thForeign institutional investors, mutual funds, and other institutions may be allowed to short sell their stocks under a March proposal by the capital markets regulator, the Securities and Exchange Board of India (SEBI). Though the guidelines are not yet in place, the announcement is most likely the first step towards allowing institutions to short sell, even in the spot or cash market, to go along with the derivative route that currently allows them to hedge their portfolios.
India may be the only country in the world where grading is mandatory for all initial public offerings (IPOs). Companies tapping the primary equity market now have to be graded, following an April 30 pronouncement by SEBI. The grading has been limited to company fundamentals and leaves out the pricing of the issue. Many industry stakeholders, analysts and observers have decried the move, but SEBI believes that the grading process will help investors make informed decisions.
The Food Processing Ministry will establish a NationalGrape and Wine Board and classify wine and beer as agri-business. The proposed board will coordinate with manufacturers, undertake R&D and train workers, all as part of an effort to boost domestic manufacturing and exports. Classifying wine and beer as agri-businesses would mean lower tax burdens and could also help expand their share of the liquor market, which is less than 1% but is increasing by 25% annually.
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The wrap was complied with the assistance of:
Rajiv Luthra, Rohan Kaul and Shweta Hingorani of Luthra & Luthra Law Offices and Diljeet Titus of Titus & Co.
