Sebi clears amendments to numerous laws; tightens norms for utilisation of IPO proceeds

Sebi on Tuesday authorised a slew of amendments to numerous laws, together with tightening guidelines for the utilisation of IPO proceeds.
Changes have been cleared for laws governing overseas portfolio traders, Alternative Investment Funds (AIFs), mutual funds, settlement proceedings, amongst others.
The selections have been taken at a gathering of the Sebi board right here on Tuesday.
The watchdog has additionally determined to introduce provisions referring to appointment or re-appointment of individuals who fail to get elected as administrators, together with as Whole Time Directors or Managing Directors or Managers, on the basic assembly of a listed entity.
“Appointment or a re-appointment of any person, including as a Managing Director or a Whole Time Director or a Manager, who was earlier rejected by the shareholders at a general meeting, shall be done only with the prior approval of the shareholders,” Sebi stated in a launch.