The Securities and Exchange Board of India (Sebi) will soon deliberate on close to 50 changes proposed by an expert group to simplify disclosure and listing obligations for listed companies, and those seeking to access the public markets.
A 21-member committee chaired by SK Mohanty, a former whole-time member of Sebi, has submitted its recommendation in an over 200-page report. It proposes changes to related party transaction (RPT) norms, promoter reclassification and lock-in requirements, director appointments, eligibility rules for initial public offerings (IPOs), disclosure of pre-IPO transactions, rights issues, and relaxation in disclosure timelines.
The expert group has suggested a longer promoter-lock-in period if the funds raised via an IPO to repay loans are utilised for capital expenditure.
"Additional disclosures to be provided based on the audited standalone financial statements in cases where issue proceeds are used to fund working capital," said a 215-page consultation paper released by Sebi.
This story is from the June 28, 2024 edition of Business Standard.
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This story is from the June 28, 2024 edition of Business Standard.
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