Sebi proposes to cut down IPO listing timeline to 3 days from 6 days Capital markets regulator Sebi has proposed to reduce the time taken for the listing of shares on stock exchanges after the closure of initial public offerings (IPOs) to three days from six days at present. The proposed reduction in timelines for listing and trading of shares will benefit both issuers as well as investors. Also read: Why is India an attractive investment destination among its Asian counterparts? The markets regulator, in November 2018, introduced Unified Payment Interface (UPI) as an additional payment mechanism with Application Supported by Blocked Amount (ASBA) for retail investors and prescribed the timelines for listing within six days of closure of issue (T+6). ‘T’ is the day of closure of the issue. Over the last few years, Sebi has ensured that a series of systemic enhancements have been undertaken across all the key stakeholders of the IPO ecosystem to streamline the activities involved in the processing of public issues which will pave the way to reduce the listing timelines from T+6 to T+3. In its consultation paper, Sebi has suggested the reduction of the time period from the date of issue closure to the date of listing of shares through public issues from the existing six days to three days (T+3). Also read: Nifty rally breaks away from 18-month long bear market; RBI may cut rates later this year The Securities and Exchange Board of India (Sebi) has sought comments from the public till June 3 on the proposal. This comes after Sebi has done extensive back-testing and simulations by all stakeholders including stock exchanges, sponsor banks, NPCI, depositories and registrars in respect of various key activities involved in the public issue process.
Retail inflation in milk was reported at 8.85% in May 2023. The milk inflation has remained elevated at over 6% since August 2022. Despite India being the largest milk producer since 1998, the commodity has been the second biggest factor after cereals such as rice and wheat in driving up retail inflation in the last fiscal.
Milk has the second highest weight in the food and beverages basket of the consumer price index at 6.61%, a notch lower than cereals and products with a 9.67% weight. Organised players, including Mother Dairy and Amul, hiked prices multiple times in the last one year citing higher fodder cost, robust demand and some impact due to reports of lumpy skin disease.
Industry sources said feed cost, which has a share of more than 65% in the cost of production of milk, has increased to Rs 20/kg from Rs 8 a year ago. The finance ministry in April had attributed the elevated milk inflation to a demand supply mismatch and said it could be one of the factors apart from volatile international crude oil prices and constrained supplies of milk would influence the country’s inflation trajectory.
“Milk production has been impacted by a lumpy skin disease infecting millions of cattle in late 2022,” the ministry said in the monthly economic review, adding that the vaccination drive against the disease is expected to curb the spread and immune the cattle against the skin disease.
According to official data, currently India is the world’s largest milk producer, and has a share of 23% in global milk production. For the first time in decades, the country’s milk production is likely to have stagnated in 2022-23 due to Lumpy Skin Disease in cattle across several states and the lagged effect of Covid-19 in the form of stunting of the animals, a senior official with department of animal husbandry and dairying recently had stated. The milk production was estimated at 221 million tonne in 2021-22.