Industry body Federation of Indian Chambers of Commerce and Industry has made a detailed pitch to the Securities and Exchange Board of India (SEBI) seeking relaxation of norms for listed companies and other capital market participants, according to people familiar with the matter.
FICCI, in its recommendations, has suggested easing listing obligations and disclosure requirements, alongside proposing changes to takeover regulations and delisting conditions, the people said.
The suggestions to the regulator are being sent out in a phased manner and focus on easing compliance burdens and fostering capital formation for listed players and other market participants.
The industry body has also pitched for amendments to promoter lock-in requirements for listed companies and called for rationalised timelines for various regulatory approvals.
Additionally, FICCI has recommended changes to the Prohibition of Insider Trading (PIT) regulations to bring greater flexibility and reduce procedural hurdles.
These recommendations follow a recent high-level meeting between SEBI Chairperson Madhabi Puri Buch and over 50 industry leaders, where the issue was raised but not discussed in detail due to time constraints. In the next phase, more inputs from FICCI members are expected to be shared with SEBI over the coming weeks.
This is a part of the wider consultation process going on between the regulator and associations of several market participants. In the recent months, the regulator has met with representatives from the Alternate Investment Funds, associations of investment advisors and research analysts, brokers' bodies and more.
Meanwhile, Tuhin Kanta Pandey, the chairperson of the market regulator mentioned in an exclusive chat with NDTV Profit back on April 30 that the regulatory body is actively working on simplifying and rationalising its regulations to ensure they remain effective without being overly burdensome.
Every department within SEBI has begun an exercise to evaluate how existing rules can be made more efficient and impactful.
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