Mumbai
Markets regulator SEBI on Thursday 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 here, 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 and 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.

Among others, re-stated and audited financial disclosures in the offer document to be made only on consolidated basis.

The changes have been decided upon as part of streamlining the regulations pertaining to Issue of Capital and Disclosure Requirements .

With respect to ICDR, SEBI Chairman Ajay Tyagi said it is rationalisation of disclosure requirements, definition of promoter group as well as group companies and reduction in time-frame for announcement of IPO price band.