers in major housing projects.
7. Delhi HC summons OpenAI in copyright lawsuit
In a pioneering case on AI copyright, Delhi High Court has issued summons to OpenAI over allegations by news agency ANI that ChatGPT has used copyrighted content.
Global Legal News
8. UK tribunal rules Visa/Mastercard fees breach competition
UK’s Competition Appeal Tribunal found interchange fees violated EU antitrust rules—marking a major win for merchants and likely heading to appeal .
9. U.S. courts curb Trump EOs & nationwide injunctions
A federal judge blocked a Trump executive order limiting law firm advice, and the U.S. Supreme Court issued landmark restrictions on nationwide injunctions—shaping federal power dynamics .
10. Federal judge weighs Google divestiture and AI caps
Judge Amit Mehta in the U.S. suggested breaking up Chrome or restricting Google’s AI merits to tackle monopolistic control—ruling expected by August and bearing major implications.
11. France probes Microsoft for antitrust in Bing syndication
French search engine Qwant requested an emergency EU interim measure against Microsoft, alleging harmful practices via Bing result syndication—formal review due by September.
12. EU AG urges upholding €4.12 b fine against Google
EU Advocate-General Kokott recommended maintaining a historic €4.12 b antitrust fine against Google for anti-competitive Android practices.
13. Global LegalTech soars amid AI revolution
A Reddit roundup reports LegalTech investments rising sharply—fueled by AI—with global sector growth projected to hit ~$65 b by 2034, and 79% of lawyers now employing AI tools (reddit.com).
Key Takeaways & Outlook
* SEBI doubles down on enforcement and governance: From tech-enabled surveillance to sweeping market reforms, SEBI is forging a proactive, global-standard regulatory identity.
* Legal liberalisation with caveats: BCI’s foreign-firm openness navigates sovereignty concerns, paralleling broader global legal liberalisation waves.
* Tech, antitrust, and the law: A transatlantic theme—courts are reassessing digital power (Google, Microsoft)—while legal innovation accelerates AI usage.
* Strategic investigations and rights: Indian courts’ probe directions and OpenAI summons mark India’s growing judicial embrace of tech and consumer protection concerns.
What to Watch Next
* SEBI’s final AI/ML trading guidelines & implementation plans.
* Supreme Court’s response to builder-bank Collusion inquiry and OpenAI hearings.
* Google Google’s EU antitrust ruling on Android and U.S. monopoly case.
* NSE IPO timeline post court review of SEBI deal.
That’s this week’s sharp legal terrain across India and the globe — anchored in regulation, technology, enforcement, and cross-border transformations.
