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MUMBAI: Two government regulators domestic markets watchdog Sebi and its counterpart for Gujarat’s GIFT City, the International Financial Services Centres Authority (IFSCA) are on track to facilitate launching of Special Purpose Acquisition Companies (SPACs) in India. As the name suggests, SPACs are formed with a definite purpose of acquiring one or more companies but, at the time of formation, the entities do not disclose the name(s) of the target. SPAC-like structures have been in existence for years now, floated mainly by private equity players. But of late, they have gained popularity in the developed markets. These structures are also called ‘blank cheque companies’ since investors, other than those setting these up, usually do not know for which acquisition target or the assets of a company they are putting in money till those are bid for by the SPAC. This aspect inherently makes these structures a risky proposition for retail investors, market players said.

Injeti srinivasPurpose acquisition companies spacsMarket advisory committeeInternational financial services centres authoritySpecial purpose acquisition companiesRenew powerPrimary market advisory committeeCompanies actBusiness newsBlank chequeசர்வதேச நிதி சேவைகள் மையங்கள் அதிகாரம்சிறப்பு நோக்கம் கையகப்படுத்தல் நிறுவனங்கள்புதுப்பித்தல் பவர்நிறுவனங்கள் நாடகம்வணிக செய்திவெற்று காசோலை