Open offer would not be mandatory for investors.
Mumbai: Market regulator Sebi has decided to make make it easier for strategic investors to acquire shares in distressed firms under the restructuring schemes.
According to Sebi Chairman Ajay Tyagi, the regulator has made a decision to exempt new investors of listed distressed companies from open offer obligations subject to certain conditions such as approval by the shareholders of the companies by a special resolution and a three year lock-in of the shareholding of the new promoters of the firm.
However to safeguard the interest of minority shareholders, the regulator said such relaxation would be subject to certain conditions like approval by the shareholders of the companies by special resolution.
Market regulator Sebi is exempting new investors of listed distressed companies from open offer obligations subject to certain conditions. Hence, they have requested for exemptions to these investors.
Presently, relaxations from preferential issue requirements under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and from open offer obligations under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 are available for lenders undertaking restructuring of listed companies in distress through Strategic Debt Restructuring (SDR) scheme in terms of the guidelines of RBI. Another discussion paper will be floated for ways to help develop equity derivatives markets.
Triple-A team moving from Colorado Springs to San Antonio
With the Pacific Coast League team headed to San Antonio , the city's current Double-A Texas League team will shift to Amarillo. The Elmore's also announced they will relocate their rookie-level team from Helena , Montana to Colorado Springs .
In a major revamp, Sebi in 2014 had released norms that had clubbed different categories of foreign investors into a new class called FPIs.
"The Indian commodity derivatives market is running sans any institutional participation, thereby is lacking in the desired liquidity and depth which is one of the key elements for the efficient price discovery and price risk management..." The government will form a committee for spot and derivative market soon.
AIFs will also be required to comply with SEBI and RBI's guidelines pertaining to the corpus received from non-resident Indians.
The new measures, which follow a slew of other steps taken by the regulator in the recent past, come at a time when the value of foreign investments through participatory notes or offshore derivative instruments (ODIs) has already fallen to a four-month low of about Rs 1.68 lakh crore in April-end.
Market regulator Securities and Exchange Board of India (SEBI) has chose to grant a unified licence to brokers and clearing members to operate in commodity.
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