Accordingly, in case of default in repayment of loans beyond 30 days, listed companies will have to disclose the fact of such default within 24 hours. SEBI Chairman Ajay Tyagi hoped that the move will help investors make informed choices.
Secondly, SEBI has amended Portfolio Managers (PM) Regulations, 2019 following which net worth requirement of portfolio managers has been enhanced from two crore to five crore rupees.The regulator has informed that existing portfolio managers will have to meet the enhanced requirement within 36 months.
After a board meeting in Mumbai today, SEBI announced that it has approved a proposal to reduce the overall time taken for a rights issue from 55 days to 31 days. Besides, SEBI has also extended the Business Responsibility Report requirement to top 1,000 companies, from 500 currently.
Speaking to reporters, Mr. Tyagi said the regulator perhaps needs to be more muscular to build trust among whistle-blowers. This was after a whistle-blower approached the US watchdog, Securities and Exchange Commission with a complaint against IT major Infosys instead of SEBI.