CHENNAI: The Securities and Exchange Board of India (Sebi) discussed a number of issues at its board meeting in New Delhi on Saturday. These include amending rules governing stock exchanges and reviewing the participatory note (p-note) framework.
The markets regulator said the norms governing stock exchanges and other market infrastructure institutions (MIIs) such as depositories and clearing corporations would be reviewed and amended after a public consultation process.
“The board noted the recommendation of the Bimal Jalan Committee to review the working of MIIs after five years. After deliberation, the board approved the proposal for comprehensive review of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and SEBI (Depositories and Participants) Regulations, 1996 and to seek public comments on the same,” the regulator said in a statement. Sebi added that a consultative paper seeking public comments on this matter would be released in due course. Sebi Chairman U K Sinha said, “The five-year period is over. Sebi has come out with many circulars and we would see how those changes can be incorporated in the regulations.”
Finance minister Arun Jaitley attended the meeting and so did the newly-appointed Sebi chairman Ajay Tyagi and outgoing chairman U K Sinha.
Sebi’s whole-time member S Raman said, “Once in five years, we have got to make an assessment of how regulations are played out... So, we are floating a discussion paper.”