Securities and Exchange Board of India (SEBI) Forms Hybrid Securities Advisory Committee to Facilitate Greater Retailer Participation

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Market regulator Sebi has set up a hybrid securities advisory committee, which will make recommendations to boost the growth of these instruments, including measures focusing on ease of issuance and attracting capital. national and global.

The 20-member committee will be chaired by KV Kamath, chairman of the National Bank for Infrastructure and Development Finance, an update with the Securities and Exchange Board of India (SEBI) showed.

In addition, the committee includes senior officials from infrastructure investment trusts (InvIT), real estate investment trusts (REIT), finance as well as legal experts and Sebi representatives.

REITs and InvITs are classified as hybrid securities and are relatively new investment instruments in the Indian context, but extremely popular in global markets.

The committee was tasked with advising Sebi on matters relating to the development and regulation of the primary and secondary markets for hybrid securities in the country.

Furthermore, it will identify use case scenarios for hybrid securities in the context of the infrastructure financing needs of the Indian economy and provide recommendations for developing instruments to meet the needs of the infrastructure sector. In addition, the panel will make recommendations on financing infrastructure through capital markets.

The panel will also be responsible for making suggestions to facilitate greater retail participation in hybrid securities while ensuring the protection of investors’ interests and making recommendations for developing engagements with various stakeholders, including increasing investor awareness of hybrid titles.

While a REIT includes a portfolio of commercial real estate assets, much of which is already leased, InvITs include a portfolio of infrastructure assets, such as highways and power transmission assets.

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Besides Kamath, the committee members include Harsh Shah, CEO and Full Time Director, India Grid Trust; Sanjay Grewal, CEO and Executive Director, Virescent Renewable Energy Trust; Tushar Kawedia, CFO, IRB Infrastructure Developers; Mathew George, Chief Financial Officer, National Highways Infra Investment Managers; Preeti Chheda, Chief Financial Officer, Mindspace REIT; and Aravind Maiya, Chief Financial Officer, Tata Realty and Infrastructure.

Samarth Jagnani, CEO of Morgan Stanley; Kranti Mohan, Partner at Cyril Amarcand Mangaldas; Pratichi Mishra, partner at S&R Associates; Rakesh Vyas, fund manager at HDFC Mutual Fund; and Gopikrishnan MS, Finance Professional are the other committee members.

In addition, Sebi has reconstituted its Research Advisory Board, which is responsible for promoting, developing and maintaining databases relevant to research on capital market regulation.

The 16-member panel will be led by V Ravi Anshuman, Professor at IIM Bangalore. Also, Madan Sabnavis, Chief Economist, Bank of Baroda; Pawan Agrawal, Chief Risk Officer at Crisil; Sudhir Bassi, Executive Director of Khaitan & Co; and HK Pradhan, professor of finance and economics at the Xavier School of Management (XLRI) are the other members of the panel, showed an update with Sebi.

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