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India’s market regulator Securities and Exchange Board of India on Friday said it is considering starting a pilot project to move towards a voluntary T+0 clearing system in stock markets. Initially, the plan was to target a small number of brokers and limit the number of stocks to 25.
During the 204th meeting of the SEBI Board, an agreement was reached for the launch of the beta version of optional T+0 settlement. “In parallel, SEBI will continue further consultations with stakeholders, including beta users,” the official statement said.
Furthermore, progress will be reviewed three and six months after the implementation date and future course of action will be determined.
Other SEBI Board Meeting Results
The Board also decided to exempt certain FPIs from additional disclosure requirements. This applies to his FPI holding more than 50% of his Indian equity assets under management within a single corporate group.
To facilitate the operations of FPIs, SEBI has approved relaxation of the deadline for disclosure of material changes, which is currently within 7 working days. He also calls for the classification of materials into two categories: Type I and Type II. “Type I material changes shall continue to be notified by the FPI to the DDP within 7 business days of the change occurring, provided that supporting documentation, if any, shall be notified to the DDP within 30 days of the change. For other material changes (classified as Type II), the FPI shall notify the DDP along with supporting documentation (if any) within 30 days after the change. Masu. ”
It has also amended the SEBI (Capital Issue and Disclosure Requirements) Regulations, 2018 to abolish 1 per cent deposit on public offering/rights issue. Entities of the promoter group and non-individual shareholders holding 5 per cent or more of the post-offer share capital will be allowed to contribute the minimum promoter contribution without being identified as promoters. Shares from conversion of compulsory convertible securities held during the year before his DRHP application will be his MPC requirement. Any increase or decrease in the offering amount shall be based on either the issue amount in rupees or the number of shares.
For publicly traded companies, MCAP-based compliance requirements are determined based on the six-month average market capitalization ending December 31st. The maximum allowable time interval between two consecutive meetings of the Risk Management Committee will increase to 210 days. .
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