SEBI Board Meeting – 29.09.2020

The SEBI Board in its meeting took the following decisions:

1. decided to strengthen the role of a debenture trustee who would exercise independent due diligence of the assets on which charge is being created.
2. decided to grant exemption from the Reverse Book Building process for the delisting of a listed subsidiary, where it becomes the wholly-owned subsidiary of the listed parent pursuant to a scheme of arrangement.
3. approved the proposal to facilitate setting up of a Limited Purpose Repo Clearing Corporation.
4. approved amendments to insidertrading norms with respect to the information that needs to be submitted by the informant under the informant mechanism.
5. approved an amendment to alternative investment funds norms, which include the definition of “relevant professional qualification” and provide that the qualification and experience criteria of the investment team may be fulfilled individually or collectively by personnel of key investment team of the manager.
6. approved the amendment of mutualfund regulations, to introduce a code of conduct for fund managers including chief investment officers and dealers of asset management companies.