![]() In case an issuer proceeds under Regulation 6(1) of SEBI (ICDR) and considers its association with Anchor Investors, the issuer has to conform allocation of the net offer to Qualified Institutional Buyers (QIBs) that must not be less than 50% of the total issue. However, the main goal of the paper is to understand the effect of the Lock-in period on anchor investors, their approach towards companies, and the reason why SEBI is proposing to extend the lock-in period. These investors are a sub-set of institutional investors and are greatly understood via Schedule XIII, Regulation 10 of SEBI (Issue of Capital and Disclosure Requirement) Regulation, 2018, wherein the mandatory allocation requirements, maximum and minimum numbers of anchor investors, proportion reserved for mutual funds, among several others requirements are mentioned. IntroductionĪnchor investors were primarily initiated by SEBI in 2009 wherein the underwriters were authorized to allot shares to designated anchor investors to obtain pre-IPO price discovery. This paper would also indulge in the amendments brought in by the Securities and Exchange Board of India (SEBI) to increase the lock-in period in order to decrease share volatility among other factors. This paper attempts to understand the lock-in period of anchor investors and its effect on share prices when the lock-in period expires, which further affects the small retail investors. However, retail investors do not have the awareness of the Lock-in period of Anchor investors who are allotted shares one day before the IPO opens for a subscription. ‘Behavioural and cultural changes combined with a concerted push towards energy efficient AC and passive cooling measures could clear the way towards a sustainable future of cooling,’ affirms Dr Khosla.In the contemporary Initial Public Offering (IPO) rush, Retail Individual Investors (RIIs) have rapidly indulged into the Securities Market and have substantially raised the number of RIIs in the Covid era. Policies that encourage a move to a circular economy within the cooling industry should be implemented, including financial incentives. Production of cooling systems needs to move towards a circular economy, in which products are re-used, repaired and remanufactured in order to limit their impact on the environment, say the authors. ![]() ‘Research has shown how advertising and cultural norms have influenced behaviour to the extent the AC is seen as essential in the West, even when temperatures are not dangerously hot,’ says Dr Khosla. The common perception of AC as a necessity in hot weather, particularly in the United States, can be tackled through public information campaigns. Westerners learning to adapt to increasing temperatures should wear clothes that encourage better air circulation and comfort, rather than turning up the AC.’ ‘It’s a trend that should be turned on its head. ‘This is problematic given its growing use in typically hot and humid countries in Africa and Asia.’ ‘Dressing in Western styles in synthetic clothes leads to over-heating office workers and increased AC usage,’ says Dr Khosla. Western office wear culture, which has been adopted in many hot countries, is shaping the way AC is used during the summer. ‘These methods – such as coating buildings in white paint or covering the roof in vegetation - have been used to keep us cool long before the advent of AC,’ explains lead author Dr Radhika Khosla, co-lead of Oxford’s Future of Cooling programme.Ĭities should be planned and built with accessible spaces for citizens to cool down, such as shady parks, which are particularly important for those working on the street. Passive cooling measures must also be deployed at scale. Legislation for energy efficient AC must be standardised across the world, say the researchers, while alternative cooling technologies – such as magnetic or thermoelectric cooling – should be the focus of targeted research and development. In order to mitigate the environmental and social harm caused by rising AC use, today’s research calls for changes in three areas. Severe heat disrupts sleep, impairs cognitive performance, and is associated with increased risk of suicide or hospital admission for mental illness. By then, up to five billion people will be exposed to heat stress, because they cannot afford or access AC, entrenching societal inequality. This has been a year of record-breaking heatwaves and the energy required for cooling systems, such as air conditioning (AC), is estimated to triple by 2050.
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