Sebi chief for redefining independent directors
According to him, this transformation requires a change in multiple areas. Independent directors must feel free to dissent and be well-versed in emerging risks such as AI governance, cyber threats, and ESG disclosures.
Their orientation should be ongoing, rather than limited to a one-time induction. Pandey stressed the need for broader diversity in board composition, drawing talent from varied sectors, younger professionals, regional voices, and individuals outside familiar networks. 'A board that never disagrees is not aligned - it's asleep.
Divergent views, when rooted in purpose and mutual respect, strengthen the board. They test assumptions, lead to deeper discussions, and enable constructive decision-making,' he stated.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
29 minutes ago
- News18
Sebi proposes lower entry threshold for large-value AIFs at Rs 25 cr
Agency: PTI New Delhi, Aug 9 (PTI) Markets regulator Sebi has proposed a slew of relaxations for large value funds (LVFs) under the alternative investment funds framework, including reduction in minimum investment requirement to Rs 25 crore from the current Rs 70 crore. In a consultation paper issued on Friday, the regulator said the changes aim to widen investor participation and cut compliance costs. The proposals follow recommendations from Sebi's Alternative Investment Policy Advisory Committee and the Ease of Doing Business Working Group. The key proposal is to lower the investment threshold to Rs 25 crore, which the regulator said will attract more domestic institutional players such as insurance companies and diversify the investor base. At present, the working groups highlighted that LVF threshold of Rs 70 crore is too high and many investors, including some institutional investors, have limitations on the quantum. Sebi has also proposed exempting LVFs from several compliance requirements, including the need to follow the standard template for private placement memoranda (PPM), mandatory annual audits of PPM terms, and the responsibility placed on investment committee members for approving fund decisions. Sebi also recommended allowing existing AIF schemes, whose investors meet LVF criteria, to convert into LVFs with the consent of all investors. This would enable them to benefit from the proposed relaxations. The markets watchdog noted that LVFs have seen steady traction since their introduction in August 2021, but could play a bigger role in channelling long-term investments, especially into unlisted securities, if entry barriers are lowered. The Securities and Exchange Board of India has invited public comments on the proposals till August 29. PTI HG TRB view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
an hour ago
- News18
Sebi revises norms for converting private listed InvITs into public
Agency: PTI New Delhi, Aug 9 (PTI) Sebi has revised the framework for converting private listed Infrastructure Investment Trusts (InvITs) into public InvITs, streamlining sponsor holding norms and aligning disclosure requirements with follow-on offers. The Securities and Exchange Board of India (Sebi) said the changes, effective immediately, are based on market feedback and recommendations of the Hybrid Securities Advisory Committee. Under the revised framework, sponsors and their groups must comply with the minimum unitholding requirements specified in the InvIT regulations at all times. The lock-in on such units will also be as per the regulations, the regulator said in a circular on Friday. The market regulator has also modified the procedural and disclosure norms for public offers during conversion to bring them in line with those applicable for follow-on offers. Accordingly, InvITs will have to adhere to the follow-on offer requirements under InvIT rules and related circulars, including any amendments. These changes will replace earlier references to 'initial offers" with 'follow-on offers" in several provisions of Sebi's norms for InvITs issued in May 2024, as per the circular. The revised framework, effective immediately, aims to protect investor interests, promote market development and ensure regulatory consistency. Sebi has directed recognised stock exchanges and the Bharat InvITs Association to disseminate the updated norms on their websites. PTI HG TRB view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
&w=3840&q=100)
Business Standard
5 hours ago
- Business Standard
Sebi scraps transaction charges for MF distributors, effective immediately
Markets regulator Sebi has abolished transaction charges paid to mutual fund distributors, bringing an immediate end to the provision that allowed asset management companies (AMCs) to pay such charges for investments above a certain threshold. The regulator said the decision came after a public consultation was carried out in May 2023 and an industry consultation in June this year. Under the earlier framework, Sebi said distributors were eligible for such charges if they brought in a minimum subscription amount of Rs 10,000. "...Sebi Master Circular for Mutual Funds dated June 27, 2024, allows AMCs to pay to the distributor transaction charges, subject to a minimum subscription amount of Rs 10,000 brought in by such distributors," the regulator said in a circular on Friday. Based on the feedback, Sebi observed that distributors, as agents of AMCs, are entitled to be remunerated by the AMCs, the "charges or commission, as prescribed under rules, shall be done away with". Accordingly, the master circular -- which governed these charges -- have been deleted. This will come into force with immediate effect, the regulator said. This change is expected to simplify the distributor compensation process while maintaining transparency in the mutual fund ecosystem.
