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Hoping to finalise norms for crowd funding soon: Sebi boss

Securities and Exchange Board of India (Sebi) hopes to finalise norms that will help entrepreneurs raise funds via crowd funding in a few months, chairman UK Sinha said on Wednesday.

business Updated: Dec 31, 2015 01:34 IST
HT Correspondent
File photo of SEBI chairman UK Sinha.
File photo of SEBI chairman UK Sinha.(HT Photo)

Securities and Exchange Board of India (Sebi) hopes to finalise norms that will help entrepreneurs raise funds via crowd funding in a few months, chairman UK Sinha said on Wednesday.

“We have still not been able to finalise it because there were lot of divergent views…We hope to finalise it in a couple of months,” Sinha said while speaking on the sidelines of the inauguration of the 600th branch of Bandhan Bank.

The market regulator had formed a committee under Infosys’ co-founder NR Narayana Murthy on issues related to further develop the startup ecosystem and alternative investments in India. The committee will submit its report in a month, Sinha had said recently.

Meanwhile, sale of mutual funds on e-commerce platforms could also get a go ahead in a month, according to Sinha. He said that while the mutual fund growth in the country had been very good, the online route was not being used although e-commerce consumers were growing rapidly.

“If these people are doing e-shopping, and they know financial markets, then they should also invest in MFs and that is the direction in which we are thinking,” Sebi chairman said.

Meanwhile, Sebi is also in dialogue with startups in relation to listing on the domestic stock exchanges.

The market regulator had announced new norms that would facilitate listing of startups on India’s stock exchanges in June this year. However, hardly any company has chosen to ring the bell.

“The important thing is that at least the regulations are in place. But, Sebi is not sitting silent after formulating regulations. We are engaging with these firms; I have myself had two rounds of meetings and tried to tell them the details of our scheme,” said Sinha.