AN ANCIENT INSTITUTION
Centuries ago, back in the 14th century, before our time, banking institutions were non-existent. Instead, trading relied on the barter system. The origins of bartering can be traced back to Mesopotamian tribes around 6000 BC. These ancient societies exchanged goods like food, weapons, and spices through barter. India, in the 12th century, developed its own form of currency known as "hundi," which has a rich history dating back at least to that period. Hundi, a financial instrument, was crafted in Medieval India for facilitating trade and credit transactions. As time progressed, there arose a demand for coin conversion and money exchange, leading to the establishment of the first capital markets in the early 14th and 15th centuries, notably in Antwerp, Belgium, a hub of international trade. This initial marketplace primarily dealt in promissory notes and bonds. The earliest known bank, the Bank of State George in Italy, was founded in 1407. India, boasting a capital market history of nearly two centuries, stands as one of Asia's oldest. The American Civil War of 1861–1865 catalyzed the organization of the capital market, with a group of brokers congregating in Bombay's Dalal Street in 1874 to commence securities trading, spurred by opportunities resulting from the ban on American cotton imports. So, what exactly is a capital market? It's a platform where investors deploy surplus funds in potentially lucrative ventures, expecting substantial returns, and where financial securities are traded between buyers and sellers. Though still fundamentally a form of trade, the modern capital market operates in a more sophisticated manner compared to its counterparts in the 12th and 14th centuries
OUR PRACTICE
The capital market is the barometer of any country’s economy
and provides a mechanism for capital formation. Across the
world, there was a transformation in financial intermediation
from a credit based financial system to a capital market based
system, which was partly due to a shift in financial policies
from financial repression (credit controls and other modes of
primary sector promotion) to financial liberalization. This led to
an increasing significance of capital markets in the allocation
of financial resources. Our Firm has positioned itself as a
leading advisor in the Asian Markets. Our Capital Market team
advises on matters relating to IPO (Initial Public Offerings), SME
IPOs, FPO (Follow-on Public Issues), QIPs (Qualified
Institutional Placements), OFS (Offer for Sale) with listing on
Indian courses such as NSE, BSE and MCX. Takeover of listed
companies, Buyback of Shares, Delisting and Domestic Debt/Bond Issues such as Non-Convertible Debentures
(NCDs) for companies spread across various sectors. Our Firm
has the experience and expertise to undertake legal diligence
and prepare offer documents for public offers in compliance
with Indian regulations.
Our Firm has represented issuer
companies, promoters, merchant bankers and underwriters in
various public offerings. Our Firm assists issuers and merchant
bankers in dealing with queries raised by the regulators, to
enable smooth completion of the public issue and listing of
shares on the courses. Our Firm also liaises with nomads and
overseas stock exchanges for international offerings. In addition
to the above, our Firm offers advice on investigations and
proceedings initiated by SEBI for violation of securities market
regulations and non-compliances and represents clients
before SEBI officials and SAT.