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Sebi mulls stricter rules for SME IPOs; proposes raising minimum application size

YourStory

YourStory · 8m ago

Sebi mulls stricter rules for SME IPOs; proposes raising minimum application size

SEBI has proposed stricter rules for SME IPOs, including setting a minimum issue size, doubling the minimum application size, and implementing a "draw of lots" system for non-institutional investors. The regulator aims to ensure that only informed investors with sufficient risk appetite and investment capacity participate in SME IPOs. The changes are also meant to prevent over-leveraging, ensure fair distribution of shares, and promote the long-term sustainability of companies. SEBI has invited public comments on these proposals until December 4.

Related News

SEBI Mulls Tighter Norms For Such Listings

Inc42 · 1y ago

SEBI Mulls Tighter Norms For Such Listings

SEBI is reportedly considering tightening the norms for SME IPOs in India following complaints of misuse of these platforms. The regulator is considering raising the minimum size of SME public offers to INR 30-50 Crore. Currently, there is no minimum issue size requirement, but companies are required to have a post-issue capital base of INR 25 Crore. The proposed change is aimed at ensuring serious companies have access to the capital markets, safeguarding investors' interests. In recent years, there has been a rise in SME IPOs, with new-age tech companies also opting for such listings.

SEBI Floats Consultation Paper To Revamp SME IPO Framework

Inc42 · 8m ago

SEBI Floats Consultation Paper To Revamp SME IPO Framework

SEBI has proposed increasing the minimum application size for SME IPOs to INR 2 Lakh per application and limiting the OFS component to 20-25% of the total issue size. They have also suggested establishing a monitoring agency for SME IPOs with issue size exceeding INR 20 Cr to INR 50 Cr. This comes as the SME segment has seen a rise in public issues.

SEBI tightens rules for merchant bankers, IPOs of small firms

VCCircle

VCCircle · 7m ago

SEBI tightens rules for merchant bankers, IPOs of small firms

India's market regulator, the Securities and Exchange Board of India (SEBI), has introduced stricter rules for merchant bankers and initial public offerings (IPOs) by small businesses. Under the new regulations, entities looking to list must have been profitable in recent years, and the offer for sale cannot exceed 20% of the total issue size. SEBI has also required merchant bankers to separate non-merchant banking activities into separate entities with different brand names. These new rules aim to bring more transparency and stability to the IPO market and protect investor interests.

SEBI proposes measures to curb derivatives trading

VCCircle

VCCircle · 1y ago

SEBI proposes measures to curb derivatives trading

India's market regulator, the Securities and Exchange Board of India (SEBI), has proposed several measures to curb speculative trading in index derivatives. These measures include limiting multiple option contract expiries and increasing the size of options contracts. The SEBI also plans to set a minimum value for derivative contracts and introduce weekly options contracts on a single benchmark index. These changes aim to address the risks associated with speculative trading, particularly by retail investors. The proposed measures may impact retail volumes on options and have implications for high-frequency traders and exchanges.

SEBI plans tighter rules for listing of small businesses

VCCircle

VCCircle · 1y ago

SEBI plans tighter rules for listing of small businesses

India's securities regulator, the Securities and Exchange Board of India (SEBI), plans to tighten rules for the listing of small and medium enterprises (SMEs) on public exchanges. The proposed changes include raising the minimum size of public offers to INR 300 million-500 million ($3.59 million-$5.99 million) and introducing more disclosure requirements. The move comes after complaints of misuse of the separate listing platform for SMEs, as some companies allegedly used funds for purposes other than specified and manipulated financial statements. The new rules are expected to be issued later this year after consultations with stakeholders.

Goa nightclub Tito's mulls at least 10% equity sale before IPO

VCCircle

VCCircle · 6m ago

Goa nightclub Tito's mulls at least 10% equity sale before IPO

Tito's Resorts and Hospitalities in Goa plans to sell a minimum 10% stake at a $115.6 million valuation before considering an IPO. While not immediate, the IPO could be valued at 10 billion rupees for SMEs. The SME public issues have surged recently, with over 159 SMEs raising 57 billion rupees till mid-October. Tito's is engaging potential stakeholders and aims to diversify into real estate and software services, and possibly casinos in Thailand and Goa.

SEBI proposes changes to ease fundraising rules for listed firms

VCCircle

VCCircle · 1y ago

SEBI proposes changes to ease fundraising rules for listed firms

SEBI, India's capital market regulator, has proposed changes to fundraising and disclosure rules for listed companies. The proposed revisions include considering funds and insurance companies holding 5% in firms post-public offer as large non-public shareholders, requiring refiling of offer documents for changes in offer size or number of shares involved, and limiting the extension of bidding dates for capital issues to one day in case of force majeure events. Companies would also need to disclose information about upcoming board meetings in advance. Market participants have until February 1 to provide their comments.

SEBI mulls changes in secretarial compliance report format, auditors' appointment norms for companies

YourStory

YourStory · 6m ago

SEBI mulls changes in secretarial compliance report format, auditors' appointment norms for companies

The Securities and Exchange Board of India (SEBI) aims to enhance corporate governance at listed firms by proposing a revised format for the annual secretarial compliance report and stricter eligibility criteria for auditor appointments. These measures, detailed in a consultation paper, include mandatory auditor disclosures, standardized content, and monetary thresholds for Related Party Transactions (RPTs) approvals. By ensuring auditors’ qualifications match a company's needs, SEBI strives for increased transparency and compliance in financial reporting and governance practices.

NSE toughens rules for small firms shifting to main board

VCCircle

VCCircle · 3m ago

NSE toughens rules for small firms shifting to main board

The National Stock Exchange (NSE) in Mumbai has set stricter requirements for small companies transitioning from its SME platform to the main board. They must now have at least Rs 1 billion in annual revenue and be profitable for two of the last three years. Additionally, the minimum number of public shareholders has been reduced to 500, and promoters must maintain at least a 20% stake. These changes align with recent regulatory tightened measures.

SME board IPOs potential route for Indian startups, as venture funding declines: Blume report

Economic Times

Economic Times · 1y ago

SME board IPOs potential route for Indian startups, as venture funding declines: Blume report

Startups in India, particularly those facing funding challenges or reaching a growth ceiling, are increasingly considering listing on the SME board as a viable option for funding and growth, according to venture capital firm Blume. Late-stage funding has seen a significant decline, prompting startups to explore alternative avenues such as IPOs on the SME boards, which offer increased liquidity and exits. SME IPOs have consistently outperformed main board IPOs, with 182 issues in 2023 compared to 59 on the main board. The total worth of SME IPOs also increased significantly from Rs 19 billion to Rs 47 billion.

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