Tag: DIP Guidelines
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SEBI moves the Supreme Court over SAT order
[Posted by Shantanu Naravane] An order by the Securities Appellate Tribunal (SAT) in August last year has again stirred the hornet’s nest with respect to the powers of the regulatory bodies, and the resolution of areas of overlap. S. Kumars Nationwide, is a company listed on the Bombay Stock Exchange (BSE), and engaged in the…
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Death Warrant for Share Warrants
[Posted by Somasekhar Sundaresan] The recent set of amendments effected by the Securities and Exchange Board of India to the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (“DIP Guidelines”) in terms of a circular dated August 28, 2008 (“SEBI Circular”) contains an unexpected surprise. The SEBI Circular 2(vi) states:- “Presently, as per the guidelines on…
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Simplifying Qualified Institutional Placements and Rights Issues
[Posted by Umakanth Varottil] (In the following post, Shantanu Naravane examines recent changes to the SEBI DIP Guidelines made with a view to promoting qualified institutional placements and rights issues) The concept of Qualified Institutional Placements [“QIP”] was introduced in India, with effect from May 8, 2006, by virtue of an amendment to the SEBI…
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SEBI Pricing Norms & Private Equity
[Posted by Umakanth Varottil] When the market prices of companies in India are lower than what they were a few months ago, they would obviously be attractive to private equity funds and similar investors. However, the SEBI minimum pricing norms as set out in Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines, 2000…