Duane Morris and Selvam

February 21, 2024February 21, 2024 by Leon Yee

Mainstream Adoption: The Era of Bitcoin ETFs Begins

By Leon Yee, Yeo Ming Ze and Brian Sim

1. Navigating the Bitcoin Exchange-Traded Funds (“ETFs”) Landscape: A Comprehensive Overview

Introduction to Bitcoin ETFs in 2024
On 10 January 2024, the U.S. Securities and Exchange Commission (“SEC”) approved the listing and trading of 11 spot Bitcoin ETFs. This followed a case in the U.S. Court of Appeals District of Columbia where the court held that the SEC’s denial of Grayscale Investments conversion of its Bitcoin trust to an ETF was “arbitrary” and “capricious” given that the SEC had approved a futures-based Bitcoin product. The court found these futures-based ETFs to be materially similar to Grayscale’s Bitcoin ETF such that they should have received the same regulatory treatment. The court’s decision was based on two key points: the underlying assets (Bitcoin futures and Bitcoins) being closely related in that they both track spot Bitcoin market prices and the futures and Bitcoin exchanges having the similar controls in place for detecting fraudulent or manipulative market misconduct.
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January 29, 2024January 29, 2024 by Duane Morris & Selvam

Duane Morris & Selvam Advises on the ₹5,000 million (USD 77 million) QIP of equity shares of DCX Systems Limited

SINGAPORE, 30 January 2024 — Duane Morris & Selvam LLP advised DAM Capital Advisors Limited in its role as the sole book running lead manager on the recent qualified institutions placement of ₹5,000 million (USD 77 million) of equity shares of DCX Systems Limited. Continue reading “Duane Morris & Selvam Advises on the ₹5,000 million (USD 77 million) QIP of equity shares of DCX Systems Limited”

December 15, 2023December 18, 2023 by Duane Morris & Selvam

Duane Morris & Selvam Advises on the Sale of INR 27 Billion (US$ 325 Million) of Equity Shares in Computer Age Management Services Limited

SINGAPORE, 18 December 2023 — Duane Morris & Selvam LLP acted as international legal counsel to Avendus Capital in its role as the sole advisor and Spark Institutional Equities in its role as the sole broker on the recently concluded stake sale of approximately INR 27 billion (USD 325 million) of equity shares in Computer Age Management Services Limited by Great Terrain Investment Ltd (an affiliate of Warburg Pincus LLC). Computer Age Management Services Limited is an India-based technology company focused on the capital markets, and banking, financial services and insurance (BFSI).

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December 14, 2023 by Duane Morris & Selvam

Duane Morris & Selvam Advises the Book Running Lead Managers on Jupiter Wagons Limited’s INR 4,034 Million Qualified Institutions Placement of its Equity Shares

SINGAPORE, 14 December 2023 — Duane Morris & Selvam LLP acted as the special international counsel to Systematix Corporate Services Limited, Axis Capital Limited and ICICI Securities Limited in their capacity as the book running lead managers on Jupiter Wagon’s Limited’s recent INR 4,034 million (US$48.6 million) qualified institutions placement of its equity shares.

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December 13, 2023 by Duane Morris & Selvam

Duane Morris & Selvam Advises on Gandhar Oil Refinery’s INR 5.01 Billion IPO

SINGAPORE, 13 December 2023 — Duane Morris & Selvam LLP acted as special international legal counsel to Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and ICICI Securities Limited in their role as the book running lead managers for the recent INR 5.01 billion (US$60 million) initial public offering of equity shares in Gandhar Oil Refinery (India) Limited, an Indian company that is a leading manufacturer of white oils. The equity shares were listed on the BSE and the NSE.

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December 10, 2023 by Duane Morris & Selvam

Duane Morris & Selvam Advises on Flair Writing Limited’s INR 5.93 Billion IPO

SINGAPORE, 11 December 2023 — Duane Morris & Selvam LLP acted as special international legal counsel to Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and Axis Capital Limited in their role as the book running lead managers for the recent INR 5.93 billion (US$71 million) initial public offering of equity shares in Flair Writing Limited, an Indian company that designs and manufactures writing instruments. The equity shares were listed on the BSE and the NSE. Continue reading “Duane Morris & Selvam Advises on Flair Writing Limited’s INR 5.93 Billion IPO”

December 6, 2023 by Duane Morris & Selvam

Duane Morris & Selvam Advises on Tata Technologies Limited’s INR 30.43 Billion IPO

SINGAPORE, 7 December 2023 — Duane Morris & Selvam LLP acted as the Singapore legal counsel to Tata Technologies Limited, which provides engineering and technology services to auto, aero and heavy machinery makers, on the INR 30.43 billion (US$366 million) initial public offering of equity shares in Tata Technologies Limited. The shares were listed on the BSE and the NSE.

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December 4, 2023December 11, 2023 by Duane Morris & Selvam

Significant Investments Review Bill: What It Means for Business and Investments in Singapore

By Ramiro Rodriguez and Lucy Megarry

A draft of the new Significant Investments Review Bill was introduced to Parliament on 6 November 2023. The bill is now due for a second reading in January 2024. If enacted, the bill will commence the first industrywide regime restricting investments in Singapore.

The bill applies to all local and foreign, incorporated and unincorporated entities in Singapore that meet the following criteria:

a. Are incorporated, formed or established in Singapore; and
b. Carry out any activity in Singapore; or
c. Provide any goods or services to any person in Singapore.

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December 4, 2023December 4, 2023 by Duane Morris & Selvam

MAS’ Response to Public Consultation on Proposed Regulatory Measures for DPT Services Part 2

By Leon Yee, Yeo Ming Ze and Brian Yang

MAS issued a consultation paper on proposed regulatory measures for licensed and exempt digital payment token service providers (“DPTSPs”) on 26 October 2022. After taking into account public feedback, MAS’ final regulatory approach to DPTSPs was published on 23 November 2023. MAS will publish guidelines in mid-2024 to set out its expectations for DPTSPs as a first step to implementing the regulatory measures (“Guidelines”). DPTSPs will be given a 9-month transition period to meet the Guidelines.

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December 3, 2023 by Duane Morris & Selvam

Duane Morris & Selvam Advises the Book Running Lead Managers on Texmaco Rail and Engineering Limited’s INR 7,500 Million Qualified Institutions Placement of Equity Shares

SINGAPORE, 4 December 2023 — Duane Morris & Selvam LLP acted as the special international counsel to Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), ICICI Securities Limited and Motilal Oswal Investment Advisors Limited in their capacity as the book running lead managers on Texmaco Rail and Engineering Limited’s INR 7,500 million (US$ 89.9 million) qualified institutions placement of equity shares.

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