New Delhi, Feb. 22 -- Three recent orders of the Securities Appellate Tribunal (SAT) mark an inflection point in Indian securities law. Individually, they address disclosure lapses, alleged accounting manipulation, fraud under Sebi's Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market (PFUTP) Regulations, initial public offering (IPO) fund utilization and interim relief.

Collectively, they pose a larger question: What model of corporate governance enforcement is India converging towards-the letter of the law, substantive transparency or calibrated market pragmatism?

The first ruling, in the Varun Beverages case, sharpens the meaning of disclosure. The company had prominently announced board approval of a s...