SEBI to tighten norms for use of IPO proceeds

Mumbai, December 28

SEBI on Tuesday decided to tighten norms for utilisation of IPO proceeds by companies, introduce special situation funds to invest only in stressed assets and amend various regulations, including those on mutual funds and settlement proceedings.

The SEBI also gave its nod for amending Foreign Portfolio Investor regulations and introducing a provision for appointment or re-appointment of any person, including as a MD or a whole-time director or a manager, who was earlier rejected by the shareholders at a general meeting.

Amendments will also be effected to cap the number of shares that can be offered and to increase the lock-in period for shares subscribed by anchor investors. — PTI