Mumbai, March 23 The board of the markets regulator, Sebi, on Monday approved a wide-ranging proposal, including easing fund settlement norms for foreign portfolio investors (FPIs), and changes to regulatory frameworks for market intermediaries.
Additionally, the board approved several recommendations of the high-level committee on "conflict of interest" and disclosures concerning Sebi officials.
The committee was chaired by former Chief Vigilance Commissioner Pratyush Sinha.
The panel was constituted to undertake a comprehensive review of the existing provisions related to conflict of interest and disclosures of property, investments, liabilities, and other related matters by Sebi members and officials.
The board also approved ease-of-doing-business proposals related to real estate investment trusts (REITs), infrastructure investment trusts (InvITs) and alternative investment funds (AIFs). It has cleared a proposal to provide flexibility to AIFs in winding up a scheme.
Also, it proposed to overhaul the "fit and proper person" criteria for market intermediaries, which includes removing automatic disqualification triggered by the filing of FIRs, complaints, or charge sheets in economic offence cases.
