In what may have been
a very busy calendar 2014 for the securities market regulator, the Securities
and Exchange Board of India (SEBI) introduced a slew of measures to enhance the
working of capital markets, protect investors, and even invoked physical
penalty by way of imprisonment.
The prominent rules
& regulations introduced by SEBI include Prevention of Insider Trading
& regulations to determine the workings of research analysts (Research
Analysts) Regulations.
Moreover, SEBI also
created a new class of foreign investors (foreign portfolio investors) to
streamline the framework of overseas funds.
The Securities Law
(Amendment) was passed through an ordinance by both houses of the Parliament in
early August, 2014 granting investigative & enforcement powers to curb
collective investment schemes & ensure various methods to recover funds.
“SEBI has pushed more
enforcement than any other regulator in the world,” said Mr. Sandeep Parekh,
former ED, SEBI and the founder of Finsec Law Advisors.
SEBI was also
empowered with search & seizure operations during investigations, allowing
the regulator to issue warrants at the time of investigation, while pursuing
investor protection.
2014: SEBI UPS THE
ANTE..!
January 2014
* Foreign Portfolio
Investors Regulations
* Settlement of
Administrative and Civil Proceedings Regulations
* Procedure for
Search and Seizure Regulations
* Collective Investment Schemes (CIS Amendment)
Regulations
* Investor Protection and Education fund (IPEF
Amendment) Regulations
* Issue and Listing of Debt Securities
(Amendment) Regulations
February 2014
* Issue of Capital and Disclosure Requirements
(Amendment) Regulations, 2014
* New Corporate Governance Norms
* Mutual Fund Policy, recommending tax
exemptions to investments in long-term MF products
March 2014
* KYC Issue of Capital and Disclosure Requirements
(Amendment) Regulations
* Recommendations of public sector banks as
‘public shareholders’ in stock exchanges
April 2014
* Aligns Clause 49 and 35B of Listing Agreement
with Companies Act 2013.
* Highlights role of independent directors, revises
clause pertaining to related party transactions
May 2014
* Payment of Fees
(Amendment) Regulations
* Mutual Funds (Amendment) Regulations
* Approach paper on draft (Listing Obligations
and Disclosure Requirements) Regulations
* Released discussion paper to review delisting
regulations in India
June 2014
* Extends 25% minimum public shareholding to
public sector companies
* Extends use of OFS mechanism to top 200
companies versus 100 earlier
* Corrects anomaly in IPO of companies with
less than R4,000 crore market cap
* Allows sharing of KYC details with other
financial institutions
August 2014
* Securities Laws (Amendment) Act 2014
* New Changes to Related Party Transaction
Norms
* Issue of Capital and Disclosure Requirements
(Second Amendment) Regulations
September 2014
* Research Analysts Regulations
* Real Estate Investment Trusts (REITs)
Regulations
(REITs)
Infrastructure Investment Trusts Regulations
October 2014
* Share Based
Employee Benefits Regulations
* Stock Brokers and Sub-brokers (Amendment)
Regulations
November 2014
* Prevention of Insider Trading
* Delisting of Equity Shares (Amendment)
Regulations
* Converts Listing Agreements into Regulations
* Mutual Funds (Amendment) Regulations
* Approves single registration to Depository
Participants (DPs)
* Proposes e-IPO mechanism
December 2014
* Sends one person to jail for default of
payment
* Bans 260 entities from securities market for
suspected money laundering
Src: FE Bureau
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