GIFT Nifty logged $82 bn turnover in April; SK Finance files draft papers

Vehicle finance and business loans-focused non-bank lender SK Finance has filed preliminary papers with Sebi to garner Rs 2,200 crore through an initial share sale

GIFT Nifty logged $82 bn turnover in April

The GIFT Nifty logged its highest-ever turnover of $82 billion for a calendar month in April. The previous high was $78.1 billion in February 2023. GIFT Nifty was previously known as SGX Nifty as these contracts were being traded on the Singapore Exchange (SGX). From July 2023, these contracts have started trading at the GIFT International Financial Services Centre (IFSC) under a ‘connect’ programme between the National Stock Exchange (NSE) and SGX. In a release, the NSE said since the transition of full-scale operations at the GIFT City, the GIFT Nifty has witnessed a total cumulative turnover of $694 billion.

SK Finance files draft papers with Sebi 

Vehicle finance and business loans-focused non-bank lender SK Finance has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (Sebi) to garner Rs 2,200 crore through an initial share sale. The proposed initial public offering (IPO) is a combination of a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of up to Rs 1,700 crore by promoters and investor shareholders, according to the draft red herring prospectus (DRHP) filed on Wednesday. As a part of the OFS, Norwest Venture Partners X-Mauritius and TPG Growth IV SF PTE will offload shares worth Rs 700 crore each, Evolvence Coinvest I will divest shares to the tune of Rs 75 crore and Evolvence India Fund III  will sell shares worth Rs 25 crore.

Register with APMI: Sebi directs PMS distributors 

The Securities and Exchange Board of India (Sebi) has directed any person or entity involved in the distribution of portfolio management services (PMS) products to obtain registration with the Association of Portfolio Managers in India (APMI), an industry body. The diktat, to become effective from January 1, 2025, is to facilitate collective oversight of PMS distributors at an industry  level, Sebi said in a circular. APMI has been told to issue the criteria for registration of distributors by July 1.