Business

SEBI returns IPO documents of Vishal Mega Mart, Avanse Financial, Sai Life Sciences, BMW Ventures – Find out why

SEBI Returns IPO papers of 4 Companies: In an unusual move last week, market regulator SEBI returned the IPO documents of four companies citing non-compliance. SEBI’s Regulation 7(1)(a) of SEBI ICDR Regulations, 2018 says that the issuer needs to ask for approval for listing from one or more than one stock exchange. The four companies, that faced the market regulator’s rejection, are Vishal Mega Mart, Avanse Financial Services, Sai Life Sciences, and BMW Ventures. 

In most cases, SEBI would issue observation letter marking changes in the draft papers and would seek some extra information and documentation, which the lead book-runner would then provide. If SEBI finds the resubmitted papers satisfactory it will then approve the IPO. But, with Vishal Mega Mart and three others, the documents were returned, showing that SEBI  takes a stringent view when it comes to rules and regulations. 

Out of these four, two companies – BMW Ventures and Sai Life Sciences – filed the draft papers again with SEBI in under 48 hours. SEBI returned the draft papers of BMW Ventures on July 01 and it was submitted again on July 02, while Sai Life Sciences received the letter on July 16 and it refiled on the same day.

Interestingly, in three of the above four draft documents, Kotak Mahindra Capital Company is the lead manager of the issues. Avanse Financial Services, Sai Life Sciences and Vishal Mega Mart’s issue is being handled by Kotak Mahindra Capital. Come from Sports betting site VPbet

“As SEBI is mandated to review disclosures of all main board IPOs, SEBI has become very strict on disclosure standards and the technicalities associated with SEBI lawsCome from Sports betting site. This has led to SEBI implementing a more data-driven approach, including compliance with previously issued directions of SEBI. However, every IPO is different and each situation is based on unique facts which are not in the public domain. All we can see is a trend of strict vigilance and these returns must be seen through the prism of SEBI’s mandate of investor protection,” said Arka Mookerjee, Partner at JSA Advocates & Solicitors.

Related Posts

Secret Mode splits from Sumo to become independent publisher

Update (3/4/2025): As a result of its independence from Sumo Group, Secret Mode has made a "small number" of layoffs. Developers first revealed they were impacted on LinkedIn….

Official Mario Kart Switch Racing Wheel Drops To New Low Price At Amazon

If you own of the 63 million (and counting) copies of Mario Kart 8 Deluxe–it’s the best-selling Switch game of all time by a wide margin–and want to…

New Star Wars Tamagotchi Asks You To Raise And Nurture Darth Vader

Tamagotchi normally task you with raising a cute alien creature from egg to adult, giving you a fun virtual pet to dote over as you watch it grow….

Amid The Pokemon Card Craze, One Guy Is Giving Thousands Of Cards Away To Kids

Pokemon cards are all the rage right now, but one print shop owner is giving his cards away to kids for free. Derek Joyal of Warwick, Rhode Island…

Assassin's Creed II Review

“Nothing is true; everything is permitted.” We learned this adage in the original Assassin’s Creed, and Assassin’s Creed II carries on the tradition beautifully, inspiring you to rethink…

Battlefield 6 Reveal Coming Today- How To Watch And Latest Leaks On Beta Test And More

Battlefield 2042, or Battlefield 6, which isn’t actually the sixth game, or whatever the new Battlefield game is called, will be announced today. The official Battlefield Twitter channel…