Sweeping reforms mooted; feedback open till Aug 27.
"This decision of removing initial issue expense will make close-ended mutual fund schemes less expensive for retail investors", Sebi chairman M Damodaran said while briefing reporters after the board meeting. The Sebi board also cleared the draft proposal for listing of debt securities, ease disclosure norms for existing debt market securities and paved the way for permanent registration of capital market intermediaries.
Some of the world's biggest foundations, including Bill & Melinda Gates Foundation, pension funds such as CalPERS, university funds and endowments are registered as foreign institutional investors with the Securities and Exchange Board of India for several years now.
Bhave, a former civil servent, had headed the country's leading depository, National Securities Depository Limited, and was one of the first senior executive directors to come on Sebi's board.
Terming the newly constituted board of Satyam Computer as "able", former Sebi chairman M Damodaran today expressed the confidence that the new leadership will chalk out ways to tide over the crisis.
At the same time, he cautioned authorities against giving corporate governance and rating awards to companies before they actually prove that they are practising the same. Pointing out that the people were taken in by the wrong numbers given by the company, he said people should always be on guard and ask more questions before making investment decisions.
Most independent directors have mastered the art of nodding whenever the chairman says anything.
The Sebi board has cleared new categories of FIIs; they will be put on website shortly. Sebi has received a large response from both India and abroad on its proposals to restrict Participatory Notes. The 18-month time frame given for FIIs to wind up derivatives-based P-Notes is enough, M Damodaran, Sebi chief said.
Sebi chief M Damodaran recently said that regulations for mutual fund distributors should be introduced.
The Securities and Exchange Board of India is in talks with the department of company affairs for seeking power to regulate stock splits below a certain value, according to Sebi chairman M Damodaran.
Coinciding with surging stock market regulator SEBI on Wednesday asked scribes not to fall prey to motivated and planted information on listed companies through "informal briefing" saying "readers deserve a better deal".
Noted banker Deepak Parekh on Thursday pitched for simpler corporate governance norms that focus more on trust than just compliance, saying economics and ethics are not trade-offs but complementary. Behind each financial crisis there is a governance failure but it is the entire system that gets impacted, because an eruption of a corporate or financial crisis almost always means a tightening of rules and regulations and increased compliance for all, he said. The HDFC chairman, who was addressing a seminar on corporate governance organised by former Sebi chairman M Damodaran's advocacy Excellence Enablers in Mumbai, stressed that the ultimate objective should be that corporate governance systems must become simpler and not more complicated.
The market watchdog along with other regulators is developing bond markets and the current limit on foreign participation in the this markets will move away as the market develops in the next 12 months, said Sebi Chairman M Damodaran.
The Securities and Exchange Board of India will increase overseas participation in the Indian stock markets and is planning two specific measures in this regard, Sebi Chairman M Damodaran told Business Standard in an exclusive interview.
The institute would have six different schools with various topics and train and educate investors on market, Sebi Chairman, M.Damodaran, said, interacting with the members of various associations in Coimbatore on Monday night.
Finance Minister P Chidambaram on Tuesday said the regulator -- the Securities and Exchange Board of India -- was keeping a vigil on the market movement with the Sensex crossing the 10,000 mark.\n
Market regulator SEBI on Tuesday said it would ease norms for public offers and delisting of shares shortly, but step up market surveillance.
The Securities and Exchange Board of India is planning to bring in regulation to rein in 'vested content' in the media on stock markets keeping in mind the interest of average investors.
Market regulator Securities and Exchange Board of India on Wednesday said it will take appropriate action on complaints filed by Reliance Industries' vice chairman and managing director Anil Ambani
Market regulator Securities and Exchange Board of India on Saturday threatened to impose stiff penalties on companies failing to comply with corporate governance
The announcement made by Sebi chairman M Damodaran that new rules on Offshore Derivatives Instruments such as PNs have come into effect in-line with the proposals made last week has put to rest all the confusion over the whole issue and normalcy is set to return to the bourses, a broker said.
Sebi chairman M Damodaran on Thursday suggested reduction of regional stock exchanges in the country.
With the Sensex crossing the landmark of 9,000 points on Monday, finance minister P Chidambaram said the market movement was orderly, and reflected the strong fundamentals of the economy.
Market regulator SEBI on Monday said it was considering allowing institutions to short sell in the capital markets and expects to see it through in the current calendar year.
The Securities and Exchange Board of India has cautioned small investors to take 'informed decisions' and asked them to look at safer instruments such as mutual funds.
Market regulator Securities and Exchange Board of India proposes to introduce Indian Depository Receipts in the Indian capital market by 2007, Sebi Chairman M Damodaran said.
The Securities and Exchange Board of India will put in place a comprehensive Integrated Market Surveillance System by February-March as part of efforts to keep a better vigil on the sudden surge or fall in share prices.
Painting a positive outlook of the Indian capital market, the new SEBI chairman M Damodaran on Friday asserted that the bourses were better regulated now than in the past and his attempt would be to take it forward.
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