SEBI Board Meeting Outcome
(PR No. 12 /2024)
The SEBI Board at its 206th meeting, inter-alia, approved the following:
Association of persons regulated by the SEBI with persons who directly or indirectly provide advice or recommendations without being registered wit SEBI or make any implicit or explicit claim of return or performance in respect of or related to a security or securities:
In order to address the concerns related to certain persons including unregulated entities inducing investors to deal in securities based on inappropriate claims, the Board approved the proposal on association of persons regulated by the SEBI and the agents of such persons with other specified persons.
Flexibility in Voluntary Delisting framework: Amendment to SEBI (Delisting of Equity Shares) Regulations, 2021
In order to facilitate ease of doing business, to protect the interest of investors and to provide flexibility in the Voluntary Delisting framework, the Board has approved the following1) Introduction of Fixed Price process as an alternative to Reverse Book Building process (RBB) for delisting of companies whose shares are frequently traded.
2) Introduction of an alternate delisting framework for listed Investment holding Companies (IHC) through scheme of arrangement by way of selective capital reduction
3) Modification of the Counter-Offer mechanism in case of delisting through RBB process
4) Introduction of Adjusted Book Value as an additional parameter for determining floor price for frequently and infrequently traded shares of the companies under the Delisting framework, except for the Public Sector Undertakings
5) Modification of the reference date for computing floor price from existing requirement of approval of the board to the date of initial public announcement for voluntary delisting as in the case of Takeover Regulations.
Proposal to facilitate ease of doing business with respect to the additional disclosure framework for FPIs In order to facilitate ease of doing business for FPIs,
In order to facilitate ease of doing business for FPIs, the Board approved a proposal to exempt University Funds and University related Endowments, registered or eligible to be registered as Category I FPI, from additional disclosure requirements prescribed under SEBI’s August 24, 2023 circular, subject to the certain conditions.
Flexibility in SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 for streamlining the public issue process for debt securities and Non-Convertible Redeemable Preference Shares
With a view to facilitate ease of doing business and provide flexibility to Issuers, the Board has approved the proposal to streamline the public issue process for debt securities.
Amendments to SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 pertaining to rationalization of disclosure requirements in the offer document for non-convertible securities and modification in timeline of intimation to Stock Exchanges for listed Commercial Paper
Measures to facilitate Ease of Doing Business for Infrastructure Investment Trusts and Real Estate Investment Trusts
The Board approved the proposals to facilitate ease of doing business related to activities of InvITs and REITs.
Guidelines for borrowing by Category I and II AIFs (facilitating ease of doing business) and specifying of maximum permissible limit for extension of tenure by Large Value Funds.
Proposal to facilitate an optional mechanism for fee collection by SEBI registered Investment Advisers (IAs) and Research Analysts (RAs)
Parameters for independent external evaluation of performance of Market Infrastructure Institutions
Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)
Proposal to remove Financial Disincentive applicable on Managing Director and Chief Technology Officer of MIIs on account of Technical Glitch
Review of eligibility criteria for entry/exit of stocks in derivatives segment
Annual Report of SEBI The Board considered and approved the Annual Report 2023-24. In compliance with section 18(2) of the SEBI Act, 1992, the Annual Report will be submitted to the Central Government.
