Market regulator Securities Exchange Board of India (SEBI) on Monday doubled the application size for retail investors in public offerings from Rs 1 lakh to Rs 2 lakh. The SEBI also paved the way for public offerings by insurance companies.
SEBI chairman CB Bhave addressed issues ranging from abuse of issuance of preferential share norms in favour of promoters to role of media and agencies generating coverage for the public issues where risk factors are virtually hidden.
On the issue of new takeover norms, Bhave said that a decision can be expected in the next board meeting.
SEBI decided on exempting promoters from mandatorily investing in Further Public Offers of firms with a good trading and dividend track record for three years.
For foreign venture capital investments, SEBI asked firms to furnish commitment letters for investors wishing to invest a minimum of $1 million.