SEBI Board Meet Highlights: New Buyback Norms, ASBA-Like Route For Secondary Markets And More

SEBI will introduce the process for returning of papers in case of filings for initial public offering.

• There are some merchant bankers who are repeat offenders. They are not comprehensive in filing DRHP for multiple issues, Buch said.

• "We will introduce the process of returning the papers incase of incomplete papers," she said.

SEBI has amended issue and listing of Non- Convertible Securities regulations.

• Issuers of debt securities must incorporate provisions in the Article of Association casting accountability on the board of directors to appoint a person nominated by the Debenture Trustee as director in the event of default.

• Amendments are to be made in the Debenture Trust deed as well.

• Existing issuers to do the needful by Sep 30, 2023.

REITs and InvITs will now be required to comply with corporate governance norms applicable to listed companies.

• Tenure of auditor of REIT/InvIT to be till 5th AGM.

• Investment by REIT/InvIT in overnight fund to be considered as cash/cash equivalent to compute leverage.

• SEBI will designate certain stock brokers as Qualified Stock Brokers based on identified parameters.

• They will be mandated to comply with enhanced risk management practices, will be subject to enhanced monitoring.

• Set of 16 brokers to be classified as Qualified Brokers

SEBI made changes to ease onboarding of Foreign Portfolio Investors.

• Time taken for granting registration to FPIs to be reduced by accepting scanned copies of forms, applications etc

• Digital signature of FPIs to be accepted for registration

• SWIFT mechanism to be permitted for certification

• Depositories allowed to verify PAN via Common Application Form