application money, dividend- related issues, bonus or rights related, delisting of securities, or buy-back (i) of securities r!!4UPDL! #SPLFST-! 4VC/CSPLFST-! Portfolio managers, and Stock exchanges r!!%FQPTJUPSZ! QBSUJDJQBOUT! BOE! depositories The purpose of SCORES is to provide a platform for aggrieved investors, whose problems, pertaining to the securities market, remain unresolved
38 | Financial Planning Journal | September-October 2016 r!!.VUVBM!GVOET! r!!$PMMFDUJWF! *OWFTUNFOU! 4DIFNFT (ii) (CIS), Merchant bankers, credit rating agencies, foreign institutional investors (FIIs), venture capital funds (VCFs), alternative investment funds (AIFs) and custodians of securities r!!*OWFTUNFOU!BEWJTPS!BOE!SFTFBSDI! analyst r!!$PNNPEJUJFT! EFSJWBUJWFT! BOE! related issues Along with the acceptance of online complaints the SCORES website also provides vital statistics on the grievances received, resolved and pending as at the financial year end. The investors could belong to any of the four categories: r!!&OUJUJFT!BHBJOTU!XIPN!DPNQMBJOUT! are pending with SEBI r!!1JTUFE! DPNQBOJFT! XIP! IBWF! OPU! obtained SCORES authentication r!!&OUSZ/XJTF! TUBUJTUJDT! JO! UFSNT! PG! number of pending actionable complaints r!!$BUFHPSZ/XJTF!TUBUJTUJDT!JO!UFSNT! of number of pending actionable complaints Investors generally have queries relating to disclosures (by companies) during public issues or delisting of shares or buy-back of shares or valuations during mergers and demergers. SEBI does address issues relating to disclosures in the Draft Red-Herring Prospectus (DRHP) by commenting on it. In a few cases, clients may approach FPs with complaints in relation to DRHPs. There are cases where planners or investment advisors assist clients in issues relating to ‘minority shareholders’ interest during increase of stake by parent companies in the subsidiaries or acquisition of companies or during restructuring proposals. Sometimes companies use ‘voluntary delisting’ as a corporate strategy to gain from the buzz. The delisting can be either voluntary or forced. Many doubts and grievances may arise in case of voluntary and mandatory delisting. The reason for grievances in case of voluntary delisting is usually with respect to the ‘fair value of the offer’ made to the shareholders for purchase of shares. Investors may feel that they are not getting a good deal when the shares are delisted and this is where Financial Planners could help the investors in addressing their grievances. SEBI has made amendments to the regulations governing ‘delisting’ in March 2015. Companies looking to delist must take care of all the interests of the stakeholders by informing the public adequately. The shareholders who were not able to tender their shares to the promoters during the delisting process can do so (at the price at which shares were offered to be delisted) up to a period of one year from the date of delisting.
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