The move is aimed at protecting the rights of minority shareholders.
The issue is likely to be discussed in the board meeting of Securities and Exchange Board of India (Sebi) later this month, sources said.
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A consultation paper may be floated in this regard and the final decision will be taken after taking into account views of all the stakeholders.
Under the proposed norm, Sebi may ask companies to seek approval of minority shareholders before granting special powers relating to operations of the firms to non-promoters such as private equity funds.
The new norms would ensure that special rights given to private equity funds are approved by minority shareholders.
There are rules mandating special power relating to operations of companies to promoters, while there are no specific rules for private equity players, who have been making significant investments in new age companies.