The Securities and Exchange Board of India (Sebi) on Saturday gave in-principle approval to listing of the Bombay Stock Exchange.
Sebi chariman U K Sinha said that while for listing of any normal company, it is just required to file draft red herring prospectus, in cases such as for insurance companies or for stock exchanges that are regulated by the insurance regulator or Sebi respectively, they first need to get an in-principle approval from the regulator before filing the DRHP.
“The current time-frame is expected to be in the range of 6-9 months. BSE has already appointed merchant bankers for this process,” the exchange spokesperson said.
He further said the exchange plans to follow all Sebi regulations and is looking to list on another exchange as per the regulator’s norms.
Another important decision that the market regulator announced was ensuring resolution of grievances in a stipulated time-frame. Sebi has decided to complete within two years all its enforcement actions — starting from launch of probe to the passing of final order.
Sinha said the regulator would look to reduce the time taken for passing the final orders. Earlier, it used to take several years to come up with a final judgement and that time has been reduced, he told reporters after the board meeting here.
“Nothing will be pending for more than two years,” Sebi Chief said adding that this will be implemented starting from the next financial year.
Continuing its efforts to protect investor interest, Sebi will focus on enhanced surveillance mechanism, increased supervision of market intermediaries and encourage ease of doing business through system-driven disclosures in the next fiscal.
(With inputs from PTI)