The individuals involved in the settlement are Sidhant Chandalia, Naysar Parikh, and Ronak Narendra Parikh, as outlined in two separate orders issued by SEBI.

According to the settlement details, Sidhant Chandalia and Naysar Parikh each paid Rs 50.7 lakh as their portion of the settlement amount. Meanwhile, Ronak Narendra Parikh contributed Rs 45.5 lakh as a settlement charge and an additional Rs 8.98 lakh for the disgorgement of wrongful gains, including interest.

SEBI stated, “Given the acceptance of the settlement terms and the receipt of the settlement amount, the instant adjudication proceedings initiated against the Noticee(s) vide SCN (Show Cause Notice) are disposed of.”

The directives were issued following the submission of applications by the three individuals to SEBI, proposing to settle the ongoing proceedings against them “without admitting or denying the findings of facts” through settlement orders.

SEBI had initially launched adjudication proceedings against these individuals for their alleged violations of the Prohibition of Insider Trading (PIT) rules in connection with trading activities related to the scrip of PNB Housing Finance.

A show cause notice was issued to Sidhant Chandalia for allegedly communicating Unpublished Price Sensitive Information (UPSI) related to PNB Housing Finance.

Additionally, show cause notices were served to Naysar Parikh and Ronak Narendra Parikh, requiring them to explain why an inquiry should not be held and penalties imposed.

The notices were issued based on allegations that Naysar Parikh communicated UPSI while possessing it, and Ronak Narendra Parikh traded in the company’s scrip using the UPSI.

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In contrast, SEBI returned the draft IPO documents of Santhan Textiles Ltd on July 31. Additionally, SEBI has lifted the abeyance on the proposed Rs 2,200 crore initial share sale of SK Finance.

The five companies, that submitted their preliminary IPO papers to SEBI between March and June, received observation letters from the regulator between July 30 and August 5. In SEBI’s terms, obtaining an observation letter signifies the regulator’s approval to proceed with the public issue.

According to the draft red herring prospectus (DRHP), Bajaj Housing Finance’s Rs 7,000-crore IPO includes a fresh issue of equity shares worth up to Rs 4,000 crore and an offer for sale (OFS) of equity shares worth Rs 3,000 crore by its parent company, Bajaj Finance.

This share sale is being conducted to comply with the Reserve Bank of India’s (RBI) regulations requiring upper-layer non-banking financial companies to be listed on stock exchanges by September 2025. The proceeds from the fresh issue will be used to strengthen the company’s capital base to meet future capital requirements.

Manba Finance’s proposed IPO consists entirely of a fresh issue of up to 1.26 crore shares, with no OFS component, as indicated in the draft papers. Currently, the promoters hold 100 percent of the Maharashtra-based Manba Finance. The fresh capital raised will be used to bolster the capital base for onward lending and general corporate purposes.

Baazar Style Retail’s IPO includes a fresh issue of equity shares worth Rs 148 crore and an OFS component of up to 1.68 crore shares by promoter group entities and other selling shareholders. The fresh issue size was initially Rs 185 crore but was reduced to Rs 148 crore after Volrado Ventures Partners Fund II raised Rs 37 crore in a pre-IPO round. The proceeds from the fresh issuance will be used for debt repayment and general corporate purposes.

Diffusion Engineers’ IPO will consist entirely of a fresh issuance of 98.5 lakh equity shares, with the proceeds being used to expand its existing manufacturing facility and establish a new one in Maharashtra.

Deepak Builders & Engineers India’s IPO will feature a combination of a 1.2 crore fresh issue of equity shares and an OFS of 24 lakh equity shares by promoters, as per the draft papers. The funds will be used for working capital requirements, debt repayment, and general corporate purposes.

The equity shares of these five firms are proposed to be listed on the BSE and NSE.

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Aadhar was purchased by private equity firm Blackstone in 2019 for roughly $300 million as a result of the group’s wager on the rising demand in India for finance and affordable housing.

The IPO is Aadhar’s second attempt at listing following the cancellation of a $1 billion plan in 2022 due to market turbulence following the conflict between Russia and Ukraine.

According to these sources, Aadhar intends to submit its IPO paperwork to India’s market regulator in the upcoming two weeks.

In the midst of record-high stock markets in India—a rare bright spot for international investors—a deal would be the most recent instance of private equity investors seeking to sell off portions of their businesses.

A rapidly expanding economy and promises of political stability are driving the nation’s record-listing intentions at the moment. Its benchmark index, the Sensex, is trading close to record highs, and its stock market recently surpassed Hong Kong’s to become the fourth largest in the world.

“Blackstone intends to sell a portion of its holding to profit from the current state of the market. Since the IPO plan is still confidential, one of the two sources, who wished to remain anonymous, stated that timing is crucial for a progressive sell-down.

As consultants for its most recent initial public offering (IPO) filing, Aadhar has enlisted investment banks Citi, Nomura, and India’s Kotak and ICICI. The sources stated that a Mumbai listing is anticipated by May.

Citi, Nomura, and Blackstone all declined to comment. Aadhar, ICICI, and Kotak did not reply to requests for comments.

Aadhar provides house loans up to $18,000 to individuals with as low as $75 monthly income in a nation where escalating real estate costs have made major city property ownership more and more challenging.

According to the company, “economically weaker sections and low-income groups” receive the majority of its loans.

Although state-owned and private banks account for the majority of mortgage loans in India, more recent private equity-owned companies are vying for market dominance. In recent years, investors like Morgan Stanley and Warburg Pincus have placed bets on the industry.

Aadhar claims to oversee $2 billion in loans across 20 Indian states and 479 offices. According to its annual report, during 2022–2023 its net profit increased by 22% to $65 million, while its total income increased by 18% to $245 million.

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