July 2014

First Informal Guidance on the SEBI (AIF) Regulations, 2012

SEBI issued its first informal guidance dated 28 February, 2014, on the SEBI (Alternative Investment Funds) Regulations, 2012, in response to queries raised by Motilal Oswal Real Estate Investment Advisors Private Limited. Motilal Oswal Real Estate sought interpretative guidance on four crucial points under the AIF Regulations which required clarity. In relation to the question,…

Test for Transfer of Management

The Supreme Court, in the matter of Bhushan Energy Limited v. Orissa Sponge Iron and Steel Limited, had directed SEBI to decide on the point of whether conversion of 35,00,000 warrants of Orissa Sponge Iron and Steel held by Bhushan Energy could result in a transfer of management. The initial issue had arisen when OSIL…

Crowd-Funding: An Innovative Way to Raise Capital

SEBI issued a Consultative Paper on Crowd-funding on 17 June, 2014. Crowd-funding involves raising capital from multiple investors through a web based platform or social networking website. Though there are various kinds of crowd-funding like donation crowdfunding, reward crowd-funding, peer-to peer lending, only securities crowdfunding falls within SEBI’s regulatory domain. The three categories are Equity…

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