SEBI proposes new securities guidelines

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SEBI securities guidelines
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In a recent meeting SEBI proposed certain amendments to securities laws in India. The changes are intended to realign the takeover norms with market developments and to bring various pieces of legislation governing Indian capital markets in line with each other.

One proposal is to allow “anchor investors” for Indian depository receipts (IDRs). Anchor investors are qualified institutional buyers who commit to invest a fixed amount. Their involvement is valued by issuers as it boosts the confidence of other prospective investors.

In an attempt to encourage the issuance of IDRs and the listing of foreign companies on domestic bourses, SEBI has proposed to extend the scope of anchor investments to include IDRs issued by foreign companies. It is also proposed to reserve not less than 30% of all IDRs issued for retail investors, a move that will enhance liquidity.

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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.

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