Disgorgement of gains made by wrongdoing is a favourite subject in financial sector regulation. In India, securities law recognises disgorgement of gains wrongfully made and losses wrongfully averted.
However, there has been intense controversy on the subject with little clarity from the regulator in the absence of any stated policy or set of principles on how the regulator would compute what is the quantum of wrongful gain or wrongful loss. A judgment on disgorgement by the US Supreme Court rendered last week, specifically in the context of securities regulation, lays down ...
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