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The board of Securities and Exchange Board of India (SEBI) on Wednesday took a number of decisions relating to ESG disclosures, rating framework on ESG, and a mechanism for preventing and detecting frauds stock market frauds.
The markets regulator has introduced quantitative norms to gauge materiality of developments.
Related to mutual funds, SEBI has brought in a backstop facility for specified debt funds. A backstop fund has to be created by mutual funds to buy corporate bonds during times of stress.
The regulator has banned permanent board seats for listed companies, while it has introduced periodic shareholder approval in order to ensure special shareholder rights.
Companies will have to take the approval of the exchange before they announce bonus issue of shares.
Diverse entities, including private equity funds, can become mutual fund sponsors.
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