Comments
To ensure greater efficacy in exercise of its new powers, market regulator SEBIs board today cleared new norms for its search and seizure operations, settlement proceedings, refund to investors and crackdown on illicit money—pooling schemes.
The new norms also seek to ensure that sufficient safeguards are put in place to avoid any misuse of its new powers and the required privacy of individuals is granted while conducting search and seizure operations.
At the same time, detailed regulations have also been put in place for settlement of administrative and civil proceedings in a transparent manner, while ensuring that serious offences like insider trading are kept out of settlement window.
The decisions were taken at a board meeting of the Securities and Exchange Board of India (SEBI) here today, which is also believed to have discussed matters like new Corporate Governance Code for listed companies, revision of insider trading norms and a new framework for Real Estate Investment Trusts (REITs).
However, a final decision is yet to be taken on corporate governance code, REITs and new insider trading norms, sources said.
The seven decisions announced by SEBI after the board meeting also included doing away with mandatory IPO grading, prospectus being valid for one year for multiple draft offers, and a tax treatment similar to FIIs being accorded to FPIs (Foreign Portfolio Investors), a newly created class of overseas investors.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.