RBI's googly puts AIFs in tough spotMay 15, 2020
The Reserve Bank of India (RBD has tapped a numberof alternative investment funds (AIFS), to ascertain if their recent transactions were in accordance with the new Press Note 3 (PN3) requirements, said two people familiar with the matter. AIFS receiving foreígn investment need to submit Form InVi within 30 days from the date of issue of units, to the apex bank.
The RBI has in been rejecting such forms of late, seeking a declaration that these transactions are in compliance with the recent notification. This has raised concerns that the ambit of PN3-applicable only to foreign direct investments (FDI) so far-could extend to AIFS (both domestic and foreign) too, and thus prevent funds from drawing down capital from Chinese limited partners (LPs) for follow-on or fresh investments.Read More
Khaitan (& Co), Khaitan (Legal), Thinking Legal do $1.3m funding for VR play SmartVizXMay 6, 2020
Thinking Legal advised IAN Fund led for funding in SmartVizX, creator of India’s first Virtual Reality-based product Trezi, has received fresh funding from new and existing investors.
Sebi plans to ease fundraising norms for listed stressed companiesApril 23, 2020
The Securities and Exchange Board of India (Sebi) on Wednesday proposed easier pricing norms, as well as exemptions from open offers, for investments made through the preferential route in stressed listed companies. According to the regulator, the existing pricing guidelines for buying via the preferential route are too onerous for any financial investor to consider investments in a stressed company.
Currently, the pricing covers a period of 26 weeks or more for frequently-traded shares.Read More
Stewardship code aims greater investor, India Inc engagement. Will it work?March 10, 2020
In 2014, seven domestic mutual funds (MFs) came together to oppose Maruti Suzuki’s plan to set up a plant in Gujarat. In 2017, a bunch of institutional shareholders wrote to Infosys seeking the return of co-founder Nandan Nilekani on the company’s board after the sudden resignation of chief executive Vishal Sikka.
Instances of shareholder activism such as these are rare in India. But, the adoption of the Companies Act, 2013, the introduction of e-voting, rise in institutional ownership of Indian equities, emergence of proxy advisory firms and the regulatory nudge to formulate a ...
Benchmarking may lead to more AIF categoriesFebruary 14, 2020
The Securities and Exchange Board of India's (Sebl's) diktat for benchmarkdng the performance of alternative Investment funds (AIFS) may necessitate sub-categories. Sebi has classified AIPS into three categories, with four sub-categories for 'Category I AIFs' that include venture capital funds (Including angel funds). SME funds, social venture funds, and infrastructure funds. There are no sub-categories for category-ll and category-II AIF.Read More
SEBI Introduces Greater Transparency in the AIF SpaceFebruary 12, 2020
The Securities and Exchange Board of India (“SEBI”) has, through a Circular dated February 5, 2020 (“Circular”), issued disclosure standards for the growing Alternative Investment Funds (“AIFs”) space. The Circular was preceded by a Consultation Paper dated December 4, 2019. SEBI has introduced performance benchmarking as well as standardization of private placement memoranda (“PPMs”) to create a conducive environment for a sound AIF asset class in IndiaRead More
SEBI issues norms for AIF benchmarkingFebruary 6, 2020
The Securities and Exchange Board of India (Sebi) has issued guidelines for benchmarking the performance of alternative investment funds (AIFS) with a view to streamlining disclosure standards and helping investors in assessing scheme performance.
The guidelines come two months after a consultation paper to this effect was floated by the regulator.Read More
SEBI’s Insider Trading Regulations Get New TeethApril 11, 2019
Insider trading is trading on the basis of Unpublished Price Sensitive Information (UPSI) that is not generally available to everyone. Insider trading is prohibited since it allows certain individuals with access to UPSI to profit from information asymmetry. In recent times, the Securities and Exchange Board of India (SEBI) has stepped up the regulation of insider trading. In 2015, SEBI had put in place a new framework for prohibition of insider trading based on the report of an expert committee.Read More
Healthcare startup "Monitra" raises funds from IAN assisted by Thinking LegalApril 9, 2019
Hyderabad-based Monitra Healthcare raised an angel investment from Indian Angel Network, a seed stage platform in India. The funding round was led by IAN investors KNK Venkatraman and Dr Vinayendar Tulla the former joining the company board for further mentoring. Monitra Healthcare focuses on reducing the dangers of cardiovascular diseases by facilitating real-time monitoring and pre-emptive cardiac care services to at-risk patients-anytime, anywhere in the world.Read More
Thinking Legal assisted IAN to invest in an Online Event Services Platform "Flatpebble"April 2, 2019
Hyderabad based TechClove Technologies Private Limited, which owns and operates Flatpebble, an online marketplace for pre-packed services from photographers, videographers and stylists, has recently concluded the second round of investment from its existing investor Indian Angel Network. Earlier in 2015, Flatpebble had raised $600,000 in seed funding from Indian Angel Network and n on-equit based assistance from Microsoft Accelerator Bangalore.Read More
Thinking Legal advised Investors on their $500k investment in an AI Startup ClootrackJanuary 31, 2019
Bangalore based, Artificial Intelligence (AI) start-up Clootrack Software Labs Private Limited (“Clootrack”) has announced raising $500K in seed funding round from Indian Angel Network, country’s largest horizontal seed stage funding platform.Read More
SEBI's move to widen the ambit of Institutional InvestorsDecember 14, 2018 Read More
Does the law allow Central Government to issue directions to RBI?December 6, 2018
A previously obscure provision of the Reserve Bank of India Act, 1934 has gained prominence in the past few days. As it has been widely reported, section 7 of the Act empowers the Central Government to issue directions to RBI.Read More
Thinking Legal advised Indian Angel Network on its investment in ClenstaOctober 25, 2018 Read More
Thinking Legal assisted BSE Investments Ltd., a subsidiary of BSE Ltd. in its successful acquisition of 24% stake in CDSL Commodity Repository Ltd.(CCRL)August 1, 2018
Leading stock exchange BSE today said its subsidiary BSE Investments has acquired 24 per cent stake in CDSL Commodity Repository Limited (CCRL), a move aimed at developing a robust framework for clearing and settlement of commodity trades.Read More