HYDERABAD, TUESDAY, JULY 30, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOL. NO. XXI 76, 26 PAGES, `12.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 81,355.84 ▲ 23.12 NIFTY: 24,836.10 ▲ 1.25 NIKKEI 225: 38,468.63 ▲ 801.22 HANG SENG: 17,238.34 ▲ 217.03 `/$: 83.74 ▼ 0.01 `/€: 90.75 ▲ 0.13 BRENT: $81.23 ▲ $0.10 GOLD: `68,527 ▲ `643 CONSULTATION PAPER EXPANDS SCOPE OF ‘CONNECTED PERSON’ Sebi to widen the net to curb insider trading AKSHATA GORDE Mumbai, July 29 THE SECURITIES AND Exchange Board of India (Sebi) on Monday proposedchangestoinsidertrading rules by including relatives,related firms or partners, people living in the same household, and Hindu Undivided Families (HUFs) where thekartaisrelatedtothe‘connected person’, among others, as part of “deemed connected persons”. The changes have been proposed in a consultation paper. The regulator has invited public comments by August 18. To close any regulatory loopholes and prevent potential violations, Sebi has suggested revising the definitions of ‘connected persons’ and ‘relative’ under its Prohibition of Insider Trading (PIT) Regulations. Sebi said that such individuals, not currently covered by the regulations, might still have access to unpublished price-sensitive information (UPSI) due to their connections with company officials orkeyemployees holding such information. If accused of insider trading, these deemed connected persons would need to prove they did not possess UPSI. Further, Sebi has proposed changing ‘immediate relative’ to ‘relative’ to cover a wider group of family members like parents, siblings, spouses, and in-laws, among others. However,it has suggested keeping the definition of ‘immediate relative’for trade disclosures by promoters, directors, and designated persons under the PIT Regu- FAIR TRADE ■ Sebi has proposed changing ‘immediate relative’ to ‘relative’ to include a wider group of family members under insider trading regulations ■ It says some individuals, not currently covered by the regulations, may still have access to unpublished price-sensitive information ■ It has sought public comments on its consultation paper by August 18 Ola IPO: Jackpot for Tiger & Z47 KISHOR KADAM & VIVEK KUMAR M Mumbai, July 29 THE WORTH OF THE RIDE TIGER GLOBALAND Z47 WINNERS (formerlyMatrixPartners Matrix India), which bet on Ola Partners India 824.6 Electric Mobility at avery Investments III early stage, are set to make multibagger Tiger Global 549.6 returns, with the company pricing its initial SoftBank 47.9 public offering (IPO) at a price band of `72-76 per LOSERS % return share. Attheupperendofthe Tekne Private band, founder and proVentures XV -32.8 moterBhavishAggarwal’s Alpine 36.94% stake in the comOpportunity -31.8 pany is worth `10,350 Fund VI crore. Aggarwal will offload37.9millionofhis Ab Initio Capital -31.8 total holding of 1,361.9 Source: Company DRHP million shares. The `6,100-crore IPO, through which fresh capital worth `5,500 crore will be raised,will open for subscription on August 2 and close on August 6.At `76, Ola willbevaluedat`33,500crore(approximately$4billion). % return Continued on Page 7 Rapido turns 4th unicorn of 2024 ANEES HUSSAIN Bengaluru, July 29 lations unchanged. The regulator aims to broaden the scope of regulations prohibiting insider trading to include more individuals connected to thosewith access to pricesensitive information. “Such deemed connected persons, owing to their proximity and close relationship with the connectedpersons,areconsideredtobe in such a position where they can potentially indulge in insider trading,”Sebi said. RIDE-HAILING PLATFORM RAPIDO has become the latest unicorn by raising $120 million (around `1,000 crore) in primarycapital from its existing investor,WestBridge Capital, at a post-money valuation of $1 billion. The company was last valued at $825 million after its $180 million funding in April 2022. The startup is the fourth unicorn this calendar year after Perfios, Ola’s Gen AI platform Krutrim, and Porter. In 2023,therewere onlytwo unicorns,Zepto and InCred Finance. According to sources, Rapido is likely to raise another $20 million from global investors. Continued on Page 7 Continued on Page 7 HYDERABAD
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