Business
AMFI Hails Sebis Move To Ease IPO, Mutual Fund And FPI Regulations
New Delhi: Association of Mutual Funds in India (AMFI) on Saturday hailed the regulatory changes introduced by the Securities and Exchange Board of India (Sebi), simplifying norms for IPO and foreign portfolio investors.
Sebi, in its recent board meeting, decided to revise the minimum public shareholding (MPS) norms for large companies planning initial public offerings (IPOs).
“We welcome SEBI’s progressive and well-calibrated reforms announced at its recent Board Meeting. The new incentive structures to expand mutual fund penetration beyond the top 30 cities and among women investors align closely with AMFI’s financial inclusion objectives,” said Venkat N Chalasani, Chief Executive, AMFI.
The reduction in the maximum exit load from 5 per cent to 3 per cent further reinforces SEBI’s commitment to investor protection and transparency.
The reclassification of REITs as ‘equity’ for mutual fund investments is also a timely step that will enhance diversification opportunities and support the growth of real estate as an investible asset class, Chalasani added.
Taken together, these initiatives will broaden investor participation, strengthen the long-term health of the mutual fund industry, and strike a thoughtful balance between regulatory rigour, investor protection, and ease of doing business, he said further.
Earlier, SEBI announced a series of regulatory changes, including a major relaxation in IPOs, ease for FPIs planning to invest in the domestic market, and simplifying entry norms for advisory certifications.
Under the new norms, companies with a market capitalisation of Rs 50,000 crore to Rs 1 lakh crore will now get more time to meet the public shareholding requirements.
They will be required to achieve 15 per cent MPS within five years of listing and 25 per cent within 10 years.
At present, companies are required to meet the 25 per cent threshold within three years.
Additionally, a new category of alternative investment funds that are exclusively available to accredited investors (AI) has been approved. According to a SEBI announcement, the minimum ticket size for Large Value Funds has been reduced from Rs 70 crore to Rs 25 crore.
The new SWAGAT-FI framework, which offers 10-year registrations, a single demat account, and exemptions from the FVCI rule requiring 66 per cent of corpus in unlisted equity, will benefit sovereign wealth funds and pension funds.
Business
Former Asda boss Roger Burnley appointed director at M&S
Former Asda boss Roger Burnley is to join the board of Marks & Spencer.
He will become a non-executive director of the high street giant from December 1, the company told shareholders on Thursday.
The retail veteran was the boss of rival Asda from 2017 until 2021, when he left the business following its £6.8 billion takeover by the Issa brothers and TDR Capital.
He was retail operations director at Sainsbury’s before moving to Asda and is currently a non-executive director at Pets at Home.
Mr Burnley will become the latest supermarket heavyweight to join the business, after former Sainsbury’s boss Justin King stepped down earlier this year.
Mr King left the board in September after around six years.
The appointment comes after a turbulent year for Marks & Spencer after it was hit by a major cyber attack which forced it to shut down online sales for around six weeks.
It said the attack has cost the company around £300 million.
Mr Burnley said: “M&S is a much-loved brand which I have always admired as setting the standard in UK retail, and it is a privilege to be joining such an engaged board.
“Much progress has been made through the reshaping for growth strategy, but there remains so much opportunity, and I am looking forward to supporting the leadership team to capitalise on that in the years ahead.”
M&S chairman Archie Norman said: “Roger brings extensive experience in the food retail industry and supply chain transformation which will be invaluable as we enter the next phase of our plan to reshape M&S for growth.
Business
Hyundai, Kia Enhance Green Vehicle Lineup In Japan
Seoul: South Korean automakers Hyundai Motor Co. and Kia Corp. are ramping up efforts to expand their presence in Japan with new hydrogen and electric vehicles (EVs), as per a report by Pulse, the English service of Maeil Business News Korea. At the Japan Mobility Show in Tokyo, which kicks off on Thursday, Hyundai Motor and Kia are expected to make their first joint appearance, targeting a market traditionally dominated by domestic automakers and internal combustion engine vehicles.
The report stated that before the event on Wednesday, Hyundai premiered The All-New NEXO, its latest hydrogen fuel cell electric SUV, while Kia debuted its PV5 purpose-built electric van.
“The All-New NEXO, which rivals the Toyota Mirai, is powered by a 150kW motor. It accelerates from zero to 100 km/h in 7.8 seconds, and offers a driving range of up to 720 km. Refueling takes about five minutes. Local sales are set to begin in the first half of next year. Kia also showcased its INSTER, known in Korea as the Casper Electric, and KONA Electric. The automaker said it plans to enter Japan’s electric van market next year with the PV5. The company expects rising demand as Japan aims to have 30 per cent of new car sales be electric by 2030,” the release said.
The automaker has partnered with Japan’s trading firm Sojitz Corp. to establish Kia PBV Japan, a joint venture focused on electric commercial vehicles.
Japan’s auto market remains dominated by domestic brands, led by Toyota, which controls nearly 90 per cent of the entire sales. Hyundai Motor re-entered Japan in 2022 after a 13-year absence.
“We will tailor our approach specifically for Japan,” said the report, quoted Hyundai Vice President Chung Yoo-suk. “In the compact car segment, we achieved our business plan for the first time this year since re-entering the market, and plan to continue introducing new models from next year.”
Business
Ministers urged to speed up support for UK car industry amid rising energy costs
The Government is being urged to go “further and faster” to protect the car industry from energy costs.
The TUC said high energy bills in the UK meant car makers were struggling in the face of competition from abroad.
On a visit to the Jaguar Land Rover factory in Solihull, the TUC general secretary Paul Nowak called on the Government to put its “foot on the accelerator” and speed up support for the UK car industry.
He said: “Car making is one of the jewels in the crown of British industry, and British classics like Range Rover and Jaguar are iconic around the world.
“But sky-high energy costs mean we risk losing out to competition from abroad.
“The Government has set out welcome support in the industrial strategy, but must go further and faster to bring down energy bills for British businesses.
“It’s time for the Government to put its foot on the accelerator, and act now to protect jobs and manufacturing in the UK.”
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