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Sebi wants promoters to sell crypto before IPO SECTIONS Share Synopsis Sebi s diktat for promoters to offload crypto assets filing for an IPO appears to stem from possibility that the government may ban cryptocurrency that’s not state issued. Related Mumbai: Holding cryptocurrency may become a hindrance for promoters looking to raise money through an initial public offering (IPO). The Securities and Exchange Board of India (Sebi) wants promoters of such companies to sell off any cryptocurrency they have before raising funds, said several people with direct knowledge of the matter. In the past few weeks, Sebi has communicated this to merchant bankers, securities lawyers and even company executives involved with the IPO process. They told ET that the matter appears to stem from the possibility that the government may ban cryptocurrency that’s not state issued. Sebi didn’t respond to queries. “There could be a direction from the government in this ....
India Expects Promoters to Sell All Their Cryptos before Raising Funds from IPO Feb 22 2021 · 12:07 UTC | Updated Feb 22 2021 · 12:40 by John K. Kumi · 3 min read Photo: Depositphotos You have successfully joined our subscriber list. According to reports, the current parliamentary session in India will see a new bill passed to order the ban on the use of all private cryptocurrencies. The Securities and Exchange Board of India (SEBI) has been said to inform promoters to sell all their cryptocurrencies before engaging in any fundraisings through their Initial Public Offerings (IPO). This information has according to the report been handed to securities lawyers, merchant bankers as well as company executives involved in the IPO processes. ....
iStock The government does not have the infrastructure to execute a crypto ban in India, leading to proliferation of black economy, experts say. Cryptocurrency investors may take to peer-to-peer transfer method to dispose of or to continue holding on to their crypto assets in case the government goes ahead with the plan to ban such virtual money, experts and crypto exchanges have told ET. Several cryptocurrency exchanges have reached out to the government in what is being seen as the last hope to lobby against a complete ban on crypto assets in the country. Cryptocurrencies like Bitcoin are based on blockchain technology that allows peer-to-peer (P2P) transfer from one wallet to another and one person to another without a banking account or using any other official channel, experts said. ....
Synopsis Several cryptocurrency exchanges have reached out to the government in what is being seen as the last hope to lobby against a complete crypto ban in India. iStock The government does not have the infrastructure to execute a crypto ban in India, leading to proliferation of black economy, experts say. Cryptocurrency investors may take to peer-to-peer transfer method to dispose of or to continue holding on to their crypto assets in case the government goes ahead with the plan to ban such virtual money, experts and crypto exchanges have told ET. Several cryptocurrency exchanges have reached out to the government in what is being seen ....
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