Derivatives

Aditya Swarup acts for successful appellant in landmark Supreme Court decision for securities futures litigation in India.

Aditya Swarup was part of the successful team for the appellant in Reliance Industries Limited v The Securities and Exchange Board of India. In this landmark ruling, the Supreme Court of India granted relief to Reliance Industries Limited (RIL), setting aside The Securities and Exchange Board of India (SEBI)’s findings of fraud and a ₹447 crore (GBP 37.5 Million) disgorgement order. The Court has for the first time authoritatively examined the legality of hedging transactions in the context of futures trading, drawing an important distinction between legitimate risk management strategies and allegations of market manipulation. The decision overturned a court ruling and an order by the markets regulator that alleged RIL had engaged in manipulative trading practices after a decision to sell…

News 3 Jun, 2026