Regulators in India have questioned the legality of equity crowdfunding platforms. The Securities and Exchange Board (SEBI) in India sent out a warning to investors to let them know prominent platforms like Letsventure, Tracxn, Grex, Termsheet, Equity Crest are not authorized under currents securities law. SEBI regulations only allow recognised stock exchanges to provide electronic platforms to trade and list securities. Platforms contend it is the SEBI’s fault their status is unclear, and SEBI should provide guidelines so crowdfunding platforms can coexist with stock exchanges.
Wellington based brewer Parrot Dog has reached the maximum equity crowdfunding limit in New Zealand by crowdfunding NZ$2 million in less than two days. The campaign, run on Pledge Me, will help fund a new brewery in Wellington’s Lyall Bay, New Zealand. The campaign briefly shut down Pledge Me’s website, raising NZ $1.2 million in 12 hours.
Funded Here has become the first licensed crowdfunding platform in Singapore. It received its Capital Markets Services license from the Monetary Authority of Singapore on 18 March 2016, permitting it to deal in securities. This allows Funded Here to raise funds via short term bonds of up to S$5 million. The platform currently offers investment options from S$5,000. Funded Here hopes to have its first offers to its accredited investors by September 2016.