Market regulator SEBI (Securities and Exchange Board of India) has postponed the implementation of the third phase of the nomination framework for the securities market.
This phase was earlier scheduled to come into effect from December 15.
In an official statement, SEBI said that the new implementation date will be announced later. The decision to delay the rollout has been taken due to operational challenges currently being faced by depositories
and other market stakeholders. SEBI felt that more time is required to ensure smooth implementation of the framework across the system.
Changes in Rules for REITs and InvITs
Along with the postponement, SEBI has also amended the definition of REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts).
Under the revised rules, an entity classified as a Qualified Institutional Buyer (QIB) can now apply as a strategic investor. This expanded definition includes a wide range of institutions such as:
Government financial institutions
Pension funds and provident funds
Alternative Investment Funds (AIFs)
State industrial development corporations
Family trusts
Registered intermediaries with total assets exceeding ₹500 crore
This move is expected to bring in more institutional participation and strengthen long-term investments in REITs and InvITs.
Strong Investor Interest in ICICI Prudential Mutual Fund IPO
Mutual funds continue to be a preferred investment option for leading investors. A strong example of this trend is the ₹10,000 crore ICICI Prudential Mutual Fund IPO.
Even before the IPO opened, the fund had already received ₹4,815 crore in investments. A total of 26 investors, including well-known names such as the Jhunjhunwala family
and Madhusudan Kela, have invested in the issue. The IPO is scheduled to open on Friday.
ICICI Prudential is currently the largest asset management company in India based on quarterly average assets under management (AUM) for active mutual funds.
As of September 30, the company held a 13.3% market share, highlighting its strong position in the mutual fund industry.
Details of the Pre-IPO Private Placement
In consultation with the book running lead managers, ICICI Prudential conducted a private placement ahead of the IPO. The company allotted 22,240,841 equity shares at an issue price of ₹2,165 per share, raising funds through a cash payment mechanism.
Several prominent domestic and global investors participated in this pre-placement round. These include:
Abu Dhabi-based Lunate Capital
Regents of the University of California
IIFL Asset Management
Sarva Investments
3P India Equity Fund, managed by Prashant Jain
DSP India Fund
Whiteoak Capital India Opportunities Fund
HCL Capital, among others
Insurance companies also showed strong interest and took part in the pre-placement. These include SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life, and Go Digit.
Overall, the strong response from investors reflects high confidence in ICICI Prudential’s business model and the growing importance of mutual funds in India’s investment landscape.