Author: Legal Parivar

The Securities and Exchange Board of India (SEBI) announced on Tuesday new guidelines for the performance evaluation of market infrastructure institutions (MIIs), including stock exchanges, clearing corporations, and depositories, to be conducted by independent external agencies. These guidelines aim to establish consistency and uniformity in evaluations. Under the new criteria, the performance evaluation will be based on seven key parameters: technology resilience (40%), investor education (17%), regulatory compliance (15%), governance practices (8%), and a combined 10% for adequacy of resources and fair access to all stakeholders, along with information disclosure. MIIs are mandated to appoint independent external agencies for performance…

CoRover AI, the creator of BharatGPT, announced on Tuesday that it has raised $4 million in a Series A funding round led by Venture Catalysts. Other contributors include CanBank Venture Capital Fund, IIM Calcutta (Innovation Park), IIIT Delhi (iHub Anubhuti IIITD Foundation), Cogniphy LLC, Karekeba Ventures, and Lead Angels. This funding will support CoRover in further advancing its technology, expanding its team of AI specialists, and accelerating its go-to-market strategy. The Bengaluru-based startup specializes in generative AI-powered conversational bots that cater to various industries, including e-commerce, healthcare, finance, education, BFSI, mobility, and retail, providing solutions across chat, voice, and video…

KRN Heat Exchanger and Refrigeration Ltd announced on Tuesday that it has secured ₹100 crore from anchor investors just one day before its initial public offering (IPO) opens for public subscription. Notable anchor investors include WhiteOak Mutual Fund, Bandhan Mutual Fund, Saint Capital Fund, Ashoka India Equity Investment Trust Plc, and Holani Venture Capital Fund. The company has allocated 45.50 lakh equity shares to 10 funds at ₹220 each, which is the upper limit of the price band, totaling ₹100.10 crore as per a circular posted on the BSE website. The ₹342-crore IPO will be available for public subscription from…

The Directorate General of Foreign Trade (DGFT) has announced an extension of the existing Import Management System (IMS) for laptops, PCs, and tablets until December 31, 2024. The IMS allows for the free import of these items without restrictions. However, from January 1, 2025, importers will need to apply for new authorizations, with detailed guidelines to be issued by the DGFT in the near future. The circular States that importers will be required to seek fresh authorizations starting from January 2025, based on the forthcoming detailed guidance. Previously, the IMS was set to expire on September 30, 2024, but this…

State-run hydropower company NHPC Ltd is set to raise around ₹2,300 crore this financial year, exceeding its initial target of ₹2,000 crore. This move is part of the Union government’s monetisation target and will help fuel NHPC’s expansion efforts. The funds will be raised by securitising the return on equity of its Dulhasti Power Station in Jammu and Kashmir for eight years, while NHPC retains ownership of the project, according to sources familiar with the matter. Securitisation involves converting illiquid assets or expected future cash flows into investable securities. Investors receive returns in the form of interest and principal on…

On Tuesday, September 24, as many as 300 stocks, including Mahindra & Mahindra (M&M), NTPC, Bharti Airtel, JSW Steel, and Sun Pharma, reached fresh 52-week highs during intraday trading on the BSE. Other notable stocks such as Zomato, Apollo Hospitals, Bajaj Auto, Hero MotoCorp, DMart, Hindalco, Indian Hotels Company, Max Healthcare Institute, Tata Power Company, Trent, TVS Motor Company, and United Spirits also hit new one-year highs. The Sensex and Nifty 50 both scaled new record highs of 85,163.23 and 26,011.55, respectively, but closed relatively flat. Gains from major stocks like HDFC Bank, Tata Steel, and Power Grid were offset…

Swiggy, a leading food and grocery delivery platform backed by Prosus and SoftBank, has received approval from the Securities and Exchange Board of India (SEBI) following its confidential draft filing for an initial public offering (IPO), Accoding to a news report by Moneycontrol. The highly anticipated IPO will see Swiggy join its competitor Zomato on the stock exchange. As part of the confidential filing process, Swiggy will file two updated Draft Red Herring Prospectuses (DRHPs): one addressing SEBI’s comments and the other open for public feedback over a 21-day period. Once these steps are complete, Swiggy will submit the final…

IIFL Finance is planning to raise ₹10,000 crore through debt over the next six months as part of efforts to diversify its borrowing sources and business, following the lifting of a recent ban, a top executive revealed on Tuesday. In March, the Reserve Bank of India (RBI) had imposed a ban on IIFL Finance, preventing the non-bank lender from sanctioning and disbursing gold loans due to “material supervisory concerns.” The ban was lifted last week. “With business picking up again, we need to reassess our funding requirements,” Nirmal Jain, founder and managing director of IIFL Finance, told Reuters. “We don’t…

Shankh Air, India’s newest airline, owned by Shankh Aviation Private Limited, has received approval from the Union Civil Aviation Ministry to commence operations. The airline has been issued a No Objection Certificate (NOC), valid for three years. Before launching its flights, Shankh Air will also need clearance from the Directorate General of Civil Aviation (DGCA). According to the company’s website, Shankh Air will be the first scheduled airline to launch from Uttar Pradesh, with hubs in Lucknow and Noida, connecting major cities across India. Shankh Aviation, led by chairman Sharvan Kumar Vishwakarma, is currently in advanced talks with global aircraft…

Nishant Pitti, promoter of EaseMyTrip (Easy Trip Planners Ltd), is set to sell 15 crore shares, representing 8.5% of the company’s total share capital, in a block deal on September 25, as per sources. The floor price for the shares is expected to be ₹38, amounting to a transaction value of approximately ₹580 crore. Multiple institutional investors are anticipated to be the buyers. As Per a Report by Moneycontrol, Pitti, CEO of EaseMyTrip, confirmed that the block of shares would be sold through brokers Motilal and SMC. EaseMyTrip shares closed at ₹40.99 today, down 1.3% from the previous day’s close.