Sebi toughens stance on insider trading

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SummaryRIL case against Sebi not allowing consent pleas up at SAT on Jan 6

certain prescribed corporate debt, however, attract tax of only 5% instead of 20%.

The board also said grading of initial public offerings (IPOs) would be optional. The move was in response to requests from various sections of the market, including, investor associations, investment bankers and also the advisory committee of Sebi.

The Sebi board also approved the amendment to the regulations governing collective investment schemes (CIS) to include the changes proposed in the Securities Laws (Amendment) Ordinance, 2013. According to the ordinance, any scheme involving a corpus of over Rs 100 crore will be deemed to be a CIS.

The capital market regulator also broadened the scope of companies eligible to file a shelf prospectus to publicly issue non-convertible debt securities; infrastructure debt funds, RBI-registered NBFCs, HFCs registered with National Housing Bank and those authorised by CBDT to make public issue tax-free secured bonds can file a shelf prospectus. The board also approved the Sebi (Procedure for Search and Seizure) Regulations, 2013, and amended the Sebi (Investor Protection and Education Fund) Regulations, 2009, to factor in the changes in the Sebi powers post the ordinance. According to Sebi, the investor protection fund can be utilised for “restitution to investors and in case of failure of identification of investors, for the credit of amounts disgorged”.

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