Bond Sales, Stock Buybacks To Halt As India Updates Platform
(Bloomberg) -- India's financial market may see key activities from corporate bond sales to share buybacks halt in a seasonally busy season as the nation's government upgrades the online portal companies use to file regulatory documents.
The government's digital platform, used by companies to inform it of key financial developments, will not be available from Jan. 7 to Jan. 22, as its updated version is introduced, according to a statement on the Ministry of Corporate Affairs website. The unavailable filing documents include those required by firms to use the money they have raised through bond sales.
This technical issue will act as a ‘shut period for primary issues,” said Jayen Shah, founder of Mavuca Capital Advisors Pvt. About 46 documents for updating information, including the appointment of top executives and name change of a firm, will not be available, which will hinder stock buybacks to debt sales.
“In case a workaround such as manual filing is not devised during the period when e-filing is not allowed, we would see issuers falling under the Companies Act deferring their bond sale plans,” said Shameek Ray, head of debt capital markets at ICICI Securities Primary Dealership Ltd. That could hurt many companies' refinancing plans as typically significant borrowing happens in the last quarter of the financial year, he said.
(Updates with details throughout the story)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
