New Delhi : In a slew of proposed reforms, market regulator Sebi plans to tighten its settlement norms by making suspected defaulters pay more for any delay on their part while fresh steps will be taken to popularise new investment vehicles like municipal bonds, REITs and InvITs.
Among the proposed measures that are to be considered by Sebi board at its meeting tomorrow is allowing mutual funds to invest in a new class of ‘alternative securities’, which would initially comprise real estate and infrastructure investment trusts, a senior official said, reports PTI.
Also, the board is likely to discuss developments about the Tata group with respect to allegations of violation of corporate governance and insider trading norms. The matter related to Vijay Mallya and United Spirits is also expected to come up for discussion.
Suspecting “several thousand entities” of violating securities law to avoid taxes, Sebi plans to clamp down on those involved in stock manipulations and take action against all listed companies, along with their directors, found to be in cahoots with such operators. Besides, Sebi will refer the findings of all the details about the beneficiaries and facilitators of such trade to the Income Tax department for further action.
Based on analysis, about 32,000 entities in various categories were identified for further examination, he added. Sebi plans to give an option to all market intermediaries and companies to make their regulatory payments in digital mode. It will facilitate speedy and easy transactions while reducing failure due to payment gateway issues.
The regulator is looking to lower broker fee to Rs 15 per Rs 1-crore transaction from Rs 20 as part of calibration of various other fees collected by Sebi from different market intermediaries. It has been a long-pending demand of broker and market participants.
As per the latest order on Friday, Sebi notified rules allowing foreign investors to own up to 15 per cent stake in an exchange, a move that is expected to help attract more overseas funds. Currently, foreign entities can hold only up to 5 per cent in an exchange. Sebi has amended regulations to
increase the limit of shareholding of
foreign entities like stock exchange, depository, banking and insurance company
and commodity derivatives exchange in Indian stock exchanges to 15 per cent, from 5 per cent.
