The Securities and Exchange Board of India (Sebi) has proposed to reduce the timeline of the listing of debt securities to three working days from six.

At its board meeting on Thursday, the market regulator decided to streamline the public issue process for debt securities and non-convertible redeemable preference Shares (NCRPS).

Issuers will now have a faster access to funds as there will be a reduction in the period to seek public comments on the draft offer documents to one working day from seven.

The minimum subscription period will be cut to two working days from three and the listing timeline to T+3 working days from T+6.

For a year, issuers will have the option to go for T+3 or T+6 listing: thereafter, all listings will mandatorily occur on a T+3 basis.

Sebi’s latest move is expected to enable companies to raise funds at a relatively shorter period.

In another key decision, the regulator approved stricter norms for the entry and exit of individual stocks in the derivatives segment.

It has also set up an expert group to look into the futures & option (F&O) category.

The committee will look into three aspects — market development, investor protection and risk parameters,
Sebi chief Madhabi Puri Buch said.

The move will weed out stocks with consistently low turnover from the F&O segment. The eligibility criteria for the entry or exit of stock should be based on its performance in the underlying cash market.

A security should continue to be chosen from among the top 500 in terms of average daily market capitalisation and average daily traded value on a rolling basis.

The market regulator also relaxed rules relating to voluntary delisting.

It approved the introduction of a fixed price process as an alternative to reverse book building (RBB). This will be for the delisting of companies whose shares are frequently traded.

Sebi also introduced an alternative delisting framework for listed investment holding companies (IHC) by way of selective capital reduction.

In a bid to protect the privacy of promoters, the board has decided to delete the disclosure regarding PAN and personal address of promoters of the issuers in the offer document.

Sebi on Thursday decided to regulate financial influencers or fin-influencers.

In order to address the concerns related to certain persons including unregulated entities inducing investors to deal in securities based on inappropriate claims, Sebi board approved norms to restrict associations between its regulated entities and unregistered individuals.