THE SECURITIES AND Exchange Board of India (Sebi), after a marathon board meeting on Wednesday, approved a reduction in the timeline of initial public offering (IPO) listing from the date of issue closure from T+6 to T+3 days and also mandated additional disclosures from high-risk foreign portfolio investors (FPIs).
However, the crucial decision over the implementation of caps on the total expense ratio for mutual fund houses was deferred.
Explaining the board's decision to defer a decision, Sebi chairperson Madhabi Puri Buch said that the market regulator received feedback from the mutual fund industry and more granular data that demonstrated that economies of scale has, in fact, been achieved to quite an extent.
A second consultation paper on this will be issued soon.
The new rules for IPO listing will be applicable in two phases - voluntary for all public issues opening on or after September 1, 2023, and mandatory on or after December 1, 2023.
Yash J Ashar, Partner & Head- capital markets, Cyril Amarchand Mangaldas, said the reduction of timeline from T+6 to T+3 is a radical and welcome change and will result in investors receiving allocation of shares or refunds much quicker.
"Investors, including global funds, always struggled with the duration of time for which funds were not available to them post closure of the issue," he said.
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