Photo of Gokul Rajan

Partner - Regional Head Markets Practice (North) at the Delhi office of Cyril Amarchand Mangaldas, Gokul has close to 20 years of experience and specializes in Capital Markets including initial public offerings, follow on offerings, QIPs, rights offerings, ADRs, GDRs and FCCBs, high-yield bonds and DeSPAC transactions. He has worked on some of the most significant transactions out of India in both equity and debt capital markets, including notable “first of their kind” deals. He also has experience in privatization, joint ventures, private equity investments and general corporate law. He can be reached at gokul.rajan@cyrilshroff.com

Recommendations on Changes to SEBI ICDR Regulations for Ease of Doing Business – Missing the Point

On January 11, 2024, SEBI issued its consultation paper on interim recommendations of its expert committee to harmonise the SEBI ICDR and LODR regulations.  The public has been invited to share comments on this paper.Continue Reading Recommendations on Changes to SEBI ICDR Regulations for Ease of Doing Business – Missing the Point

Post-IPO financial results

Under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”), listed companies are required to submit their financial results within 45 days of end of each quarter, other than the last quarter of a financial year where they have 60 days.Continue Reading Post-IPO financial results – when to disclose

Major Impetus to IPO Rush

Despite the challenging times, the Indian capital markets are hitting all-time highs on a daily basis and have been flooded with capital. This has seen a rush of equity offerings over the last 12 months including record filings for draft documents over the last few months. In their continuous efforts to make India exchanges more competitive, the Securities and Exchange Board of India (“SEBI”) has notified the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2021 (“ICDR Amendment”). Pursuant to the ICDR Amendment, SEBI has revisited some of the requirements relating to lock in of equity shares post-IPO (one of the oldest requirements of SEBI), as well as the concept of  promoter group and group companies under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“ICDR Regulations”).Continue Reading Major Impetus to IPO Rush

 Short-and-Long-term-Impact-of-Current-Market-Conditions-–-Part-II

Commercial and legal impact

In the previous part of this publication, we had set out an overview of the current market scenario and economic slowdown across key global markets, in view of factors such as global economic concerns, the COVID-19 pandemic as well as India-specific concerns such as the collapse of Yes Bank and pressure on Indian industries. We now evaluate the commercial and legal impact of these events on capital market transactions and highlight the key commercial and regulatory considerations for companies considering such transactions.
Continue Reading Short and Long-term Impact of Current Market Conditions – Part II

Short And Long-Term Impact Of Current Market Conditions - Part I

 Overview of current markets

During the morning trading session on March 23, 2020, the S&P BSE Sensex crashed 2,991.85 points (10%) to hit 26,924.11, while the Nifty 50 fell 842.45 points (9.63%) to slip to 7,903.00, triggering a circuit breaker and suspension of trading for 45 minutes, for the second time this month.

Market indices across the globe have fallen at record rates following the World Health Organization’s declaration of the COVID-19 outbreak as an international public health emergency on January 30, 2020, and then as a global pandemic on March 11, 2020. Add to that the collapse of Yes Bank earlier this month, with a moratorium crippling liquidity, along with the sharp decline in oil and crude prices, and the Indian market indices have taken an unprecedented hit.
Continue Reading Short And Long-Term Impact Of Current Market Conditions – Part I

NEW ICDR Regulations - SEBI

In November 2018, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (New ICDR Regulations) came into force, replacing the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (Old ICDR Regulations). The overhaul of the regulations followed a robust public consultative process, aimed at getting views from stakeholders and at bringing the Indian regulations closer to global best practices.

The New ICDR Regulations particularly emphasise streamlining disclosure requirements with respect to financial statements in offer documents for initial public offerings, by reducing the volume of disclosures and focusing on what is considered material and relevant to an investor in making an investment decision.Continue Reading Financial Disclosures Under the New ICDR Regulations – Half a Step Forward