Discussion/Consultation Paper

SEBI proposes changes to Investment Advisers Regulations

SEBI notified the Investment Advisers Regulations in 2013, making it mandatory for entities providing investment advice for a consideration, to register under the Regulations. Regulation 4 grants exemption from registration to certain entities that provide investment advice to their clients, incidental to their primary activity. Despite such exemption, registered intermediaries are required to comply with…

Safe Harbour for Eligible Investment Funds and Eligible Fund Managers

Non-resident investment funds usually have their fund managers located offshore, to not attract Indian tax liability. For encouraging offshore fund managers to relocate to India, Section 9A was inserted into the Income Tax Act, 1961, which provides a safe harbour to non-resident investment funds from being regarded as tax residents in India, merely by virtue…

Private Placement of Debt through E-Book

SEBI on December 04, 2015, released a consultation paper on “Primary market debt offering through private placement on electronic book”, seeking to develop the corporate bond market. Majority of corporate bonds are issued through private placement, which are negotiated over-the-counter deals. Hence, SEBI has proposed having an electronic book for private placements, as opposed to…

SEBI Imposes Restrictions on Wilful Defaulters: Discussion Paper

SEBI recently released a discussion paper on “Proposed Amendments to Regulations framed under SEBI Act, 1992 for Imposing Restrictions on Wilful Defaulters,” to review its policy regarding imposing restrictions on “wilful defaulters” from accessing capital markets. Under the existing framework, an issuer who is declared as “wilful defaulter” by the RBI is restricted from making…

SEBI Discussion Paper on “Issuance of partly paid shares and warrants by Indian companies”

Following the decision of the Ministry of Finance to permit the issuance of partly paid shares and warrants by Indian companies to foreign investors, RBI has now classified partly paid shares and warrants of Indian companies as eligible instruments for the purpose of FDI and FPI. Towards this objective, SEBI released a Discussion Paper on…

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