SEBI Board Meeting March 2023
Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Press Release
Notification Date: 29, Mar, 2023
Notification No: PR No. 6/2023
Description: The Securities and Exchange Board of India has conducted Board meeting and decided on following:
1. Regulatory Framework for ESG (Environmental, Social and Governance) Disclosures, Ratings and Investing and amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI (Mutual Funds) Regulations, 1996
2. Establishing a regulatory framework for Environmental, Social and Governance (ESG) Rating Providers in Securities Market by introducing a new chapter in the SEBI (Credit Rating Agencies) Regulations, 1999
3. Broad Framework for Application Supported by Blocked Amount (ASBA) like facility being made available to investors for secondary market trading
4. Regulatory Framework on upstreaming of clients’ funds by SBs/ non-bank Clearing Members to Clearing Corporations
5. Amendments to Stock Brokers Regulations to institute a formal mechanism for prevention and detection of fraud or market abuse by stock brokers
6. Introduction of Regulatory Framework for Index Providers
7. Amendments to SEBI (Alternative Investment Funds) Regulations, 2012 for setting up of Corporate Debt Market Development Fund in the form of an Alternative Investment Fund to act as a Backstop Facility for purchase of investment grade corporate debt securities during times of stress to instil confidence amongst the participants in the Corporate Bond Market and to generally enhance secondary market liquidity
8. Amendments to SEBI (Mutual Funds) Regulations, 1996 for providing clarity on the roles and responsibilities of Trustees and Board of Asset Management Companies (AMCs) of Mutual Funds and introduced an alternative route to enable a diverse set of entities to become sponsors of MFs
9. Amendments under SEBI (Listing Obligations and Disclosure Requirements) Regulations in respect of Disclosure of Material Events, Strengthening corporate governance, submission of first financial results, filing up of vacancy of Directors
10. Amendments under SEBI (Issue of Capital and Disclosure Requirement) Regulations in respect of Disclosure regarding Underwriting, Pre-condition for announcing Bonus Issue
11. Introduction of concept of General Information Document (GID) and Key Information Document (KID) for issuance of Bonds/ Commercial Paper and streamlining of disclosures
12. Extension of “Comply or Explain” period for Large Corporates (LCs) to meet their financing needs from debt market through issuance of debt securities to the extent of 25% of their incremental borrowings in a financial year
13. Extended the ‘comply or explain’ period for the High Value Debt Listed Entities in respect of corporate governance norms (i.e. regulation 16 to 27 of LODR Regulations) till March 31, 2024
14. Amendment to Alternative Investment Funds Regulations to prescribe provisions for valuation of investments, dematerialisation of units, certification requirement for key employees of Investment Manager, transactions with associates, and option to sell unliquidated investments to a new scheme of Alternative Investment Funds
15. Strengthening the Investor Grievance Redressal Mechanism in the Securities Market through amendments to Regulations to operationalize Online Dispute Resolution (ODR) Mechanism for investors across registered intermediaries / regulated entities.