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.


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Role of IFSC in the Indian SPAC Dream: An Overview – Part 2

In part 1 of this series of blogs (Role of IFSC in Indian SPAC Dream- An Overview), we succinctly summarised the various dimensions of IFSCs, viz. their ‘foreign territory’ status in India, applicable laws and regulation and the development of regulatory regime for special purpose acquisition companies (“SPACs”) listings therein.

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Flight and Fall Transmitting Power: Judicial Initiative to Retain Ecological Balance in Society

The renewable energy sector, while promising an environment friendly production of clean electricity, has posed a threat to the environment in certain situations. Recently, a public interest litigation before the Supreme Court, brought forward one such environmental hazard posed by the sector. The overhead transmission lines installed around solar and wind power projects (“Projects”) are posing an extinction risk to endangered birds (such as (i) the Great Indian Bustard (GIB); and (ii) the Lesser Florican).


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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”).


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Role of IFSC in the Indian SPAC Dream

India, being one of the major consumers of international financial services, has been pushing the envelope on making itself the hub for such services. With this objective, the Government of India had operationalised India’s first (and currently the only) International Financial Services Centre (“IFSC”) at GIFT Multi Services Special Economic Zone (“SEZ”) in Gujarat in April 2015. In this regard and to further this objective, the International Financial Services Centres Authority Act was enacted in December 2019 to set up a unified regulator, viz the International Financial Services Centres Authority (“IFSCA”), which commenced operation in October 2020. The IFSCA has been vested with the roles and powers of four domestic regulators, namely the Reserve Bank of India (“RBI”), the Securities and Exchange Board of India (“SEBI”), the Insurance Regulatory and Development Authority of India (“IRDAI”), and the Pension Fund Regulatory and Development Authority. IFSCA has been set up to develop and regulate financial institutions, financial services, and financial products within the IFSCs in India.


Continue Reading Role of IFSC in the Indian SPAC Dream: An Overview – Part 1

Lessons from ReNew Power overseas listing through SPAC

The frenzy of Special Purpose Acquisition Company (SPACs), which became the buzzword in 2020, has continued into 2021 with around 711 SPACs currently present in the US market seeking a target. SPACs are blank check shell companies listed on a stock exchange (such as NASDAQ), which are set up by investment funds/ sponsors exclusively for the purpose of acquiring operating companies within a prescribed time period, with the acquisition resulting in listing of such operating companies. This route of listing is relatively less time consuming and less cumbersome as compared to the traditional IPOs. Investors invest in SPACs based on the investment philosophy, the sector and geography which the SPAC indicates in its listing documents.


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SEBI Regulatory Update

There have been significant changes to the regulatory regime governing alternative investment funds (“AIFs”)[1] in the past year and a half. In its Board Meeting dated August 06, 2021, the Securities and Exchange Board of India (“SEBI”) approved a fresh set of amendments to the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”), governing AIFs, intended to ease compliance requirements, provide greater investment flexibility and streamline regulatory processes. A regulatory circular giving effect to these proposed amendments is awaited.


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SEBI Clarifies Key Aspects of Investment Advisers Regulations through Informal Guidance

The Securities and Exchange Board of India (“SEBI”), through its interpretive letter, issued upon the request of Paytm Money Limited (“Paytm”) under the SEBI (Informal Guidance) Scheme, 2003 (“Informal Guidance Scheme”), on April 09, 2021, has clarified that investment advisers (“IAs”), registered with SEBI under the SEBI (Investment Advisers) Regulations, 2013 (“IA Regulations”), may not: (i) be reimbursed from the asset management companies for any expenses incurred for services rendered to their clients, even though the adviser may not be charging any advisory or execution fees; (ii) seek electronic consent from clients prior to rendering any investment advice, instead of a signed investment advisory agreement; and (iii) appoint a department head, who is not a managing director or designated director or managing chairman or executive chairman or any other equivalent management body of the IA, as its ‘principal officer’.
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Regulatory Considerations for M&A Investors During COVID-19 Era

CAM authors collaborate for this article with our Guest Authors –  Michael J. Cochran, Partner at Kilpatrick Townsend & Stockton and Gabrielle Gollomp , Associate at Dentons

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The COVID-19 pandemic and the corresponding economic volatility has dramatically impacted the US and the Indian M&A market. While many high-profile companies have abandoned proposed deals, various other companies have expressed or maintained interest in pursuing strategic acquisitions during this time. This article discusses the regulatory changes that parties should consider when contemplating M&A events in the Indian and the US markets in the wake of COVID-19.
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AGRI-SPACE AS A KEY INVESTMENT DESTINATION

1. Background

  • India is an agrarian economy. It has the second highest population in the world, as well as the second highest arable land area in the world. With rising demand and natural resources under pressure, agriculture as a sector is drawing sharp attention from a necessity as well as interest perspective.
  • It must be noted that the agri-sector has wide reach, as it covers within its ambit not just the core cultivation sector, but also allied sectors that are just as critical. In recent times and, more specifically in 2020, the Indian government has also made special efforts to support this wider sector.
  • Hereunder, we will share a brief overview of the recent reforms in the sector and the viability of the sector from an investors’ point of view.


Continue Reading Agri-Space as a Key Investment Destination : Some Thoughts