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SEBI Delays Phase-3 Enrollment; ICICI Prudential MF Draws Major Investors Ahead of IPO
SEBI: In January, SEBI issued guidelines to revise the enrollment process for mutual fund folios and demat accounts to enhance market transparency and reduce unclaimed assets. It was scheduled to be implemented in a phased manner in February. However, depositories and industry bodies again cited operational challenges, leading to the postponement of the December 15th date.
The market regulator, SEBI, has postponed the implementation of the third phase of the enrollment framework for the securities market. The third phase would have been implemented on December 15th. According to a statement given by the Securities and Exchange Board of India (SEBI), the date will be communicated at a later date. The reason for postponing it is due to some operational issues.
SEBI changed the definition of REITs and InvITs as well. A person who is a qualified institutional buyer can apply as a strategic investor. This list includes a group of institutions like government financial institutions, pension and provident funds, alternative investment funds, state industrial development corporations, family trusts, and registered intermediaries with total assets above Rs 500 crore.
Mutual funds have become a preferred investment vehicle for leading investors. For example, the Rs 10,000 crore ICICI Prudential Mutual Fund has already attracted Rs 4,815 crore of investment before its IPO opened. Twenty-six investors, including the Jhunjhunwala family and Madhusudan Kela, have placed stakes in the issue, which opens Friday. ICICI Prudential is the country's largest asset management company in terms of active mutual fund quarterly average assets under management. As of September 30, its market share was 13.3%. The company, in consultation with the book running lead managers of the IPO, has made a private placement of 22,240,841 equity shares at an issue price of Rs 2,165 per share against cash payment.
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These include Abu Dhabi-based Lunate Capital, the Regents of the University of California, IIFL Asset Management, Sarva Investments, 3P India Equity Fund (managed by Prashant Jain), DSP India Fund, WhiteOak Capital India Opportunities Fund, HCL Capital, and others. Insurance companies such as SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life, and Go Digit also participated in the pre-placement.
