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    SEBI BOARD MAY CONSIDER HIKING PMS INVESTMENT LIMIT TO RS 50 LAKH, – MONEY CONTROL

    SEBI BOARD MAY CONSIDER HIKING PMS INVESTMENT LIMIT TO RS 50 LAKH,  – MONEY CONTROL


    The Securities and Exchange Board of India (SEBI) may discuss new regulations for auditors, portfolio management services (PMS) and proxy advisory services at its upcoming board meeting on November 7.
    Among the key proposals it is planning for the PMS, the board will consider increasing the minimum investment limit from Rs 25 lakh to Rs 50 lakh and also upping the minimum networth requirement from Rs 2 crore to Rs 5 crore for a company to run a PMS fund, sources told Moneycontrol.
    SEBI had hiked the minimum investment limit for PMS funds from Rs 5 lakh to Rs 25 lakh in 2012 while the minimum net worth requirement was last raised from Rs 50 lakh to Rs 2 crore in August 2008.
    The increase in the PMS investment limit would be in line with rising incomes and the fact that such products entail higher risk and may not be well suited for retail investors.
    PMS funds are alternative funds that can follow riskier investment strategies compared to traditional mutual funds.
    “However, SEBI should not interfere too much into fees and expense structure of the PMS businesses. Since PMS products are meant for investors with high risk taking capacity, the commercial arrangement between clients and portfolio managers should not be over-regulated and should be based on mutual agreement with clients and the manager,” Anil Chaudhary, Partner, Finsec Law Advisors told Moneycontrol.
    As for the increase in minimum net worth, SEBI feels that the enhancement of this criterion is overdue. “The increase in compliance costs, cost related to information technology and cybersecurity as well as the increase in the minimum number of employees that are needed to run such an operation necessitates a higher investment from the portfolio manager in the business,” said a source.
    Further, the higher net worth requirement shall be a deterrent to non-serious players during new applications and will put pressure on fringe players coexisting with serious money managers, the source added.
    The PMS fund business has increased significantly over the last decade, with asset under management (AUM) more than doubling from Rs 6.04 lakh crore to Rs 13.7 lakh crore.
    Within this, the discretionary fund business, in which investors have a say in the way investments are selected, has grown even faster, growing 5.5 times to Rs 99,825 crore.
    SEBI is also planning to increase disclosure requirements by PMS and may increase supervision of distributors of PMS funds.


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    RBI allows restructuring of MSME loans up to ₹25 crore

    RBI allows restructuring of MSME loans up to ₹25 crore

    RBI has permitted a one-time restructuring of existing loans to MSMEs that are in default but ‘standard’ as on 1 January 2019

    Mumbai: The Reserve Bank of India (RBI) on Tuesday allowed lenders to recast loans of stressed micro, small and medium enterprises (MSME), provided the total fund and non-fund based exposure to such a borrower does not exceed ₹ 25 crore. Such a debt restructuring, the central bank said, would not lead to a downgrade in asset classification.

    “RBI has decided to permit a one-time restructuring of existing loans to MSMEs that are in default but ‘standard’ as on January 1, 2019, without an asset classification downgrade,” RBI said in a statement.

    The government has been pushing RBI to provide relief to the stressed MSME sector. The central bank’s board on 19 November advised RBI to consider a scheme to recast loans of MSMEs, which have been hurt by the disruption caused by demonetisation in late 2016 and the implementation of the goods and services tax (GST) in July the following year.

    The MSME loan restructuring, according to the RBI statement, has to be implemented by 31 March 2020 and a provision of 5% of the total outstanding loan, in addition to the money already set aside to cover potential losses, will have to be made for such borrowers. “Each bank or non-banking financial company (NBFC) should formulate a policy for this scheme with board approval which shall, inter alia, include framework for viability assessment of the stressed accounts and regular monitoring of the restructured accounts,” RBI said.

    The regulator also said that MSMEs form an important component of the Indian economy and contribute significantly to the country’s gross domestic product (GDP), exports, industrial output and employment generation. “Considering the importance of MSMEs in the Indian economy, it is considered necessary at this juncture to take certain measures for creating an enabling environment for the sector,” it said.

    The issue of restructuring of MSME accounts, RBI added, was discussed in the RBI board meeting on 19 November and also during RBI’s recent interactions with banks and other stakeholders.

    In March 2016, RBI had notified a mechanism for resolving stressed MSME loans of up to ₹ 25 crore. The guidelines said banks should classify stress in such loans into three categories—special mention account (SMA) 0, SMA 1 and SMA 2—depending on the delay in repayment of loans.

    While borrowers delaying repayments by up to 30 days should be classified as SMA 0, those delaying by 31-60 days and 61-90 days will be classified as SMA 1 and SMA 2, respectively. The loans still remain standard even in these categories and turn bad only after a delay in payment of more than 90 days.

    According to data from the central bank, for the six months ended March 2017 (the latest available), 137,282 MSME loan accounts were referred for resolution. Of these, banks used rectification in 80,905 cases, recovery in 54,180 cases and only 2,197 loans were recast.

    However, the quantum of loans for these categories is not available.

    The amount of gross bad loans in the micro and small enterprises sector (no data for medium) has been growing over the last few years and stood at ₹ 82,756 crore in FY17, up from ₹ 70,842 crore in the previous year and ₹ 51,952 crore in FY15.

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    EXTENDING DEBT INSTRUMENT MATURITY IS LIKE DEFAULT: SEBI CIRCULAR – BUSINESS STANDARD

    EXTENDING DEBT INSTRUMENT MATURITY IS LIKE DEFAULT: SEBI CIRCULAR – BUSINESS STANDARD

    Any extension given to a corporate entity by extending the debt instrument’s maturity needs to be considered a ‘default’ for the purpose of valuation, according to the Securities and Exchange Board of India (Sebi). The norm was laid out in a circular issued on Tuesday night, a day before Essel Group announced that lenders had granted it more time to repay its dues.

    Earlier, Sebi Chairman Ajay Tyagi had stated that the regulator didn’t acknowledge ‘standstill’ agreements between mutual funds (MFs) and promoters. However, Sebi had not yet formally laid down norms to govern such arrangements.

    Sources say the move could impact those fund houses that are giving extensions to the Essel Group promoters and have exposure to debt papers that are maturing in September.

    “Valuation agencies will now be required to give pricing in line with these new norms when the maturities of debt instruments are extended,” said a debt fund manager, requesting anonymity.

    The current norms require MFs to take a markdown of 75 per cent on secured exposures that are downgraded to default grade or ‘D’.

    “The regulator can decide to give an exception to MFs in Essel’s case as fund houses had entered into discussions on another extension with the promoters before the circular was issued by Sebi,” said another executive, also asking to remain unidentified.

    “MFs holding papers maturing beyond September 30 are unlikely to get impacted by this move,” the fund manager added.

    MF exposures to Essel Group firms are secured against the pledged shares of the promoters as part of the loan-against-share (LAS) structures.

    In January, MFs along with other lenders had entered into a ‘standstill’ agreement with Essel promoters where it was agreed that no ‘default’ will be declared on account of a steep fall in the price of Zee shares, which were pledged by the promoters as collateral. Also, the creditors decided to give time to the promoters till September 30 to settle the dues. This also extended the maturity of certain debt instruments till the end of September.

    On Wednesday, Essel Group said its lenders had agreed to further extend the timeline beyond September-end, enabling the group to ‘optimise value output from the sale of its assets’.

    Earlier this month, the group cleared part of its dues by transferring the proceeds from the promoters’ stake sale in Zee Entertainment. The payment halved the outstanding exposure of most MFs exposed to LAS structures of Essel Group firms.

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