This problem related to non-uniform disclosure standards by companies on issues such as the important dates (as above) and material developments such as getting large orders or trading in securities by insiders is likely to be addressed with finality by the regulator.

The appeal contests several grounds of the Securities Appellate Tribunal (SAT) order. "One of the observations in the SAT order was that clearance of the Sebi board was not taken before initiating investigation proceedings. On this, the appeal has said the investigation was directed by the Delhi high court in 2011," one of them said.

While the total amount involved could not be ascertained, these entities are estimated to have shown fictitious capital gains to the tune of Rs.254 crore and just 29 of them made unlawful gains to the tune of Rs. 92 crore on an investment of just Rs. 2 crore.

But the boom has failed to translate into many IPOs, a vital source of capital, especially for small companies which make up the bulk of the economy yet often struggle to access keenly priced bank loans.

The court has rejected the demand for now, saying that the Securities and Exchange Board of India (SEBI) could not “properly file a claim prior to the Bar Date and in accordance with the terms of the Court’s order“.

Amending its Securitised Debt Instruments Regulations, Sebi said the move would further develop the market and “rationalise and clarify the role and responsibilities of trustee”.

Sahara began as a scheme for small depositors, but it grew over decades with investment plans that critics say were designed to avoid regulatory scrutiny. At its height, it was one of India's biggest business empires, stretching from Formula One motor racing to New York's Plaza Hotel.

“We are worried over state sponsored cyber attacks. There are worries that the vulnerability in markets are increasing. We need to create a framework for future plan of action on securities market resilience,” Sebi chairman U. K. Sinha said here at Cyber Security and Resilience conference, organised by Sebi and the BSE.

"The move is aimed at securing the data, applications, database, operating systems and network layers of Financial Market Infrastructures (FMIs) from various forms of cyber attacks such as Denial of Service (DoS) attacks, phishing, hacking, man-in-the-middle attack, sniffing, spoofing, key-logging and malware attacks," a senior official said.

The index operators, which include subsidiaries of stock exchanges and independent entities such as S&P, currently do not come under Sebi's direct regulatory purview and the new norms would also include a 'code of conduct' for them while mandating more disclosures and greater transparency while including or excluding a stock from the indices.