The Securities and Exchange Board of India (Sebi) on Friday allowed listed debt issuers (non-convertible securities) to send annual reports via web links or QR codes, reducing costs and aligning disclosure norms with those for equity issuers. This move lowers operational expenses and standardises disclosure practices.
Recognising the need for deeper engagement beyond digital interfaces, Sebi has approved the phased establishment of local offices in key state capitals and tier-1 cities to bolster investor protection, facilitate SME and startup participation, and improve surveillance of unregulated activities. Cities such as Chandigarh, Jaipur, Lucknow, and Bengaluru are slated for the first wave, with broader expansion planned subsequently.
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Sebi mandates two executive directors for monitoring opeartions
Meanwhile, Sebi has mandated the appointment of two executive directors (EDs) within Market Infrastructure Institutions (MIIs), each heading critical verticals: operations and regulatory compliance. These EDs will serve on the governing board, ensuring that public interest and systemic integrity are prioritised over commercial imperatives. Clear role definitions for MDs, CTOs, and CISOs, along with norms for external directorships, are expected to reinforce accountability and succession planning.
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Sebi norms for Investment Advisers (IAs) and Research Analysts (RAs)
Further easing entry barriers for Investment Advisers (IAs) and Research Analysts (RAs), Sebi has relaxed registration norms, eliminating requirements for address proof, CIBIL reports, and infrastructure details. Graduates from any stream can now apply, subject to certification. IAs may also offer second opinions on pre-distributed assets and charge advisory fees within prescribed limits, provided clients are informed of dual charges. Past performance data may be shared in one-on-one communications, subject to certification and a two-year regulatory window.
The reforms reflect Sebi’s commitment to balancing investor protection with market accessibility. By reducing friction, expanding access, and institutionalising governance, the regulator is laying the groundwork for a more responsive and resilient capital market ecosystem.
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