Sebi clears slew of proposals; tightens IPO disclosure norms

Mumbai, Sep 30 (PTI) Sebi on Friday decided to tighten IPO disclosure norms, bring mutual fund transactions under insider trading rules ambit, introduce new option for appointment of independent directors and modify the Offer For Sale (OFS) framework.

Besides, easing the open offer price calculation for PSU divestments and facilitating online bond platform providers were among the proposals approved by the board of Sebi during its meeting held here.

The watchdog has decided to tighten disclosure norms for companies going for initial public offers, insisting that they should share more details on pricing. These include the requirement for disclosures about the price at which the institutional investors have bought shares going back to up to 18 months before the Initial Public Offering (IPO).