PTI | | Posted by Sreelakshmi B
Markets regulator Sebi on Wednesday approved various proposals, including reducing the time period for the listing of shares in a public issue, mandating additional disclosure requirements for foreign portfolio investors and introducing board nomination rights for unitholders of InvITs and REITs.
These were among the seven proposals approved by Sebi’s board during its meeting here.
The board has cleared reducing the time period for the listing of shares in public issues from the existing 6 days to 3 days from the date of issue closure (T Day).
“The revised timeline of T 3 days shall be made applicable in two phases i.e. voluntary for all public issues opening on or after September 01, 2023, and mandatory on or after December 01, 2023,” the regulator said in a release.
The watchdog will enhance disclosure requirements for Foreign Portfolio Investors (FPIs), including mandating additional granular-level disclosures regarding ownership, economic interest and control of objectively identified FPIs meeting certain criteria and conditions.
Besides, the Securities and Exchange Board of India (Sebi) will strengthen the investor grievance handling mechanism through SCORES and linking the new platform with the Online Dispute Resolution Mechanism, the release said.
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