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- New Sebi Chief Tuhin Kanta Pandey’s First Board Meeting, Key Decisions and Changes
Mumbai9 minutes ago
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The Board of Security Exchange Board of India has approved a proposal to double the assets under management (AUM) on 24 March (Monday) for detailed revelations from Foreign Institutional Investors (FPI) to double the threshold ie value to Rs 50,000 crore. Earlier, FPIS with AUM over Rs 25,000 crore was required to get the detailed detail look of all its investors or stakeholders on the throw basis.
After the meeting, SEBI chairman Tuhin Kant Pandey said, “The trading volume in cash equity markets between the financial year 2022-23 and the current financial year 2024-25 has increased more than doubled. Keeping this in mind, the board has approved the proposal to increase the implemented Threshold from the current Rs 25,000 crore to Rs 50,000 crore.
Tuhin Kant said, “Now FPIS, which has equity AUM over Rs 50,000 crore in Indian markets, will need to make additional revelations.” Pandey is the new chairman of SEBI. This was the first meeting of the board under his leadership.
What was the rule of SEBI in August 2023
In August 2023, SEBI had directed FPIs, holding more than 50% of their equity AUM in a corporate group or a total share of more than Rs 25,000 crore in Indian equity markets to give detailed details of all entities with ownership, economic interest or control in FPI.
However, some FPIs are exempted from such additional disclosure conditions under certain conditions. These include Broad-based with expanded investor base, poold structured or FPI with ownership interests on behalf of government or government or government or government.
Other big decisions of the meeting
- SEBI also decided to set up a high -level committee to conduct a comprehensive review of conflicts, assets, investment and liabilities of the board members and officials.
- The committee will have to submit its recommendations within 3 months from the date of formation. This report will be placed before the board of SEBI for consideration.
- The committee will include constitutional or statutory or regulatory bodies, government/public sector, private sector and education in the education world and prestigious individuals and experts having experience.
- SEBI has also decided to allow investment advisor and research analysts to charge advance fees for one year.
- Under the current rules, the Investment Advisor (IA) can charge advance fees for two quarters i.e. 6 months in case of consent of the customer. For research analysts (RA), this period was only one quarter i.e. 3 months.
Tuhin Kant Pandey became the new Chief of SEBI on 1 March
On March 1, Tuhin Kant Pandey was made the new Chief of SEBI. Tuhin will hold this position for the next 3 years. She has replaced former SEBI Chief Madhabi Puri Buch, which retired on 28 February.
Tuhin Kant Pandey is a 1987 batch IAS officer of Odisha cadre. He is one of the busiest secretaries in India in the Modi 3.0 government. They are currently handling four important departments in the central government.
