Abhishek Securities

SEBI-appointed panel also suggests allowing overseas firms to list in India A committee appointed by the Securities and Exchange Board of India (SEBI) has recommended allowing unlisted Indian companies to directly list their shares on overseas exchanges in at least 10 countries. It also suggested allowing unlisted companies from such countries to list their shares on Indian bourses. While this is a major shift from the current regulatory regime that does not allow unlisted Indian companies to have a direct overseas equity listing, it would require changes in regulations that are outside the purview of the capital market watchdog. “Listing may be allowed only on specified stock exchanges in permissible jurisdictions,” the report stated, adding that such listing can benefit companies in the form of alternate source of capital, broader investor base, better valuation along with other strategic benefits. While allowing overseas companies to list in India, the committee is of the v...

DEMATERIALIZING UNLISTED SHARES: HOW CHANGES AFFECT SHAREHOLDERS Listed companies in India had moved from paper share certificates to the electronic-form, i.e. dematerialized shares way back in the year 1996. However, there was no such mandate in case of unlisted companies leading to instances of fraudulent share transfers and other disputes which resulted in unwanted litigation and hardship for the actual shareholders. To bring in further transparency, improve the know your customer (KYC) framework and overall investor protection, the Indian government has recently made it mandatory for all unlisted public companies to dematerialize their securities. It is pertinent to note that private companies are still exempt from getting their shares dematerialized. This article focuses on the impact and way forward for the shareholders of Indian unlisted public companies in light of this recent development. A public company means a company, other than a private company, formed under th...

Individual wealth in India grew by over 14 percent to reach Rs 392 lakh crore in FY18. This was achieved by a huge 17.42 percent wealth growth in financial assets and 9.24 percent growth in physical assets. Indians' individual wealth grew 14% in FY18 boosted by financial assets:  Investing in unlisted equity has increased Unlisted equity grew by 36.83 percent in FY18, this has been one of the favourite asset classes amongst HNIs. These shares are not listed on any stock exchange and not as liquid as shares listed on stock exchange. These shares are generally privately placed between the buyers and sellers and traded in the over the counter (OTC) markets. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD | ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail....

The Centre is planning to bring down its stake in MSTC, the company’s Director (Finance) AK Basu said here on Thursday. The Centre’s stake in the Miniratna PSU currently stands at over 89 per cent. The remaining 10-odd per cent is held by various industry associations. According to Basu, the plan is to opt for an “offer-for-sale” and not an IPO to bring down the stake to 65 per cent. “The government’s stake post-dilution will stand at 65 per cent,” he told reporters on the sidelines of the foundation stone-laying ceremony of its corporate building in the satellite township of New Town on the north eastern fringes of the city. He further maintained that the company was also exploring options to divest stake in its subsidiary Ferro Scrap Nigam. Having reported a turnover of ₹51,000 crore last fiscal, it is eyeing 10-20 per cent growth this fiscal. “We should cross ₹60,000 crore at least,” Basu said. JV with Mahindra Meanwhile, BB Singh, CMD, MSTC, pointed out that the comp...

Mahindra Intertrade Ltd., a part of the Mahindra Partners Division of the $17.8-billion Mahindra Group, and MSTC Ltd., a Government of India enterprise, have come together to jointly set up a first-of-its-kind greenfield auto shredding and recycling capability in the country. Mahindra Intertrade owns and operates a network of steel service centres across the automotive, power and home appliances verticals. Mahindra Partners is the $900 million private equity division of the Mahindra Group. The proposed collaborative venture will establish an integrated automotive recycling capability for end-of-life vehicles. And, it will undertake a host of activities — collection, compaction, transportation, de-pollution, dismantling, shredding, recycling, and disposal. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD | ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  www.abhisheksecurities.com/unlist...

Ahead of its proposed initial public offering, Asia's oldest bourse  BSE today warned investors against unauthorised offers to purchase or deal in the shares of the exchange that are unlisted currently.  BSE is expected to file  IPO  papers with market  regulator  Sebi  next month to mop-up Rs 800 crore.  The exchange's initial share-sale programme may hit the market this financial year.  Warning investors against unauthorised offers, BSE said in a notice, "Certain persons and/or entities have been circulating communications soliciting offer to purchase/deal in the shares of the exchange while such shares are unlisted."  It further said, "Such communications have not been directly or indirectly solicited or prompted by the Exchange, nor does the exchange endorse communications of such nature in any manner whatsoever. Any offer or solicitation pursuant to such communications should be carefully evaluated with respect to their legality...

Mahindra Intertrade Ltd., apart of the USD 16.9 billion Mahindra Group, has signed a Memorandum of Understanding (MoU) with MSTC Ltd. (a Government of India enterprise formerly known as Metal Scrap Trading Corporation Limited). The MoU will see the companies undertake a joint initiative to set up India’s first auto shredding facility. The MoU was signed under the aegis of the Honorable Minister of Steel and Mines, Shri Narendra Singh Tomarji. Sandip Ginodia , Director   ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com

HDFC  Life has signed a corporate agency agreement with Indiabulls Housing Finance, leading private housing finance company, to distribute individual insurance products. Under this new tie up, Indiabulls Housing will distribute HDFC Life's individual life, health and pension products to its customers across India, the private insurer said today in a release issued here.

Seven steel majors including a central PSU have participated in the e-auction process to bag Odisha’s Ghorhaburhani-Sagasahi iron ore block with a total reserve of around 100 million tonne, officials said on Thursday. The auction platform is provided by MSTC Ltd while SBI Capital Markets Ltd (SBI Caps), a fully owned subsidiary of State Bank of India, is the transaction adviser for conducting mineral e-auction. The transaction adviser will assist the state government in fixing floor price for the auction. The state government has already formed a committee under the development commissioner for the smooth conduct of mines auction in the state. 

Industry trackers say that the issue arose after representations were made that investment in unlisted companies be treated on a par with those in listed space. By that the contention was that there would be no tax on  investments  in unlisted companies if the investment is held for a year. "The industry wants the government to clarify the law for unlisted shares and explicitly reduce the holding period for unlisted shares from 3 years to 1 year," said Rajesh H Gandhi, partner, tax,  Deloitte  Haskins & Sells."Given that market participants are acutely sensitive to tax policy changes, any review of the policy should be calibrated, backed by a broader medium to longterm policy objective and should follow extensive stakeholder consultation," said Sameer Gupta, partner and leader,  financial services , tax and regulatory. Currently India has a double  taxation  avoidance treaty (DTAA) with Mauritius and Singapore, which effectively means investor...

Ms. Bharthi S Sihag, IAS, Addl. Secretary & Financial Advisor, Ministry of Steel inaugurated MSTC Stall at India International Trade Fair (IITF) 2015 on 14th Nov 2015 at Pragati Maiden, New Delhi in presence of Shri. S K Tripathi CMD & Ms. Urvilla Khati, Joint Secretary, Ministry of Steel Sandip Ginodia , Director ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com

: "There are only two real ways to get ahead today, sell liquor or drink it." What American actor WC Fields probably said in the early nineties still holds true — at least for state-owned trading company MSTC Ltd. From auctioning scrap to selling liquor dealerships, the lesser known PSU has come a long way. In a first-of-its-kind move, MSTC has been approached by the Odisha government to e-auction the state's liquor licences. So far, the state has been holding manual auctions for the dealerships. Thanks to the coal auctions, the miniratna company under the steel ministry is in demand, with none other than power and coal minister Piyush Goyal and Andhra Pradesh chief minister Chandrababu Naidu among its admirers. "The coal minister, who is a chartered accountant himself, and tech savvy Chandrababu Naidu are very impressed with MSTC's work," said a company official. Other states including Rajasthan, Madhya Pradesh and Andhra Pradesh have ap...

Tech czar   Azim Premji   is in talks to buy under 5% stake in   HDFC Life   for a little over $100 million, or Rs 600 crore. Premji Invest, the investment arm of the Wipro boss, is discussing acquisition of shares from HDFC in a secondary transaction, people directly familiar with the matter said.   India's second largest private life insurance company is a joint venture with UK's Standard Life Plc, which holds the maximum permissible 26% stake. HDFC plans to divest a small part of its 72.37% stake in the life insurer as part of its regular fund raising plans, sources cited earlier added.   Premji is buying into the potential high growth story of life insurers in a market with abysmally low penetration. India's life insurance penetration is estimated at 3.1% and that of insurance products in general at 3.9%. Notwithstanding short-term blips over regulatory revamp, the industry asset under management is expected rise at over 20% annually.   An emaile...

State-owned MSTC Ltd was hopeful of recovering Rs 600 crore unrealised from overseas buyers for gold jewellery sales in 2008-09.  "We are making progress on the recovery process. We are winning some of the cases and most of the verdicts are in our favour," MSTC Chairman and Managing Director S K Tripathi said here today.  Speaking on the sidelines of a session of the  Bharat  Chamber of Commerce he said that though the legal process was time consuming recovery was expected to take place.  A parliamentary committee in its report had said that MSTC sold Rs 638 crore in gold jewellery to 47 foreign buyers through six  Mumbai -based sellers in 2008-09.  Of this, Rs 599 crore remained outstanding from 46 foreign buyers in  UAE , Kuwait and  Singapore  who had cited economic slowdown as a cause of failure to repay, the panel noted. Sandip Ginodia , Director ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of expe...