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<p>Sebi on Saturday made the following decisions: to encourage investments through Small and Medium REITs; to strengthen safeguards for investors’ interests in Alternative Investment Funds (AIFs); to give non-profit organizations more leeway in using social stock exchanges to raise capital; and to establish a regulatory framework for index providers.<img decoding=”async” class=”alignnone wp-image-289460″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-after-liverpool-ends-man-citys-winning-run-arsenal-takes-the-lead-download-2023-11.jpg” alt=”theindiaprint.com after liverpool ends man citys winning run arsenal takes the lead download 2023 11″ width=”1161″ height=”772″ title=”After Liverpool ends Man City's winning run, Arsenal takes the lead 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-after-liverpool-ends-man-citys-winning-run-arsenal-takes-the-lead-download-2023-11.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-after-liverpool-ends-man-citys-winning-run-arsenal-takes-the-lead-download-2023-11-150×100.jpg 150w” sizes=”(max-width: 1161px) 100vw, 1161px” /></p>
<p>At this meeting, the Securities and Exchange Board of India (Sebi) board accepted the decisions.</p>
<p>The goal of Small and Medium Real Estate Investment Trusts (SM REITs) is to assist grow the market considerably so that more retail investors may have fractional ownership in REIT units, according to a briefing given to press by Sebi Chairperson Madhabi Puri Buch after the meeting.</p>
<p>She said that the regulator is willing to consider developing new goods of this kind.</p>
<p>In the meanwhile, the regulator has made the decision to provide non-profit organizations (NPOs) more freedom in using the social stock market to generate money.</p>
<p>When NPOs publicly issue Zero Coupon Zero Principal Instruments (ZCZP) on the market, the minimum issue size will drop from Rs 1 crore to Rs 50 lakh, and the minimum application size will drop from Rs 2 lakh to Rs 10,000.</p>
<p>Sebi released a statement after the board meeting stating that more subscribers, particularly those in the retail sector, would be able to participate due to the application’s smaller file size.</p>
<p>In addition, the term “Social Auditor” will now read “Social Impact Assessor” in order to reassure non-profit organizations and promote a more optimistic view of the social sector.</p>
<p>The regulator also said that NPOs may use previous social impact reports in the fundraising document in accordance with current procedures, provided that important details including the number of beneficiaries, cost per beneficiary, and administrative overhead are disclosed.</p>
<p>According to the announcement, businesses registered under a certain part of the Income Tax Act, 1961 would allow more NPOs to be eligible for registration and fundraising via the issuing and listing of ZCZP on SSE.</p>
<p>A regulatory framework will be developed, among other measures, for the index providers to promote accountability and transparency in the governance and management of financial benchmarks in the securities market.</p>
<p>In the meantime, the index provider rules will provide a structure for registering those businesses that license “significant indices,” which will be notified by Sebi according to objective standards.</p>
<p>Buch said that growing inflows into passive funds—which have exploded in popularity in the West—were the primary factor for the decision to impose controls on index providers.</p>
<p>All new investments made by an Alternative Investment Fund (AIF) after September 2024 shall be kept in demat form, according to the SEC, to improve investor protection and simplicity of compliance.</p>
<p>With a few caveats, Sebi has authorized changes to the AIF regulations. All AIFs will be subject to the requirement for custodian appointments as well.</p>
<p>Schemes of Category III AIFs and those of Category I and II AIFs having a corpus of more than Rs 500 crore are now subject to the requirement.</p>
<p>“The mandate for appointment of custodian, currently applicable to schemes of Category III AIFs and to schemes of Category I and II AIFs with corpus more than Rs 500 crore, shall be extended to all AIFs,” the regulatory body said in reference to AIFs.</p>
<p>In response to a question, the head of Sebi replied that the board had not changed the delisting guidelines because additional information was needed.</p>
<p>The board recommended looking for more data-driven market inputs since the current supply of information is inconsistent. Thus, we are looking for further information while also reviewing the same (proposals),” Buch said.</p>
<p>In place of the current reverse book-building procedure, Sebi has suggested enabling corporations to delist via a fixed pricing method.</p>
<p>Buch noted that several rounds of talks have been made about the extension of trading hours with investors and important market intermediaries, such as clearing organizations and exchanges.</p>
<p>“An opinion on why the timeline should be extended has not yet emerged. The fact that the investor and broking communities’ opinions are still forming is more significant, the speaker said.</p>
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