Market regulator SEBI has postponed the implementation of the third phase of the nomination framework for the securities market. It was earlier scheduled to come into effect from December 15.
In a statement, the Securities and Exchange Board of India (SEBI) said that the new implementation date will be announced later. The decision was taken due to operational challenges being faced by depositories and other stakeholders.
Changes in REITs and InvITs Rules
SEBI has also amended the definition related to REITs and InvITs. Under the revised rules, an entity classified as a qualified institutional buyer (QIB) can now apply as a strategic investor.
This category includes government financial institutions, pension and provident funds, alternative investment funds (AIFs), state industrial development corporations, family trusts,
and registered intermediaries that have total assets of more than ₹500 crore.
Strong Investor Interest in ICICI Prudential Mutual Fund IPO
Mutual funds continue to attract strong interest from leading investors. A major example is ICICI Prudential Mutual Fund, which has a total issue size of ₹10,000 crore. Even before its IPO opened, the fund received investments worth ₹4,815 crore.
A total of 26 investors, including the Jhunjhunwala family and noted investor Madhusudan Kela, have invested in the issue, which opens on Friday.
ICICI Prudential is the largest asset management company in India in terms of quarterly average assets under management for active mutual funds. As of September 30, the company held a market share of 13.3%.
Details of Pre-IPO Share Placement
In consultation with the book-running lead managers of the IPO, ICICI Prudential made a private placement of 22,240,841 equity shares. These shares were issued at a price of ₹2,165 per share against cash payment.
Several prominent institutions participated in the pre-placement. These include Abu Dhabi-based Lunate Capital, Regents of the University of California, IIFL Asset Management, Sarva Investments, 3P India Equity Fund managed by Prashant Jain, DSP India Fund, Whiteoak Capital India Opportunities Fund, and HCL Capital.
Insurance companies such as SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life, and Go Digit also took part in the pre-placement.
