Sebi to unify intermediary regulations
Mumbai: The Securities and Exchange Board of India (Sebi) has begun a project to rewrite its regulations for capital market intermediaries by compressing the various circulars over the last 15 years into one master circular.

The draft comprehensive rules for intermediaries seek to make the registration process simpler and cost effective, mutual funds, depository participants and foreign institutional investors included.

Sebi issued draft regulations for market intermediaries to consolidate the common requirements in the regulations, under the `Consultative Paper on Draft Sebi (Intermediaries) Regulations, 2007'.

These regulations will apply to all intermediaries and prescribe the obligations, procedure, limitations etc, in so far as the common requirements are concerned, said the consultative paper put on the Sebi website this evening for public comments.

Given that the rules on intermediaries on basic provisions regarding registration, general obligations, inspection and investigations, default etc, are similar, the regulator proposes to bring them under a single rule book.

A key feature of the proposed guidelines allows persons currently registered with Sebi to apply for perpetual registrations. Persons who are currently registered with Sebi under regulations shall be required to apply afresh within two years of notification of the proposed regulations the paper added.
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Omaxe to float IPO
Mumbai: Real estate and construction company Omaxe will enter the capital market with an initial public offering of 1,77,96,520 equity shares of Rs10 each in the price band of Rs265-310 through a 100 per cent book building process, with a green shoe option.

The issue will constitute 11.20 per cent of the fully diluted post-issue paid up capital of the company assuming the green shoe option is exercised and 10.30 per cent if not exercised. The IPO opens on July 17 and closes on July 20.

The company hopes to raise Rs551.69 crore on the upper end of the price band and Rs471.61 crore at the lower end.

Of the total equity float, up to 1.75 crore equity shares will be offered to the public, while the balance of up to 2.96 lakh shares are reserved for the company's employees to be allotted on a proportionate basis. At least 60 per cent of the net issue will be allotted, on a proportionate basis, to qualified institutional bidders (QIB), of which five per cent will be available to mutual funds only. The remainder of the QIB portion will be available for allocation on a proportionate basis to all QIB bidders, including mutual funds, subject to bids being received at or above the issue price. Further, not less than 10 per cent will be available for allocation on a proportionate basis to non-institutional bidders and not less than 30 per cent of the net issue for allocation, on a proportionate basis, to retail individual bidders.
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Omnitech plans IPO
Mumbai: IT services and products firm , Omnitech Infosystems, proposes to enter the capital market to raise about Rs35 crore.

The company will issue about 35.3 lakh equity shares at the upper end of the price band of Rs90-105 per equity share.

The issue opens on July 19 and closes on July 25.

Up to 50 per cent of the net issue shall be allotted on a proportionate basis to qualified institutional buyers.

Further, 15 per cent of the net issue shall be available for allocation on a proportionate basis to non-institutional bidders, while 35 per cent to the public shall be available for allocation on a proportionate basis to retail bidders.

The company recorded revenues of Rs77.80 crore and net profit of Rs11.83 crore for the year ended March 31 against revenues of Rs54.16 crore and net profit of Rs7.53 crore in the previous year.
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