Sebi to tighten norms for IPO proceeds utilisation; amend various other regulations

Updated: few hours ago

Mumbai, Dec 28 (PTI) Markets watchdog Sebi on Tuesday decided to tighten norms for utilisation of IPO proceeds by companies, introduce special situation funds to invest only in stressed assets and amend various regulations, including those on mutual funds and settlement proceedings.

The board of Sebi, which met on Tuesday, also gave its nod for amending Foreign Portfolio Investor (FPI) regulations and introducing a provision for appointment or re-appointment of any person, including as a Managing Director or a Whole Time Director or a Manager, who was earlier rejected by the shareholders at a general meeting.

Once the amended norms are in place, such appointments or re-appointments can only be done with the prior approval of the shareholders.