Investor Issues
SEBI releases new info on redressal mechanism

SEBI said an investor can reach out to the regulator for grievances against a listed company on issues like refund, allotment, bonus, dividend, rights, redemption, prelisting offer documents of shares, debentures and bonds, delisting of securities, buyback of securities, corporate governance and listing conditions

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) released a fresh set of information for new investors on redressal mechanism for complaints related to price manipulation, insider trading and other issues, reports PTI.
 
According to the fresh set of information, if an investor has grievances against a listed company or intermediary registered with SEBI, he/she should first approach the concerned company or intermediary against whom he has complaints.
 
In case the person is not satisfied with their response, he may approach SEBI for grievances such as price manipulation, insider trading, Mutual Funds, Depository and Depository Participants.
 
The information is part of the revised instruction form book issued by Depository Participants to investors.
 
Depository is an organisation where the securities of a shareholder are held in the electronic form and Depository Participant is an investor's representative in the depository system who maintains securities account balances.
 
Besides, investors can also approach SEBI about compalints related to KYC Registration Agency (KRA)-- that conduct know your client (KYC) related functions on behalf of various market entities-- and alternative investment fund (AIF), which are funds incorporated in India for the purpose of pooling in of capital from Indian and foreign investors for investing as per a pre-decided policy.
 
Other complaints relates to venture capital funds, foreign institutional investors (FII), merchant bankers, credit rating agencies, collective investment schemes, debenture trustees, underwriters and custodian of securities.
 
SEBI said an investor can reach out to the regulator for grievances against a listed company on issues like refund, allotment, bonus, dividend, rights, redemption, prelisting offer documents of shares, debentures and bonds, delisting of securities, buyback of securities, corporate governance and listing conditions.
 
The regulator advised depositories to make amendments to the relevant bye-laws, rules and regulations for the implementation the new rules and disseminate the same information on their website.
 

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About 20 entities seek AIF approval from SEBI

Out of the 20 pending applications for alternative investment funds, SEBI said 15 applications are "being processed", while it has sought further details from five others


New Delhi: As many as 20 entities have sought Securities and Exchange Board of India (SEBI)'s approval to set up alternative investment funds (AIFs), a newly created class of pooled-in investment vehicles for real estate, private equity and hedge funds, reports PTI.

 

SEBI has already allowed seven AIFs to set shop in the country, all of which got their approvals from the market regulator last month.

 

As per the latest SEBI data, 20 applications were pending with SEBI for registration as AIFs as on 31 August 2012.

 

The regulator had notified in May this year the guidelines for a new class of market intermediaries named AIFs, which are basically funds established or incorporated in India for the purpose of pooling in of capital from Indian and foreign investors for investing as per a pre-decided policy.

 

Out of the 20 pending applications, SEBI said 15 applications are "being processed", while the regulator has sought further details from five others as they had provided "incomplete information" as on August 31.

 

Most of these applications were filed in August, while some were submitted in June and July as well.

 

SEBI last month decided that the promoters of listed companies can offload 10% of equity to AIFs to attain minimum 25% public holding.

 

Among others, the registration has been sought by CapAleph Indian Millenium Fund, DSP BlackRock, HDFC AMC Real Estate, India Advantage Fund, India Realty Fund, Kedaara Capital, Kotak Alternative Opportunities Fund, Real Estate Opportunities Trust and Start-up Village Fund.

 

Besides, the entities whose applications have "incomplete information" are -- CapAleph Indian Millenium Private Equity Fund, DARC MentorCap Film Fund, IIFL Opportunities Fund, IIFL Private Equity Fund and L&T Infra Investment Partners.

 

Already SEBI-registered AIFs include IFCI Syncamore India Infrastructure Fund, Excedo Realty Fund, Sabre Partners Trust and KKR India Alternate Credit Opportunities Fund.

 

Under SEBI guidelines, AIFs can operate broadly in three categories. The SEBI rules apply to all AIFs, including those operating as private equity funds, real estate funds and hedge funds, among others.

 

The Category-I AIFs are those funds that get incentives from the government, SEBI or other regulators and include Social Venture Funds, Infrastructure Funds, Venture Capital Funds and SME Funds.

 

The Category-III AIFs are those trading with a view to make short-term returns and include hedge funds, among others.

 

The Category-II AIFs can invest anywhere in any combination but are prohibited from raising debt, except for meeting their day-to-day operational requirements. These AIFs include PE funds, debt funds or fund of funds, as also all others falling outside the ambit of two other categories.

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COMMENTS

R Balakrishnan

4 years ago

Love the name "Syncamore"! Has a nice sound to it.

RGESS: Mutual fund players awaiting SEBI guidelines for clarity

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