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Retail Investor in Focus: The Indian IPO Experience 2019 ed. [Minkštas viršelis]

  • Formatas: Paperback / softback, 137 pages, aukštis x plotis: 235x155 mm, weight: 454 g, 15 Illustrations, color; XV, 137 p. 15 illus. in color., 1 Paperback / softback
  • Serija: Advances in Theory and Practice of Emerging Markets
  • Išleidimo metai: 28-Oct-2020
  • Leidėjas: Springer Nature Switzerland AG
  • ISBN-10: 3030127583
  • ISBN-13: 9783030127589
Kitos knygos pagal šią temą:
Retail Investor in Focus: The Indian IPO Experience 2019 ed.Didesnis paveikslėlis
  • Formatas: Paperback / softback, 137 pages, aukštis x plotis: 235x155 mm, weight: 454 g, 15 Illustrations, color; XV, 137 p. 15 illus. in color., 1 Paperback / softback
  • Serija: Advances in Theory and Practice of Emerging Markets
  • Išleidimo metai: 28-Oct-2020
  • Leidėjas: Springer Nature Switzerland AG
  • ISBN-10: 3030127583
  • ISBN-13: 9783030127589
Kitos knygos pagal šią temą:
Pastovi nuoroda: https://www.kriso.lt/db/9783030127589.html

This book focuses on the regulatory aspect of retail investor protection in the context of Initial Public Offerings (IPOs) in the Indian securities market. The book captures the salient policy changes that have transformed the IPO markets in India from their rudimentary structure at their present advanced structure. While primary markets reforms in India have been an ongoing endeavor, there has been a renewed emphasis in the recent past on reforming the market keeping the retail investors in focus.  Greater retail participation is the intended objective of the reforms agenda. The book assesses retail participation in all the IPOs that have been floated between the period 2012-2017 in terms of their subscriptions, size of investment and quantum of applications. The book also provides a concise overview of the significant legislative developments that have been enacted keeping the retail investor in focus.

1 Retail Investors in Indian IPOs: The Context
1(14)
1.1 Introduction
1(2)
1.2 Initial Public Offerings
3(1)
1.3 Framework of Regulation of the IPOs in India
4(1)
1.4 Anomalies in IPOs: A Review
5(1)
1.5 Investing Community in the IPO
6(2)
1.5.1 Qualified Institutional Buyers
7(1)
1.5.2 Definition of a Retail Individual Investor
7(1)
1.5.3 Non-institutional Investors
7(1)
1.6 The Profile of a Retail Investor in the Securities Market
8(1)
1.7 Stock Taking of the Retail Investor Concerns with Regard to IPO Investments
8(2)
1.8 Retail Share in the IPOs
10(1)
1.9 Retail Investor Protection: The Reform Agenda
10(1)
1.10 Significance of the Study
11(1)
1.11 Arrangement of the
Chapters
11(4)
References
13(2)
2 Retail Investor Participation and Protection in the Context of IPOs: A Review of Extant Literature
15(18)
2.1 Significance of Retail Investors in the Securities Market
15(1)
2.2 Behavioural Attributes of Retail Investors
16(2)
2.3 Retail Investors in India and the IPO Experience: The Genesis and Evolution
18(3)
2.4 IPOs in India: Attributes and Features
21(2)
2.5 Protection of Retail Investors
23(2)
2.6 Primary Market Regulation: The Need and Scope
25(1)
2.7 Falling Retail Investor Participation
26(2)
2.8 Objectives of the Study
28(1)
2.9 Research Questions
28(1)
2.10 Limitations of the Study
29(4)
References
29(4)
3 Legal Framework and Governing Design for IPOs in India
33(26)
3.1 Introduction
33(1)
3.2 Key Legislations Governing IPOs in India
34(1)
3.3 Primary Market Regulation Under the Realm of the Controller of Capital Issues
34(1)
3.4 Eligibility for IPO Under CCI
35(1)
3.5 The Setting Up of SEBI
36(1)
3.6 Market Regulation Under SEBI
37(1)
3.7 Significant Policy Changes in the Eligibility Norms for IPO-Bound Companies
38(6)
3.7.1 Disclosure and Investor Protection (DIP) Guidelines, SEBI (1992)
38(1)
3.7.2 The Advent of Book Building
38(1)
3.7.3 Growing Stringency in the Eligibility Norms
39(1)
3.7.4 Easing of the IPO Norms
40(1)
3.7.5 Appraisal of the Issue by Financial Institutions
40(1)
3.7.6 Additional Eligibility Parameters in the SEBI (DIP) Guidelines
41(1)
3.7.7 Introduction of Margin Requirements for QIBs
41(1)
3.7.8 Introduction of IPO Grading
42(1)
3.7.9 Application Supported by Blocked Amount (ASBA)
42(1)
3.7.10 SEBI (Issue of Capital Disclosure Requirement) Regulations, 2009
42(1)
3.7.11 Level Playing Field Across Investor Categories
43(1)
3.7.12 Eligibility Norms Further Tightened
43(1)
3.8 General Qualifiers for IPO-Bound Companies
44(1)
3.9 Present Eligibility Norms for IPO-Bound Companies Under SEBI (ICDR), 2018
45(1)
3.10 Pricing Mechanism and Price Discovery
45(2)
3.11 Book Building Procedure
47(1)
3.12 Pricing Under the Fixed Price Method
48(1)
3.13 Differential Pricing
48(1)
3.14 Promoter's Contribution and Allied Provisions
48(1)
3.15 Norms for Minimum Public Shareholding and the Regulatory Interventions
48(2)
3.16 Allocation to Various Categories of Investors in an Issue
50(1)
3.17 Allocation in Case of Issue Through Other than Book Building
51(1)
3.18 Allocation to Anchor Investors
51(1)
3.19 General Framework for Rejection of Offer Documents
52(1)
3.20 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Provisions of the Listing Agreement as a Means to Safeguarding Investor Protection
52(1)
3.21 Legal Framework for the Issue Process
53(2)
3.22 Key Intermediaries in the IPO Process
55(1)
3.23 Issue Process for the Investor
56(1)
3.24 Conclusion
57(2)
References
58(1)
4 Primary Market Transformation: The Net Effect of Reforms
59(34)
4.1 Primary Markets in Their Rudimentary Form
59(2)
4.2 Improvements in the Trading Mechanism
61(1)
4.3 Demutualization and Corporatization of Stock Exchanges
61(1)
4.4 Dematerialization of Shares
62(2)
4.5 No Frills Demat Account for Small Investors
64(1)
4.6 Improvements in the Quality of Offerings
65(3)
4.7 Enhanced Transparency for IPO-Bound Companies
68(1)
4.8 Monitoring the IPO Proceeds
68(1)
4.9 Rationalization of the Issue Process and Reduction in the Timelines
69(2)
4.10 Greater Accessibility to IPOs for Retail Investors
71(1)
4.11 Green Shoe Option as a Price Stabilization Mechanism
72(1)
4.12 Price Stabilization Through Anchor Investor
73(1)
4.13 Trade Controls
74(1)
4.14 Measures to Increase Retail Participation
75(1)
4.15 Enhancing the Retail Investor Share in the IPO
75(1)
4.16 Allotment to Retail Investors
76(1)
4.17 Grading as an Investment Tool for Retail Investors
76(2)
4.18 ASBA: Solution to the Refund Problem
78(2)
4.19 Investor Grievance and Redressal
80(4)
4.19.1 Exclusive Mail ID for Grievance Redressal
80(1)
4.19.2 Retail Investor Education and Grievance Redressal
81(1)
4.19.3 Grievance Redressal
82(1)
4.19.4 SEBI Compliant Redressal System (SCORES)
82(2)
4.20 Reforming the Merchant Bankers
84(1)
4.21 Gradual Level Playing Field Between Different Categories of Investors
84(1)
4.22 The Rajiv Gandhi Equity Scheme
85(1)
4.23 Capital Protection Through Safety Net Mechanism
86(1)
4.24 Issue Manipulation and Regulatory Intervention
87(1)
4.25 Compensation as a Remedy to Retail Investors
88(1)
4.26 Conclusion
89(4)
References
90(3)
5 Retail Shareholder Protection Under the New Indian Corporate Legislation
93(12)
5.1 Background
93(2)
5.2 Small Shareholder: The Concept
95(1)
5.3 Shareholder's Participation Through Company Meetings
96(1)
5.4 Voting Through Postal Ballot
96(1)
5.5 E-Voting System
97(1)
5.6 Representation on the Board
97(1)
5.7 Remedies Against Misstatements in the Prospectus
98(1)
5.8 Stakeholders Relationship Committee
98(1)
5.9 Exit Opportunity in Case of Variance in the Term of the Contract
99(1)
5.10 Class Action Mechanism
99(3)
5.11 Conclusion
102(3)
References
102(3)
6 Retail Participation in IPOs: Trends and Analysis
105(16)
6.1 Introduction
106(1)
6.2 General Trends in the IPOs
107(2)
6.3 Issue Attributes with Respect to Pricing
109(1)
6.4 Average Size of the IPOs
110(1)
6.5 Industry-Specific IPO Attributes
110(2)
6.6 Retail Response Based on the Times of Oversubscription
112(1)
6.7 Average Number of Applications in the Retail Investor Category
112(2)
6.8 Increase in Investment Limit for Retail Investor and the Impact
114(5)
6.9 Conclusion
119(2)
References
119(2)
7 Retail Investor Engagement
121(6)
7.1 Transformed Market Structure
121(1)
7.2 The Secured Retail Investor
122(2)
7.3 Retail Investor Engagement: The Road Ahead
124(3)
References
125(2)
Annexure 1 Details of IPOs Considered for the Study 127(8)
Index 135
Parimala Veluvali has been in academics for over a decade. Her academic and research interests are in the areas of Corporate and Securities laws, Corporate governance and Investor protection. A Fellow member of the Institute of Company Secretaries of India, she also received her PhD from Symbiosis International (Deemed University) in 2014, under the Faculty of Law. She firmly believes in making the process of  learning interesting. She has been teaching students at the Symbiosis Centre of Management Studies, Pune where she is presently working, management courses that interface with law. Small investor protection and the regulatory mechanism have been her core areas of research and she has contributed research papers and articles in reputed journals on these themes.