Sebi eases restructuring norms for stressed assets

22 Juin, 2017, 16:06 | Author: Marc Bacque
  • Sebi’s move to ease M&A norms comes a week after RBI identified 12 large accounts where it directed banks to initiate bankruptcy proceedings

The regulator has exempted buyers of shares in distressed companies from the requirement of making an open offer even if the purchase triggers such an event under the takeover code, Sebi announced after its board meeting on Wednesday. Such offers further reduce the funds available for investment in the company concerned.

Sebi's decision on restructuring in stressed firms comes against the backdrop of the government and Reserve Bank of India stepping up efforts to tackle the menace of bad loans, amounting to more than Rs 8 lakh crore.

Mumbai: Market regulator Sebi has decided to make make it easier for strategic investors to acquire shares in distressed firms under the restructuring schemes.

As per current rules, equity pricing formula for open offers is the average of the six-month share price high and low.

"Further, it has also been chose to extend the said relaxations to the lenders under other restructuring schemes undertaken in accordance with guidelines of RBI", the statement added.

However to safeguard the interest of minority shareholders, the regulator said such relaxation would be subject to certain conditions like approval by the shareholders of the companies by special resolution.

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Further, the relaxations would be applicable for the lenders under other restructuring schemes undertaken in accordance with the RBI guidelines.

SEBI's board also approved a proposal to tighten rules for participatory notes through imposition of a regulatory fee on issuers of such instruments. PE firms would now be allowed to sell shares a company anytime after it gets listed on exchanges.

The Securities and Exchange Board of India (SEBI) has issued a show cause notice to the National Stock Exchange (NSE) following the market regulator's probe into the alleged preferential access given by the stock exchange to some brokers through its "co-location" facility.

"Retail investors are not fully aware of the risks involved in derivatives investment", said Tyagi. But the SEBI chief said there is no proposal to completely ban P-notes, as they can be useful for new foreign investors looking to test the Indian markets.

The capital markets regulator floated a consulting paper on 28 April proposing the involvement of category-III AIFs in all commodity derivatives products traded on commodity derivatives exchanges. Currently, category I AIFs such as venture capital and infrastructure funds are granted that exemption.

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