Latest news with #Pandey
Economic Times
8 hours ago
- Business
- Economic Times
No obstacle will remain in NSE IPO: Sebi Chairman Tuhin Kanta Pandey
Sebi chairman Tuhin Kanta Pandey on Friday affirmed that no obstacle will remain for the country's largest stock bourse NSE to go ahead with its initial public offer (IPO). ADVERTISEMENT Asked whether the much-delayed IPO will happen before Diwali, the chief of the capital markets regulator declined to share any timeline. "There is no obstacle that will remain in case of NSE IPO," he said, speaking at the FE CFO Awards here. Pandey reiterated that the Sebi is fine with the ownership of clearing corporation by the stock bourses, and added that the ownership is "not an obstacle" in the run up to the IPO. Pandey explained that every country has its own models when it comes to ownership of clearing corporations, pointing out that brokers own it in the US, while they sit as separate entities in India. The career bureaucrat-turned-regulator, who assumed office in March, said NSE is in the process of settling some legal processes, which will entail paying some amounts and withdrawal of some cases at present. ADVERTISEMENT He, however, did not elaborate on the exact nature of the settlements and the payments which need to be done. Sebi is not pushing the 'T+0' settlement period right now, given the complexities involved in its especially with regard to the foreign investors' play, he said, suggesting that it will continue to be a optional facility. ADVERTISEMENT We must aim to take the total number of domestic investors to 400 million in the next five years from the present 130 million unique investors in the capital market. Citing his discussions with foreign investors both in India and abroad, Pandey said tax issues are not a deterrent for them but it is other factors which influence the bets. ADVERTISEMENT "Overall, our markets are stable, our domestic investors, domestic flows are good, capable of handling the volatility, our volatility, which was also increased post tariff like rest of the world, but it was not as high as in some other countries, those exchanges and certainly it is well within our manageable limit," he said. Earlier, Pandey also spoke about the need to regulate less in order to spur economic growth. ADVERTISEMENT He said chief financial officers play a critical role in ensuring the financial integrity and accountability of listed companies and added that timely, accurate and reliable financial information is owed to them. "The market looks to you for credibility. Investors depend on your disclosures. Regulatory bodies rely on your adherence," he said. The Sebi chief said nobody can guarantee that egregious behaviour will not be there, and spoke about the recent experience with the Gensol case in this context, asserting that the findings in the matter should not make one veer away from the agenda of ease of regulations. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
8 hours ago
- Business
- Time of India
No obstacle will remain in NSE IPO: Sebi Chairman Tuhin Kanta Pandey
Synopsis Sebi Chairman Tuhin Kanta Pandey announced that the NSE IPO faces no remaining obstacles, though he refrained from providing a specific timeline. He clarified that the ownership structure of clearing corporations is not hindering the IPO. Pandey also mentioned NSE is resolving legal matters, involving payments and case withdrawals, while Sebi is proceeding cautiously with the 'T+0' settlement period.
Time of India
a day ago
- General
- Time of India
Jai Narayan Collegeto turn co-ed soon
Lucknow: Shri Jai Narayan Mishra Inter College (SJNMIC), has started admitting girl students from the new academic session, marking the beginning of a co-educational system for the first time in its history. Tired of too many ads? go ad free now Admissions are now open for classes 6 to 12. Interested candidates can collect application forms from the college campus between 8 am and 1 pm, said principal AK Pandey. The admission process will continue till the end of July, and the academic session will begin in August. The institution offers Science, Commerce, and Arts streams in classes 11 and 12. Founded in 1917 as an Anglo-Sanskrit school, SJNMIC has expanded steadily, becoming a middle school in 1918, a high school in 1920, and an intermediate college in 1923. In addition to academics, the college has Scout and Guide, NCC, and NSS units. "The college has made the required arrangements in terms of infrastructure, classroom allocation, and teaching plans to ensure a smooth transition to a co-educational system. Separate facilities have been arranged wherever necessary," said Pandey.
The Print
a day ago
- Business
- The Print
Sebi announces measures for PSU delisting, relaxes ESOP norms for startup founders
With foreign portfolio investors' interest in government securities growing amid India's inclusion in global bond indices, the Securities and Exchange Board of India (Sebi) decided to simplify regulatory compliance for govt bonds-focused FPIs. The board, which met at the capital markets regulator's headquarters here, also decided to allow startup founders to retain employee stock options (ESOPs) granted at least one year prior to the filing of preliminary IPO papers. Mumbai, Jun 18 (PTI) The Sebi board on Wednesday approved a slew of proposals on the ease of doing business for market participants and measures for voluntary delisting for select state-owned companies. The Sebi board also decided to come out with a settlement scheme for certain stock brokers who traded on the National Spot Exchange (NSEL) platform against whom enforcement actions have been started, which includes clarity on both monetary and non-monetary terms of settlement. This was the second board meeting chaired by Tuhin Kanta Pandey since assuming charge as the head of the capital markets regulator earlier this year. In comments that come amid the largest equity bourse NSE's initial public offering (IPO) plans, Pandey also said that the regulator does not have any problem with the current structure of a clearing corporation being a subsidiary of an exchange. However, he said that the charges levied to an investor for executing trades cannot be a 'black box' and made it clear that the Sebi favours unbundling on this front. The issue of majority ownership in its clearing arm being a hindrance for the NSE IPO is a 'speculation' and not a proposal or an ask from the regulator, Pandey said. At its board meeting, the Sebi also decided to allow category I and II alternate investment funds to offer co-investment opportunities within the AIF structures and a proposal to make angel investors into 'Accredited Investors', which will allow them greater flexibility, as the measures to protect smaller investors will not be applicable for them. A majority of the 19 proposals cleared in the board meeting are related to ease of doing business for the market ecosystem, including in the social stock exchange front, for merchant bankers, and the real estate investment trusts and infrastructure investment trusts. Pandey said entities have raised Rs 20 crore from 20 issuances till now, and the measures announced on Wednesday, including broadening the number of entities, which can do a not-for-profit organisation will help them raise more funds. On the PSU delisting front, the measures adopted by the Sebi board include relaxations from the requirement of the two-third threshold for approving delisting by public shareholders and in the mode of computation of floor price. Under current rules, delisting is successful if promoter shareholding reaches 90 per cent. Moreover, the floor price for delisting is calculated using several pricing metrics such as the 60-day average price and the highest price in the last 26 weeks. Pandey said excluding banking, financial services and insurance sectors, there are five entities, where the state owns 90 per cent or more stake, which stand to benefit from the decisions of the board, and explained that challenges have been faced since the past because of financial performance of entities. Sebi's announcement on the ESOP front is being considered as a major relief to startup founders looking to go public, as they will be able to retain employee stock options (ESOPs) granted at least one year prior to the filing of preliminary IPO papers. Under the existing regulations, promoters are ineligible to hold or be granted share-based benefits, including ESOPs. If they hold such share-based benefits at the time of filing of draft red herring prospectus (DRHP), they have been required to liquidate such benefits prior to the IPO. This provision has been found to be impacting founders classified as promoters at the time of filing of DRHP, Sebi noted. Pandey said the board approved a proposal to 'facilitate founders who received such benefits at least one year prior to the filing of DRHP with the board, to continue holding, and/or exercising such benefits even after being specified as the promoter/s and the company becoming a listed entity'. These proposals are expected to assist public companies who intend to list after undertaking reverse flipping — shifting the country of incorporation from a foreign jurisdiction to India. On the FPI's G-Sec ownership front, Pandey said Sebi has decided to simplify rules and ease regulatory compliance for Foreign Portfolio Investors (FPIs) that invest exclusively in Indian government securities (G-Secs) with the aim to attract more long-term bond investors to India. Currently, foreign investors invest in Indian debt through three routes — General, Voluntary Retention Route (VRR) and the Fully Accessible Route (FAR). VRR and FAR allow investments without many restrictions, such as security or concentration limits. 'With an objective to enhance ease of doing business through a risk-based approach and optimum regulation, the board approved the proposal to relax certain regulatory requirements for all existing and prospective FPIs that exclusively invest in G-Secs. These measures are expected to further help in facilitating investments by FPIs in G-Secs,' Sebi said in a statement after the conclusion of the board meeting. Under the approved relaxations for FPIs investing in G-Secs, the periodicity of mandatory KYC review for such FPIs will be harmonised with the RBI's requirements. Accordingly, such foreign investors will have less frequent mandatory KYC reviews. It also approved a proposal for the use of liquid mutual funds and overnight funds for compliance with deposit requirement mandates for investment advisors and research analysts, in addition to bank fixed deposits for the purpose of compliance. PTI AA BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
2 days ago
- Business
- Time of India
Sebi eases regulations for startup founders and public sector cos to boost capital market
The Securities and Exchange Board of India (SEBI) has approved new rules. Startup founders can now hold employee stock options after listing. Alternative investment funds get co-investment opportunities. Public sector companies can voluntarily delist with relaxed norms. Foreign funds will benefit from eased investment rules. These changes aim to boost investment and simplify regulations for businesses in India. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: The board of India's capital markets regulator on Wednesday cleared a draft of measures to enable ease of doing business, including allowing startup founders to continue holding employee stock options (Esops) even after listing, extending co-investment opportunities to alternative investment funds , and permitting voluntary delisting of public sector rules require founders to be classified as promoters at the time of filing of initial public offering (IPO) documents. However, once listed as promoters, they are ineligible to hold or be granted share-based benefits. If they hold Esops at the time of filing of offer documents, they are required to liquidate such benefits before the IPO."This provision has been found to be impacting founders," Sebi chairman Tuhin Kanta Pandey are "classified as promoters at time of filing of DRHP (draft red herring prospectus)," Pandey regulator said the new rule would facilitate founders who received such benefits at least one year prior to the filing of DRHP with Sebi, to continue to hold such also eased norms for foreign funds investing in government securities. This comes at a time when several global index providers have included local sovereign debt in their respective bond indices, such as JP Morgan Global EM Bond Index, Bloomberg EM Local Currency Government Index and FTSE Russell Emerging Markets Government Bond has harmonised KYC (know your client) requirements with the central bank Sebi also clarified that no new Esops could be issued to promoters after the company is listed. The regulator has also approved tweaking of rules on offer for said equity shares received upon conversion of fully paid-up compulsorily convertible securities received pursuant to an approved scheme would be exempted from the requirement of a minimum public holding period of one present, this exemption is allowed only for equity shares acquired pursuant to an approved scheme. "This will assist the companies contemplating reverse flipping," the Sebi chief Sebi board also approved the proposal to allow public sector companies (PSUs) to voluntarily delist from stock exchanges through a separate carve-out mechanism-provided the government holds more than 90% stake. There are five listed PSUs where government holding equals or exceeds 90%.This new rule would not be applicable to banks, non-banking financial companies and insurance delisting is considered successful if the promoter's shareholding, along with shares tendered by public shareholders, reaches 90%.Under the proposed mechanism, PSUs could go private through a fixed-price delisting process, irrespective of whether their shares are frequently or infrequently traded. However, the fixed delisting price would need to be at least 15% premium over the floor regulator has also relaxed the requirement of securing approval from two-thirds of public shareholders for delisting Sebi board also approved the proposal to permit AIFs and investors to co-invest in unlisted companies through AIFs."Sebi's approval of a dedicated co-investment vehicle (CIV) framework under the AIF regulations is a breakthrough reform. It streamlines how accredited investors - already participants in AIFs - can co-invest in high-conviction opportunities alongside fund managers, aligns India with global norms, and removes longstanding friction around such structures," said Gopal Srinivasan, chairman and managing director, TVS Capital new norms will allow both higher fund flows and limit regulations, experts said."This will further increase the flow of private--especially domestic capital--to entrepreneurial and growth businesses. By limiting CIVs to accredited investors, Sebi has also signaled a shift toward more principle-based, lighter-touch regulation for qualified participants," Srinivasan said. "Alongside the clarity on ESOPs for startup founders, this marks Sebi's strong commitment to innovation, deeper capital access, and sustained alignment among investors, founders, and fund managers," Srinivasan regulator said a separate co-investment scheme would have to be launched for each co-investment in an investee company.
