<ul><li><keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> is looking to bring in norms for follow-on offers by real estate investment trusts (<keyword id="11931834" type="General" weightage="20" keywordseo="REITs" source="Orion">REITs</keyword>) and infrastructure investment trusts (<keyword id="6425787" type="General" weightage="20" keywordseo="InvITs" source="Orion">InvITs</keyword>).</li><li>The time taken for allotment and listing after the closure of the issue was reduced from 12 to six working days.</li><li>The OFS mechanism has also been made available to unitholders or sellers of listed REITs and InvITs to offer their holdings through stock exchange mechanisms.</li></ul> To develop the market for emerging investment instruments, SEBI is looking to bring in norms for follow-on offers by real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). REITs and InvITs were introduced in India to provide investors with an opportunity to gain exposure to real estate and infrastructure projects respectively, with diversification of risks through pooling arrangements. Generally, REITs invest majorly in completed and rent-generating real estate assets. Privately placed InvITs can invest in under-construction assets as well as completed and revenue-generating assets and public InvITs can invest majorly in completed and revenue-generating assets. "Taking cognizance of the potential of REITs and InvITs in driving the future of Indian infrastructure, SEBI would endeavour to further develop the market for REITs and InvITs in the coming years through policy measures including considering bringing in norms for follow-on offers by REITs and InvITs," SEBI said in its annual report for 2022-23. <keyword id="18467788" type="General" weightage="80" keywordseo="krishnan-s-iyer" source="Orion">Krishnan S Iyer</keyword>, CEO, of NDR InvIT Managers, said given the capital requirements needed for the growth of infrastructure, it is very important that both domestic institutions, mutual funds, and of course retail investors increasingly participated in it. "These are well structured, regulated, and transparent vehicles that give them an avenue for developing a perpetual stream of cash flows, " Iyer added. The <keyword id="6355630" type="General" weightage="80" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) has been continuously engaged in strengthening the regulatory framework as well as in easing the process for these two products. To streamline the process of public issues of REITs and InvITs, the time taken for allotment and listing after the closure of the issue was reduced from 12 to six working days. Similarly, for privately placed InvITs, the time taken was reduced from 30 to six working days. These measures will help enhance liquidity in the market and bring about parity with equity instruments. The OFS mechanism has also been made available to unitholders or sellers of listed REITs and InvITs to offer their holdings through stock exchange mechanisms. "REITs and InvITs are other innovative mechanisms to finance real estate and infrastructure which in turn can have a multiplier impact on India's economic growth," SEBI said. Last week, SEBI notified rules introducing special rights to unitholders of REITs who can now nominate representatives on the boards. Also, the regulator introduced the concept of a self-sponsored REIT. REITs and InvITs have continued to witness interest from the market with three new InvIT registrations and one new REIT registration during 2022-23. This takes the total registered entities to 20 for InvITs and five for REITs. Further, the net asset value managed by REITs stood at Rs 70,614 crore whereas for InvITs it was Rs 1,76,957 crore as on March 2023. Total funds raised by InvITs during 2022-23 stood at Rs 6,360 crore and no fresh capital was mobilized by REITs during the year. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank">Audi Q8 e-tron and Q8 Sportback e-tron launched in India with more than 500 KM Range</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-declines-for-fourth-consecutive-quarter-reports-15-decline/articleshow/102822733.cms">Indian PC market declines for fourth consecutive quarter, reports 15% decline</a> <a href="https://www.businessinsider.in/tech/mobile/news/india-crosses-the-2-billion-mark-in-its-journey-to-become-a-smartphone-manufacturing-powerhouse/articleshow/102760757.cms">India crosses the 2 billion mark in its journey to become a smartphone manufacturing powerhouse</a>

SEBI plans to bring follow-on offer rules for REITs, InvITs

The net profit of <keyword id="6354972" type="General" weightage="100" keywordseo="icra" source="Orion">ICRA</keyword> for the first quarter of the current financial year rose 22.7 per cent to 31.9 crore and operating income of the company rose 7.0 per cent to Rs 49.3 crore driven by traction in new business. The Company's EPS increased by 22.7 per cent to Rs 33.2 in Q1 FY2023 against Rs 27.0 in Q1 FY2022. The quarter saw an increase in global inflation; this coupled with the upward revision of the repo rate during the quarter, has translated into increasing bond yields. The employee benefit expenses registered a decline of 2.1 per cent to Rs 28.4 crore in Q1 FY2023, accounting for 35.4 per cent of the company's total income. "Q1 FY2023 witnessed signs of an economic recession globally with inflation rising consistently and access to low-cost capital being tightened by banks and other players. Post doubling of credit growth in FY2022, banks' credit growth has remained in double digit figures," said <keyword id="1170224" type="General" weightage="50" keywordseo="ramnath-krishnan" source="Orion">Ramnath Krishnan</keyword>, <keyword id="5066833" type="General" weightage="20" keywordseo="md-group" source="Orion">MD &amp; Group</keyword> CEO, <keyword id="430616" type="General" weightage="20" keywordseo="icra-ltd-" source="Orion">ICRA Ltd.</keyword> On a consolidated basis, the company's operating income increased by 15.8 per cent to Rs 92.5 crore in Q1 FY2023 against Rs 79.9 crore in Q1 FY2022. Whereas, profit before tax stood at Rs 36.5 crore, up 10.1 per cent. Consolidated PBT stood at Rs 36.5 crore, up by 10.1 per cent. The rating agency's wholly owned subsidiary, <keyword id="14637356" type="General" weightage="50" keywordseo="icra-analytics-ltd" source="Orion">ICRA Analytics Ltd</keyword>, ICRA also achieved robust revenue growth, backed by its solid delivery model on the <keyword id="5165467" type="General" weightage="50" keywordseo="knowledge-services" source="Orion">Knowledge Services</keyword> side, and new product upgrades in other segments. The company has appointed <keyword id="900527" type="General" weightage="50" keywordseo="anand-iyer" source="Orion">Anand Iyer</keyword> as its Group Chief Technology Officer, who came on board in July this year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kalyan-jewellers-posts-108-cr-net-profit-looks-forward-to-festive-sales/articleshow/93347410.cms">Kalyan Jewellers posts ₹108 cr net profit; looks forward to festive sales</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gold-prices-rise-by-487-silver-gains-426-on-global-price-rise-rupee-depreciation/articleshow/93346658.cms">Gold prices rise by ₹487, silver gains ₹426 on global price rise, rupee depreciation</a>

ICRA net profit rises 22.7% to Rs 31.9 cr in Q1FY23

New Delhi, Dec 31 () Sebi on Tuesday barred four individuals of Deccan Chronicle Holdings Ltd from the securities market for two years and imposed restrictions on an auditor as well as a company secretary for manipulation of the company's financials and disclosure lapses.
 Chairman T Venkattram Reddy, Vice Chairmen T Vinayak Ravi Reddy and Parasuraman Karthik Iyer, and Managing Director N Krishnan have been restrained from the market for two years.
 Mani Oommen, Partner at C B Mouli &amp; Associates, has been barred from rendering auditing services to any listed company for one year. Company secretary V Shankar has also been directed not to provide company secretarial services to any listed company for one year, Sebi said in an order.
 The regulator found that the company manipulated its financials and made announcement for buyback of shares even in the absence of adequate reserves.
 Liabilities of Rs 2,905.32 crore and interest and finance charges of Rs 753.91 crore were diverted from the books of the firm on the last date of every accounting year and were reintroduced to the books on the next day just to avoid disclosure of the same to the public, as per the 65-page order.
 The watchdog said there would be no proceedings against Deccan Chronicle Holdings Ltd -- the publisher of Deccan Chronicle and Asian Age newspapers, among others -- taking into consideration that Hyderabad bench of the National Company Law Tribunal (NCLT) has approved a resolution plan for the company, which was also compulsorily delisted from the BSE since August 2017.
 "...actions of the noticees are replete with glaring manipulations, fraudulent intents and exaggeration of accounts to the extent that it went on for a number of years with the connivance of the company secretary and auditors.
 "Such blatant and egregious misconduct on the part of the noticees is not conducive for the integrity of the securities market and cannot be spared to be viewed leniently, rather such misconduct of the noticees deserve to be dealt with strictly," Sebi Whole-Time Director S K Mohanty said in the order.
 The noticees are the individuals.
 During the financial year 2008-09, the firm understated its outstanding loans of Rs 1,339.17 crore. The differences between the actual and reported outstanding were Rs 2,982.07 crore and Rs 3,347.41 crore in 2009-10 and 2010-11, respectively.
 Additionally, the company made a buyback announcement at a price that was 234 per cent higher than the ongoing market price.
 The company and the individuals also concealed the series of encumbrances created on the promoters' shareholding in favour of financial institutions under the garb of non-disposal undertaking which were nothing but pledge agreements signed with these institutions and also failed to make such disclosures to shareholders, the order said.
 According to Sebi, the individuals blatantly made "specious" claims about the ownership of brands such as Deccan Chronicle and Andhra Bhoomi saying that these brands were owned by Deccan Chronicle Marketers (DCM) and not by the company. This was done only to accommodate their manipulative accounting adjustments and to waive financial obligations of Rs 2,905.32 crore which DCM owed to the company, it added.
 Sebi said the company, its directors and management in cahoots with its company secretary and auditor, have manipulated the accounts by understating the liabilities and expenditure over many years from 2005-06 onwards.
 "The attempt to buyback shares of the company by the directors and promoters based on the falsely reported reserves amount despite the company actually lacking the requisite free reserves was another attempt to hoodwink innocent investors and to sell the company's misplaced false story about its strong fiscal position to its shareholder/investors," it noted.
 The four individuals have also been prohibited from holding any managerial post or being associated directly or indirectly with any listed company that intends to raise money from the public, or any intermediary registered with Sebi for two years.
 "For a period of one year, listed companies and intermediaries registered with Sebi shall not engage the Noticee 6 (V Shankar) for company secretarial services, or engage any audit firm associated with Noticee 7 (Mani Oommen) in any capacity, for issuing any certificate with respect to compliance of statutory obligations which Sebi is competent to administer and enforce, under various laws," the order said. SRS RAM HRS

Deccan Chronicle case: Sebi bars 4 individuals from securities mkt

<img class="gwt-Image" src="/photo/47147021.cms" /> Deemed to be the most stable management in the Indian <keyword id="6354185" type="ENTERTAINMENT" weightage="20" keywordseo="IT">IT</keyword> sector, Tata Consultancy Service with a sudden shuffle in its top management is showing traits of its <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> based rivals <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> and <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>. While the latter have been thundered with resignations and shuffles in last few months, TCS was a way better until its head of business process services <keyword id="2067405" type="PERSON" weightage="20" keywordseo="Abid-Ali-Neemuchwala">Abid Ali Neemuchwala</keyword> moved to Wipro. 
 As per a news report by The Economic Times, Vish Iyer, who was the company's <keyword id="2540" type="POSITION" weightage="20" keywordseo="President">president</keyword> " Asia Pacific, was replaced by Girish Ramachandran in Janauary. Iyer is now <keyword id="192276" type="POSITION" weightage="20" keywordseo="global-head">global head</keyword> for legal and corporate affairs, TCS' investor relations page shows. 
 J Rajagopal, executive vice president and global head for consulting, stepped down from the role December, his profile on professional social networking site <keyword id="28120" type="CITY" weightage="20" keywordseo="Linkedin">Linkedin</keyword> shows, confirmed the financial daily. The responsibility for consulting was moved to Krishnan Ramanujam who is also the <keyword id="2835786" type="UNKNOWN" weightage="20" keywordseo="global-head-for-enterprise-solutions">global head for enterprise solutions</keyword>. Rajagopal is now an <keyword id="2835785" type="UNKNOWN" weightage="20" keywordseo="advisor-at-TCS">advisor at TCS</keyword>. In March, TCS also appointed <keyword id="2763091" type="UNKNOWN" weightage="20" keywordseo="Aarthi-Subramanian">Aarthi Subramanian</keyword>, its global <keyword id="212848" type="POSITION" weightage="20" keywordseo="head-of-delivery">head of delivery</keyword> excellence, to its board. 
 
The news report by the financial daily reads, part of the reason for the moves is also a result of a problem that the Indian IT industry is just beginning to face. In the past, high-performing talent could always be given better roles as the industry was expanding into new service lines and geographies. But as the industry has grown and matured, new areas to expand into have grown scarce. 
 "With the <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> being quite a long way from retirement you have leaders of similar age moving on to CEO/COO roles as they will never gthe chance at TCS. Abid is one such person. They are also moving aside people to allow up-&amp;-comers space to lead and grow," Peter Bendor-Samuel, CEO at IT outsourcing consultancy, Everest told the ET. 
 
Analysts say that though growth at TCS has slowed over the past few quarters, the management changes are unlikely to be a reflection of that. 
 "I wouldn't ascribe the changes to the quarterly results. TCS has been one of the fastest growing companies in the Indian IT sector. I would say it is the normal process in the company," Thomas Reuner, <keyword id="24973" type="POSITION" weightage="20" keywordseo="managing-director">managing director</keyword> of IT outsourcing research at consulting firm HfS Research told the ET. 
 That is something TCS' Chandra has also said in an interview in April with the ET. "All of our units are run by very strong leaders," Chandra said. "So to be very <keyword id="227" type="PERSON" weightage="20" keywordseo="Frank">frank</keyword>, if you can take away one message, it's that our execution is solid. We have never had an execution issue. So, we are not going to rejig the structure for execution."

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SEBI plans to bring follow-on offer rules for REITs, InvITs

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ICRA net profit rises 22.7% to Rs 31.9 cr in Q1FY23

IANS

Deccan Chronicle case: Sebi bars 4 individuals from securities mkt

PTI

TCS has many new faces. Know them all

BI India Bureau