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1.8 million retail applications: How the D-Mart IPO strained the system

Pavan Burugula & Shrimi Choudhary/ 20 Mar 17 | 12:53 PM

The Rs 1,840-crore initial public offering (IPO) of Avenue Supermarts, operator of D-Mart retail chain, has been the most successful offering since halving of the listing timeline. The IPO received around 1.8 million retail applications. The huge response put severe strain on the system, which included the process of uploading investor applications. Investment bankers had asked for an extra day. However, the request was not granted by the Securities and Exchange Board of India, sources said. Some of the physical applications couldn’t be uploaded in the stipulated time of two days, despite bankers working on bank holiday, sources added.       Pavan Burugula

Capital gains tax worry for BSE shareholders

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Before its pre-initial public offering the shareholders of BSE fear higher taxes on bonus shares they got in 2007. The Union Budget had said the shares acquired after 2007 by non-payment of securities transaction tax (STT) will attract long-term capital gains tax. There is no instance of STT on shares obtained by way of bonus issue. Although the government has hinted that bonus and rights issues would be exempt from the new provision, BSE shareholders have knocked on the door of the finance ministry and the Sebi want clarity on the issue.   Shrimi Choudhary 

Low VIX indicates more bullishness  

The India VIX index, a gauge for market volatility, recorded its lowest-ever reading at 11.85 last week. The sharp drop in signals bullish sentiment . The market could continue its upward journey, say analysts. But, it also indicates there is complacency among market players making the market vulnerable to a fall, they add. Traders, however, are still not building short positions. “This is a liquidity-driven rally. Although there should be a correction after such a sharp run-up, traders fear they may be caught on the wrong foot by going short," said a futures and options expert.      Pavan Burugula

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