Capital Markets

Summary: SEBI has proposed amendments to streamline India’s IPO process through a consultation paper. The proposals address two critical areas — enabling lock-in compliance for pledged non-promoter shares and introducing focused offer document summaries to enhance accessibility for retail investors. These changes aim to resolve practical challenges faced by IPO-bound companies, while simplifying complex disclosure requirements for better investor comprehension.Continue Reading Simplifying IPO Process: SEBI’s approach to pledged shares and offer document summaries

Aa Ab Laut Chalein!: Key Considerations for ‘Reverse Flips’

Summary: The trend of Indian businesses relocating offshore is reversing, with many now seeking to “reverse flip” to India, driven by the nation’s vibrant economy and capital markets. While the reverse flip offers significant opportunities, it requires careful navigation of legal processes, along with addressing complex regulatory, and corporate compliance aspects. Understanding these key considerations is crucial for companies contemplating a return to India.Continue Reading Aa Ab Laut Chalein!: Key Considerations for ‘Reverse Flips’

Key Amendments To Securities And Exchange Board Of India (Infrastructure Investment Trusts) Regulations, 2014

Summary: The Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, originally published on September 26, 2014, have undergone extensive amendments over the past decade to adapt to evolving market conditions and enhance the regulatory framework for infrastructure investment trusts (“InvITs”), reflecting the regulator’s response to market developments and operational experience. The recent Securities and Exchange Board of India (Infrastructure Investment Trust) (Third Amendment) Regulations, 2025, effective September 1, 2025, represents further progress in regulatory development. Key updates include refining the definition of “public” to exclude related parties, reducing minimum investment thresholds from Rs 1 crore to Rs 25 lakh, aligning reporting timelines with SEBI specified deadlines, and introducing enhanced valuation requirements for highly leveraged InvITs. By way of this amendment, SEBI continues responding swiftly to market reactions and the operational realities of the existing legal framework for InvITs.Continue Reading Key Amendments To Securities And Exchange Board Of India (Infrastructure Investment Trusts) Regulations, 2014

Background

India Inc’s initial public offering (“IPO”) landscape has witnessed significant growth in recent years, with numerous companies entering the capital markets to fund their growth and offer exits to existing investors. An IPO in India requires navigating a complex regulatory framework, complying with various provisions, and addressing stakeholders’ interests, including employees with stock options. In our post[1], we had assessed companies’ eligibility to undertake an IPO in situations where any individual holds rights entitling them to acquire equity shares of the company, or where there are any outstanding convertible securities that can be converted into the company’s equity shares.Continue Reading Amendment to make companies with outstanding Stock Appreciation Rights IPO eligible: A few steps closer, but not there yet

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