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"Indian firms that do not increase their prices and (don't) focus hard on profitability do so at their own peril. The move, while long-sought by overseas law firms, appears to have been somewhat unexpected in its timing. Foreign law firms have yet to announce plans for new offices in India but international firms like Allen & Overy and Herbert Smith Freehills told Reuters they are examining the new rules. Lalit Bhasin, who heads the Society of Indian Law Firms, said there were concerns that a foreign law firm might de facto operate as a full-service firm by hiring local law firms to advise on areas concerning Indian law. "Who is going to monitor whether that foreign law firm is not engaged in practice of Indian laws?"

☆ India setting up $4 bln fund to backstop corporate debt market
▼ + stars: | 2023-02-17 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +2 min

Feb 17 (Reuters) - India is setting up a fund worth 330 billion rupees ($4 billion) to provide liquidity to its corporate debt market during bouts of stress, to help stem panic selling and ease redemption pressures, an SBI Mutual Fund executive told Reuters. During times of stress, the backstop fund could step into the market to buy relatively illiquid investment grade bonds. "This backstop facility fund comes out of Indian market peculiarity that the bonds are investment grade and still illiquid," said Anubhav Shrivastava, partner, Infinity Alternatives, an alternate investment fund (AIF). "The market for secondary corporate bonds is thin which is why we need the buyer and seller of last resort, the backstop fund will do this." The fund is small relative to 39 trillion rupees ($471 billion) Indian corporate bond market, but its size could be increased later, the source said.

[1/3] Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. Last week, the group's flagship entity Adani Enterprises (ADEL.NS) pulled its secondary share offering, India's largest ever, because of the sharp selloff. Adani has said Monarch was selected for previous share sales "for their credentials and ability to tap into the retail market". On Elara, Adani has said "innuendoes" that the firm was in any manner related to the conglomerate founders were incorrect. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said.

☆ Indian market regulator seeks beneficial ownership details of foreign investors -sources
▼ + stars: | 2023-02-06 | by ( Jayshree Pyasi | ) www.reuters.com time to read: 1 min

MUMBAI, Feb 6 (Reuters) - India's market regulator has written to custodian banks to share details of beneficial owners of offshore funds and foreign portfolio investors, according to two sources directly aware of the matter. The regulator has asked custodian banks to reach out to foreign portfolio investors by March and share the details by end of September, the sources said, speaking on condition of anonymity as the matter is confidential. If they do not provide such details, the regulator would deem the foreign funds in-eligible and ask them to liquidate their holdings in the Indian market by March 2024. There are 11,000 foreign funds registered with the Securities and Exchange Board of India (SEBI). Reporting by Jayshree P UpadhyayOur Standards: The Thomson Reuters Trust Principles.

☆ Instant View: India's Adani calls off $2.5 bln share sale
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 1 (Reuters) - India's Adani Enterprises (ADEL.NS) on Wednesday called off its $2.5 billion share sale, citing market conditions, a week after a U.S. short-seller's critical report unleashed a rout in the wider Adani Group's stocks. COMMENTARYDEVEN CHOKSEY, MANAGING DIRECTOR, KR CHOKSEY SHARES AND SECURITIES"In the given situation, when the entire environment has become negative, it is good that the share sale is withdrawn. GURMEET CHADHA, CHIEF INVESTMENT OFFICER AND MANAGEMENT PARTNER OF COMPLETE CIRCLE WEALTH"It was the right thing to do. It must have been a hard decision but it was the right thing to do. To go through this exercise of a share sale and to call it off raises more questions."

☆ Adani's $2.5 billion share sale faces crucial day after Indian rout
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +3 min

Adani Group has called the report baseless and said it was considering taking action against Hindenburg. 'FREE FALL'Some Adani Group stocks have surged more than 1,500% in the last three years amid aggressive expansion in businesses that include ports, power generation, airports and mining. Adani Enterprises has set a floor price of 3,112 rupees per share and a cap of 3,276 rupees for the secondary share sale - well above their close of 2,761.45 rupees on Friday. Arun Kejriwal, founder of Kejriwal Research & Investment, said investors were likely to wait until the last day of the share sale to see if the price band is tweaked. There are at least six Adani Group companies in the MSCI India Index, with a cumulative weight of 4.31%.

☆ Adani's $2.5 billion share sale faces crucial day after rout
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +3 min

Asked for comment, an Adani Group spokesperson said in an email that the share sale was going "as per schedule", without elaborating. The Adani Group has called the report baseless and said it was considering taking action against Hindenburg. Friday's 20% fall in shares of group flagship Adani Enterprises dragged it 11% below the minimum offer price of the secondary sale. Adani had set a floor price of 3,112 rupees ($38.22) a share and a cap of 3,276 rupees, but Adani Enterprises closed on Friday 2,761.45 rupees. A fourth source said Adani management is also discussing the share sale internally to decide on next steps.

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Adani Group in a statement said: "There is no change in either the schedule or the issue price." The Adani Group has called the report baseless and said it was considering taking action against Hindenburg. Friday's 20% fall in shares of group flagship Adani Enterprises dragged it 11% below the minimum offer price of the secondary sale. The Hindenburg report questioned how the Adani Group used entities in offshore tax havens such as Mauritius and the Caribbean islands.

☆ India market regulator increases scrutiny of Adani group - sources
▼ + stars: | 2023-01-27 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +3 min

Email queries and phone calls sent to Adani Group were not answered. Adani earlier this week dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm. The regulator had sought clarity from the group on these entities when the group approached it for regulatory clearance last year. Hindenburg's report on the Adani group comes amid a $2.45 billion secondary share sale by the group's flagship company Adani Enterprises. Some issues raised in the Hindenburg report point to concerns similar to what the regulator had regarding movement of funds between parties related to the Adani Group through offshore funds back into local companies, sources said.

☆ India court quashes write-off of Yes Bank's AT1 bonds -legal sources
▼ + stars: | 2023-01-20 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +1 min

MUMBAI, Jan 20 (Reuters) - The Bombay High Court, in an oral pronouncement on Friday, quashed the write-off of additional Tier-1 (AT1) bonds issued by Yes Bank Ltd (YESB.NS), said legal sources with direct knowledge of the matter. The final order is yet to be uploaded on the court website and the bank can choose to appeal in Supreme Court. The bonds were written off as part of a restructuring plan to rescue Yes Bank in March 2020. This feature was invoked in the case of Yes Bank. "The Court has granted Yes Bank 6 weeks to implement the order," said Sinha.

☆ Exclusive: India regulator probes investments between Nippon Mutual Fund, Yes Bank, sources say
▼ + stars: | 2023-01-19 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +4 min

MUMBAI, Jan 19 (Reuters) - An Indian regulator is investigating investments between Nippon India Mutual Fund, the largest foreign-owned fund in the country, and Yes Bank between 2016 and 2019 for suspected misuse of investors' money, sources said. SEBI's regulations say that the parent of a mutual fund cannot access investors' money either directly or indirectly. The current owner of the fund, Nippon India, as well as the previous owner could be liable, the sources said. As of December 2022, Nippon India was the fourth-largest mutual fund in India with assets under management of 2.9 trillion rupees ($35.46 billion) as well as the biggest foreign-owned mutual fund. On Friday, SEBI proposed further tightening of mutual fund regulations asking mutual fund owners to reduce their stake gradually as a measure to check their influence on investment decisions.

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