Sebi chief takes inclusive path for market reforms

Sebi chief takes inclusive path for market reforms

The new Sebi chief Ajay Tyagi has decided to follow an “all-inclusive path” by personally meeting stakeholders from across the spectrum as the capital markets regulator gears up to usher in key reforms in areas like IPO, foreign investors, commodities, mutual funds and investor protection.

Ahead of his first board meeting as Sebi Chairman next week, Tyagi has already met several groups of market participants and industry leaders, including foreign portfolio investors, brokerages, investment bankers and mutual funds.

Tyagi, who took over as Chairman of the Securities and Exchange Board of India (Sebi) last month, would be meeting more groups of representatives from various sectors including mutual fund CEOs in the coming days before the scheduled board meeting on April 26, where a number of reform measures are expected to be discussed, a senior official said.

The regulator will also look at steps to make the registration process easier for foreign investors, while some further steps could be considered to check any misuse of Participatory Notes (P-Notes).

Besides, a status update would be discussed in cases being looked into by the regulator where there could have been some misuse of the P-Note route, including by way of their issuance in the past to Indians or NRIs, which the rules now do not allow.

Tyagi’s predecessor U K Sinha had followed a similar practice of meeting industry representatives on a regular basis and framing necessary regulations after taking their feedback.

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