Angel Broking files offer document with Sebi for IPO to raise Rs 600 crore

As of end-June, the company managed Rs 113 billion in client assets and operates around 1.1 million active broking accounts.

IPO News: Angel Broking filed its offer document with markets regulator Securities and Exchange Board of India (Sebi) on Wednesday. The company is looking at an initial public offering (IPO) of equity to raise Rs 6 billion, half of which would be new funds.

Sources say the offer will value Angel Broking around Rs 25 billion.

Through the IPO, promoter Ashok Thakkar and World Bank arm International Finance Corporation (IFC) will divest part of their holding. The new capital will be used for working capital requirements. ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are managing the IPO.

Earlier this year, ICICI Securities, also a broking and investment banking entity, came out with an IPO which wasn’t received well by investors. Key listed brokers Motilal Oswal, IIFL and Edelweiss are not purely broking entities.

Angel Broking is an independent full-service retail broking house. The company offers services such as broking, advisory, margin funding and loan against shares. It offers broking services through digital platforms and 11,000-odd sub-brokers.

A CLSA report ranked Angel Broking seventh in terms of number of active clients as of March, with a four per cent market share. The top three on this measure were ICICI Securities, HDFC Securities and Zerodha. The top five in the4 segment have three bank-backed ones and one discount brokerage.

Full News Updates → Angel Broking IPO

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News Source: BS

Did Reliance Industries get away lightly in the unlawful gains case?

More punitive action was needed against the company and the management, say experts

 

 

Latest News -  Securities and Exchange Board of India (Sebi) on Friday delivered its verdict in the decade-old unlawful gains case involving the country’s second-biggest company, Reliance Industries. The capital market   regulator has directed the Mukesh Ambani-led company to disgorge (give up) Rs 447 crore, with interest of 12 per cent per annum since November 2007, it made “illegally”.

Besides the high interest levied, the only punitive action is a one-year ban from dealing in the futures and options (F&O) segment by the company. So has the company gotten away lightly? 

Reliance Industries Unlawful Gains Case And What The Fraud Is All About

Governance firm In Govern’s Managing Director Shriram Subramanian says that the punitive action should have been stricter.

“Sebi needs to be more tough and proactive in such cases. It has taken almost 10 years to come out with this order, which doesn’t contain any penalty. This could set a wrong precedent for companies and market participants who brazenly violate regulations. Banning the company from the F&O segment will not have any impact on the company. Apart from the disgorgement amount, there has to be a penalty to serve as a deterrent to all market participants,” he said.

JN Gupta, former executive director, Sebi, and founder of proxy advisory firm SES, says that besides the company, those running the show should also be held responsible.(read more...)

National anthem to BCCI: SC verdicts that stirred the nation in 2016

Of the several judgments delivered, most were monumental, though some could be termed as surprising

Breaking News - It was a happening year for the Supreme Court as it produced several judgement in the course of the year. While most of them were monumental, a few could be termed as surprising.

Business Standard  brings you the top five judgements by the apex court of the nation.

SC verdicts that stirred the nation in 2016

J&K's Constitution subordinated to Indian Constitution

Rap on the knuckles to BCCI 

National anthem in cinema halls

The Cauvery tangle

The Sahara case

2016  was a happening year for the Supreme Court as it produced several judgement in the course of the year. While most of them were monumental, a few could be termed as surprising.

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India jumps 16 spots on Competitiveness Index

India jumped 16 places for the second year in a row to the 39th rank on the World Economic Forum’s (WEF) Global Competitiveness Index 2016-17. It was ranked 55th in 2015-16. This is the largest gain made by any country on the list.

Switzerland was ranked the most competitive country for the eighth consecutive year, followed by Singapore, the United States, the Netherlands and Germany.

The rankings measure countries’ performance on three indicators — basic requirements, efficiency enhancers, and innovation and sophistication factor. Performance on these in turn is measured through sub-indicators.

“Thanks to improved monetary and fiscal policies, as well as lower oil prices, the Indian economy has stabilised and now boasts the highest growth among G20 countries. Recent reform efforts have concentrated on improving public institutions (up 16), opening the economy to foreign investors and international trade (up four), and increasing transparency in the financial system (up 15),” said the report.

While an improvement on the former is likely to be the result of government initiatives aimed at curbing corruption, the latter probably reflects measures taken on corporate governance and related party transactions by authorities such as the Securities and Exchange Board of India (Sebi). Surprisingly, on reliability of police services, the country moved from 86th in 2015-16 to 53rd in...  Read full Story

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