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SEBI for banning wilful defaulters from accessing market and takeovers

Cheni, January 5: Indian market regulator SEBI on Monday proposed to ban wilful defaulters as defined by Reserve Bank of India (RBI) from accessing the public for funds and from taking over other listed companies. In a discussion paper on proposed amendments to regulations framed under SEBI Act, 1992 for Imposing Restrictions on Wilful Defaulters, the Securities and Exchange Board of India (SEBI) has suggested to expand its restrictive ambit to cover instruments like equity/non–convertible redeemable preference shares and debt instruments. SEBI has also proposed that existing listed companies/its promoter/group company/director of the issuer categorised as wilful defaulter should not be allowed to take control over other listed entity in accordance with SEBI (SAST) Regulations, 2011. (IANS)

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Ankur Kalita

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