The
market regulator Securities & Exchange Board of India (Sebi) today,
13 August 2008, slashed the time period of rights issues to 43 days
from current 109 days. Sebi has also changed the pricing rules with
issue of shares by companies to qualified institutional buyers (QIB) in
light of volatile markets. A QIB issue will now be based on the average
share price of the previous two weeks, rather than a choice of an
average of two weeks or six months, whichever is higher.
The
market regulator has also extended the deadline for companies reporting
consolidated results to two months from the quarter-end from one month
now.
Sebi chairman C B Bhave said a review of participatory notes
(PNs) was taken but no decision was taken by the board. Market men were
expecting Sebi to relax restrictions on PNs.
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