Mumbai, Monday, October 30, 2023: Association of Investment Bankers of India (AIBI) organized a National Workshop on ‘Capacity Building on Critical Areas of the Primary Market’ at National Stock Exchange office in Mumbai today. During the day-long workshop, the members of AIBI which is the investment bankers’ sole representative body to SEBI and various statutory authorities, discussed what critical roles regulators, stock exchanges, investment bankers, and other related market intermediaries must play and what is expected from each of these stakeholders during capital formation processes.

Dr. Bhagwat Karad Hon’ble Union Minister of State for Finance Government of India, said, “It is quite heartening to note that the Indian capital market has shown resilience in testing times and has become the most advanced and progressive marketplace globally. The role of AIBI and merchant bankers is notable in contributing towards the orderly development of the Indian capital market.”

Mr. Mahavir Lunawat, Chairman of Association of Investment Bankers of India, said, “In today’s workshop, we had a meaningful dialogue on the role and expectations of regulators, stock exchanges, merchant bankers, law firms, and data providers in making the primary market more robust and transparent. All stakeholders agreed that there is a need to work together more closely for simpler IPO documentation and processes for capital formation. We collectively identified the need for capacity building, bringing more momentum in advocacy campaigns for financial literacy, enhancing transparency and good governance, and boosting investors’ confidence.”

He added, “Along with market intermediaries, the body of merchant bankers will continue to advocate the orderly growth of capital market, keep interest of investment bankers aligned and enhance investor awareness and promote best practices via strategic measures.”

Mr. Ashish Chauhan, MD & CEO of National Stock Exchange, said, “Gone are the days when investors were afraid of investing in stock markets. Today, we have eight crore direct investors in the stock markets. Most of the new investors have come over the last three years, during Covid and post-Covid. Mobile phones and mobile applications have helped wherein now more people are saving through the stock markets. These eight crore investors are actually five crore unique households which is 17% of India’s all households put together that are directly investing in Indian stock markets. And largely, their entry is through IPO markets. I commend AIBI and all its members for ensuring that capital formation remains the most important pillar of running of capital markets.”

Going forward, AIBI will continue to work on identifying desired practices and processes that must be adopted for larger and faster capital formation which is the most critical tool for achieving ease of doing business and in turn contributes to nation-building. AIBI will also be analyzing IPO processes, the timelines involved, and how the same can be streamlined while meeting regulatory expectations.

Besides Mr. Ashish Chauhan, MD & CEO, National Stock Exchange; Mr. V S Sundaresan, Executive Director, SEBI, Mr. Mahavir Lunawat, Chairman of Association of Investment Bankers of India; other dignitaries like Mr. Anant Barua, Former, Wholetime Member SEBI; Mr. Rajesh Dangeti, CGM, SEBI; Mr. Deep Mani Shah, CGM, SEBI; Mr. J N Gupta, MD, Stakeholders Empowerment Services Investment; and Mr. Prithvi Haldea, Founder & Chairman, Prime Database attended the national workshop.

Other participants consisted of investment bankers, data providers, corporate law firms, and related market intermediaries.

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Mumbai, Thursday, October 05, 2023: With an aim to uplift the role of investment bankers in the current primary market scenario, Association of Investment Bankers of India (AIBI) – The sole representative body of investment bankers to SEBI, concluded its 1^st Off-site Roundtable Discussion at Ali-baug, Maharashtra. Led by Mr. Anant Barua, Former Whole-time Member, SEBI, Mr. Prithvi Haldea, Founder-Chairman, Prime Database, Dr S Subramanian, industry veteran and Former MD, Axis Capital, and Mr. Mahavir Lunawat, Chairman, Association of Investment Bankers of India (AIBI) along with the AIBI Board members and invitees, the discussions deliberated on the Enhanced Role of Investment Bankers in Getting Future Ready and Primary Market Reforms.

The discussion primarily focussed on the initiatives identified towards capacity building of merchant bankers, promoting investor awareness and achieving ease of doing business in capital formation. The most important tool for establishing ease of doing business and, consequently, contributing to nation building, is larger and faster capital formation. AIBI shall be working on identifying desired practices and processes that are crucial in expediting the capital formation. Similarly, the IPO process, timetables, and ways to simplify them while still meeting regulatory requirements will also be analysed by AIBI.

AIBI will set up a system to support merchant bankers’ capacity development and ongoing learning, especially for the new entrants who have registered as merchant bankers. Additionally, the updated due diligence guide for merchant bankers will be released by AIBI.

Expressing his views on the roundtable, Mr. Mahavir Lunawat, Chairman, Association of Investment Bankers of India, said, “After a full day of discussions at the AIBI Off-Site Roundtable, we have pinpointed particular areas for merchant bankers’ capacity building and continual learning, while also launching advocacy campaigns for financial literacy. We are collaborating closely with SEBI on a multitude of initiatives, such as establishing a SCORES platform at AIBI to track investor complaints about merchant bankers. The goal is to increase transparency and boost investor confidence.”  

Adding to it, Mr. Prithvi Haldea, Founder-Chairman, Prime Database, who has been an Honorary Advisor to AIBI for over a decade, said, “We have analysed various trends and data points which suggest the need for certain reforms in IPO documentation and processes, as also in the SME segment. AIBI must also play a larger role in investor education and in enhancing due diligence standards via strategic measures that elevate the investor confidence along with the market sentiments.” 

AIBI is now recognised by SEBI as ‘Designated Body’ to monitor all grievances of merchant bankers and bankers to issue. It will be working closely with SEBI to monitor investor grievances relating to IPOs and other corporate actions where merchant bankers are involved.  Furthermore, AIBI will soon launch a program of financial literacy through digital as well as physical modes. 

About Association of Investment Bankers of India (AIBI) –     

Association of Investment Bankers of India (AIBI) is the investment bankers’ sole representative body to SEBI and various statutory authorities. AIBI is recognised by SEBI as Designated Body for monitoring investor grievances relating to merchant bankers and bankers to issue. The Chairperson of AIBI represents Investment Bankers on the Primary Market Advisory Committee (PMAC) of SEBI, and has been active in representing the members’ views, comments, and suggestions on various regulatory reforms pertaining to the capital markets.

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