SEBI to review delisting process, insider trading norms in December meeting: Madhabi Puri Buch

Market regulator Sebi’s board will discuss the potential changes on delisting at its next meeting, chairperson Madhabi Puri Buch said on Thursday. She added that in the next meeting, which is scheduled for December or January, the management of the market regulator will also table changes in insider trading norms before the board. 

“There was a popular belief that we would never review the delisting regulations and we would always stay with the reverse book building process. We have a consultation paper that was floated, we have got a lot of feedback and at the next board meeting we are taking that proposal to our board,” Sebi chairperson Madhabi Puri Buch said addressing an event organised by industry body Ficci.

The Sebi chairperson mentioned that it is widely believed that Sebi is “very dogmatic about insider trading” but the market regulator has taken steps and initiated consultations to relook the norms around insider trading. She also added that to drive regulations, Sebi is using data and backtesting the data. The chairperson stressed that no regulation will come out sans data and its analysis. 

More interactive strategy

Madhabi Puri Buch mentioned that the regulatory body is embracing a more interactive strategy for formulating regulations within the rapidly changing market environment. She highlighted that, of the 167 circulars released last year, approximately one-third underwent public consultations.

The chairperson provided insights into the most recent SEBI status report, underscoring essential aspects like data administration and openness within the financial markets.

“Transparency is very important to build trust in the market, no one disputes the need for transparency. There are many questions about how to implement transparency. SEBI Chief says the issue is with the entities and it doesn’t end with the death of the person, we are working as per the committee formed by the court, also we have distributed the funds to the people (investors) who had the proof of investment,” she said. 

(With inputs from agencies)

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Updated: 16 Nov 2023, 10:53 PM IST

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