The Securities and Exchange Board (Sebi) has already reduced the listing time from the seven days in the past to six days after the close of the bidding. This still blocks the fund of an investor if she/he could not get the entire subscription locked in for those many days time.
Securities and Exchange Board chairman Ajay Tyagi today confirmed that the regulator has come to know of instances wherein price-sensitive financial data of reputed companies was leaked to right before the earnings were formally made public.
The market watchdog is jointly working with the Insolvency & Bankruptcy Board to address the issue and the new guidelines will be issued this year itself, Sebi chairman Ajay Tyagi said here today.
Tyagi also said the rating upgrade to Baa2 would further boost investments including foreign inflows.
A Reuters investigation documented at least 12 cases of prescient messages about major Indian companies being posted in private WhatsApp groups.
GIFT IFSC Chairman Sudhir Mankad and officials of stock exchanges and clearing corporations gave an update to Tyagi about the steps taken for more effective functioning and development of the securities market at the financial centre.
Touching upon the increasing use of technology in the markets, he also said regulators might have to put in place checks and balances of investor protection in algorithms itself.
Tyagi, who took over the reins of the Securities and Exchange Board of India (Sebi) in March this year, has been ranked at the seventh position among the top 10 regulators worldwide.
Besides, he said, developing currency-bond-derivatives links by creating suitable conditions and right enabling infrastructure could also attract investors to the markets.
The markets watchdog Sebi had set up the 21-member panel on June 2 this year to advise it on issues relating to corporate governance. It includes representatives from companies, stock exchanges, professional bodies, investor groups, law firms, academicians, research professionals and Sebi officials.
Ajay Tyagi said that a report on corporate governance will be released by September-end; SEBI probe on shell companies will continue
NSE had filed its draft red herring prospectus in December, but SEBI has delayed approval as it probes the NSE's disclosure that some brokers may have been given unfair access to its servers.
"Twenty per cent of public sector companies still don't have a single woman director," Tyagi said here. Under the regulations, listed companies are required to have at least one woman director on their boards.
The Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi advised mutual fund industry that they should not completely depend on credit rating agencies for investments in debt instruments.
SEBI is set to come out with a discussion paper on revising regulations for the equity derivatives segment.
The market regulator said that the pricing for stressed assets will not be bound by SEBI rules but by Reserve Bank of India norms.
SEBI is keen on delivery-based options in commodities, said a source familiar with the development.
Pharma looks good from a valuation perspective and so the house is increasing its exposure to the space, said Ajay Tyagi of UTI Mutual Fund.
Ajay Tyagi, chairman of the Securities and Exchanges Board of India, today met with the officials of national exchanges, depositaries and Clearing Corporation for the first time since taking over office.
Eminent banker Madhabi Puri Buch today took charge as a Whole Time Member of capital markets watchdog Sebi and will oversee key departments relating to regulation, supervision and surveillance.
Tyagi is also considering changes to the seven-year-old ICDR or Issue of Capital and Disclosure Requirements. In response to market participants, SEBI will be revisiting old definitions pertaining to who constitutes a promoter. Private equity funds with a sizeable stake in a company are classified as a promoter which subjects them to disclosure norms. As such PEs have been lobbying hard with the market regulator to have the ‘promoter’ tag removed.
Tyagi, 58, will also inherit from outgoing SEBI Chairman U.K. Sinha critical regulatory decisions, including whether to penalise India's largest exchange, National Stock Exchange, over potential trading violations and whether to adopt tougher rules against high-frequency traders.
"We have also taken a number of measures to ensure for example the type of incidence that have happened outside India and once or twice in India as well, they are not repeated by putting checks on the size of the order you can put and in what manner you can put," outgoing SEBI chief UK Sinha said.
In his last press briefing before handing over the SEBI reins to Ajay Tyagi on March 1, Sinha said his team had ensured swift action on violations and said he was demitting office with the capital markets in order.