The document summarizes key changes to Bursa Malaysia's listing requirements. Some major changes include streamlining the roles of Bursa Malaysia and the Securities Commission, enhancing disclosure requirements for transactions and circulars, introducing new rules for real estate valuations, and shortening timelines for rights issues and capital repayment exercises. Transitional issues are also highlighted.
A Brief Guide To Choosing Your Listing DestinationYee Chee Ong
This document compares the listing requirements for companies seeking an initial public offering (IPO) on Bursa Malaysia's Main Market versus Hong Kong's Main Board. While the requirements are generally similar, Hong Kong has some stricter financial standards and allows flexibility for large companies. The conclusion recommends Hong Kong as it is a large, global exchange located in an important economic region, with advanced infrastructure that provides access to investors in China and beyond.
The document discusses the SEBI (ICDR) Regulations 2009 and recent amendments relating to issue management. It provides an overview of the key aspects regulated by the ICDR regulations including specified securities, structure of regulations, issues not regulated, and eligibility requirements for public issues. Recent amendments are highlighted including changes to preferential issues, QIP, book building process and minimum listing requirements. Key considerations for different types of public issues such as pricing, allocation and lock-ins are also summarized.
On 27th April 2012, Ms Anjali Aggarwal, AVP, Corporate Professionals delivered a lecture on “Role of CS in SME Exchange”, at ICSI South Delhi Study Circle. In her presentation, she covered not just the procedural nitty gritties for SME listing, but also the intent of the law makers behind the same. She also laid emphasis on how the Company Secretaries can play a pivotal role in an SME listing.
Recent Changes In Capital Market - An Analysis of SEBI Takeover CodePavan Kumar Vijay
This presentation provides background and analysis of recent amendment in SEBI Takeover Code and judicial pronouncements made under these regulations. Besides, the presentation also answers certain controversial issues frequently questioned by the users.
This presentation contains a quick snapshot on SME in India, Recently Launched SME Stock Exchange, Eligibility norms for Listing on SME Exchange, Listing Framework by SEBI and other relevant information.
This document provides details about two key cases involving SEBI regulations - Sahara India and DLF Limited.
In the Sahara India case, SEBI found that Sahara raised around Rs. 19,000 crores through issuance of optionally fully convertible debentures to over 2 crore investors without complying with public issue norms. SEBI concluded this was actually a public issue requiring various disclosures and investor protections under ICDR regulations. The Supreme Court agreed, finding Sahara violated securities laws.
In the DLF Limited case, a complaint was filed with SEBI alleging the company defrauded an investor through land deals involving subsidiaries. SEBI's investigation found DLF transferred shares in companies holding
The document summarizes key changes to Bursa Malaysia's listing requirements. Some major changes include streamlining the roles of Bursa Malaysia and the Securities Commission, enhancing disclosure requirements for transactions and circulars, introducing new rules for real estate valuations, and shortening timelines for rights issues and capital repayment exercises. Transitional issues are also highlighted.
A Brief Guide To Choosing Your Listing DestinationYee Chee Ong
This document compares the listing requirements for companies seeking an initial public offering (IPO) on Bursa Malaysia's Main Market versus Hong Kong's Main Board. While the requirements are generally similar, Hong Kong has some stricter financial standards and allows flexibility for large companies. The conclusion recommends Hong Kong as it is a large, global exchange located in an important economic region, with advanced infrastructure that provides access to investors in China and beyond.
The document discusses the SEBI (ICDR) Regulations 2009 and recent amendments relating to issue management. It provides an overview of the key aspects regulated by the ICDR regulations including specified securities, structure of regulations, issues not regulated, and eligibility requirements for public issues. Recent amendments are highlighted including changes to preferential issues, QIP, book building process and minimum listing requirements. Key considerations for different types of public issues such as pricing, allocation and lock-ins are also summarized.
On 27th April 2012, Ms Anjali Aggarwal, AVP, Corporate Professionals delivered a lecture on “Role of CS in SME Exchange”, at ICSI South Delhi Study Circle. In her presentation, she covered not just the procedural nitty gritties for SME listing, but also the intent of the law makers behind the same. She also laid emphasis on how the Company Secretaries can play a pivotal role in an SME listing.
Recent Changes In Capital Market - An Analysis of SEBI Takeover CodePavan Kumar Vijay
This presentation provides background and analysis of recent amendment in SEBI Takeover Code and judicial pronouncements made under these regulations. Besides, the presentation also answers certain controversial issues frequently questioned by the users.
This presentation contains a quick snapshot on SME in India, Recently Launched SME Stock Exchange, Eligibility norms for Listing on SME Exchange, Listing Framework by SEBI and other relevant information.
This document provides details about two key cases involving SEBI regulations - Sahara India and DLF Limited.
In the Sahara India case, SEBI found that Sahara raised around Rs. 19,000 crores through issuance of optionally fully convertible debentures to over 2 crore investors without complying with public issue norms. SEBI concluded this was actually a public issue requiring various disclosures and investor protections under ICDR regulations. The Supreme Court agreed, finding Sahara violated securities laws.
In the DLF Limited case, a complaint was filed with SEBI alleging the company defrauded an investor through land deals involving subsidiaries. SEBI's investigation found DLF transferred shares in companies holding
The document summarizes the key recommendations of the Takeover Regulations Advisory Committee (TRAC) report on amending the SEBI Takeover Regulations. Some of the major recommendations include:
1. Providing more clarity around definitions like "acquirer", "control", and "shares" to expand the scope and remove ambiguities.
2. Increasing the threshold for "frequently traded shares" from 5% to 10% trading over 12 months instead of 6 months.
3. Replacing the term "specified date" with "identified date" to determine shareholder lists for open offers.
4. Introducing a definition for "delisting threshold" of 90% voting rights to acquire
New Direct Listing at BSE SME Norms are introduced by Bombay Stock Exchange. Direct listing at the BSE SME Exchange without complying with the complicated IPO norms is a new ray hope for all the Companies listed at the Regional Exchange and derive the VALUE. It is very beneficial for the companies that are listed on Exchanges, which might for voluntary derecognition or which may be compulsorily derecognized or which may be compulsorily derecognized by SEBI. After expiry of 2 years and subject to main Board Compliances company can get migrated to BSE main Board.
The document provides an overview of the upcoming BSE SME Exchange, which will provide a dedicated platform for small and medium enterprises (SMEs) in India to list and raise capital. Some key points include:
- BSE has received regulatory approval to launch the SME Exchange, leveraging its existing equity trading platform.
- Listing requirements and compliance norms are simplified for SMEs compared to the main board.
- The exchange aims to help SMEs access funding for growth while providing investors an opportunity to invest in early-stage companies.
- Key aspects include 100% underwriting of issues, mandatory market making for 3 years, and simplified listing procedures.
Overseas investment by core investment companiesAritra Das
This newsletter discusses a recent notification issued by the Reserve Bank of India formulating the regulatory framework for overseas investment by Core Investment Companies
The Reserve Bank of India issued directions regulating overseas investments by Core Investment Companies. The directions apply to all corporate investment companies seeking to invest abroad. Key points of the directions include eligibility criteria for overseas investments, conditions on such investments, reporting requirements, and penal actions for non-compliance. The objective is to regulate the credit system and monitor overseas investments by core investment companies.
This document outlines the contents of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, which provides the legal framework for takeover bids and acquisitions of Indian public companies. It discusses the objectives of the regulations, key definitions, triggers for mandatory open offers, offer size and pricing requirements, escrow accounts, the open offer process, obligations of acquirers and target companies, exemptions, and penalties for non-compliance. The regulations aim to protect investors and ensure fair acquisition processes along with timely disclosure of information.
The document discusses legal aspects and practical considerations related to private placement and preferential allotment of securities by companies in India. It summarizes key regulations governing private placement under the Companies Act, 2013 and SEBI regulations. It also outlines the procedural requirements for preferential allotment as per the Companies Act and ICDR regulations. Finally, it addresses some practical difficulties companies may face regarding compliance with the relevant laws and regulations.
The document discusses the SEBI (ICDR) Regulations 2009 and recent amendments relating to issue management. It provides an overview of the key aspects regulated by the ICDR regulations including specified securities, structure of regulations, issues not regulated, and eligibility requirements for public issues. Recent amendments are highlighted including changes to preferential issues, QIP, book building process and minimum listing requirements. Key considerations for different types of public issues such as pricing, allocation and lock-ins are also summarized.
The document discusses various types of corporate restructuring like merger, demerger, and reduction of capital. It outlines the role and requirements of stock exchanges in approving such restructuring schemes. Stock exchanges expect listed companies to comply with continuous listing requirements and clauses in the listing agreement. They also have norms around minimum capital, non-promoter holding, and lock-in periods to ensure the transaction does not unduly benefit promoters and protects investors.
This presentation clarifies the provisions of SEBI Takeover Code including exemptions and creeping acquisition provisions. In addition to this, it gives an anlaysis of recent amendment in regulations and judicial pronouncements made under these regulations.
The document summarizes the key aspects of SEBI (ICDR) Regulations 2009, which govern public and rights issues of specified securities in India. It discusses the eligibility requirements for issuers, types of public issues, allocation process, pricing considerations, promoters' contribution and lock-in periods. It also provides an overview of recent amendments made to the regulations in areas such as book building process, minimum public shareholding, and facilitation of issues by small and medium enterprises.
Unlocking The Value Through Corporate Restructuring Gvalior Seminar Corp Re...Pavan Kumar Vijay
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
The document summarizes new developments in India's capital market regulations regarding buybacks and takeovers. It discusses changes to thresholds for mandatory open offers, increased offer size for open offers, and allowing acquisitions before open offer completion subject to escrowed funds. The changes aim to align Indian rules more closely with global standards and provide flexibility for acquisitions and private equity investments.
The Securities and Exchange Board of India (SEBI) was established to protect investors, regulate securities markets, and promote their development. SEBI registers and regulates stock exchanges, intermediaries, collective investment schemes and foreign institutional investors. It aims to prohibit unfair trade practices, promote investor education, and regulate substantial acquisitions and mergers. SEBI oversees various departments and committees to achieve its objectives of developing orderly, fair and transparent securities markets in India.
The document summarizes key changes made by the Indian government to policies affecting foreign investors. [1] It liberalizes rules around writing off capital and other receivables for listed and unlisted Indian companies with overseas investments. [2] It allows restructuring of overseas joint ventures and wholly owned subsidiaries' balance sheets to write off capital and receivables. [3] It modifies rules for automatic route disinvestment by listed Indian companies with net worth under Rs. 100 crore but overseas investment under $10 million.
This document discusses various types of corporate restructuring such as mergers, demergers, and reduction of capital. It outlines the regulatory framework and listing requirements for such transactions. It also provides examples of restructuring strategies that listed companies can pursue, such as direct listings, increasing promoter holdings, acquiring other listed companies, and increasing resources without raising additional capital. Overall, the document presents corporate restructuring as a strategic tool for companies to grow, add shareholder value, and unlock their full potential.
How to Structure a Venture Capital Fund by Himanshu MandaviaStartupCentral
This document discusses structuring and regulations for venture capital funds in India. It outlines typical fund structures involving investors, a pooling vehicle like an AMC, and target companies. It also summarizes the key Alternative Investment Fund (AIF) regulations introduced by SEBI in 2012, including the three categories of AIFs and conditions applying to all AIFs like minimum corpus, maximum investors, and sponsor contribution. The document also discusses foreign investment in the domestic pooling vehicles, noting that FIPB approval is not required if set up as a Category I AIF company but is required for trusts or other AIF categories.
The SEBI has notified new listing regulations that consolidate existing listing rules and align them with the Companies Act of 2013. The regulations replace all previous listing agreements and will be effective 90 days after publication. Two provisions regarding related party transactions and reclassification of promoters will apply immediately. The regulations divide content into substantive provisions and procedural schedules. Listed companies must sign a new shortened listing agreement within six months and the regulations apply to all listed securities on stock exchanges.
Fundraising for businesses was an arbitrary practice without any formal guidelines and regulations before Companies Act 2013. Due to lacunae of legal provisions in Companies Act 1956, many a times, corporate with fraudulent mindset have found their way to dupe investors and public of their hard-earned money. It has created many legal disputes and controversies.
Now, new Companies Act and the consequent rules have formally covered all the modes of fund-raising and have tried to fill in the loopholes of old law. Stringent rules and cumbersome compliances are to ensure safeguard of the public money and restrict the malpractices. But these provisions have created confusion in respect of implementation and compliances. The easy availability of funds for businesses in real need has also dried up. MCA must come out some clarification to give breathing time to companies specifically for private companies.
The document discusses developments in the Indian primary market. It describes the primary market as the market where new securities like stocks and bonds are first issued. Recent developments include strengthening disclosure requirements, introducing an institutional trading platform, increasing the role of institutional investors, streamlining the public issue process, and reforming regulations governing public offerings. The primary market plays an important role in capital formation and the overall development of companies in India.
02115 Ucits Iv Fund Range RationalisationOmer_Khan
This is the first edition of a new report which we have produced which looks at the global distribution of Irish UCITS funds. Irish UCITS funds are distributed successfully on a global basis.
The document summarizes the key recommendations of the Takeover Regulations Advisory Committee (TRAC) report on amending the SEBI Takeover Regulations. Some of the major recommendations include:
1. Providing more clarity around definitions like "acquirer", "control", and "shares" to expand the scope and remove ambiguities.
2. Increasing the threshold for "frequently traded shares" from 5% to 10% trading over 12 months instead of 6 months.
3. Replacing the term "specified date" with "identified date" to determine shareholder lists for open offers.
4. Introducing a definition for "delisting threshold" of 90% voting rights to acquire
New Direct Listing at BSE SME Norms are introduced by Bombay Stock Exchange. Direct listing at the BSE SME Exchange without complying with the complicated IPO norms is a new ray hope for all the Companies listed at the Regional Exchange and derive the VALUE. It is very beneficial for the companies that are listed on Exchanges, which might for voluntary derecognition or which may be compulsorily derecognized or which may be compulsorily derecognized by SEBI. After expiry of 2 years and subject to main Board Compliances company can get migrated to BSE main Board.
The document provides an overview of the upcoming BSE SME Exchange, which will provide a dedicated platform for small and medium enterprises (SMEs) in India to list and raise capital. Some key points include:
- BSE has received regulatory approval to launch the SME Exchange, leveraging its existing equity trading platform.
- Listing requirements and compliance norms are simplified for SMEs compared to the main board.
- The exchange aims to help SMEs access funding for growth while providing investors an opportunity to invest in early-stage companies.
- Key aspects include 100% underwriting of issues, mandatory market making for 3 years, and simplified listing procedures.
Overseas investment by core investment companiesAritra Das
This newsletter discusses a recent notification issued by the Reserve Bank of India formulating the regulatory framework for overseas investment by Core Investment Companies
The Reserve Bank of India issued directions regulating overseas investments by Core Investment Companies. The directions apply to all corporate investment companies seeking to invest abroad. Key points of the directions include eligibility criteria for overseas investments, conditions on such investments, reporting requirements, and penal actions for non-compliance. The objective is to regulate the credit system and monitor overseas investments by core investment companies.
This document outlines the contents of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, which provides the legal framework for takeover bids and acquisitions of Indian public companies. It discusses the objectives of the regulations, key definitions, triggers for mandatory open offers, offer size and pricing requirements, escrow accounts, the open offer process, obligations of acquirers and target companies, exemptions, and penalties for non-compliance. The regulations aim to protect investors and ensure fair acquisition processes along with timely disclosure of information.
The document discusses legal aspects and practical considerations related to private placement and preferential allotment of securities by companies in India. It summarizes key regulations governing private placement under the Companies Act, 2013 and SEBI regulations. It also outlines the procedural requirements for preferential allotment as per the Companies Act and ICDR regulations. Finally, it addresses some practical difficulties companies may face regarding compliance with the relevant laws and regulations.
The document discusses the SEBI (ICDR) Regulations 2009 and recent amendments relating to issue management. It provides an overview of the key aspects regulated by the ICDR regulations including specified securities, structure of regulations, issues not regulated, and eligibility requirements for public issues. Recent amendments are highlighted including changes to preferential issues, QIP, book building process and minimum listing requirements. Key considerations for different types of public issues such as pricing, allocation and lock-ins are also summarized.
The document discusses various types of corporate restructuring like merger, demerger, and reduction of capital. It outlines the role and requirements of stock exchanges in approving such restructuring schemes. Stock exchanges expect listed companies to comply with continuous listing requirements and clauses in the listing agreement. They also have norms around minimum capital, non-promoter holding, and lock-in periods to ensure the transaction does not unduly benefit promoters and protects investors.
This presentation clarifies the provisions of SEBI Takeover Code including exemptions and creeping acquisition provisions. In addition to this, it gives an anlaysis of recent amendment in regulations and judicial pronouncements made under these regulations.
The document summarizes the key aspects of SEBI (ICDR) Regulations 2009, which govern public and rights issues of specified securities in India. It discusses the eligibility requirements for issuers, types of public issues, allocation process, pricing considerations, promoters' contribution and lock-in periods. It also provides an overview of recent amendments made to the regulations in areas such as book building process, minimum public shareholding, and facilitation of issues by small and medium enterprises.
Unlocking The Value Through Corporate Restructuring Gvalior Seminar Corp Re...Pavan Kumar Vijay
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
The document summarizes new developments in India's capital market regulations regarding buybacks and takeovers. It discusses changes to thresholds for mandatory open offers, increased offer size for open offers, and allowing acquisitions before open offer completion subject to escrowed funds. The changes aim to align Indian rules more closely with global standards and provide flexibility for acquisitions and private equity investments.
The Securities and Exchange Board of India (SEBI) was established to protect investors, regulate securities markets, and promote their development. SEBI registers and regulates stock exchanges, intermediaries, collective investment schemes and foreign institutional investors. It aims to prohibit unfair trade practices, promote investor education, and regulate substantial acquisitions and mergers. SEBI oversees various departments and committees to achieve its objectives of developing orderly, fair and transparent securities markets in India.
The document summarizes key changes made by the Indian government to policies affecting foreign investors. [1] It liberalizes rules around writing off capital and other receivables for listed and unlisted Indian companies with overseas investments. [2] It allows restructuring of overseas joint ventures and wholly owned subsidiaries' balance sheets to write off capital and receivables. [3] It modifies rules for automatic route disinvestment by listed Indian companies with net worth under Rs. 100 crore but overseas investment under $10 million.
This document discusses various types of corporate restructuring such as mergers, demergers, and reduction of capital. It outlines the regulatory framework and listing requirements for such transactions. It also provides examples of restructuring strategies that listed companies can pursue, such as direct listings, increasing promoter holdings, acquiring other listed companies, and increasing resources without raising additional capital. Overall, the document presents corporate restructuring as a strategic tool for companies to grow, add shareholder value, and unlock their full potential.
How to Structure a Venture Capital Fund by Himanshu MandaviaStartupCentral
This document discusses structuring and regulations for venture capital funds in India. It outlines typical fund structures involving investors, a pooling vehicle like an AMC, and target companies. It also summarizes the key Alternative Investment Fund (AIF) regulations introduced by SEBI in 2012, including the three categories of AIFs and conditions applying to all AIFs like minimum corpus, maximum investors, and sponsor contribution. The document also discusses foreign investment in the domestic pooling vehicles, noting that FIPB approval is not required if set up as a Category I AIF company but is required for trusts or other AIF categories.
The SEBI has notified new listing regulations that consolidate existing listing rules and align them with the Companies Act of 2013. The regulations replace all previous listing agreements and will be effective 90 days after publication. Two provisions regarding related party transactions and reclassification of promoters will apply immediately. The regulations divide content into substantive provisions and procedural schedules. Listed companies must sign a new shortened listing agreement within six months and the regulations apply to all listed securities on stock exchanges.
Fundraising for businesses was an arbitrary practice without any formal guidelines and regulations before Companies Act 2013. Due to lacunae of legal provisions in Companies Act 1956, many a times, corporate with fraudulent mindset have found their way to dupe investors and public of their hard-earned money. It has created many legal disputes and controversies.
Now, new Companies Act and the consequent rules have formally covered all the modes of fund-raising and have tried to fill in the loopholes of old law. Stringent rules and cumbersome compliances are to ensure safeguard of the public money and restrict the malpractices. But these provisions have created confusion in respect of implementation and compliances. The easy availability of funds for businesses in real need has also dried up. MCA must come out some clarification to give breathing time to companies specifically for private companies.
The document discusses developments in the Indian primary market. It describes the primary market as the market where new securities like stocks and bonds are first issued. Recent developments include strengthening disclosure requirements, introducing an institutional trading platform, increasing the role of institutional investors, streamlining the public issue process, and reforming regulations governing public offerings. The primary market plays an important role in capital formation and the overall development of companies in India.
02115 Ucits Iv Fund Range RationalisationOmer_Khan
This is the first edition of a new report which we have produced which looks at the global distribution of Irish UCITS funds. Irish UCITS funds are distributed successfully on a global basis.
This document outlines an agenda for a workshop to help companies develop new managed or cloud services. The workshop covers understanding the company's strategy, discovering appropriate services, and building a go-to-market plan. It is divided into 6 modules that address strategic direction, market opportunities, developing the service, building the value proposition, marketing strategy, and service delivery. The goal is to provide guidance to companies on how to successfully take new cloud or managed services to market.
Technology Initial Public Offerings - Legal and Practical Considerations for ...Now Dentons
Technology IPOs on the TSX
We've translated our IPO guide into Slideshare, to make it easier to review the slides and incorporate them into your own decks. This deck covers:
- advantages and disadvantages of going public
- IPO readiness - step to prepare in the 12 months before an IPO
- which market: TSX or NASDAQ?
- IPO process
- special issues for U.S. companies going public on the TSX
The document summarizes the transformation of KWFT, a Kenyan NGO, into a regulated microfinance institution. The transformation was motivated by the need for commercial funding, improved profitability, product diversification, and meeting increasing customer demands. The process took 6 years and involved conceptualization, planning, implementation, and training phases. It resulted in KWFT becoming two institutions - one focusing on the vision and one being the regulated lending entity. The transformation achieved significant growth and improved performance and sustainability.
1. The document outlines guidelines for transforming ADOPEM NGO into a regulated financial institution to increase sustainability and attract local and international investment.
2. A market research study will assess feasibility and form a plan of action, with the goal of diversifying funding sources to 40% NGO, 30% local investors, and 30% international investors.
3. The transformation process will include establishing articles of incorporation, requesting authorization from regulatory bodies, developing operational guidelines, and staff training to adapt financial and accounting practices to regulated institution standards.
This document discusses investment banks and their roles. It explains that investment banks generate funds through public offerings on the stock market or through private equity/venture capital. Their main activities include facilitating mergers and acquisitions, private placements of debt and equity, underwriting securities, managing capital issues, and providing various advisory services. The document also outlines the initial public offering process and discusses mergers and acquisitions, including different types of mergers and motives for mergers and acquisitions. It notes the impacts of mergers and acquisitions on employees, management, and shareholders.
This document discusses a review of the retail market and supplier performance conducted by Strategic Horizons. It provides background on Strategic Horizons and its joint venture @TheCoalFace Review, which brings together skills and experience from consumer goods, retail directors, and market research. The review aims to gather insights from retailers and suppliers on key priorities and issues, identify strengths and areas for improvement, and develop action plans to help businesses prepare for future growth. The structure assesses relationship management, supply chain, brand development, personnel quality, and customer management. Benefits for retailers include benchmarking competitive strengths and leveraging trading relationships. Benefits for suppliers include understanding customer priorities and engaging more effectively.
The document provides an overview of the Indian capital markets, including the money market and primary and secondary capital markets. It discusses key financial instruments traded in each market like stocks, bonds, and treasury bills. It also describes the roles of key regulatory organizations like SEBI and stock exchanges like BSE and NSE. The National Stock Exchange of India (NSE) is introduced as a newer stock exchange established in 1992 with a modern trading system and focus on nationwide trading of securities.
The key changes document outlines several updates to the listing requirements of Bursa Malaysia for companies listed on the ACE Market. Some of the major changes include adopting a market-based regulatory approach, enhancing the sponsorship regime for IPO companies, allowing eligible companies from all economic sectors to list on ACE Market, removing the minimum issue price requirement, streamlining the listing application process, imposing additional disclosure requirements for circulars and announcements, and removing the transaction threshold of 15-25% for related party transactions.
Perception of derivatives @ smc investment project reportBabasab Patil
This document provides a summary of a study conducted on investors' perceptions of derivative products in Hubli City. Key findings from the study include:
1) Around 50% of people surveyed in Hubli were unaware of derivatives.
2) Risk, returns, and volatility were the main factors investors considered when investing in derivatives.
3) While derivatives were seen as potentially high returning, they were also viewed as volatile and risky investments.
The document concludes by suggesting ways for SMC Investment Solutions & Services to increase awareness of derivatives in Hubli in order to gain more investors, such as educational seminars and maintaining ongoing contact with customers.
Clearing and Settlement Working Group Meeting, March 2013Chris Skinner
This document summarizes the agenda and discussions of the Clearing & Settlement Working Group (CAS-WG). The CAS-WG is focused on interpreting regulatory changes related to clearing and settlement infrastructures in Europe. It has three subject groups focused on regulations, market infrastructure, and technology standards. The agenda included updates from each subject group, a presentation on progress of the Target2-Securities system, and a discussion on the future of clearing in Europe given recent announcements around the banking union and EMIR regulations. The document provides details on the discussions and presentations within the CAS-WG meeting.
Listing and delisting of securities and listing agreementSalu P Kumar
Listing provides liquidity and marketability to a company's securities by allowing trading on a stock exchange. The main objectives are to provide liquidity, mobilize savings, and protect investors. Benefits include a premier marketplace, improved reputation, widespread reach for investors, and lower capital costs. Companies must meet certain criteria like minimum market capitalization and number of shareholders to qualify for listing. Delisting removes a security from trading on an exchange and can be compulsory due to non-compliance or voluntary by the company's choice.
9 Key Principles to Successful Organizational Strategytltiede
The purpose of this presentation is to review key principles that form the foundation of successful organizational strategy.
Readers are encouraged to review the referenced materials at the back of the presentation for further detail and insight.
Clearing and Settlement Working Group Meeting, 11th December 2012Chris Skinner
The document describes a working group called the Clearing & Settlement Working Group (CAS-WG) that focuses on interpreting regulatory changes impacting clearing and settlement infrastructures in the UK and EU. It has several subject groups focusing on different areas such as regulations, technology standards, and market infrastructures. The working group holds regular meetings to discuss updates and presentations on topics like new data standards, messaging standards, and how regulations are impacting post-trade processes. It also announces its next plenary meeting and an upcoming Christmas party.
The document discusses opportunities for listing small and medium enterprises (SMEs) on stock exchanges in India. It provides an introduction to SMEs and their significance in India's economy. It then outlines government initiatives to support SMEs, challenges they face in accessing financing, and the regulatory framework and listing process for SMEs to issue shares on stock exchanges dedicated to SMEs. This allows SMEs to raise capital for growth in a more flexible manner than conventional stock exchange listing routes. The opportunities discussed include the ability for professionals to set up merchant banking outfits or play roles in marketing and legally advising SMEs on public listings.
Global Bridge Management Sdn Bhd can assist companies through every stage of the IPO process, from preliminary assessment and pre-listing preparation to post-listing compliance and investor relations. Their services include auditing, corporate governance consulting, regulatory reporting, and helping companies build management teams and board structures to meet listing requirements. As specialists in IPO advisory, Global Bridge can leverage their experience to guide companies efficiently through the complex IPO lifecycle and requirements to achieve a successful public listing.
Global Bridge Management Sdn Bhd provides concierge services to guide small and medium enterprises through the process of going public. They assist companies with pre-listing assessments and diagnostics, fundraising of RM20 million, assigning a reporting accountant, and strategic advice. During the listing process, they help with audit/reporting, M&A opportunities, regulatory compliance, internal controls, capital markets transactions, management team development, and governance best practices. Their goal is to prepare companies for a successful initial public offering and life as a publicly traded entity.
NISM conducted a customized two-day training program on IFRS for 24 officers and fund managers of Kotak Mahindra Asset Management Company. The objective was to provide insights into financial statements prepared under IFRS standards, which take effect in India in April 2011. NISM and its collaborating partner Deloitte covered major differences between IFRS and Indian GAAP standards and the key impacts of IFRS on sectors such as manufacturing and financial services. The program aimed to help analysts and fund managers understand and adapt to the new IFRS reporting framework.
Similar to Ace Market New Framework Equity Raising Listing July 2009 (20)
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
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Ace Market New Framework Equity Raising Listing July 2009
1. New Framework For Listings And Equity Fund-Raisings
ACE Market Technical Briefing
Azman Ahmad
Securities Commission Malaysia
10 July 2009
1
1
2. Outline
• New Board Structure and New Regulatory
Approaches
• New Guidelines and Submission Arrangements
2
3. How it started…
“… will combine the Main and Second
Boards to establish a Unified Board for Key Points
more established companies with strong
track records...”
• Main and Second Boards to
“… The Unified Board will have uniform
listing requirements, and comprehensive merge into a Unified
disclosure-based regulation with easy Board
entry and fast removal…”
“…the MESDAQ Market will be revamped to • MESDAQ Market to be
allow relatively smaller companies to access
equity market at an earlier stage of their transformed into an
lifecycle...” alternative market
“… For the revamped MESDAQ, the listing
of emerging companies will be sponsor • New approaches to
driven…”
regulating listings and
Prime Minister of Malaysia fundraisings
Invest Malaysia 2008 Conference
25 March 2008
3
4. Robust engagement process…
Establishment of Industry Working Group
Establishment of Industry Working Group Continuous engagement from the
Continuous engagement from the
•• 11 practitioners and experts from a broad
11 practitioners and experts from a broad
commencement of project
segment of the capital market commencement of project
segment of the capital market
Undertook extensive research, study visits and
Undertook extensive research, study visits and
benchmarking exercises;
benchmarking exercises; Over 300 meetings undertaken
Over 300 meetings undertaken
Focus group discussions and brainstorming
Focus group discussions and brainstorming
•• Parties include MIBA, MVCA, FPLC, MIA
Parties include MIBA, MVCA, FPLC, MIA
Public and industry consultation
Public and industry consultation
•• Extended public consultation
Extended public consultation
Numerous feedback received
Numerous feedback received
•• Face-to-face consultation with various
Face-to-face consultation with various
industry groups
industry groups
4
5. Launched on 8 May 2009…
• New board structure
• New regulatory approaches Effective: 3 August 2009
• New guidelines and listing
rules
6. Rationale and benefits…
Streamlined structure for Fundamental shift to a
Staying competitive in a
established and emerging market-based regulatory
progressive market
companies to raise capital approach
• Enhanced competitive • Clear demarcation of what • Greater empowerment to
positioning – preferred issuers and investors want the market with emphasis
listing and fund-raising – Main Market for on market and self discipline
destination established companies, • Streamlined regulatory
• Comparable requirements with clear listing process for better efficiency
that allows access to capital requirements – reduced regulatory cost &
and protects investors – ACE Market to facilitate faster time to market
early access for capital
raising for emerging • Issuers have clearer
companies expectations of the
application for fund raising
– Different markets
catering to different
investors’ risk appetites
Allowing efficient access to capital and investments,
for both issuers & investors 6
7. New Board Structure for Bursa
Current Structure New Structure
1 Traditional sector-focus
Main A
Board
Large cap companies
Prime market for
established companies
2 Traditional sector-focus
Second
Board
Medium cap companies
3 High-tech/growth B
MESDAQ sector-focus Alternative market for all
High-tech/ growth companies/sectors
companies
7
8. New Regulatory Approaches – Main Market
Type of
Type of Competent
Competent Approvals
Approvals
Proposals
Proposals Authority
Authority Required
Required
New Regulatory approval
Regulatory approval
New
Listings under s212 CMSA
under s212 CMSA
Listings
and Prospectus
and Prospectus
registration under
registration under
s232/s237 CMSA
s232/s237 CMSA
Main
Main Principal
Principal
Market
Market Advisers
Advisers
Approval for listing
Approval for listing
Post
Post and quotation of
Listings and quotation of
Listings securities
securities
8
9. New Framework for Main Market – SC
Current Framework
Current Framework New Framework
New Framework
s212 CMSA (Regulatory Approval) s212 CMSA (Regulatory Approval)
• IPOs • Cross & secondary • IPOs • Cross & secondary
• Acquisitions & disposals listings • Acquisitions resulting listings
resulting in significant • Transfer of listings in significant change • Transfer of listings
change in business to Main Market in business direction to Main Market
direction or policy of a • Unlisted or policy of a listed
listed corporation companies corporation
• Secondary fund raisings
s232 & s237 CMSA (Prospectus registration) s232 and s237 CMSA (Prospectus registration)
• IPOs and public offerings • IPOs and public offerings
• Rights Issues • Rights Issues
Focus Areas Focus Areas
• Compliance with minimum requirements • Compliance with minimum requirements
• Viability assessment • Public Interest
• Public Interest • Corporate Governance
• Corporate Governance • Conflict of Interest
• Conflict of Interest • Valuation of assets
• Valuation of assets • Adequacy of disclosures
• Adequacy of disclosures 9
10. New Framework for Main Market – Bursa
Current Framework
Current Framework New Framework
New Framework
• Bonus Issue, ESOS, share buybacks • Bonus Issue, ESOS, share buybacks
• RPTs • RPTs
• Approval of Circulars • Approval of Circulars
• Approval of listing and quotation for securities • Approval of listing and quotation for securities
• Continuing listing obligations of PLC • Continuing listing obligations of PLC
• Independent directors • Independent directors
• Audit Committee • Audit Committee
NEW
• Acquisitions and disposals
• Secondary fund raising e.g. rights and bonus
issues which are not part of an IPO proposal,
private placements and restricted issue
Focus Areas Focus Areas
• Procedural compliance • Procedural compliance
• Public spread • Public spread
• Adequacy of disclosures • Adequacy of disclosures
10
11. New Regulatory Approaches – ACE Market
Type of
Type of Competent
Competent Approvals
Approvals
Proposals
Proposals Authority
Authority Required
Required
New
New Prospectus
Prospectus
Listings
Listings registration under
registration under
s232/s237 CMSA
s232/s237 CMSA
Sponsors
Sponsors
Approval for listing
Approval for listing
Post
Post
Listings and quotation of
and quotation of
Listings securities
securities
11
12. New Framework for ACE Market – SC
Current Framework
Current Framework New Framework
New Framework
s212 CMSA (Regulatory Approval) No s212 CMSA approval with Sponsors
complementing gate keeping role
• IPOs
• Acquisitions and disposals resulting in
significant change in business direction or
policy of a listed corporation
• Secondary fund raisings
s232 and s237 CMSA s232 and s237 CMSA
(Prospectus registration) (Prospectus registration)
• IPOs and public offerings • IPOs and public offerings
• Rights Issues • Rights Issues
Focus Areas Focus Areas
• Compliance with minimum requirements • Public Interest
• Viability assessment • Corporate Governance
• Public Interest • Conflict of Interest
• Corporate Governance • Adequacy of disclosures
• Conflict of Interest
• Valuation of assets
• Adequacy of disclosures 12
13. New Framework for ACE Market – Bursa
Current Framework
Current Framework New Framework
New Framework
• Bonus Issue, ESOS, share buybacks • Bonus Issue, ESOS, share buybacks
• RPTs • RPTs
• Approval of Circulars • Approval of Circulars
• Approval of listing and quotation for securities • Approval of listing and quotation for securities
• Continuing listing obligations of PLC • Continuing listing obligations of PLC
• Independent directors • Independent directors
• Audit Committee • Audit Committee
NEW
• Acquisitions and disposals
• Secondary fund raising e.g. rights and bonus
issues, private placements and restricted
issues
Focus Areas Focus Areas
• Procedural compliance • Compliance with minimum requirements
• Public spread • Procedural compliance
• Adequacy of disclosures • Public spread
• Adequacy of disclosures
13
14. Outline
• New Board Structure and New Regulatory Approaches
• New Guidelines and Submission Arrangements
14
15. 5 new/revamped SC guidelines…
New Guidelines
New Guidelines
Equity Guidelines Slide 24
• Stipulates listing requirements on the Main Market and
issuance of equity in a fund-raising exercise
Prospectus Guidelines Slide 25
• Stipulates disclosure requirements for the prospectus
Principal Adviser Guidelines Slide 26
• Stipulates advisers who can advise and submit corporate
proposals
Asset Valuation Guidelines Slide 27
• Stipulates standards of asset valuation in corporate proposals
Structured Warrants Guidelines Slide 28
• Stipulates requirements for issuance of structured warrants 15
16. Equity Guidelines – Major criteria
adopted for new listing (Main Market)
Quantitative Requirements Other Requirements
Profit Track Record Test • Minimum offer to the general public
• Aggregate PAT over 3-5 FYs Min RM20 mil • Minimum issue price of RM0.50
• Most recent PAT Min RM6 mil • Moratorium on promoters shareholdings for 6
• Profit must be uninterrupted months
Market Capitalisation Test Flexibilities:
• Market capitalisation of min RM500 mil • No minimum paid-up capital
(no profit requirement) • No mandatory underwriting
• At least 1 full year operating revenue • No additional requirements for specific
companies
Infrastructure Project Company (IPC) • IPCs with 2 full FY of revenue can do offer
Test for sale
• Remaining concession or license ≥ 15 yrs
• Project costs ≥ RM500 mil
• Shorter remaining concession period allowed if
the IPC has a profit track record
16
17. Equity Guidelines – Major criteria adopted for other
proposals requiring SC’s approval (Main Market)
Quantitative and Other Requirements
Reverse Take-Over/Back-Door Listing
• Aggregate PAT over 3-5 FYs Min RM20 mil
• Most recent PAT Min RM6 mil
• Allows profit to be met by enlarged group
• Profits need not be uninterrupted
Secondary and Cross Listings
• No quantitative requirement
• Only allowed for corporations with primary listings on the
Main Board of the foreign stock exchange
Transfer from ACE Market
• Compliance with either Profit Track Record test, Market
Capitalisation test or IPC test
17
18. Main Market Submission Process (IPOs/RTOs)
T
(working/market days)
SC Bursa
• Pre-submission consultation
• Submission of valuation report to AVA (10)
• Submission to SC under S.212 & S.232 CMSA
• Prospectus public exposure period begins 0
Application can be made to Bursa for
• Review of application & prosp./ circular begins
Initial Listing (no more separate
• Prospectus public exposure ends 15 application for listing and quotation) at any
time. Documents required:
• SC issues queries and suggestions for disclosure
enhancements • Application form
• Copy of the prospectus
• Adviser reverts with reply to queries, 40
replacement pages for prospectus / circular • Declarations / undertaken by
applicant & adviser
• SC issues decision letter on approval for 53 Processing timeframe : 6 market days
IPO / RTO and approval-in-principle for
prospectus registration / circular
• Registration of prospectus 60
• Issuance of prospectus / offer period begins 61
66 Last date for listing application to be
approved
18
19. Listing on ACE Market
Requirements
• All business sectors, no longer confined to technology and high
growth sectors
• No requirement on revenue, operating record and profit
• Must apply for admission through a Sponsor
• Moratorium on promoters shareholdings:
− 1st 6 months entire shareholdings, subsequently 45% of
nominal paid-up capital, selling max 1/3 p.a. straight line basis
− If yet to generate revenue, maintain 45% of nominal paid-up
capital under moratorium until 1 FY of audited operating
revenue
• Removal of minimum issue price of RM0.50 requirement
• Allow offer for sale if company has operating profit
• Offer of securities to general public made optional
• No mandatory underwriting arrangements
19
20. ACE Market Submission Process (IPOs)
T
(working/market days) Bursa
SC
• Pre-submission consultation
• Submission to SC under S.232 CMSA
0
• Prospectus public exposure period begins
• Review of prospectus begins
Application can be made to Bursa for
• SC issues queries and suggestions for Initial Listing (no more separate
disclosure enhancements application for listing and quotation) at any
time. Documents required:
• Prospectus public exposure ends 15
• Application form
• Copy of the prospectus
• Adviser reverts with reply to queries, 24 • Declarations / undertaken by
replacement pages for prospectus applicant & adviser
• SC issues approval-in-principle for Processing timeframe : 6 market days
32
prospectus registration
• Registration of prospectus 40
• Issuance of prospectus / offer period begins 41
46 Last date for listing application to be
approved
20
21. ACE Market Submission Process
(Transfers to Main Market)
T
(working/market days)
SC Bursa
• Pre-submission consultation
• Submission to SC under S.212 & S.232 CMSA
• Prospectus public exposure period begins
0
• Review of application & prospectus/ introductory Application can be made to Bursa for Initial
document begins Listing (no more separate application for
• Prospectus public exposure ends listing and quotation) at any time.
15 Documents required:
• SC issues queries and suggestions for disclosure • Application form
enhancements
• Copy of the prospectus/ intro
• Adviser reverts with reply to queries, 24 document
replacement pages for prospectus / introductory • Declarations / undertaken by
document applicant & adviser
• SC issues decision letter on approval for Processing timeframe : 6 market days
transfer and approval-in-principle for 32
prospectus registration / intro document
• Registration of prospectus 40
• Issuance of prospectus / introductory document 41
46 Last date for listing application to be
approved
21
22. Transitional Arrangements
Prior to 3 August 2009 3 August 2009 onwards
IPO • SC approval required for all IPOs under • SC approval under S.212 CMSA required for
S.212 CMSA Main Market IPOs only
• May apply for the new flexibilities • If company has received SC approval but
• Draft prospectus may comply with content yet to issue prospectus, prospectus must
requirement of new guidelines comply with new guidelines (registration –
still 14 working days)
• ACE Market – For cases submitted,
must issue prospectus by end 2009
Secondary • SC approval required as normal • If approval lapses, implement under new
fund-raisings framework after 3 August 2009
• Any variation to terms of SC approved
cases to be submitted to the SC
Structured • 21 working days for SC to approve initial • New instruments may be introduced after 3
Warrants issuance, 14 days registration for base August 2009 (i.e. put warrants)
prospectus • SC would only register the base prospectus
• 4 working days to approve and register and term sheets
term sheet • If in full compliance with Prospectus
• Proposals to comply with new Structured Guidelines – Structured Warrants, waiver
Warrants Guidelines fees of RM3,500 do not apply for
• Base prospectus must comply with SC’s registration of base prospectus and term
Structured Warrants Guidelines sheets 22
23. Thank You
For more information, contact:
SECURITIES COMMISSION MALAYSIA
3, Persiaran Bukit Kiara, Bukit Kiara,
50490 Kuala Lumpur, Malaysia.
T: +603-6204 8000
F: +603-6201 5213
www.sc.com.my
23
24. Equity Guidelines - Listing of SPACs
Key Requirements
• Raise minimum RM150 million at IPO
• Minimum 90% of IPO proceeds to be deposited in a trust account
• At least 80% of amount in trust account to be used for qualifying acquisition
• At least 10% in the SPAC held by management team upon IPO with embedded restriction on
voting and participation in liquidation distribution
• SPAC to complete qualifying acquisition within 36 months from the close of IPO
• Moratorium on entire shareholdings of management team where shares are to be released in
stages within 2 years after completion of a qualifying acquisition
• SPAC be required to abort the proposed qualifying acquisition if more than 25% of its public
shareholders vote against the qualifying acquisition
24
25. Prospectus Guidelines
Key Changes
• Refinement of related-party transactions/ conflict of interest disclosure requirement
• Utilisation of proceeds – more detailed disclosures
• New section on specific requirements for structured warrants
• New chapter on specific requirements for SPACs
• Detailed description on history of business with examples
• History on share capital for the last 3 years only
• Table of income statement for the past 3 to 5 financial years, depending on the length of the
profit track record used by the corporation to qualify for listing
25
26. Principal Adviser Guidelines
Key Changes
Principal Advisers seeking to undertake specific corporate proposals must
satisfy the following requirements:
• Fall within the category of eligible principal advisers of the guidelines;
and
• Have at least 2 senior personnel (Qualified Senior Personnel) with the
following competency and experience:
− 7 years of relevant corporate finance experience; and
− In the 5 years immediately preceding the senior personnel being
designated as a Qualified Senior Personnel, he must have played
a substantial role in the engagement team responsible for
advising in at least 3 of the following proposals:
• IPOs;
• Significant acquisitions; or
• Regularisation plans undertaken by PN17 and GN3 companies
26
27. Asset Valuation Guidelines
Key Changes
•Enhanced requirements on valuation firm making submissions
–Property assets must be valued by a firm registered with the Board of Valuers with the
following requirements:
•Has at least one equity owner at head office with minimum of 7 years’ post registration
experience;
•Has not been issued with more than two sanctions by the SC and/or Bursa in the past three
years; and
•Has sufficient internal controls and procedures i.e. firm conducts necessary due diligence on all
valuation reports prepared, has an established peer review process and head office has an
oversight over all its branches
•Bar raised for valuers carrying out valuations
- Independent valuer must, among others, possess a minimum of 5 years’ post-
registration experience
•Higher disclosure requirements in valuation certificates and reports
– Valuation parameters and their justification to be disclosed in valuation certificates
27
28. Structured Warrants Guidelines
New Flexibilities
•Issuers of structured warrants allowed to undertake market-making
for their structured warrants issues
– Facilitate the movement of prices from one level to another
– Promotes investor confidence as there is immediacy
– Providing liquidity : buying when there are sellers and selling when there
are buyers
•Issuance of warrants of local and foreign Exchange Traded Funds
- Provide investors with efficient access to alternative asset classes
- Broaden the spectrum of investment opportunities
28