SEBI Board Update: Major decisions expected at SEBI Board meeting; Exemption possibility for NRI KYC

• Sebi directors meeting today
• Discussions will be held on amendments in mutual fund regulations
• The fourth meeting was chaired by SEBI Chairman Tuhin Pandey

SEBI Board Update: A meeting of SEBI directors will be held today to discuss amendments in mutual fund rules. Markets regulator Sebi’s board of directors will consider the high-level committee’s report on conflicts of interest among senior officials on Wednesday, officials said. The board meeting included proposals to relax KYC (Know Your Customer) norms for non-resident Indians (NRIs) and introduce ‘closing auction sessions’. This will be the fourth board meeting to be chaired by Securities and Exchange Board of India (SEBI) Chairman Tuhin Kant Pandey, who took charge on March 1 this year.

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The meeting will specifically discuss the committee’s report, which has suggested sweeping reforms to enhance transparency. The panel recommended public disclosure of assets to deal with conflicts of interest among SEBI’s top executives. The panel submitted its report to the SEBI chief on November 10. SEBI has already issued a consultation letter on mutual fund and stock broker regulations.

The Board of Directors will also consider a proposal to review the Stock Brokers Rules, 1992. This process includes a proposal to include a definition of ‘algorithmic trading’, as the current framework lacks clarity on the subject. The additional cost was to offset the impact of early withdrawal charges being credited back to the plans.

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What are the recommendations for transparency?

• Establishing a secure and anonymous whistleblower system to report.
• Ban on expensive gifts, two-year ban on post-retirement appointments.
• Creation of the post of Chief Ethics and Compliance Officer (CEO).

Everyone’s attention is on what new decisions can be taken in today’s meeting. At present, there is a large amount of investment in mutual funds in the market. Hence, SEBI will discuss amendments in mutual fund rules to further increase investment. This is the fourth meeting this year.