Markets regulator Sebi on Tuesday approved a slew of steps, including amending the rules relating to independent directors and introducing a framework for authorized investors. In other proposals, the regulator has allowed resident Indian fund managers to be a part of foreign portfolio investors. Apart from this, changes have also been made in mutual fund rules, under which asset management companies will have to invest a minimum amount in the scheme based on the risk associated with such schemes.
At present, one per cent of the amount deposited in the New Fund Offer (NFO) or the amount of Rs 50 lakh, whichever is less, is required. The board of SEBI took these decisions in its meeting held on Tuesday.
SEBI said in a statement that authorized investors can be individuals, HUFs, family trusts, sole proprietors, partnership companies, trusts and corporates depending on the financial parameters.
Revision of restrictions on insider trading regulations
The regulator’s board also passed amendments to the ban on insider trading regulations, where the maximum reward for informers has been increased to Rs 10 crore from the current Rs 1 crore. Apart from this, changes have been approved in the rules governing Infrastructure Investment Trusts (InVITs) and Real Estate Investment Trusts (REITs).
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In order to give investors early access to participate in Public/Rights issues issued by different payment avenues, SEBI has decided to allow banks to register as bankers in the issue. Units other than Banks to be specified by the Regulator from time to time.
(Input: PTI)
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