 "\"Once we get approval from Sebi on the proposed structure, we shall proceed to the NCLT for implementing the scheme of arrangement\" P N Vasudevan MD, Equitas SFB")
One of the risk factors mentioned in the April 2016 dated IPO document of Equitas Holding was of listing its wholly-owned small finance bank (SFB) three years from commencing lending operations. Back then, since the mood was different and there was much euphoria on a new sub-segment being created in banking space, many investors chose to sidestep this risk factor. There was also hope that since SFBs cater to the financial inclusion theme, the Reserve Bank of India (RBI) could probably go soft on listing requirements. Come 2019, these narratives have totally changed.
“Time and again what the RBI has
