Street Signs: Dissecting claims with precision, 63% GMP for Standard Glass

Performance under the knife: Dissecting claims with precision

 

The Risk and Return Verification Agency (PaRRVA), recently approved by the Securities and Exchange Board of India (Sebi) to validate claims by investment advisors and research analysts, may impose stringent guidelines for credit rating agencies partnering the National Stock Exchange. Sources suggest that eligibility conditions for these agencies may include at least 15 years of experience and a minimum net worth of Rs 100 crore. Further, the agency should have rated 250 or more issuers for their listed or proposed-to-be-listed debt securities. Investment advisors and research analysts must submit their recommendations to PaRRVA when offering advice to clients, allowing for validation based on a specified methodology. Following its December 2024 board meeting, Sebi clarified that risk/return metrics verification would apply only prospectively, beginning when PaRRVA’s services are utilised.

 

The ghost in the machine: Uncovering angadias’ hidden trails

 

Angadia, known as an informal courier network for transporting valuables, has long served as a parallel, unofficial channel. However, a recent order by the Securities and Exchange Board of India (Sebi) has exposed how these couriers facilitated the transfer of illegal gains. Angadias are traditional couriers who transport cash, jewellery, and documents for a fee. Sebi’s order concerning stock operator Ketan Parekh — previously banned for 14 years due to his involvement in the 2000 stock market scam — revealed how angadias were used to evade regulatory oversight while distributing profits from alleged front-running activities. Parekh’s associates shared images of Rs 10 notes over chats with recipients, who identified the angadia by the number on the notes. The order illustrates how this unofficial channel continues to operate in the shadows.

 

The glass ceiling cracked: 63% GMP for Standard Glass Lining

 

Standard Glass Lining Technology, which opens its initial public offering (IPO) for subscription on Monday, has seen its grey market premium (GMP) rise by 63 per cent above the issue price. The Rs 410 crore IPO consists of a fresh issue of Rs 210 crore and an offer for sale of Rs 200 crore. The company allocated Rs 123.02 crore worth of shares to anchor investors on Friday. Specialising in engineering equipment for the pharmaceutical and chemical sectors, the company intends to use the funds from the fresh issue to support capital expenditure, repay debt, and pursue inorganic growth. In 2024, 91 IPOs raised Rs 1.6 trillion in the Indian market.