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Search results: SEBI

Financial crisis lands Ranbaxy-Daiichi with US$200m tax bill

The global credit crunch is already having an impact on deals, with one stark example found in the sale of Ranbaxy shares to Japanese drug firm Daiichi Sankyo. In October, the Securities and Exchange Board...

Currency futures arrive

By Sawant Singh and Arun Madhu, Trilegal
All the speculation regarding the introduction of currency futures in India ended on 6 August, with the Reserve Bank of India (RBI) publishing directions on them. Much interest has been spawned in relation to...

The changing regulatory mechanics of M&A

By Ravi Singhania, Singhania & Partners
Mergers and Amalgamations (M&A) are regulated through the provisions of the Companies Act, 1956, the Foreign Exchange Management Act, 1999, and the Income Tax Act, (ITA) 1961. Regulations have also been issued by the...

Raising finances against receivables

By H Jayesh, Harsha Punjabi, and Maymoona Mandviwala, Juris Corp
One of the means of raising finances is by the absolute assignment of receivables (along with underlying securities) from an obligor to an assignor or originator, that are structured as bankruptcy remote from the...

New payment system for share applications

India’s capital markets regulator, the Securities and Exchange Board of India (SEBI) has prescribed a new method of payment for public issues through the book building process. The new method, called Applications Supported by...

New pricing norms for QIPs, ADRs and GDRs

In a press release dated 13 August, the Securities and Exchange Board of India (SEBI) introduced new pricing norms for qualified institutional placements (QIPs). Prior to the amendment, the price of securities listed through QIPs...

Tussle continues in Zandu battle

The long running battle over the future of Zandu Pharmaceutical Works has been tossed back and forth between India’s Company Law Board (CLB) and Bombay High Court over the past two months. The dispute centred...

Money laundering laws in a spin

Widely welcomed measures to tackle the clandestine transfer of funds have been undermined by infighting over the allocation of adjudicating powers Raghavendra Verma reports from New Delhi In January 2007 a raid on Pune-based businessman Hassan Ali...
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Question lingers over status of pre-IPOs

By Priti Suri and Aditi Mohan, PSA, Legal Counsellors
I ndia has become a hub for several young and fast moving companies with tremendous potential to achieve exponential growth. However, most of them struggle during their infancy period. Often, the main reason for the...
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The road to REITs and REMFs

Gautam Mehra of PricewaterhouseCoopers evaluates recent moves to introduce collective investment schemes into Indian real estate S ince April 2004, India’s real estate market has been open to investment by institutional investors and high net...
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Defying the laws of economics

Despite the sub-prime crisis in the US and a restrictive regulatory regime at home, Indian real estate continues to boom. Can it last? Alfred Romann reports N andan Nelivigi, a New York-based partner at White &...
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Indian law firms rebranded

Delhi-based law firm Suman Khaitan & Co has taken on two equity partners and changed its name to Khaitan & Partners. The reorganization took effect on 1 April and the new partners are Shally...

A new era of securitization

By Sawant Singh and Ameya Khandge, Trilegal
The securitization market in India began evolving from the mid-1990s when originators such as ICICI and Citigroup took the lead in developing it at an institutional level.The issuance of securitization saw exponential growth from...

New trends herald India’s equity boom

By Arun Balasubramanian, Linklaters
The 2006-07 financial year was expected to be a year of unprecedented activity in the Indian equity capital markets following the extraordinary stock market gains of the preceding three years. The US$6 billion raised through...
Legal news in brief

A round-up of legislative and regulatory developments

Foreign institutional investors, mutual funds, and other institutions may be allowed to short sell their stocks under a March proposal by the capital markets regulator, the Securities and Exchange Board of India (SEBI). Though...

Kesar Dass hires top regulator

RS Loona, former general counsel at the Securities and Exchange Board of India (SEBI), has joined law firm Kesar Dass B & Associates to head its capital markets and infrastructure practice in Mumbai. Loona...