NEW DELHI: The Board of Securities and Exchange Board of India (SEBI) cleared the proposal for granting “in-principle” approval for the proposed arrangement between the National Stock Exchange (NSE) and the Madras Stock Exchange (MSE), subject to suitable safeguards/conditions.
Under the arrangement, MSE members will be permitted to trade on NSE’s platform, subject to certain terms and conditions.
In an investor-friendly initiative, SEBI on Wednesday decided to rationalise and slash various fees chargeable for filling offer documents for public issues and mutual fund and other purposes with effect from the beginning of next financial year.
In another major move, it was decided that the market regulator would review the primary market issuance process to reduce the time gap between the opening of an issue and the listing of shares.
Earlier, addressing the SEBI board members and executive directors, Mr. Chidambaram is reported to have highlighted the role of the market regulator in the development of the securities market.
Briefing media persons on the decisions made by the regulator, C. B. Bhave, the new Chairman of SEBI, said cutting down the time gap between the opening of the issue and the listing of shares would not only help curb the grey market operations but also protect the interests of retail investors. Mr. Bave also said that a committee had been constituted to oversee the conduct of all proceedings of SEBI against National Securities Depository Ltd. (NSDL).
According to the rationalisation of fee structure, carried out on the basis of the recommendations of an internal committee headed by V. K. Chopra, whole-time member of SEBI to benefit retail investors, the fee for filing offer documents for public issue and mutual funds will be reduced from 0.03 per cent to 0.005 per cent.
While the cap on fee for public offer is Rs. 3 crore, the ceiling for mutual fund is Rs. 50 lakh.
Similarly, the registration fee for a venture capital fund, also effective from April 1, 2008, has been cut by 50 per cent from Rs. 10 lakh to Rs. 5 lakh.
At the same time, the annual fee for registration for the custodians of mutual funds will be reduced to 0.0005 per cent of asset under custody from the existing 0.001 per cent. The fee for the rights issue offer document will be slashed from 0.05 per cent to 0.005 per cent, subject to a maximum of Rs. 5 lakh.
The fee for filing offer documents for buyback of securities will be reduced from 0.05 per cent to 0.125 per cent, subject to a maximum of Rs. 3 crore.
Under the arrangement, MSE members will be permitted to trade on NSE’s platform, subject to certain terms and conditions.
In an investor-friendly initiative, SEBI on Wednesday decided to rationalise and slash various fees chargeable for filling offer documents for public issues and mutual fund and other purposes with effect from the beginning of next financial year.
In another major move, it was decided that the market regulator would review the primary market issuance process to reduce the time gap between the opening of an issue and the listing of shares.
Earlier, addressing the SEBI board members and executive directors, Mr. Chidambaram is reported to have highlighted the role of the market regulator in the development of the securities market.
Briefing media persons on the decisions made by the regulator, C. B. Bhave, the new Chairman of SEBI, said cutting down the time gap between the opening of the issue and the listing of shares would not only help curb the grey market operations but also protect the interests of retail investors. Mr. Bave also said that a committee had been constituted to oversee the conduct of all proceedings of SEBI against National Securities Depository Ltd. (NSDL).
According to the rationalisation of fee structure, carried out on the basis of the recommendations of an internal committee headed by V. K. Chopra, whole-time member of SEBI to benefit retail investors, the fee for filing offer documents for public issue and mutual funds will be reduced from 0.03 per cent to 0.005 per cent.
While the cap on fee for public offer is Rs. 3 crore, the ceiling for mutual fund is Rs. 50 lakh.
Similarly, the registration fee for a venture capital fund, also effective from April 1, 2008, has been cut by 50 per cent from Rs. 10 lakh to Rs. 5 lakh.
At the same time, the annual fee for registration for the custodians of mutual funds will be reduced to 0.0005 per cent of asset under custody from the existing 0.001 per cent. The fee for the rights issue offer document will be slashed from 0.05 per cent to 0.005 per cent, subject to a maximum of Rs. 5 lakh.
The fee for filing offer documents for buyback of securities will be reduced from 0.05 per cent to 0.125 per cent, subject to a maximum of Rs. 3 crore.
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