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Prithvi Haldea

Articles By Prithvi Haldea

8 Articles

How to make LIC’s the IPO of a lifetime

From restructuring the allocation buckets to getting pricing for retail and QIBs/HNIs right, the govt can do many things to make it a game-changer

In pricing, the government should leave enough on the table. It should recognise that when the share price goes up post-listing, it will benefit the most, with 95% of the shares in its hold.

Make LIC’s the IPO of a lifetime

If a company and its price are attractive, a very large investor base is available. LIC should set out to upend all records

Though the proceeds shall provide much-needed monies to the government, the focus of the LIC IPO should primarily be the expansion of the investor base, and dramatically so.

Giving some teeth to independent directors

Having Independent directors on the board will remain mandatory. the way forward is to strengthen the system surrounding their appointment & functioning

This should be put on the websites of the stock exchanges for public comments for 21 days.

Myth of independent directors: They can only be effective if they are independent of promoters

Independent directors can only be effective if they are independent of the promoters; else, having them just creates a false sense of good corporate governance

Clearly, therefore, if IDs are to perform their role, they have to be independent of the promoters; otherwise, the entire concept becomes meaningless, and expectations get misplaced.

Revisit corporate governance laws for Central Public Sector Undertakings

The governance rules for CPSUs need to be different From what is prescribed for private companies because of several major differences between the two

While this is fundamentally correct, why even have a law which continues to be violated and where compliance has not been possible for 15 long years?

Towards an informed retail IPO investor

The new abridged prospectus is a genuine effort by Sebi to make retail investors take informed decisions

Starting up the start-up IPOs

Sebi’s new ITP regulations are a breakthrough. We are finally ready for listings of domestic start-ups on domestic bourses

A platform to promote startups

The new Sebi norms will make it easier for startups to list in India. Equity investors will also get an opportunity to bet on small, new-age firms

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