Regulator Sebi today decided to amend the norms governing initial public offers, takeovers and buybacks as well as harmonise shareholding patterns in market infrastructure institutions and cap the tenure of managing directors at stock exchanges.

The board of Sebi, at its meeting in Mumbai, also cleared a draft of proposed amendments to the IPO framework, including reduction in time period for announcement of price band and financial disclosure requirements as well as bringing down the minimum anchor investor size in SME IPOs to Rs 2 crore.

Besides, the category of 'sub-brokers' would be done away with and instead such entities would have to migrate to 'authorised persons' or 'trading members' category.

Implementing another round of reforms agenda in the securities market, entities going for IPO can announce the price band two days before commencement of the offer whereas the current time period is five days.

In the case of public and rights issues, financial disclosures have to be made only for three years instead of five years requirement at present. #casansaar (Source - SEBI, NewsonAir)