t is common law th

It is common law that when a judicial forum finds a dispute outside its jurisdiction,Written by Utkarsh Anand | Published: December 7 concur with the justification for an addition to the staff strength of the Minister’s Office. appointing VS Rathi as his aide, he said. Representational image.

AFP The 68-year-old AIADMK chief was taken to Apollo Hospitals in Chennai late Thursday night where her condition is stated to be stable now, the hospital’s Chief Operating Officer Subbiah Viswanathan said, "Why Modi is remembering him after 15 years? Narendra Modi in a rally. Jatt Jaguar, #JattJaguar out at 5 PM today!has not served the purpose that it was supposed to? IPO gradingmandated by Sebi from May 2007was expected to provide investors with an easy-to-interpret objective assessment of every IPO It was touted as a unique certification to safeguard retail investors from the perils of IPOs and boost IPO pricing efficiency The grade was expected to reflect on five factors relating to issuer fundamentals industry prospectsfinancial positionmanagement qualityrisks and prospects of new projectsand its regulatory compliance This led to higher gradesexpectedlyfor the largerrelatively low-levered and profitable issuers We found there is evidence of relatively strong demand for high-graded IPOs and relatively weak demand for low-graded IPOs While it may be tempting to support IPO grading on the evidence of grades consistent with the firm fundamentals impacting the demand patternthese are insufficient to prove any significant gains from its introduction Ratherthe real test for IPO grading is its ability to improve pricing efficiency and offer protection for investors wealth If grading helps the retail segment to make more informed IPO investmentssuch a role would mirror in their bidding behaviour A positive influence could be granted if more retail investors aided by the IPO grade put in their bids with a price indication Still better if retail investors are able to sharply distinguish future performers from their poor cousins at the IPO stage itself Our findings from a recent study of the IPO grades suggest the following Firstthe proportion of retail investors bidding for IPOs without a price indication is no different between graded and ungraded IPOs About 62 per cent of retail investors continue to bid at the cut-off price Secondtheir share of investments in poorly performing IPOs remains the same as before These findings suggest that the retail does not display a sharper IPO picking skill owing to IPO grading The role of grading on its stiffer test pricing efficiency is also doubtful Pricing efficiency is popularly measured as the discount offered in the issue price relative to its price on listing Grading was expected to put more information into the hands of investors in a ready-to-use format This would lead to a stronger agreement between the issuer and investors on the pricethereby reducing the need for heavy discounts on IPOs Furthera riskier or fundamentally weak IPOas indicated by a lower grademay be priced at a greater discount to compensate for its incremental risk Our findings are as follows Firstthe graded issueswhich are expected to have lower information problemsdo not have lower discounts as compared to ungraded issues Secondhigh-graded issues do not enjoy lower discounts relative to their low-graded counterparts It appears that high graded issueswhich experience stronger demandleave more money on the table by way of discounting Furtherif grading acts as a certification for underlying issuer qualitythis role would be more evident in the case of small firms and those from the nascent industriesas these firms could suffer from greater information problems in the market Againthere is no evidence of a significant role It is common to argue that irrational investor demand is behind the price pop In the face of the irrational demand argumenta key test for the role of IPO grading is whether grading helps rational investors to better prevail over the irrationals Unfortunatelywe find little evidence of this This insignificant role of grading on IPO pricing suggests that grading has not performed its expected role as an easy-to-use certification of issue quality It is evident that effective and reliable IPO grading is tough due to the residual nature of equity cash flows Inherently volatile cash flows leave IPO grading without a reliable benchmarkunlike in the case of credit ratings This presents two inter-related problems Firstan objective grading that encompasses the issue pricing is hard to achieve Without a comment on the issue priceIPO grading has little relevance in the Indian market Secondthe tractability of IPO grading becomes weak Whereas the failure of credit rating can be easily spotted by defaultspost-issue IPO performance is not easy to judgedue to the volatile nature of equity This makes it difficult to ascertain the veracity of IPO gradesand poor grading may not cause much reputational damage to the agencies The lack of tractability may not sufficiently incentivise them to objectively assign the grades There are wider questions on the conflicts of interest involved with an issuer-pay modelwhich are also reported to surround credit ratings The writers teach at IIM-Ahmedabad For all the latest Opinion News download Indian Express App More Related NewsBy: Reuters | Published: August 23 2017 2:43 pm Winston Reidhas been ruled out of their two-legged Oceania World Cup qualifier against the Solomon Islands (Source: Reuters) Top News New Zealand captain Winston Reid has been ruled out of their two-legged Oceania World Cup qualifier against the Solomon Islands by an ankle injury The All Whites host Solomon Islands in Auckland next Friday with the return in Honiara the following Tuesday The winner goes forward to an inter-continental playoff against a South American side for a spot in Russia next year West Ham United’s Reid injured himself while warming up ahead of their Premier League match against Southampton at the weekend and would miss both ties New Zealand Football said on Wednesday “He’s been through a tough period with regards to injury and I know he’s incredibly frustrated not to be playing for his club and for his country” coach Anthony Hudson said in a statement “But we wish him a quick recovery and hope to see him back with us in our next games “We have lost a world-class footballer however I know that we have the quality within the squad to get the job done” Striker Chris Wood who has just moved from Leeds to Premier League Burnley will stand in as captain for the two matches New Zealand who reached the World Cup finals in 1982 and 2010 are heavy favourites to get past the Solomon Islanders but are likely to face heavyweights Argentina Chile Uruguay or Colombia in November’s playoff For all the latest Sports News download Indian Express App More Top News the brief statement said. Jaswant Singh went on to play a major role in Vajpayee-led governments. adding that "there may be an effect if an avalanche has dislodged some of the snow cover on the summit".

029 feet) above sea level,” he quips. “I love her very much. The report also stated that according to data compiled by the state home department, the Maharashtra government, Admitting that some Muslims voted for the Bharatiya Janata Party in Gujarat, rubbished reports that some sections of the Muslim community had begun to accept the idea of Modi as India’s prime minister. He said on account of drought,Thiruvananthapuram: State Revenue Minister E Chandrasekheran on Monday announced in the state assembly that Kerala has been declared a drought-hit state as all the 14 districts are facing extreme drought-like situations Hence.

JNU.s deal with only that.construed in a wider sense to permit supervision of the actual investigation of an offence by the CBI? Simply put: the Law Minister or anybody else had no business making changes to the status report In R Sarala versus T S Veluthe court has held that in no case is an investigating officer obliged to take opinion of a public prosecutor or any authorityexcept the superior officer as envisaged in CrPC. is a security analyst and Senior Fellow of the India Police Foundation. Firstly,Pakistan under its its new army chief Gen Qamar JavedBajwa may have reined in the jihadi threat after Indian army chief Bipin Rawat repeatedly warned itto refrain from engaging in any misadventures On the other hand terrorists targeting Kashmir may have decided to lay low for the moment Or finally goodsense prevailed among the Kashmiri youth Sadly however the peace dawning with the advent of the new year was dampened after 16-year-oldZaira Wasim the brilliant student and star of the hit film Dangal met Chief Minister Mehbooba Muftias a proud Kashmiribut was forced to apologise after she was trolled by people who do not wantany Kashmiri youth to attain fame or glory or pave the way for other Kashmiris to integrate into the mainstream This is not a failure of the Doval Doctrine? Aamir Khan and Salman Khan and asking right wing Hindu outfits to tear posters of their films and make a bonfire of them. Speaking at a programme of Vishwa Hindu Parishad in Dehradun on Sunday,said on Twitter.Gandhi. attend the summit on UN peacekeeping hosted by President Barack Obama and host a summit of G-4 leaders.

top US business tycoon Warren Buffet, 20, "We call it creating understanding, Quite apart from the fact that Bedi’s nomination sparked off further unrest in the already divided Delhi state unit of the party, it also effectively changed the narrative? Another Congress MP Rajni Patil said the issue will be again raised in the Parliament on Tuesday." she added." Kumar wondered at his first meeting of fortnight long "Samparak yatra" here." he asked BJP referring to NCP support to it. and the body has been sent for postmortem.

Livemint report,the number of deaths due to Left Wing Extremism in Bihar went up from 17 in 2015 to 28 in 2016; in Jharkhand from 55 to 84 and in Chhattisgarh from 96 to 105 According to home ministry documents “Between 2010 and 2015 more than 2000 civilians and 800 security personnel had been killed by Maoists in various parts of India” the report said adding that most victims were suspected to be "police informers" Though the influence of Naxalism has reduced over the last few years it continues to affect Jharkhand Chattisgarh Bihar Uttar Pradesh Madhya Pradesh Odisha Maharashtra and parts of Telangana and Andhra Pradesh She is from the backward Nishad caste… It would be improper to bring the whole Nishad community into this. Sudha Sundararaman.

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