The Securities and Exchange Board of India (SEBI) today said that it would ease the takeover process for banks under the recently-introduced bankruptcy code from its strict share pricing rules, adding that such transactions will be governed only by RBI regulations.
“Share price during stake sale under NCLT will be not bound by SEBI rules,” SEBI chairman Ajay Tyagi said at a press conference after conclusion of the regulator's board meeting.
Sebi today decided to ease the entry norms for overseas investors by permitting a direct access to Foreign Portfolio Investors (FPIs) from eligible jurisdictions.
P-note norms -
The market regulator also tightened norms on P-notes and said it would levy fees on investments via P-notes.
A regulatory fee will be charged on P-notes issued by overseas derivative instruments (ODIs). "The regulator is not in favor of completely banning the P-notes," Tyagi said.
The market regulator has also floated a consultation paper for equity derivatives market department. The government will form a committee for spot and derivative market soon.
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