Regulatory, Banking and Finance
Advocate Sumit Nagpal has been extensively involved in dealing with regulatory matters pertaining to the National Stock Exchange of India Limited (NSE), and its regulatory mother body i.e., the Security and Exchange Board of India (SEBI). The Bye-Laws, Rules, and Regulations of NSE and other stock exchanges are made under the aegis of the Securities Contracts (Regulation) Act, 1956 (SCRA), and the Securities Contract (Regulation) Rules, 1957 (SCRR). Both SCRA and SCRR govern the functioning of the securities market and stock exchanges in particular.
These robust Bye-Laws, Rules, and Regulations were further ratified and approved by SEBI as per the SEBI Act, 1992. Whenever there is a dispute between the Trading Member/Stock Broker and the Client/Investor, the said dispute is addressed through the applicability of these Bye-Laws, Rules, and Regulations. Moreover, SEBI from time to time, considering the market scenarios and exigencies, issues Circulars, Notifications, and Guidelines for smooth regulation/functioning of the securities market. The Trading Members/Stock Brokers are bound by the Bye-Laws, Rules, and Regulations of the exchanges and the Circulars/Notifications/Guidelines issued by SEBI.
Mr. Nagpal is thorough with these Bye-Laws, Rules, and Regulations of the stock exchanges, and with SCRA, SCRR, SEBI Act, Circulars, Notifications, and Guidelines issued by the SEBI from time to time. Mr. Nagpal, as a counsel, has represented the National Stock Exchange before the Securities Appellate Tribunal, Mumbai (SAT), various District Courts, Hon’ble Delhi High Court, Hon’ble Supreme Court of India, NCDRC, NCLT, NCLAT, amongst others. With his intense hard work and understanding of the peculiar procedure involved in regulatory matters, Mr. Nagpal secured favourable orders for NSE.
Mr. Nagpal has also been advising, and representing as counsel, various Banks and Financial Institutions including NBFCs and Assets Reconstruction Companies (ARC). A glimpse of work/services rendered by Mr. Nagpal to Banks and Financial Institutions are as under:
- Drafting and reviewing agreements and deeds, including loan agreements, securitization documents, mortgage deeds, lease and license deeds, and various other agreements/deeds related to banking and financial transactions.
- Regulatory compliance including rendering advice to Banks and Financial institutions on complex financial regulations and ensuring compliance with relevant laws and guidelines.
Representing Banking and Financial Institutions before various Courts, Forums, and Tribunals, as a counsel, for recovery of their loans, and dues under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFAESI Act) and The Recovery of Debts Due to Banks and Financial Institutions Act, 1993, (RDDBFI Act), restructuring of debt as per RBI guidelines, negotiation with creditors, insolvency proceedings before the NCLT and NCLAT, recovery through arbitration mechanism or mediation process and handling other general litigation of the Banks and Financial Institutions.