There was a lot of hype around Wednesday's board meeting of the Securities and Exchange Board of India (Sebi). There was expectation that the market regulator would take a hard look at foreign funds' dealings in participatory notes (P-Notes), especially relating to shortselling backed by borrowed stocks. But except reducing the time period for rights issue, Sebi did not take any other major decision in the board meeting.
Regulator boss C B Bhave said the board discussed some issues relating to PNotes, but didn't take any decision on the same. Sebi was expected to extend its 18month deadline for unwinding of P-notes on derivatives which were banned last October. Sebi didn't announce any decision on this front too.
Sebi said the time taken to complete a rights issue would be reduced drastically to 43 days from 109 days now. ‘‘The reduction in the time period would reduce the market risk faced by investors and issuers and would ensure faster turnaround of money for investors,'' Bhave told reporters.
Regulator boss C B Bhave said the board discussed some issues relating to PNotes, but didn't take any decision on the same. Sebi was expected to extend its 18month deadline for unwinding of P-notes on derivatives which were banned last October. Sebi didn't announce any decision on this front too.
Sebi said the time taken to complete a rights issue would be reduced drastically to 43 days from 109 days now. ‘‘The reduction in the time period would reduce the market risk faced by investors and issuers and would ensure faster turnaround of money for investors,'' Bhave told reporters.
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