SEBI tightens norms for utilisation of IPO proceeds

Sebi approved a slew of amendments to various regulations, including tightening rules for the utilisation of IPO proceeds

Changes have been cleared for regulations governing foreign portfolio investors, Alternative Investment Funds (AIFs), mutual funds, settlement proceedings, among others. (File photo: PTI)

Sebi on Tuesday approved a slew of amendments to various regulations, including tightening rules for the utilisation of IPO proceeds.

Changes have been cleared for regulations governing foreign portfolio investors, Alternative Investment Funds (AIFs), mutual funds, settlement proceedings, among others.

The decisions were taken at a meeting of the Sebi board here on Tuesday.

The watchdog has also decided to introduce provisions relating to appointment or re-appointment of persons who fail to get elected as directors, including as Whole Time Directors or Managing Directors or Managers, at the general meeting of a listed entity.

“Appointment or a 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, shall be done only with the prior approval of the shareholders,” Sebi said in a release.

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