When a public announcement is made for an open offer to acquire shares of a target company, any individual or entity other than the acquiring party making the initial announcement has the right to issue a public announcement for an open offer within fifteen working days from the detailed public statement made by the first […]

Anchor investor means a Qualified Institutional Buyer (QIB) who makes an application for a value of at least 10 crore rupees in a public issue on the main board made through the book building process or makes an application for a value of at least Rs. 2 crore for an public issue on the SME […]

HNIs or high net worth individuals is a class of individuals who are distinguished from other retail segment based on their net wealth, assets and investible surplus. While there is no standard put forth for the classification, the definition of HNIs varies with the geographical area as well as financial markets and institutions. Though there […]

Foreign Portfolio Investor (FPI) means a person who satisfies the eligibility criteria prescribed under SEBI (Foreign Portfolio Investors) Regulations, 2019 which shall be deemed to be an intermediary in terms of the provisions of the SEBI Act, 1992. Categories of FPI Category I FPIs include: Category II FPIs include all the investors not eligible under […]

Qualified Institutional Buyers (QIBs) are investment institutions who buy the shares of a company on a large scale. Qualified Institutional Buyers are those Institutional investors who are generally perceived to possess expertise and the financial proficiency to evaluate and to invest in the Capital Markets. According to Regulation 2(1) of Securities and Exchange Board of […]

When a recognized stock exchange denies listing securities of a company, the company retains the right to appeal to SAT the Securities Appellate Tribunal . This appeal must be initiated within 15 days from the date of refusal. If the stock exchange fails to communicate its decision within the specified time, the appeal can be […]

Recognition of Stock Exchanges Application Process: Section 3 of the Securities Contracts (Regulation) Act, 1956 outlines the procedure for stock exchanges seeking recognition from the Central Government. Stock exchanges interested in recognition must submit an application in the prescribed manner, accompanied by specified particulars and copies of relevant bye-laws and rules. Contents of Application: Grant […]

Eligibility Requirements for an Initial Public Offer (IPO): Entities Not Eligible to make an Initial Public Offer (IPO): General Conditions: An issuer making an initial public offer shall ensure that:a) it has made an application to one or more stock exchanges to seek an in-principle approval for listing of its specified securities on such stock […]

The Securities Appellate Tribunal (SAT) is a quasi-judicial body in India that hears appeals against decisions made by regulatory authorities in the securities market. The establishment of SAT is in line with the regulatory framework for securities and financial markets in India. The Securities Appellate Tribunals shall have, for the purposes of discharging their functions […]