Sebi to release FII compliance consultation paper within weeks
Chairman Tuhin Kanta Pandey said the regulator aims to align Indian norms with global standards.
Securities and Exchange Board of India (Sebi) Chairman Tuhin Kanta Pandey said on Saturday in Kolkata that the regulator will likely issue a document seeking views on compliance for foreign institutional investors (FII) within weeks, according to The Economic Times.
Pandey stated the regulator is reviewing requirements that are more onerous in India than in other major jurisdictions. The document will look at aligning Indian norms with global standards.
The chairman also noted that Sebi is planning a capacity-building network for independent directors. This will involve professional bodies, academia, and chambers of commerce to improve their skills and effectiveness.
Addressing the Bharat Chamber of Commerce Investors Forum, Pandey said Sebi's priorities include simplifying business regulations and safeguarding investors. He said the regulator is reviewing processes to reduce compliance burdens and improve efficiency.
Pandey mentioned that India's market capitalisation has grown significantly, with companies raising an average of more than Rs 10 lakh crore annually through equity and debt. He noted that West Bengal's investor base has grown from approximately 12 lakh in financial year 2014-15 to more than 90 lakh currently.
Regarding the Calcutta Stock Exchange, Pandey said the regional bourse, where trading has been suspended since April 2013, must comply with regulations and settle outstanding dues to be revived.