Regional offices can clear proposals for IPO of up to Rs500 crore and would also be delegated powers with respect to mutual funds, inspection
Chennai : Market regulator Securities and Exchange Board of India (SEBI) on Monday said its regional offices would be delegated powers to clear public offer proposals of companies planning to raise up to Rs500 crore, reports PTI.
"Regional offices can clear proposals of initial public offering (IPO) of up to Rs500 crore. Regional offices will be delegated powers with respect to mutual funds, inspection..", Securities and Exchange Board of India Chairman UK Sinha told reporters after inaugurating the southern regional office.
In a statement issued recently, SEBI said it was decided that the draft offer documents in respect of issues of size up to Rs500 crore shall be filed with the concerned regional office of the Board under the jurisdiction of which the registered office of the issuer company falls.
Noting that SEBI has planned to open 10 new regional offices, Mr Sinha said, "one should look at markets on a long term basis. There will be periods when markets will do well, sometimes, they may not. People should not get carried away by short term developments".
Former SEBI Chairman GV Ramakrishna, SEBI whole-time member Rajeev Agarwal were also present.
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