The SEBI board met at Mumbai today. Highlights of the decisions taken are as follows:

1. Streamlining process of public issues- Obviating the need to issue cheques:

Initial Public Offering (IPO) process streamlined to, reduce time period for listing of issues from T+12 days to T+6 days, increase reach of retail investors to access the IPO and reduce the cost of public issues. With this issuers will have faster access to the capital raised and investors will have early liquidity.

2. Simplified framework for capital raising by technological start-ups and other companies.

Enabling provisions approved for capital raising by technological start-ups and other companies through Institutional Trading Platform.

3. Fast Track Issuances through FPOs or Rights Issue:

Requirement of market capitalization of public shareholding of the issuer for Fast Track Issues (FTI) reduced to Rs. 1000 crore in case of Follow on public offering (FPO) and Rs. 250 crore in case of rights issue. This will help more listed companies to raise further capital using fast track route.

4. Review of Offer for Sale (OFS) through stock exchange mechanism

Changes proposed to encourage greater retail participation in OFS.

5. Reclassification of Promoters as Public:

A rationalised, simple framework put in place for reclassification of promoters as public. The proposed framework will bring in consistency and also enable investors to take informed decisions based on any such move by the company / promoters

6. Annual Report for 2014-15

Annual Report for 2014-15 approved by the Board.