Want to raise funds? Have you considered crowdfunding?
Author: yazdi
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SEBI Consultation Paper for Crowdfunding in India
Dear friends,
Enclosed please find a consultation paper released by SEBI on 17th June 2014.
SEBI is seeking public opinion on this consultation paper. The questions are listed below.
I will be happy to consolidate responses received from you in a single document and submit it on everyone’s behalf acknowledging each individual who responds.
You may also send your response directly by e-mail to Mr. Aditya Sarda (adityas@sebi.gov.in) or Mr. Ankit Goel (ankitg@sebi.gov.in).
Look forward to your responses by July 5th 2014.
Regards,
Yogesh
PS: Feel free to share with others who may be interested in this subject.
Consultation Paper on Crowdfunding in India 20140624
Consolidated List of all Questions (These questions are listed in the order of different sections of the consultation paper. For further information and SEBI’s suggestions please refer to corresponding section of the consultation paper)
8.0 Is Crowdfunding really needed ?
Q1 Given that Crowdfunding is still in nascent stages and most of the jurisdictions around the world have taken a guarded view by allowing it in a restricted manner, do you think India is ready for crowdfunding or is it premature to introduce such risky investment channel ?
9.1.4 The Accredited Investors:
Q2 Are the Accredited Investors mentioned in paragraph 9.1.4 suitable to participate in the risky investments of crowdfunding? Is there a need to expand or reduce the categories of investors or expand or reduce safeguards? Specify along with the rationale.
9.1.5 Investment Limits:
Q3 Are the Investment Limits specified in paragraph 9.1.5 justifiable with respect to the respective investor classes? Are they too high or too low? Specify along with rationale.
Q4 Is the limit of investors upto 200 besides QIBs or employees of the company under a scheme of employees stock option, as specified in Chapter III – The Companies (Prospectus and Allotment of Securities) Rules, 2014, adequate or is there a need to amend such rules to allow upto 1,000 investors, excluding QIBs or employees of the company under a scheme of employees stock option?
9.1.6 Investment Conditions:
Q5 Are the Investment Conditions mentioned in the paragraph 9.1.6 enough to warn and guard investors regarding the risky nature of crowdfunding? Specify changes, if any, along with the rationale.
9.2 Who can raise funds from Crowdfunding Platform and Limitations on capital raised?
Q6 Given that the companies coming for crowdfunding lack any significant track record, are the conditions and requirements mentioned in paragraph 9.2 enough to fend off fraudulent issuers? Specify changes, if any, along with the rationale.
9.3 Disclosure Requirements on Issuer
Q7 Are the disclosure requirements for a company interested in raising funds through crowdfunding platform mentioned in paragraph 9.3.3, enough to enable investors in an informed decision making ? Specify changes, if any, along with the rationale.
Q8 Due to the lack of history and track record, it is important that the issuers provide future projections of their business to facilitate investors in decision making. What should be the criteria to ensure that the projections are realistic and achievable and not misguiding in nature?
Q9 What should be the continuous disclosure requirements for a company once it gets displayed on the platform? How it should be ensured that there is no information asymmetry between various prospective investors?
9.4 Who can set up a Crowdfunding Platform?
Q10 While Class I entities are already under SEBI’s purview and have a successful track record in managing issues and securities, Class II entities have a specialized domain knowledge in the field of start up mentoring and funding. Is a joint venture between the two classes a better idea than to allow them to launch their own crowdfunding platforms separately?
Q11 Any suggestions on some other possible entities which can be included in Class II with a tentative list of qualifying criteria?
Q12 Any suggestions on some other possible entities which can be included in Class III for the purpose of providing platform for FbC? Also specify their tentative qualifying criteria?
9.4.5 Requirements on Crowdfunding Platform:
Q13 Any suggestions on some additional or reduced requirements on Crowdfunding Platforms?
Q14 Are the measures mentioned in paragraph 9.4.6 enough to ensure a seamless operation of the Crowdfunding Platform and avoidance of any conflict of interest? Suggest changes, if any, along with the rationale.
Q15 Any suggestions on the role and responsibility of the screening committee and its composition etc.?
Q16 Given that only Accredited Investors may be allowed to invest through Crowdfunding Platforms, it is important that their due diligence is conducted properly to confirm their eligibility. Are the entities mentioned in paragraph 9.4.4 capable in doing the same? Any suggestions in this regard?
Q17 Making the platform’s revenue directly dependent on the fee from the issuers may lead to a conflict of interest. What could be the possible alternative revenue mechanisms for the platforms which may eliminate or reduce such conflicts?
Q18 Should there be any restriction on the fee charged by a crowdfunding platform to an issuer for getting access to the platform or an accredited investor for registration or should this be left as a commercial decision by the platform based on market forces?
9.5 Equity based Crowdfunding (EbC)
Q19 Any suggestions on the requirements in EbC to make it more transparent and investor friendly?
Q20 Any suggestions on the requirements in DbC to make it more transparent and investor friendly?
Q21 Is there any need to prescribe the limit on the leverage a company can take through DbC?
Q22 Is there a need to change the rules regarding appointment of Trustee and creation of Debenture Redemption Reserve in case of private placement of debt with no intention of listing which seeks to issue debentures through recognized crowdfunding platform?
9.7 Fund based Crowdfunding (FbC)
Q23 Any suggestions on the requirements in FbC to make it more transparent and investor friendly?
9.8 Procedure for offering through a Crowdfunding Platform
Q24 Any suggestion to simplify the procedure as specified in paragraph 9.8 within the existing legal framework?
9.9 Secondary Market
Q25 Any suggestion on additional avenues of exit or liquidity of securities in crowdfunding?
9.10 Protection from Cybercrimes
Q26 What kind of security features and IT Policies should be put in place to make the crowdfunding platform safe and secure from all sorts of cyber crimes?
A Boon for Small Farmer Entrepreneurs
Venture Capital Assistance Scheme (VCA) for Small Farmers
• VCA: It is an interest free loan provided by SFAC, always in conjunction with a bank loan, for setting up of agribusiness projects (including Dairy and Poultry) upto a project cost of Rs. 500 lakh
• VCA Amount: 40% of promoter’s equity or Rs. 50.00 lakh whichever is lower in NER/Hilly States (26% of promoter’s capital in rest of the country).
• Minimum project size: Rs. 15.00 lakhs (Rs. 10.00 lakhs in NE and backward districts)
• Tenure: Same as that of Term Loan sanctioned by bank/FI
• Individual entrepreneurs, coops, FPOs, SHGs, companies etc. all eligible to apply
• Assistance to prepare DPRs through empanelled consultants of SFAC/State SFACs
Click Here for the brochure
Click Here for the presentation
Click Here for their website for more details
SEBI opens crowd-funding window for start-ups
Move to provide alternative source of funds; safeguards built in to protect retail investors
In a move that will help start-ups struggling to raise funds, SEBI is warming to the idea of allowing crowd-funding, a popular concept in developed countries.
Crowd-funding is seeking funds (in small amounts) from multiple investors through a web-based platform or a social networking site for a specific project, business venture or social cause. SEBI came out with a consultation paper on crowd-funding on Tuesday to provide alternative financing sources to start-ups. It wants the issue fund-raising capped at ₹10 crore a year for each start-up.
However, companies which want to raise more than ₹10 crore may do so by listing shares on an SME platform or main board of a recognised stock exchange, SEBI said.
To ensure that retail investors do not end up bearing all the risks of start-up ventures, the market regulator proposes to permit only certain retail and accredited investors to participate in crowd-funding.
Retail investors who can participate in crowd-funding should be getting advice from an investment consultant or a portfolio manager or should have passed an appropriateness test (may be conducted by an institution accredited by the National Institute of Securities Markets or the crowd-funding platform).
Also, only investors with a minimum annual gross income of ₹10 lakh and those who have filed income-tax returns for at least three financial years will be eligible to participate.
Investors “have to issue a certificate that they will not invest more than ₹60,000 in an issue through the crowd-funding platform, and not invest more than 10 per cent of their net worth, which excludes the value of the primary residence or any loan secured on such property.”
Accredited investors, the other set that can invest in start-ups, include qualified institutional buyers, companies with a minimum net worth of ₹20 crore, and high networth individuals (HNIs) with a minimum net worth of ₹2 crore.
Though there is no cap on QIBs, a maximum of 200 HNIs and retail investors can participate in an issue.
RestrictionsThere are curbs on fund raisers too. According to the SEBI proposal, a company promoted, sponsored or related to an industrial group with a turnover in excess of ₹25 crore or which has an established business is not eligible for crowd-funding.
Also barred are realty companies, listed corporates and firms which have been in existence for more than two years. The crowd-funding route is not open to a company that proposes to use the funds raised to provide loans or make investments in other entities.
Start-ups shall not use multiple crowd-funding platforms nor advertise their offering or solicit investments from the public. The issuer should compulsorily route all crowd-funding issues through a SEBI-recognised platform.
Only national stock exchanges and SEBI-registered depositories are eligible to set up a crowd-funding platform. SEBI is also open to allowing technology business incubators promoted by the Centre or a State government to set up a crowd-funding platform.
Now, the market regulator will wait for comments and suggestions on the consultation paper from industry and market participants.
(This article was published in the Hindu Business Line print edition dated June 18, 2014)
Jim Carrey on how his late father inspired him to follow his dreams
Jim Carrey giving a moving commencement address to Maharishi University of Management’s class of 2014 in which he reveals how his late father inspired him to follow his dreams !
A Very Powerful Message in just one minute. Worth hearing multiple times and internalizing !
Making drinking water safe
How Eureka Forbes brought about a change with their Community Fulfilment Initiatives, formed to provide responsible drinking water solutions for rural Indians
Whereas most companies in Eureka Forbes’ place would have made one-time local investments to provide free drinking water and leave it to others to take the game ahead, the company did the reverse. It created a scalable model that was fair to its commercial interests, the community’s consumption interest and the government’s social interest.
Why this is model is fascinating is because it has addressed a basic human need, linked that need to income generation, created entrepreneurs, addressed customers from within the community and generated hidden savings (lower health care costs). This then could be a model waiting to attract financiers for onward replication across the country.
Click Here for the detailed story
ICICI Business Leadership Programme (MBA)
ICICI Business Leadership Programme is an initiative by ICICI Bank in partnership with NIIT University to deliver Master of Business Administration (MBA – Finance & Banking) programme with specialization in finance and banking. It aims to provide opportunities to professionals, who demonstrate an aptitude for the banking industry, to get identified and nurtured as future business leaders. It provides a career leap to business leadership positions and an opportunity to serve corporate India.
ICICI Bank has not only championed India’s growth story but also developed world class business leaders for the nation.We believe that the next decade will require a new breed of bankers in specialized functions of the Bank to lead this process. With this view, ICICI Bank and NIIT University have come together to equip domain experts with banking knowledge and skills and transform them as business leaders..
How can I apply?
Log on to www.icicicareers.com and fill up the application form online. Important dates for the selection process will be announced shortly for which you will get an e-mail/SMS.
Which are the locations at which the process is being conducted?
The process is likely to be conducted at the following locations:
Bangalore Mumbai Chandigarh Kolkata Chennai Ahmedabad Delhi Hyderabad Pune Jaipur
* The above centers are likely to change.
Who can apply?
The application criteria are the following:
Working professionals who are CAs / Engineers / Graduates in any discipline(s).
Academic qualifications – Graduates from engineering, IT, finance, economics, law, commerce, statistics etc / Chartered Accountants / Professionals with varied work experience (including shop floor professionals).
Minimum 60 % in 12th and 10th examination boards each and minimum 55% in graduation.
Work Experience after graduation- Minimum of 3 years (full time experience across industries).
Age- Applicants should not exceed 30 years of age (as on October 29, 2014)
Candidates with exceptionally rich work experience may be given a dispensation in terms of academic performance on a case-by-case basis if recommended by the Admissions Committee.
**Only short-listed applicants will be invited for the selection process.
While filling the online application form, please note following:
Give the percentage up to two decimal places, for e.g. if you have 75% fill 75.00
Convert CGPA and Grade to percentage
Give total full time relevant experience (after completing graduation)
CAs- 3 years of relevant work experience excludes internship experience
Click Here for more details
HURRY – LAST DATE APPROACHING SOON !
10 quotes on Beginning
The First Step is the most important one – truly inspiring – must watch !
SBI – Youth for India
SBI Youth for India is a fellowship programme initiated, funded and managed by the State Bank of India in partnership with reputed NGOs. It provides a framework for India’s best young minds to join hands with rural communities, empathize with their struggles and connect with their aspirations.
SBI Youth for India 2014 Fellowships
The Programme seeks to help India secure an equitable and sustainable growth path by:
- Providing educated Indian youth with an opportunity to touch lives and create positive change at the grass root level in rural India.
- Providing NGOs working on development projects in rural India with educated manpower whose skill sets can be used to catalyze rural development.
- Promoting a forum for the Programme alumni to share ideas and contribute to rural development throughout their professional life.
Last Date for Applications : June 30th, 2014
To apply and know more visit : http://www.youthforindia.org/
Courtesy : http://indiamicrofinance.com/sbi-youth-india-fellowship-2014.html
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