The area of private equity (PE) investment has seen some interesting crests and troughs in the last few months, primarily due to activity by qualified institutional buyers (QIBs). QIBs currently form a huge part of the PE market: over the past few years, when investments of US$2 billion were made in India, US$1.8 billion or over 90% of that amount was invested by QIBs.
The rise of QIBs
The prominence of QIBs began in May 2006 when the Securities and Equities Exchange Board of India (SEBI) inserted Chapter XIIIA into the SEBI (Disclosure & Investor Protection) Guidelines, 2000 (the guidelines). This addition allowed listed companies to raise funds through QIBs.
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Mulla & Mulla & Craigie Blunt & Caroe
SEBI’s goal was to make the Indian markets more competitive and to further develop capital markets. The step was also in accord with the vision of making Mumbai an international financial centre.
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Shardul Thacker is a partner with Mulla & Mulla & Craigie Blunt & Caroe in Mumbai.
Mulla & Mulla & Craigie Blunt & Caroe
Mulla House, 51 MG Road
Fort, Mumbai 400 001
India
Tel: +91 22 2204 4960, 2262 3191
Fax: +91 22 2204 0246, 6634 5497
Email: info@mullaandmulla.com
