{"id":39742,"date":"2022-11-17T18:16:59","date_gmt":"2022-11-17T12:46:59","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=39742"},"modified":"2024-06-01T11:52:21","modified_gmt":"2024-06-01T06:22:21","slug":"role-of-corporate-governance-in-the-ipo-process","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/role-of-corporate-governance-in-the-ipo-process\/","title":{"rendered":"An IPO-A step towards enhanced Corporate Governance"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-39749 size-full\" title=\"Role of Corporate Governance in the IPO Process\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/An-IPO-A-step-towards-enhanced-Corporate-Governance.png\" alt=\"Role of Corporate Governance in the IPO Process\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/An-IPO-A-step-towards-enhanced-Corporate-Governance.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/An-IPO-A-step-towards-enhanced-Corporate-Governance-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/An-IPO-A-step-towards-enhanced-Corporate-Governance-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/An-IPO-A-step-towards-enhanced-Corporate-Governance-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/An-IPO-A-step-towards-enhanced-Corporate-Governance-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/An-IPO-A-step-towards-enhanced-Corporate-Governance-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>A Private Company is proscribed from having more than 200 Shareholders. <\/span><a href=\"https:\/\/www.cagmc.com\/private-limited-company\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Private Companies<\/span><\/a><span style=\"font-weight: 400;\"> get listed so that they can extensively raise funds from the Public. A listed company can trade its shares on the <\/span><span style=\"font-weight: 400;\">stock<\/span><span style=\"font-weight: 400;\"> exchanges. Companies, like Reliance Power, have raised 11,560 crores in the past from Initial Public Offering. Much Private Equity \/Venture Capital Investors who hold a considerable stake in the company look forward to a company going public for profitable exits as well. In this article, we are going to discuss the\u00a0 Role of Corporate Governance in the IPO Process, &amp; the Intermediaries Involved during Initial Public Offer.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Contents<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Short\"><span style=\"font-weight: 400;\">Short Glimpse<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#of\"><span style=\"font-weight: 400;\">Meaning of Initial Public Offer<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Public\"><span style=\"font-weight: 400;\">Intermediaries Involved during Initial Public Offer<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#for\"><span style=\"font-weight: 400;\">Advantages of Going for an IPO<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#an\"><span style=\"font-weight: 400;\">Disadvantages of Going for an IPO\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#in\"><span style=\"font-weight: 400;\">Meaning of Corporate Governance in India<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Short\"><b>Short Glimpse<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A company&#8217;s IPO is unquestionably a major turning point in its development. During the course of a company, an Initial Public Offering (IPO) only occurs once. Since they now own a majority of the company, a large group of shareholders will be impacted by changes made during the IPO process. In addition, the management will be held more accountable for the group of stakeholders, which includes regulators, legislators, and other groups of people who are either directly or indirectly impacted by the company&#8217;s operations.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">To serve society in a sustainable way, all of this necessitates adherence to morally upright and sensible business methods. In order to protect the interests of investors, the <\/span><span style=\"font-weight: 400;\">Securities and Exchange Board of India (Board)<\/span><span style=\"font-weight: 400;\">, which has regulatory authority, creates legislative regulations. One of the mechanisms sought by corporations to raise money is to go public by becoming a &#8220;Listed Company,&#8221; which fulfills the aforementioned role.<\/span><\/p>\n<h2 id=\"of\"><b>Meaning of Initial Public Offer<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The rapid growth of the digital economy, enabled by broadband penetration and coupled with increases in computing power and storage, creates global markets for content and rights holders. But it also creates a threat that without adequate controls piracy will damage the creative industries. The discussion paper on which this article is based, \u201cIntellectual property rights in today\u2019s digital economy\u201d, therefore focuses in particular on the ways that the growing digital economy is impinging on copyright.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In an IPO, companies put forward the price\/price band at which they would offer the securities to the public and the latter then subscribe to the securities. The intermediary\u2019s appointment, compliances, and disclosures are stated in the Securities Exchange Board of India (Issue of Capital and Disclosure Requirements), 2018.<\/span><\/p>\n<h2 id=\"Public\"><b>Intermediaries Involved during Initial Public Offer<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following intermediaries are appointed during the Initial Public Offer:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Merchant Banker<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Underwriters<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit rating Agencies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Legal Advisors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Banker to the issue<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Book Running Lead Managers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stock Brokers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Registrar to the Issue<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compliance Officer<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Syndicate Members\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h2 id=\"for\"><b>Advantages of Going for an IPO<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are the advantages of an IPO:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Means of Fund Raising<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enhanced Brand Image\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Higher Valuations of Companies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managing Shareholders Value<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Talent Acquisitions and Management<\/span><\/li>\n<\/ul>\n<h2 id=\"an\"><b>Disadvantages of Going for an IPO\u00a0<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are the disadvantages of an IPO:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sharing and Disclosing Sensitive Financial and Business Information\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Higher Compliance Cost\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stricter Enforcement Mechanism\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Drastic Change in Company Structure\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Time Commitment<\/span><\/li>\n<\/ul>\n<h2 id=\"in\"><b>Meaning of Corporate Governance in India<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The term &#8220;Corporate Governance&#8221; refers to the set of guidelines, connections, frameworks, and procedures that organizations use to exercise and regulate their authority. Corporate governance refers to the process of guiding an organization toward its goals by figuring out how to make wise strategic decisions. Success and economic expansion are ensured by sound corporate governance policies.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to the <\/span><span style=\"font-weight: 400;\">Institute of Company Secretaries of India (&#8220;ICSI&#8221;)<\/span><span style=\"font-weight: 400;\">, &#8220;Corporate Governance is the application of best management practices, compliance with the law in letter and spirit, and adherence to ethical standards for effective wealth distribution and management.&#8221; It is also the assumption of social responsibility for the long-term welfare of all stakeholders.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Therefore, corporate governance is the management, supervision, and control of diverse corporate processes in a way that ensures the integrity and reputation of the company are not jeopardized. Transparency and fairness are key corporate governance pillars that satisfy accountability and obligation to stakeholders.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Some of the important functions which have a reference in terms of enhanced Corporate Governance in the company, which inter alia generally include:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Board Composition including Committees\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Corporate Compliance Framework\/Compliance Calendar\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Policies\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Website Disclosures\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Efficient Reporting Processes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Effective Management Information System (MIS)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investor Grievance Redressal Mechanism\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Disclosure of Event or Information\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Companies intending to get their securities listed, have to address all the above-said arrangements, since publicly listed companies have scattered shareholders, groups require the companies to adopt the practices of good Corporate Governance and continuous compliance to be ensured.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The concept of Corporate Governance emerges from the legislative intent of the lawmaker and law enforcement machinery in the country. The Board has been empowered to regulate the activities of corporates having attained the listed status or are in the process of getting such status by framing regulations on this behalf. The listed companies are required to comply with continuous listing norms and have to adhere to periodic disclosures to stock exchanges.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The listed companies basically will have to comply (besides provisions of the Companies Act, 2013) with the applicable requirements of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (\u201cICDR Regulations\u201d) <\/span><span style=\"font-weight: 400;\">SEBI<\/span><span style=\"font-weight: 400;\"> (Listing Obligation and Disclosure Requirements) Regulations, 2015 (\u201cListing Regulations\u201d) SEBI (Prohibition of Insider Trading) Regulations, 2015 (\u201cInsider Trading Regulations\u201d) <a href=\"https:\/\/www.sebi.gov.in\/\" target=\"_blank\" rel=\"noopener\">SEBI<\/a> (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (\u201cTakeover Regulations\u201d) Apart from the above regulations, the companies shall also comply with another sector-specific legislative requirement.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The sole motive of this regulatory enforcement mechanism is to force the companies to strive for good Corporate Governance measures for the sake of society and not to put the interest of stakeholders at stake for their personal financial or non-financial gains.<\/span><\/p>\n<h2 id=\"Conclusion\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">To summarise, organizing an IPO is similar to conducting an orchestra, where each instrument must play in unison with the others to attract more public interest in investing. The corporate governance framework that the company proposes to implement and the history of the company in terms of compliance with such measures, which results in more listing gain for investors and better value for firms, are vitally necessary for an IPO to be successful. Since long-term investors are responsible for a company&#8217;s long-term survival and give corporations opportunities for sustainable growth, every fund-raising activity forces the companies to put in place the necessary arrangements to meet the needs of the financiers.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Neglect and ignorance of corporate governance regulations may lead to IPO failures and the loss of several prospects for success. Since the Offer Documents are intended to serve as a medium of communication between investors and company executives without requiring in-person meetings, Therefore, Corporate Governance posture must be favorable in order to have a positive ripple impact on investor earnings and improved company valuations in the securities market. Finally, in order to avoid any negative repercussions of such errors, the proposal for an IPO necessitates that the Companies consider carefully and rigorously Corporate Governance procedures.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Private Company is proscribed from having more than 200 Shareholders. 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