Worldwide: Securities

The Securities and Exchange Board of India (SEBI) through the circular HO/19/34/11(2)2026-AFD-POD1/I/13764/2026 dated 16 June 2026 (Circular) has issued guidelines for AIFs seeking ‘Inoperative Fund’ status. The Circular follows SEBI’s consultation paper dated 5 February 2026 titled ‘Flexibility to Alternative Investment Funds (AIFs) in Winding up the Scheme / Surrendering the Registration’, which proposed granting AIFs / VCFs greater flexibility to retain liquidation proceeds beyond the expiry of their permissible tenure in specified circumstances.

On 12 June 2026, the Ministry of Finance (Department of Economic Affairs) notified the Foreign Exchange Management (Non-Debt Instruments) (Third Amendment) Rules, 2026 (Amendment Rules), amending the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (NDI Rules).

In November 2024, Swiggy went public and raised over Rs 11,300 crore. What the market did not know until September 2024, barely six weeks before the subscription opened, was that Swiggy had already spent five months in regulatory review. The company had filed its draft offer document with SEBI in April 2024, received observations, and refined it through two updated versions, all without a single word entering the public domain. No competitor read it.

Sophisticated investors investing in India are no longer required to settle for the fund. Increasingly, they want the deal, i.e., the specific, high-conviction opportunity sitting inside the fund’s portfolio.

Under Regulations 44(1) and 59C of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, a public issue may be opened within twelve months and eighteen months respectively from the date of issuance of SEBI observations. SEBI received representations from the industry body highlighting difficulties faced by issuers in mobilizing resources and accessing capital markets due to ongoing geopolitical tensions in the Middle East

An Initial Public Offering (IPO) represents one of the most significant milestones in a company’s lifecycle. It is not merely a fundraising exercise but a fundamental business transformation...

Unlike traditional IPOs, SPACs offer a faster and more flexible route to public markets, enabling private companies to negotiate valuation and transaction terms directly with the sponsor...

The Securities and Exchange Board of India ("SEBI") vide its circular dated 07.04.2026 ("SEBI Observations Circular")1 has granted a one-time relaxation with respect to the validity of SEBI observation letters issued under the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 ("ICDR Regulations").

Globe Capital Market Ltd (‘Assessee’), is engaged in the business of the share broking and clearing of trades.