THE REGULATOR has also asked its non-executive members to meet separately to evaluate its performance, and intends to appoint a woman director on its board
The Securities and Exchange Board of India (Sebi) plans to reduce the listing timeline after an initial public offer (IPO) further to four days from six days, a move that would further bring down investors' exposure to market volatility .
The Securities and Exchange Board of India (Sebi) plans to reduce the listing timeline after an initial public offer (IPO) further to four days from six days, a move that would further bring down investors' exposure to market volatility .
“We have been able to bring down the issue timing from T+12 to T+6 and I would like to mention that all of us have to start working now to further reduce the issue timing,“ Sebi chairman UK Sinha said while addressing the annual capital market conference by Federation of Indian Chambers of Commerce and Industry .
“Can we perhaps bring it to T+4 days for example and reach the best global standards? I am sure we can do this with co-operation of market, government, Reserve Bank and the bankers.I have already asked my team to start working in that direction.“
Last year, Sebi reduced the listing timeline to six days from 12 days.
In a separate development, Sinha said the regulator plans to strengthen its own accountability and has also asked the government to appoint a woman director on its board. “In the last board meeting of Sebi, we have voluntarily decided that all the non-executive members of Sebi board will meet separately and they will have access to all the senior Sebi executives to get any information, data or assessment, and they will evaluate the perfor mance of Sebi,“Sinha said.
He said the regulator will not ask the market to do something which it was not willing to do. The independent directors will meet separately to review the performance of Sebi.
As per the Sebi Act, the board should consist of three whole-time members and four part-time members.
Sebi had mandated listed companies to conduct annual internal evaluation of its board and appoint at least one woman director on its board to improve gender diversity .
At present, there is no woman director on the board of Sebi.
“Sebi does not appoint it's own board members. The board members of Sebi are appointed by the government. But we have already taken up with the government that we must have at least one woman member on the board although there is no such legal requirement. As a good measure, we have already requested the government,“Sinha said.
The Economic Times New Delhi,05th October 2016
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