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.
Presentation By Bursa Saham Malaysia Mr. Rafe Azsnal
This document provides an overview of listing a company on the stock exchange in Malaysia. It discusses the various stages of a company's lifecycle and suitable funding sources. It then covers the listing process and requirements for the main board and ACE market. Key benefits of listing are highlighted such as raising funds and enhancing a company's profile. Case studies of well-known Malaysian listed companies are also presented to showcase success stories. Contact details are provided at the end for those interested in learning more about listing.
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.
Cpd is presentation gxg stock exchange 15-02-13Yiannis Gedeon
The document discusses the GXG First Quote, an exchange primarily aimed at small and medium sized companies. It launched in August 2011 and as of February 2013 had 79 listed entities. The exchange has three tiers for companies at different stages: GXG Official List, GXG Main Quote, and GXG First Quote, which had 60 companies listed. The exchange underwent a rebranding in January 2013.
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.
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.
Presentation By Bursa Saham Malaysia Mr. Rafe Azsnal
This document provides an overview of listing a company on the stock exchange in Malaysia. It discusses the various stages of a company's lifecycle and suitable funding sources. It then covers the listing process and requirements for the main board and ACE market. Key benefits of listing are highlighted such as raising funds and enhancing a company's profile. Case studies of well-known Malaysian listed companies are also presented to showcase success stories. Contact details are provided at the end for those interested in learning more about listing.
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.
Cpd is presentation gxg stock exchange 15-02-13Yiannis Gedeon
The document discusses the GXG First Quote, an exchange primarily aimed at small and medium sized companies. It launched in August 2011 and as of February 2013 had 79 listed entities. The exchange has three tiers for companies at different stages: GXG Official List, GXG Main Quote, and GXG First Quote, which had 60 companies listed. The exchange underwent a rebranding in January 2013.
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.
Fundraising through SME Exchange Platform Sumedha Fiscal
This document discusses the process of fundraising through an SME exchange platform. It begins with an overview of the stages of SME fundraising and the chronicle of SME exchanges in India. It then discusses some of the key challenges SMEs face in listing, the benefits of listing, eligibility criteria, and the roles of merchant bankers. It provides details on the listing procedure and getting prepared for listing. It also compares SME exchanges to the main board and discusses important post-listing considerations like corporate governance. Finally, it outlines the typical stages involved in an SME IPO process.
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.
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
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 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 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 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 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
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.
Corporate India - Distress Resolution Solutions Sumedha Fiscal
The Indian Banking scenario is going through unprecedented times with stressed loan portfolio. The portfolio of all Banks put together is more than 7 lakh crore which is > 10% of total advances and there is an apprehension that there could be significant additions too.
Realizing the problem RBI has come out with many changes and schemes to tackle such stressed accounts.
Here are come of the distress resolution solutions that you can look into.
Cordros has served as issuing house, asset manager, or stockbroker for several successful public offers and listings on the Nigerian Stock Exchange over the past decade, raising billions of naira for companies in various industries. This includes serving as asset manager for the public offers of African Petroleum Plc, C&I Leasing Plc, STACO Insurance Plc, and Eternal Oil Plc, as well as stockbroker for the offers of National Sports Lottery Plc and Union Bank Plc. Cordros' experience in completing these and other listings provides them with a strong track record for managing an IPO process.
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.
Revamping of SEBI Regulations- Delisting, Takeover and Insider TradingPavan Kumar Vijay
The document discusses proposed changes to SEBI's delisting regulations. Some key changes include determining the final exit price based on the highest price at which the promoter can reach the 90% threshold, instead of the price where most shares are tendered. Timelines for the delisting process would be shortened. Small companies with capital up to Rs. 10 crore and net worth up to Rs. 25 crore would now be eligible for direct delisting. Restrictions on promoter group share sales prior to delisting are also introduced.
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.
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.
The ability of an empowered CMA to carry out its supervisory and enforcement
mandate effectively fosters public confidence in the securities industry. An
effective regulator acts in the interest of the public and has processes that are
open and accountable to the public and the regulated entities.
In 2008-2009, AfriCOG responded to a call for stakeholder input into the new
proposed regulations developed by the CMA under the financial and legal sector
technical assistance project. AfriCOG’s response involved a study of the financial
markets, with the capital markets as one of the sectors reviewed.
The document provides an overview of the SFTR regulation which aims to increase transparency of securities financing transactions. It discusses key aspects such as the scope, reporting requirements, phases of implementation, and impact on various entities. The regulation introduces transaction reporting obligations for repo, buy-sell backs, securities lending, and other transactions. Firms must report transaction and position details to trade repositories within one day of the transaction or lifecycle event. Perpetual Motion Consulting offers services to help firms understand their obligations and implement compliant solutions in a cost-effective manner.
Fundraising through SME Exchange Platform Sumedha Fiscal
This document discusses the process of fundraising through an SME exchange platform. It begins with an overview of the stages of SME fundraising and the chronicle of SME exchanges in India. It then discusses some of the key challenges SMEs face in listing, the benefits of listing, eligibility criteria, and the roles of merchant bankers. It provides details on the listing procedure and getting prepared for listing. It also compares SME exchanges to the main board and discusses important post-listing considerations like corporate governance. Finally, it outlines the typical stages involved in an SME IPO process.
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.
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
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 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 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 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 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
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.
Corporate India - Distress Resolution Solutions Sumedha Fiscal
The Indian Banking scenario is going through unprecedented times with stressed loan portfolio. The portfolio of all Banks put together is more than 7 lakh crore which is > 10% of total advances and there is an apprehension that there could be significant additions too.
Realizing the problem RBI has come out with many changes and schemes to tackle such stressed accounts.
Here are come of the distress resolution solutions that you can look into.
Cordros has served as issuing house, asset manager, or stockbroker for several successful public offers and listings on the Nigerian Stock Exchange over the past decade, raising billions of naira for companies in various industries. This includes serving as asset manager for the public offers of African Petroleum Plc, C&I Leasing Plc, STACO Insurance Plc, and Eternal Oil Plc, as well as stockbroker for the offers of National Sports Lottery Plc and Union Bank Plc. Cordros' experience in completing these and other listings provides them with a strong track record for managing an IPO process.
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.
Revamping of SEBI Regulations- Delisting, Takeover and Insider TradingPavan Kumar Vijay
The document discusses proposed changes to SEBI's delisting regulations. Some key changes include determining the final exit price based on the highest price at which the promoter can reach the 90% threshold, instead of the price where most shares are tendered. Timelines for the delisting process would be shortened. Small companies with capital up to Rs. 10 crore and net worth up to Rs. 25 crore would now be eligible for direct delisting. Restrictions on promoter group share sales prior to delisting are also introduced.
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.
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.
The ability of an empowered CMA to carry out its supervisory and enforcement
mandate effectively fosters public confidence in the securities industry. An
effective regulator acts in the interest of the public and has processes that are
open and accountable to the public and the regulated entities.
In 2008-2009, AfriCOG responded to a call for stakeholder input into the new
proposed regulations developed by the CMA under the financial and legal sector
technical assistance project. AfriCOG’s response involved a study of the financial
markets, with the capital markets as one of the sectors reviewed.
The document provides an overview of the SFTR regulation which aims to increase transparency of securities financing transactions. It discusses key aspects such as the scope, reporting requirements, phases of implementation, and impact on various entities. The regulation introduces transaction reporting obligations for repo, buy-sell backs, securities lending, and other transactions. Firms must report transaction and position details to trade repositories within one day of the transaction or lifecycle event. Perpetual Motion Consulting offers services to help firms understand their obligations and implement compliant solutions in a cost-effective manner.
Obtaining Australian merger and acquisition clearances in 2012Martyn Taylor
An overview of the current issues and methodology for obtaining a merger and acquisition clearance from the Australian Competition and Consumer Commission in Australia.
Dodd Frank Overview Eco Risk January 2011tabatangelo
The document summarizes the Dodd-Frank Act's impact on derivatives regulation, focusing on key issues affecting non-financial ("end-user") companies. It identifies three main areas of impact: 1) reduced market liquidity as regulations constrain dealers; 2) increased compliance burdens from new record-keeping and reporting rules; 3) effects of standardized margin and capital rules that may divert funds from long-term investments. The document provides an overview of new regulatory entities and requirements and how companies can prepare for changes taking effect in mid-2011.
The document discusses corporate debt restructuring (CDR) in India, including what CDR is, why companies pursue it, the CDR structure, legal basis, objectives, and case studies of companies that underwent CDR including KSL Industries and Kingfisher Airlines. It provides an overview of the key mechanisms and considerations for corporate debt restructuring in India.
The document summarizes the key changes introduced in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which came into effect in December 2015. Some of the major changes include more stringent corporate governance requirements for listed companies, mandatory registration of share transfer agents with SEBI, enhanced disclosure obligations for events and financial results, restrictions on reclassification of promoters, and new provisions regarding dividend payments, preservation of documents, and responsibilities of stock exchanges. The regulations aim to consolidate various listing requirements for different types of securities into a single document to improve transparency and protect investor interests.
The document summarizes a workshop on mergers and acquisitions (M&A). It discusses the underlying principles and strategic rationales for M&A transactions, including horizontal and vertical integration, market extensions, and diversification. It also outlines some of the key issues involved in M&A transactions from the perspectives of the acquirer, target company, and other stakeholders. These include due diligence processes, transaction structures, regulatory frameworks, and deal protections.
The document provides legal updates from orders by the Adjudicating Officer and Takeover Panel regarding several companies.
The first case discusses an order regarding Star Leasing Limited where promoters were not required to disclose a share sale under regulation 7(1A) as their pre-sale holding was already above 75%.
The second case discusses an order imposing a penalty on Dombivli Nagari Sahakari Bank for failing to disclose share acquisitions over 2% that occurred when the bank invoked share pledges with two companies.
The third case discusses an order by SEBI granting exemption from regulation 11(1) for acquirers in Pacific Cotspin Limited, as their increase in shareholding
Statutory Regulations under Company’s Act anddimpisanghavi
The document summarizes regulations around mergers and acquisitions under the Companies Act and SEBI listing agreement in India. It discusses procedures that must be followed for shareholder approval, court sanctions, minimum public shareholding levels, and takeover offer requirements. Key aspects include long approval processes, rules for reducing capital, treatment of foreign acquisitions, and disclosure obligations for listed companies undergoing a change in ownership.
This document discusses key concepts related to takeover code in India. It begins by defining key terms like acquirer, target company, control, shares etc. It then explains the various thresholds defined for compliance and open offer under takeover regulations. Inter-se transfer between promoters, relatives and group companies are exempted from open offer requirements. The document also discusses taxation issues related to inter-se transfers, preferential allotment of shares and compares preferential allotment with takeover code. It concludes by addressing some common queries related to calculation of shareholding post preferential allotment and compliance requirements.
The FSA published CP12/2 in January 2012setting out some of its proposals for changes to the considerable and substantive content of the Listing Rules; Prospectus Rules; and Disclosure Rules and Transparency Rules which it identified as being necessary for change to ensure that the operational effectiveness of the Listing Regime is maintained. The changes sought to ensure that the Rules properly reflect recent changes in contemporary market practices and so would allow the UK Listing Authority (UKLA) to continue to meet its objectives.
This consultation paper raised some wider issues concerning the nature of the premium listing standard and undertook, dependant upon responses, consideration to developing specific options or proposals for discussion in a further paper.
The document summarizes key aspects of mergers and acquisitions under the Companies Act 2013 in India. It discusses various tools of restructuring like merger, amalgamation, demerger, acquisition of shares. It provides details of the regulatory framework, approval process, benefits and motives. It specifically explains provisions for fast track mergers, cross border mergers, and single window clearance which allows related proposals to be considered together with a scheme.
The document discusses corporate restructuring through various methods under Sections 391-394 of the Companies Act, 1956. It outlines types of restructuring such as merger, demerger, and reduction of capital. It also discusses the roles of approving authorities like the High Court and BIFR. Examples provided include a merger through BIFR to revive a sick company and a unique demerger scheme by Reliance Industries Limited. Benefits of such schemes include separating unrelated businesses, providing better valuation and liquidity to shareholders, and cleaning company balance sheets.
Corporate restructuring can be achieved through various methods outlined in Sections 391-394 of the Companies Act, 1956 including merger, demerger, and reduction of capital. Key authorities that approve restructuring plans are the High Court and BIFR. The stock exchange plays an important role by requiring companies to comply with listing agreement clauses and internal norms regarding minimum capitalization, shareholding distribution, and lock-in periods. Issues can arise regarding the need for stock exchange approval of schemes and the validity of varied stipulations imposed by different exchanges. Merger through BIFR provides exemptions from takeover code and continuous listing requirements.
International Business Group partner Emma Doherty and Corporate M&A partner Fergus Bolster continue the Directors' Guidance Series with a statement covering the summary approval procedure introduced by the Companies Act 2014 and the role that company directors play in this process.
The Jumpstart Our Business Startups Act (JOBS Act) was enacted in April 2012 and opened the door to additional fundraising options for small to mid-sized companies. One major result of the Act is the creation of a virtual “IPO on-ramp.” This technique encourages emerging growth companies to make initial public offerings (IPOs) of equity shares to raise the funds needed to hire workers and scale up their operations. The law also expands the use of “crowdfunding,” private offerings, and direct communications to investors to inform them of investment opportunities. Some provisions are effective now; others are awaiting additional interpretive guidance. This Messenger explains the new options available to companies and the timetables for issuance of related rules.
Pivotal CRM - Opportunity in 22c-2 Compliance Pivotal CRM
This document on Rule 22c-2 provides an overview of the regulation, what it means for your firm, and its costs and risks. But it also delves further, revealing ways mutual fund companies can leverage client relationship management (CRM) systems to facilitate compliance and uncovering an overlooked upside to 22c-2 compliance: unprecedented insight into sources of profitability.
HKEx Prolonged Suspension Status Report (Aug2015)asianextractor
The document summarizes the status of companies that have been suspended from trading on the stock exchange for three months or more. It provides an overview of the exchange's criteria for suspending and resuming trading, as well as a table that categorizes the long-suspended companies and outlines the key issues and developments in each case. The table lists seven companies that are undergoing the exchange's three-stage delisting procedure due to severe financial difficulties or minimal operations. It also lists one other company under regulatory investigation for alleged irregularities.
The new SEBI listing regulations replace the previous listing agreement and aim to increase transparency through additional disclosures on key events like acquisitions and family agreements. The regulations divide requirements into substantive provisions and procedural schedules. They cover periodic disclosures, corporate governance principles, and obligations for different security types. The regulations increase disclosures for related party transactions, unlisted subsidiaries, and board decisions. They also specify conditions for reclassifying promoters as public shareholders. The alignment with the Companies Act of 2013 removes ambiguities but increases compliance burden for listed companies.
Similar to Key Changes of the Listing Requirements for Main Market, June 10th 2009 (20)
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
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/
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Key Changes of the Listing Requirements for Main Market, June 10th 2009
1. BRIEFING ON KEY CHANGES OF
THE
LISTING REQUIREMENTS
Inderjit Singh
Head, Listing Division
Regulation
Bursa Malaysia Berhad
18 June & 6 July 2009
1
2. Regulatory Framework
Key Changes in Listing Requirements
New issue of securities
Shareholding spread
Requirement on website
Delay in submission of financial reports
Circulars
Transaction
Valuation
Trading halt & request for suspension
Dealings in securities
Highlights of transitional issues
2
2
4. Streamlining of Bursa and SC Roles &
Responsibilities
Section 212 of CMSA
IPO
Acquisition resulting in RTO/BDL
Secondary/ cross listings
Transfer from ACE Market
Section 232 & 237 of CMSA
Registration of prospectus for IPO, Public Offerings and
Rights Issue
Secondary offerings ( Rights Issue, Placements,
Convertible securities)
Regularisation Plan (Non RTO/BDL)
ESOS, Bonus Issues, subdivision/ consolidations
4
6. New Fund Raising Framework
All relevant requirements relating secondary issuance as stipulated in the SC’s
Guidelines on the Offering of Equity and Equity-Linked Securities are now
incorporated in the Main LR
Listing Application
Bursa may:
1. approve
application
subject to
conditions
2. engage listed
issuers and
Prescribed Listing form advisers to
rectify areas of
Concurrent processing of Listing
concern
Application & clearance of Circular 3. reject
Shorter time Rights Issue- SPEED processing for application
to market crediting of rights for trading
SPEED processing for Capital
Repayment
Merged processing of Listing &
Quotation Applications 6
7. New Issues of Securities
Enhanced Disclosure
• Proceeds raised from previous mandate & details and
status of utilisation (negative statement where applicable)
• Purpose and details of utilisation of proceeds for current
general mandate sought
• Justification for new issuance of securities
• Description & outlook of the industry the PLC is
operating or will be operating
• Irrevocable undertaking to subscribe for the new
issue:
confirmation on sufficiency of financial resources
(must be verified by independent party)
statement on consequences to PLC and
shareholding with regard to Take-Over & Merger
Code
• ESOS - performance target if any, and the
potential cost
7
8. Shareholding Spread
Compliance with “public spread” requirement by
artificial means is prohibited.
“public” includes directors of listed issuers’ associated co.
8
9. Requirements for Website
Announcements
Announcements
Contents of
Contents of Contact details of
Contact details of
Website
Website designated persons
designated persons
Current & informative
Current & informative
etc.
etc.
9
10. Delay in submission of Financial Reports
Immediate announcement to Bursa if
≥ 3 MD before
becomes aware that PLC will not be
due date
able to submit by the due date
Suspension will be effected on the
5 MD after due
next day after the expiry of 5 MD of
date
the due date for submission
Bursa shall commence delisting
6 months after
procedures
due date
10
11. Circulars
must comply with:
the minimum disclosure as prescribed in the LR; and
such other information having regards to the particular nature of the
transaction to enable shareholders to make informed decision at
general meeting
limited review & full review circular must be issued immediately
after Bursa’s clearance or ≤ 14 MD after receipt of such clearance;
The time frame not applicable for circulars on:
RRPT
maturity of securities;
share exchange, recall or reduction;
notification of subdivision of shares; or
such other corporate proposal or action as may be prescribed by the
Exchange from time to time.
must place greater emphasis on additional information to be
disclosed in circulars to enable shareholders to assess the merits
of the corporate proposal 11
13. Transaction – Enhanced Disclosure
Circular
Profit Guarantee (“PG”):-
PLC’s rights of recourse;
whether PG is realistic
Timetable for completion of transaction
Conflict of interest disclosure enhanced:-
Nature & extent of conflict
Parties to conflict
Measures taken for resolving, eliminating
or mitigating conflict situation
13
14. Transaction- Enhanced Disclosure
Announcement:
Audit Committee’s (AC) statement setting out the following:
AC’s view whether:-
(i) in the best interest of the listed issuer;
(ii) fair, reasonable and on normal commercial terms; and
(iii) not detrimental to the interest of the minority shareholders,
together with the basis for its views;
If independent advice (IA) is sought , a statement to that effect;
If views of AC are different from the opinion of IA, if any, the
reasons for the difference;
Enhanced statement by directors to include:
If board sought an independent advice, a statement to that effect;
If views of the board are different from the opinion of the AC or IA (if
any) the reasons for the difference
14
15. Transaction - Enhanced Disclosure
Enhanced Disclosure
Announcement
Deviation of 10% or more between estimated and
actual RRPT value and reasons for such deviation
Circular
The actual value transacted of each RRPT
The estimated value of each RRPT as disclosed in
the preceding year’s circular;
Reasons for deviation, if the actual value exceeds
> estimated value by 10% or more
15
16. RRPT - Enhanced Disclosure
Announcement Disclosure
Date Cumulative % of deviation Announcement ?
Value of since prev.
Transaction * ann. Based on
(RM’000) mandated
amount
30-Apr-09 (AGM) 1,500 - -
31-Aug-09 1,680 12% Yes
30-Sep-09 1,800 8% No
30-Oct-09 1950 18% Yes
* period should be from previous AGM to the next
AGM
16
19. Transaction
RPT – Additional Exempt Transaction
(i) The related party are not a party, initiator
or agent to the said disposal
(ii) The disposal is effected on Bursa
Securities where counterparty’s identity
is unknown to PLC or its subsidiary
Related
party B BHD
Open Market
A BHD
A BHD disposes stake Investors
in B BHD via Bursa
The above includes disposal of an investee company on a pro-rata basis or
from acceptance of takeover offer
19
20. Transaction
RPT – Additional Exempt Transaction
• On non-negotiable fixed price/ rate
• All material terms are applied consistently
to all classes of customers
20
21. Valuation
New Requirement
Bursa
Requirement of valuation report on real Refer valuation
estate irrespective on the mode of report to SC
sale/purchase consideration (cash or May request for a
securities) for: valuation report on
Non RPT : all transactions which are ≥ 25% any assets
of the relevant percentage ratio May appoint second
RPT: all transaction which are ≥ 5% of the opinion valuer
relevant percentage ratio
Valuation report to be submitted to Bursa not
later than 1 month before the submission of
circular/draft circular (as the case maybe)
Valuation must comply with SC’s Valuation Valuation Report
Guidelines must not > 6
months old
Significant change – issuer/ valuer must
update valuation report
21
22. Valuation
Transaction which percentage ratio is – Valuation required to be
≥ 25% pursuant to Part D (Transaction), conducted and valuation
Chapter 10 of the Main LR; or report submitted to
≥ 5% pursuant to Part E (Related Party Bursa?
Transaction), Chapter 10 of the Main LR
(i) Acquisition or disposal of a real estate Yes
(ii) Acquisition or disposal of a property Yes, the valuation report
development/ property investment corporation must be submitted for all
material real estate.
(iii) Acquisition or disposal of a corporation (other Yes, only if the real estate
than defined in (ii)) which owns real estate has been revalued and
the revalued amount is
used as the basis in
determining the purchase
or disposal consideration
22
23. Trading Halt & Request for Suspension
Trading Halt
Request for suspension
The above is trading halt timeframe is not applicable for voluntary request
for suspension
Notice for request for suspension shortened to 1 hour
23
25. Key Changes - Dealing in Securities
Existing LR Main LR
Definition of “closed period”
(a) Definition of “closed period”
(Start) (End
)
Time info. Announcement (Start) (End)
obtained date of matters
involving price-
(b) sensitive info. Targeted date of
D-30 days
date to announcement
(Start) announce of quarterly
(End)
quarterly results
result (D)
D - 1 mth Targeted date of
date to announce
announce ment of
quarterly quarterly
result (D) results
25
26. Key Changes - Dealing in Securities (Cont’d)
Existing LR Main LR
Definition of “affected persons” Definition of “affected persons”
Listed issuers
Listed issuers
Directors
Directors
++ ++
Listed
Listed
issuers Principal
Principal Directors
issuers Directors
officers
officers Major
Major ++
subsidiary of
subsidiary of Principal
Principal
listed issuers
listed issuers officers
officers
CIS Management
CIS Management
Co.
Co.
26
27. Key Changes – Dealing in Securities (Cont’d)
Existing LR Main LR
Dealing notification period Dealing notification period outside
outside closed-period closed-period
14 days after dealing 3 market days after dealing
Exemption from dealing Exemption from dealing
restrictions restrictions
Acceptance of Acceptance of options/rights
options/rights under ESOS under ESOS exempted.
?
27
28. TRANSITIONAL ISSUES
Public shareholding spread
The continuing requirement of minimum number of 1000 public
shareholdings spread will be waived with effect from 8 May 2009
PN16 & PN17Companies
These companies may apply to Bursa to regularise their condition
under the amended paragraphs 8.03 & PN16 and 8.04 & PN17 for
the Main Market (provided they are still within the stipulated/
extended timeframe)
Requirement on Market Making for Structured Warrants
Existing issuer of Structured Warrants who is currently
undertaking market making activities and wishes to continue to do
so must register with Bursa within 3 months from 8 May 2009
28
30. RIGHTS ISSUE
Current T T New
Announcement
of BCD
7 Submit AP to SC
8 Ex-date 8
10
MD Lodge prospectus with
9
CCM
10 BCD 10
Lodge prospectus Commencement of
with CCM 11 11 trading for PAL
5 MD
Commencement of 12 Dispatch RSF & AP
trading for PAL 13
5 MD 15 Last trade
Last trade 17
18 ROD
ROD 20
21 Last acceptance
Last acceptance 23 Submission of jumbo
29 cert. to Depository
10 MD
11 MD
Submission of 30 Listing date
quotation application 31
30
Listing date 33
31. New Issues of Securities
Rights Issue
• May fix BCD for Rights Issue before shareholders approval if SH
holding >50% of the nominal value of voting shares have given
irrevocable undertaking
• Optional for Rights Issues
• Minimum Level
31
32. CAPITAL REPAYMENT
Current Timeline Suspension 10 MD
10 MD
T T +6 T + 10 T + 14 T +16
Listing
Announcement BCD
Application for Date
on BCD
Commencement quotation
of suspension
New Timeline (SPEEDs)
10 MD
No suspension
T T + 10 T + 11 No quotation
application
Listing
Announcement BCD
Date
on BCD
32
33. QUOTATION – Secondary Issuance
Under the simplified listing process, the following procedures will
be applicable: Submit the share certificate together with a
covering letter containing the summary of the
By 10.00
corporate proposal to Bursa Depository
a.m.
Receive confirmation from Bursa Depository that
By12.00 the securities are ready for crediting
Day
noon
before
listing Announce pursuant to paragraph 13.2 of Practice
date Note 28 through Bursa Link via a dedicated
By 3.00 p.m. template, “ALA template” the following:
details of the corporate proposal;
total no. of securities issued under each proposal
and the issue price per share, if any;
date of listing and quotation; and
latest issued & paid-up capital of the listed issuer
after the proposal indicating the number of shares
(in unit and RM) and their par value, if any.
33
34. QUOTATION – IPO
The following procedures will be applicable:
Announcement on IPO Timetable (para. 8.1 of PN21):
Issuance Opening & closing date of the offer period;
date of Balloting date
prospectus Allotment date of the IPO; and
Tentative listing
Announce pursuant to paragraph 8.2 of PN21
through Bursa Link via a dedicated template, “IPO
template” the following:
Actual date of listing;
By Enlarged issued & paid-up capital of the PLC
Day before
3.00 indicating the no. of shares and par value if any;
listing date
p.m. Stock short name, stock code, ISIN code; and
Sector and market in which the new securities will
be admitted
34