Sebi board may widen UPSI scope, tighten SME rules

THE BOARD OF the Securities and Exchange Board of India (Sebi), in its meeting on December 18, is likely to approve a slew of measures, including tighter norms for small and medium enterprises (SME) listing, review of custodian and merchant banker regulations and expansion of the definition of unpublished price sensitive information (UPSI).

- AKSHATA GORDE

Some of the other items on the agenda include a review of public interest director regulations, framework for angel funds in AIFs and performance validation agencies and a few ease of doing business proposals, according to sources in the know.

The need to tighten rules for the initial public offering (IPO) of micro companies arises from the increased exuberance seen among investors and manipulations on the part of companies to sail through their IPOs.