India business: SEBI settlement, major IPOs, and ONGC platform fire

Several significant business developments are occurring in India. The Securities and Exchange Board of India (SEBI) has reached a settlement with Singularity AMC LLP regarding alleged violations of Alternative Investment Fund (AIF) regulations. The settlement, which allows the firm to resolve proceedings without admitting or denying the findings, concerns the maintenance of continuing interest in the Singularity Equity Fund – I.

In the primary market, activity is expected to accelerate in October with 12 companies scheduled to issue IPOs. This lineup includes Jio Platforms, the telecom and digital services arm of Reliance Industries, which is set to open for subscription on October 21. Other notable upcoming offerings include Zetwerk Manufacturing Business and Avaada Electro.

Separately, a fire broke out at an Oil and Natural Gas Corporation (ONGC) platform in the Mumbai High field in the Arabian Sea. The fire, caused by a ruptured gas cooler finger on the NQG platform, was brought under control by personnel within an hour. No injuries were reported, and company officials stated that offshore operations have not been impacted.