On 28 April 2026, SEBI passed a final order in the long-running Winsome Yarns GDR matter against Arun Panchariya, recomputing the penalty from approximately ₹67 crore to ₹20 lakh after the Securities Appellate Tribunal had repeatedly directed reassessment on proportionality grounds. The order is a worked example of how SAT's proportionality jurisprudence — the requirement that penalty quantum reflect comparable precedents, the role of mitigation evidence, and the limits on penalty when gains are not conclusively established — operates in the GDR-fraud space.
Notified on 7 January 2026, the SEBI (Stock Brokers) Regulations, 2026 replace the 1992 Regulations that had governed Indian broking for over three decades. The new framework consolidates registration, eligibility, conduct, governance, compliance, inspection, enforcement and grievance redressal into a single rulebook — with stronger client-asset protection, mandatory whistleblower architecture, and explicit permission for brokers to undertake other regulated financial activities. A digest of what changed, why it matters, and what practitioners should be tracking.