Capital markets regulator, the Securities and Exchange Board of India (Sebi), on Thursday announced it has amended regulations governing initial public offerings (IPO) and buybacks.
Sebi Chairman Ajay Tyagi told reporters here after a board meeting that as per the amendments "aimed at simplifying language and removing redundancies", the regulator has decided to reduce the time to announce the price band of an IPO to two days from the earlier five-day limit.
Sebi has also streamlined the norms on buyback of securities, he said.
Besides, the shareholding of foreign holding will be harmonised to 15 per cent in the Market Infrastructure Institutions (MIIs), he added.
In this connection, Tyagi said that Sebi has not accepted the recommendations of the committee headed by former Reserve Bank of India Deputy Governor R. Gandhi on the review of regulations and relevant circulars pertaining to MIIs.
"We will have enhanced monitoring and supervision of such intermediaries and we will come out with required circulars," he said.
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Referring to the National Stock Exchange (NSE) co-location scam of last year, the Chairman said action had been initiated against persons involved in the case, which will be made public in a few days.
--IANS
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