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SEBI Publishes its Annual Report for 2022-23

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SEBI published its annual report for the FY 2022-23. Some of the key highlights of the annual report are as follows:

1.   The Indian capital markets facilitated the mobilization of resources totalling 9.8 lakh crore during the fiscal year 2022-23, marking a 4.6% increase compared to 2021-22. These funds were raised to meet the financial needs of companies through various financial instruments such as equity, debt, AIFs, REITs, and InvITs.

2.   The mutual fund (MF) industry’s assets under management (AUM) has witnessed a rapid growth trajectory since 2018-19. As of March 31, 2023, the AUM of the MF industry reached 39.4 lakh crore, with a total of 14.57 crore mutual fund accounts / folios, of which 3.77 crore were unique folios.

3.   Foreign Portfolio Investors (FPIs) withdrew 37,632 crore from Indian equities during the fiscal year 2022-23, marking a substantial 73.1 percent decrease in outflows compared to the previous year 2021-22. Robust domestic liquidity acted as a stabilizing factor for the Indian markets, with domestic institutional investors injecting a net amount of 2.55 lakh crore into the Indian cash markets in 2022-23. This contrasts with net FPI outflows of 61,754 crore from the equity cash market through the stock.

Some key Highlights of Performance are as follows:

1.   Over the course of 2022-23, the SEBI Board deliberated on 65 agenda items, successfully implementing 40 decisions, while the remaining items are at various stages of execution.

2.   SEBI introduced 163 policy measures in 2022-23, encompassing aspects such as Corporate Governance, sustainable finance, and corporate bonds.

3.   Throughout 2022-23, SEBI reviewed 114 offer documents out of 140 applications for public issuances. As of March 31, 2023, 26 applications were pending with SEBI, down from 49 at the close of 2021-22.

4.   SEBI recognized the need of timely resolution of grievance redressal. During 2022-23, 39,062 complaints were redressed, which included 4,290 complaints pending for regulatory action from previous year.

SEBI also for the first time shared details about various changes it is considering and may bring in near future. The changes include:

1.   SEBI intends to streamline the disclosure requirements for public offerings and continuous disclosure mandates under SEBI LODR Regulations and SEBI ICDR Regulations.

2.   SEBI to enhance reporting of group level transactions.

3.   SEBI will review the reverse book building process and explore alternative methods to determine exit prices for voluntary delisting.

4.   SEBI is actively developing a regulatory framework for index providers in alignment with IOSCO Principles.

5.   A regulatory framework for ESG Rating providers is also in the works within SEBI.

A copy of the Annual Report is enclosed below.

Readers are welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com.

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