SEBI reduces timeline for right issue to 43 days

Mumbai, Aug 13 (UNI) The market regulator Securities and Exchange Board of India (SEBI) has decided to reduce the timeline for the right issue to 43 days from 109 days earlier.

Addressing the media after the board meeting here today, SEBI Chairman C B Bhave said the right issue should be completed in a shorter period of 43 days, so that the risk could be reduced for the investors and corporates as well.

He said that the board has also decided to relook the process of right issue and considered to change the norms and pricing for Qualified Institution Placement (QIPs) issues.

In addition, Mutual Funds need to declare their results in four months instead of six months after the year ends, Mr Bhave said.

He also announced that a new regional office for western region will be setup at Ahmedabad.

Asked about the preferential note (P-note) issue, Mr Bhave said the board discussed the issue but no decision was taken.

He further said the corporates can provide their consolidated results within two months so that the information could reach to the investors, while stand alone results should be delivered in one month period.

UNI VK/PP RN SKB1850