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Investors will be able to get a unified statement showing their investments across equities and other asset classes such as mutual fund units by December.
Speaking at IMC’s seminar on Investment Outlook 2014 in Mumbai on Tuesday, UK Sinha, Chairman of SEBI, said: “We are working on this and should be able to do it by December.”
The SEBI chief expressed concern over the number of IPOs being withdrawn by companies after receiving the regulator’s approval.
He was surprised that promoters were willing to forego the fees they had paid SEBI and as a result, many IPOs did not hit the primary market.
Referring to recent SEBI measures such as compulsory allotment to retail investors in IPOs,1,000 centres for ASBA, e-IPO and IPOs without listing, Sinha assured that SEBI had made enough changes to enable capital raising.
“Our job is not to spoil the show. Our job is to strengthen trust in the market,” Sinha said.
He was confident that IPOs without listing would be used more in the future as it gave venture capitals and private equities an exit opportunity. Compulsory market making for SME IPOs, which were earlier ridiculed by market participants, is now being appreciated by the same people, he said.
Sinha praised BSE’s SME platform for achieving $1 billion market capitalisation by listing SME IPOs.
On uniform KYC norms for the whole of the financial sector, he said SEBI is in dialogue with other regulators such as RBI. He observed that SEBI and RBI were working together to simplify procedures related to foreign investment in India.
On currency futures, Sinha said margin requirements had been eased in consultation with the RBI. SEBI is also considering a move to increase timings from the existing 5 p.m. to 7.30 p.m.
Sinha said SEBI had requested the Central Government to clarify the tax treatment of Real Estate Investment Trusts. On the recent concept of crowd-funding of start-up ventures, Sinha said SEBI would come out with guidelines soon.
“We are coming out with guidelines on crowd-funding soon, because we want to encourage young entrepreneurs to raise capital. Our aim is to help young people raise capital very smoothly.”
He added investors funding such start-ups should also be taken care of.
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