Regional offices can clear proposals for IPO of up to Rs500 crore and would also be delegated powers with respect to mutual funds, inspection
Chennai : Market regulator Securities and Exchange Board of India (SEBI) on Monday said its regional offices would be delegated powers to clear public offer proposals of companies planning to raise up to Rs500 crore, reports PTI.
"Regional offices can clear proposals of initial public offering (IPO) of up to Rs500 crore. Regional offices will be delegated powers with respect to mutual funds, inspection..", Securities and Exchange Board of India Chairman UK Sinha told reporters after inaugurating the southern regional office.
In a statement issued recently, SEBI said it was decided that the draft offer documents in respect of issues of size up to Rs500 crore shall be filed with the concerned regional office of the Board under the jurisdiction of which the registered office of the issuer company falls.
Noting that SEBI has planned to open 10 new regional offices, Mr Sinha said, "one should look at markets on a long term basis. There will be periods when markets will do well, sometimes, they may not. People should not get carried away by short term developments".
Former SEBI Chairman GV Ramakrishna, SEBI whole-time member Rajeev Agarwal were also present.
On average, Tier 1 providers dramatically outperformed the growth rates of Tier II and Tier III providers, despite the consolidation and acquisitions among some of the smaller firms
New Delhi: Top five India-based IT services providers grew 23.8% last year compared to 7.7% growth logged by the overall global IT services market, research firm Gartner said on Monday, reports PTI.
Nasdaq-listed Cognizant, which displaced Wipro to become the third-largest Indian IT services provider recently, experienced the highest growth rate of 33.3% amongst the top five IT service providers in 2011, Gartner said in a statement. Though Cognizant is not listed in India, 75% of its over 1.3 lakh employees are based in India.
"2011 signalled a change in the mind-set of European buyers, particularly Continental Europe for offshore services," Gartner Principal Research Analyst Arup Roy said.
Indian providers have historically found it more difficult to gain market share in the Western Europe IT services market than in the US market but, as a group, the top five increased market share in the region from 2.3% in 2010 to 2.8% in 2011, he added.
Top player Tata Consultancy Services (TCS) saw 29.4% growth in revenues in 2011, over 2010, while Infosys registered 17.8% increase in revenues, Gartner said. Wipro and HCL Technologies registered growth of 12.3% and 26.2%, respectively, it added.
On average, Tier 1 providers dramatically outperformed the growth rates of Tier II and Tier III providers, despite the consolidation and acquisitions among some of the smaller firms, Gartner said.
There were some standouts, however, with Genpact up 27% and Syntel up 21%. Smaller providers were charged with creating a more compelling marketing message that went beyond labour arbitrage, the research firm added.
"The top five Indian service providers have continuously chipped away market share from the large multinational corporation providers. In the past five years, they have been increasingly winning large outsourcing deals with a total contract value of more than $100 million," Mr Roy said.
However, in recent years, these top five providers have greatly expanded their service portfolios and have been cross- selling and up-selling their application services client base with offerings like infrastructure services, BPO services, cloud and analytics services, he added.
In his e-mail message Mr Mallya also said that a "significant" portion of the February salaries would be paid by the month-end
Mumbai: Worried over the possibility of its employees dragging the airline management to the Labour Court over non-payment of salaries, Kingfisher Airline Chairman Vijya Mallya has "assured" the staff of paying their January salaries from Wednesday onwards, airline sources said on Monday.
"Mr Mallya said in his 5th May communication to the employees that the airline will start remitting January salaries from 9th May onwards," sources told PTI quoting from the e-mail message.
In his e-mail message Mr Mallya also said that a "significant" portion of the February salaries would be paid by the month-end, they said.
Mr Mallya's communication to employees comes following its pilots serving a deadline of 8th May to the management for paying January salaries or face strike. Besides, they had demanded that the management should also clear the remaining salary in a phased manner by 30th June.
A section of the staff including pilots and engineers had last week said that they were contemplating moving to the Labour Court to seek its intervention and expedite settlement of their dues.
Meanwhile, Mr Mallya has also expressed hope that the airline would return to the global distribution network of IATA shortly, sources said.
Beleaguered Kingfisher Airlines was suspended for non-payment of dues by the IATA in March from participating in a system which enables airlines to settle their interline billings globally.
Airlines and airline-associated companies join the IATA Clearing House to settle accounts for services provided by them to other airlines or firms.
Kingfisher Airlines has been facing financial troubles for almost a year now. The airline, which never made a profit since its inception in May 2005, reported a net loss of Rs444.26 crore in the December quarter. It suffered a loss of Rs1,027 crore in 2010-11 and has a debt of Rs7,057.08 crore.
Due to the paucity of funds, it now operates only 110 flights a day with a fleet of 20 aircraft against 400 flights per day last year with 66 planes.
The airline had a 6.4% market share in March, and ranked below the budget carrier GoAir, which cornered 7.5% market share in the same period.