TagCapital Markets

Recommendations of the Companies Law Committee: A Proposed Overhaul of the Private Placement Regime

[The following guest post is contributed by Amitabh Robin Singh, who is an Associate at DSK Legal] The recently released Companies Law Committee report (“Report”) has recommended a plethora of amendments to the current company law regime. However, some of the most sweeping changes have been proposed in relation to private placement of securities. In this post, some of the key changes...

Exit Route For Companies Who Have Made Deemed Public Issues

[The following guest post is contributed by Amitabh Robin Singh, who is an Associate at DSK Legal] The Securities and Exchange Board of India (“SEBI”) has recently issued a circular (“Circular”) which has allowed companies which have made deemed public offers (allotment of securities to more than 49 persons under the Companies Act, 1956) to escape penal action if the securities have not been...

Start-up India: Should foreign listing of start-ups be facilitated?

[This guest post is by Pratik Datta and Mehtab Hans, who are Consultants at the National Institute of Public Finance and Policy (NIPFP), New Delhi. They can be reached at [email protected] and [email protected] respectively.] Last week, the SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2015 were issued to facilitate listing of start-ups on institutional...

Is the Alternate Listing Platform for Start-Ups Really an Alternative?

[The following guest post is contributed by Geeta Dhania, Partner and Abhyuday Bhotika, Associate at Luthra & Luthra Law Offices. Views are personal.] For any business to grow it is pertinent that it has access to capital and is able to complete the capital formation cycle. Companies should be able to access the funding they need for their growth and the investors should be able to smoothly...

Personal Liberty vs. Public (Financial) Interest

In the prolonging Sahara saga, following a contempt action initiated by SEBI last year the Supreme Court ordered judicial custody for Mr. Subrata Roy Sahara and certain other individuals. This is on account of their failure to comply with a previous judgment of the Supreme Court that orders two Sahara companies to repay monies to investors obtained in violation of various securities laws...

Synchronised Trading: In Sync With the Law? – Part 2

[The following guest post is contributed by Kanwardeep Singh Kapany (5th B.S.L.LL.B) and Mitravinda Chunduru (4th B.S.L.LL.B.), both students of ILS Law College, Pune This is a continuation of Part 1, which is available here] DEFENCES What amounts to commission of Illegal Synchronisation had been a moot point for quite a while. However, with the passage of time and development of jurisprudence...

Synchronised Trading: In Sync With the Law? – Part 1

[The following guest post is contributed by Kanwardeep Singh Kapany (5th B.S.L.LL.B) and Mitravinda Chunduru (4th B.S.L.LL.B.), both students of ILS Law College, Pune] INTRODUCTION The on-line trading system on the stock exchange is a blind trading system, which maintains complete anonymity of the persons trading on it. It does not permit the buyers and sellers to have any interaction between...

SEBI Discussion Paper on “Revising the Capital Raising Process”

There is a concern that issuers have resorted to private placements and qualified institutional placements (QIPs) to raise capital from specified investors rather than to public offerings of shares. This is due to the excessive burden and costs associated with a public offering of shares. Being cognizant of this tendency, SEBI has proposed measures to nudge issuers to move away from private...

Reverse Cross-Listings: Foreign Companies Accessing the Indian Capital Markets

Corporate and capital markets laws in India have allowed foreign companies to list in India in the form of Indian depository receipts (IDRs). While this facility was allowed with much fanfare, it has been accessed so far by only one company, i.e. Standard Chartered Bank. However, more companies might likely follow in the future. A new paper titled “Reverse Cross-Listings — The Coming Race...

Tighter Restrictions on Offshore Derivative Instruments

The issue of offshore derivative instruments (ODIs) such as participatory notes (PNs) have been the subject matter of regulatory controversy for some time now. These are instruments issued by foreign institutional investors (FIIs) (now foreign portfolio investors (FPIs)) to investors overseas that mimic the risks and rewards on underlying securities held by the FIIs/FPIs in Indian companies...

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