Post the Adani-Hindenburg saga, various petitions were filed in the Supreme Court regarding certain aspects of Sebi's functioning. The apex court had formed an expert committee to weigh in on the matter and come up with recommendations that would tighten the Indian securities market. The expert committee submitted its report to the given apex court in May. Now, Sebi has provided responses to various recommendations by the expert committee.
In its 46-page response, Sebi said before 2019 FPIS were required to provide beneficial ownership (BO) information only when sought by Sebi, hence there was a prohibition saying FPIs should not have opaque structures. However, in 2018 and 2019, Sebi tweaked FPI rules making it mandatory for all FPIs, excluding sovereign funds, to submit BO information upfront. Hence, opaque structure prohibition clause became redundant and was removed, it said.
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