Bar Council of India Removes 107 Fake Advocates from Delhi Roll to Uphold Legal Integrity

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Bar Council of India Removes 107 Fake Advocates from  Delhi Roll to Uphold Legal Integrity The Bar Council of India (BCI) has taken decisive action in a sweeping initiative aimed at maintaining the integrity of the legal profession by removing 107 fake advocates  from the Roll of Advocates in Delhi  between 2019 and October 2024. This step comes as part of the BCI's rigorous verification process to ensure that only qualified, genuinely practising advocates remain in the profession, ultimately upholding public trust in the legal system. Strengthened Verification Framework Under Rule 32 This effort falls under Rule 32 of the Bar Council of India Certificate and Place of Practice (Verification) Rules, 2015 . The BCI  amended Rule 32 on June 23, 2023 , which empowered the BCI to verify, identify, and systematically remove unqualified and fake advocates from the Roll. The rule amendment has made the process of weeding out non-compliant individuals significantly more efficient. Accordi
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SEBI's New Guidelines to Curb Misuse of Real-Time Share Price Data

SEBI's New Guidelines to Curb Misuse of Real-Time Share Price Data



The Securities and Exchange Board of India (SEBI) has introduced stringent new regulations aimed at controlling the sharing of real-time share price data with third parties, including various online platforms. These measures are designed to prevent the misuse of such data, particularly by online gaming platforms, apps, and websites that offer virtual trading services or fantasy games based on the real-time movements of share prices of listed companies.


SEBI's Observations and Concerns


SEBI has observed a growing trend where certain online gaming platforms and apps provide virtual trading services or fantasy games that rely on real-time share price movements. Some of these platforms even offer monetary incentives based on the performance of virtual stock portfolios, which raises concerns about the potential misuse of sensitive market data.


Key Guidelines Issued by SEBI


To address these issues, SEBI has issued several guidelines to Market Infrastructure Institutions (MIIs), which include stock exchanges, clearing corporations, and depositories, as well as registered market intermediaries. These guidelines are as follows:


1. Restriction on Data Sharing: MIIs and market intermediaries must ensure that real-time price data is not shared with any third party unless it is necessary for the proper functioning of the securities market or for regulatory compliance. This aims to prevent the misuse of data for purposes other than those intended to support the orderly functioning of the market.


2. Formal Agreements: Entities that intend to share real-time price data must enter into formal agreements that clearly outline the activities for which the data will be used. These agreements must ensure that the use of data supports the orderly functioning of the securities market. The list of entities and activities permitted to use this data must be reviewed annually by the board of the MIIs or intermediaries.


3. Delayed Data for Education: Market price data can be shared for investor education and awareness purposes without any monetary incentives, but this data must be delayed by one day. This provision ensures that the data is used constructively while minimizing the risk of real-time manipulation.


4. Due Diligence and Preventive Measures: MIIs and intermediaries are required to conduct due diligence when sharing data and include provisions in agreements to prevent misuse. They must also take all possible steps to prevent the misuse of price data by entities that receive it.


Implementation Timeline


The new guidelines will come into effect 30 days after the issuance of the circular, providing sufficient time for MIIs and intermediaries to comply with the new requirements.


Legal Framework


The new regulations by SEBI align with the broader framework of the Securities Contracts (Regulation) Act, 1956, and the SEBI Act, 1992, which empower SEBI to regulate securities markets and protect investor interests. The guidelines also complement existing regulations under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, which aim to curb fraudulent activities in the market.


By introducing these measures, SEBI reinforces its commitment to maintaining market integrity and protecting investors from potential abuses stemming from the unauthorized use of real-time market data. The focus on formal agreements and delayed data for educational purposes ensures a balanced approach that fosters investor awareness without compromising market security.

Location: Pune, Maharashtra, India

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