Financial Daily from THE HINDU group of publications
Saturday, Jan 31, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Home Page - PSU
Markets - IPOs


SEBI likely to relax public issue norms for PSUs

Our Bureau

Mumbai , Jan. 30

IN order to facilitate the disinvestment of government holding in public sector units, the Securities and Exchange Board of India is prepared to heed to a government request and relax the norms of public issues.

Mr G.N. Bajpai, Chairman of SEBI, on Friday said the board would do whatever is necessary for the successful public offer of all scrips, including the impending ones of Gail (India) and ONGC.

The PSUs are reported to have sought relaxation of various norms for their initial public offers (IPO). These include reducing the lot size from 100 to 10, declaring the price band a day before the opening of the offers and earmarking some equity for allotment to shareholders of group companies.

The two IPOs are expected to open in the first quarter of the current calendar year.

The relaxations would be allowed as these offers will add depth to the market, said Mr Bajpai on the sidelines of a conference on financial markets and investors' protection, organised by the Institute of Chartered Accountants of India.

Earlier, speaking about volatility in the capital markets, Mr Bajpai said SEBI was on high alert and watching every unusual movement. Whenever there was a need for action, the regulator would make the necessary intervention, he said.

"Our approach is proactive, we imagine potential problems and plug them. We are co-active market participants," he said. The Indian capital market is one of the best regulated in the world today, Mr Bajpai told investors, with operating, systemic and structural risks reduced in the current context. India and Singapore have been judged the best in Asia in the areas of disclosure standards and corporate governance.

More Stories on : PSU | IPOs | Regulatory Bodies & Rulings

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
SEBI likely to relax public issue norms for PSUs


SBI net rises 16.8 pc in Q3
Nitish promises smoother train rides — New initiatives under way; fares, freight left unchanged
PSU insurers may reject some VRS applications
Banks await RBI norms to enter stock broking
IFCI merger with PNB gets board approval



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line