Sebi Board Meet Outcome: Gold Exchange, SSE, Amendments To Delisting Framework Among Key Decisions Taken
The Securities and Exchange Board of India (Sebi), the regulator for the stock markets in India, in its board meeting on Tuesday, September 28 announced a slew of key decisions including enhancing the framework for Gold Exchange and a nod to amend framework of the delisting of equity shares after open offer among others.
The board announced the framework for a gold exchange which was a key decision that was expected in the meeting. For the same, EGR (electronic gold receipts) will be issued and it will be notified as securities under the Securities Contract Regulation Act, 1956. "The EGR will have trading, clearing and settlement process similar to the other securities," the board said.
Furthermore, the board has also paved way for the creation of a SSE(Social stock exchange) under the ambit of Sebi for fundraising by social enterprises. However, Ajay Tyagi, Chairman, Sebi, in a press conference post meeting, said that he cannot specify the timeline for the same and will coordinate with the centre to take it further.
The board has also approved amendments to delisting framework of equity shares after open offer, and a decision on relaxation on eligibility requirements related to superior voting rights framework was also made.
Besides, amendments to regulatory provisions on Related Party Transactions were also included in the Sebi board meeting on Tuesday.
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