Several investors wanting to invest in mutual fund schemes, amid the selloff in the market on Tuesday, were left in the lurch as online MF investment platforms failed to execute the transactions on time.
In a bid to expedite the processing of initial public offerings (IPOs), the markets regulator will now seek additional information from lead managers (LMs) when they file draft documents. Last week, the Securities and Exchange Board of India (Sebi) sent a letter to bankers, listing over two dozens of new disclosure requirements. The average time Sebi takes to clear the draft red herring prospectus (DRHP) - a document companies must file before accessing public funds - has dropped to less than three months in 2024 (until May 31).
Certain foreign portfolio investors (FPIs), which operate as pooled investment vehicles (PIVs), may not be exempt from the additional disclosure mandates by the Securities and Exchange Board of India (Sebi) following an update in the standard operating procedures (SOPs) for custodians. An updated version of the SOPs has specified several conditions to be met for PIVs to benefit from the exemptions granted. These include no segregated portfolios, independent investment manager, and investors having pari-passu (equal) rights in the entity.
The directions follow a report by the Indian Cyber Crime Coordination Centre, which has seen a new pattern of transnational cyber-enabled financial fraud and investment scam, impersonating as stockbrokers and company executives.
Domestic bourse BSE has approved the acquisition of a 50 per cent stake in index provider Asia Index (AIPL) from equal joint venture partner S&P Dow Jones (SPDJ) Indices for Rs 30 crore. AIPL, the index provider, is responsible for compiling and maintaining the widely followed Sensex, Bankex, and other indices. Passive funds with assets of nearly Rs 2 trillion are benchmarked with indices provided by AIPL.
In a step towards investor awareness, the Securities and Exchange Board of India (Sebi) has directed companies planning to launch initial public offers (IPOs) to release a 10-minute video containing key information related to the issue. The initiative is to make it easier for investors to understand the features of the public issue and the company.
'MIIs or market intermediaries shall enter into an appropriate agreement with entities with whom they intend to share real-time price data.'
The stock exchange BSE has called off the merger of its unit at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India International Exchange (India INX), with NSE International Exchange (NSE IX), a similar unit floated by rival National Stock Exchange (NSE), according to sources familiar with the development. BSE and NSE had been in discussions for the merger for over a year, but it has yielded no results, they said.
In a bid to ease compliance towards companies planning public offers (IPOs), the Securities and Exchange Board of India (Sebi) has notified norms that open more avenues to meet the minimum promoters' contribution (MPC). The market regulator has permitted promoter group entities and non-individual shareholders to contribute to the mandated promoters' contribution in the case of a shortfall without being identified as a promoter.
The change will help companies address market rumours without being worried about the impact on deal pricing.
Debt mutual fund (MF) schemes, which witnessed relatively muted inflows in the past three years, saw a surge in investor interest in April amid election-induced volatility in the equity markets. Active debt funds garnered nearly Rs 66,000 crore net inflows in April, most at least since December 2020.
The MF investor count, which stood at around 38 million in April 2023, has surged by 19 per cent in the past year.
'When there are no good roads and no buses plying to villages, your spending on development is skewed.'
Following the end of the grandfathering period given to India Inc to replace their independent directors who had already served for 10 years, certain companies have come up with unique ways to replace the old guard.
'If the majority falls short of expectations, it may prompt initial adjustments in investor sentiment.'
'Ideally, one should not time SIPs.' 'If people churn their SIP portfolios, then they are equating the concept of SIPs to lump sums.'
The mutual fund (MF) gross inflows through the systematic investment plan (SIP) route topped the Rs 20,000 crore mark for the first time in a calendar month as investors opened a record 6.4 million SIP accounts despite a spike in market volatility. The number of accounts opened last month was almost 50 per cent higher than the registrations seen in March. "India's MF industry has reached yet another milestone with the SIP book crossing above Rs 20,000 crore in April 2024.
Mutual funds are looking to tap into the special opportunities theme ahead of the results of the general election results and the continued uncertainty on the geo-political and interest rate fronts. Two fund houses - WhiteOak Capital and Samco - are set to launch special opportunities funds next week. Kotak MF has also filed papers with the regulator to launch a scheme in the same category.
Stock exchanges are expanding the buffet of index derivatives even as the number of stocks permitted to trade in this space, generating an average daily turnover of Rs 450 trillion, is shrinking. This week, the National Stock Exchange (NSE) started issuing futures and options (F&O) contracts based on the Nifty Next 50 Index, bringing the total count of index derivatives to five.
Even as net flows into smallcap funds in March turned negative, for the first time in 30 months, they remained a big draw for new investors. The smallcap fund category saw a net of 360,000 investment accounts, or folios, getting added last month, the second-most among all active equity categories. Smallcap funds' continued traction could be driven by their strong performance across timeframes, say experts.
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