SEBI Advances Market Rule and Investment Framework Changes

India’s market regulator is advancing a set of proposed changes to listing rules and oversight of public-issue proceeds, while separately preparing initiatives for corporate bonds, technology and alternative investment funds. The measures remain at different stages, including proposals open for public comment and plans described by officials. Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey outlined the regulator’s priorities at an event in Mumbai on October 15. He said SEBI is reviewing its Listing Obligations and Disclosure Requirements framework, the rules governing small and medium enterprise initial public offerings, and ways to strengthen monitoring of money raised through public issues. The regulator is also working on measures intended to improve corporate-bond market liquidity. A consultation paper published October 13 sets out specific proposed changes to monitoring of issue proceeds. It would allow monitoring agencies to send reports directly to stock exchanges, which would display them publicly. If an issuer does not cooperate, an agency would report using the best information available and attach a statement recording the non-cooperation.