Integrated co-working firm EFC (I) Ltd plans to form an investment manager entity to manage assets and investments of SM REIT through a wholly owned subsidiary EFC Ltd. Others like Strata and WiseX are also taking similar steps. The companys board has approved a proposal to create a step-down subsidiary under EFC Ltd for acting as an investment manager to SM REIT.
Shareholders of ICICI Securities claimed on social media that the bank s executives contacted them directly, asking them to vote in favour of the resolution that proposes to delist the broking subsidiary. Lawyers and market participants said such alleged actions could result in regulatory scrutiny of the voting process.
Small and mid-sized funds have seen high inflows, causing concern among authorities about how they would hold up in the event of a sharp market selloff. The Securities & Exchange Board of India (SEBI) has also been reviewing stress tests conducted by such funds, sources have previously said.