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Regulator Watch

     Print Edition: September 2011

A look at recent rulings which can affect you

MARKETS

  • Sebi has increased the open offer trigger from 15% to 25%. The mandatory open offer size has also been raised from 20% to 26%. It has also abolished the non-compete fee paid by the acquirer to the target company.
  • Sebi has allowed existing mutual fund companies to launch infrastructure debt fund schemes. It has also said that infrastructure financing companies with over five years in the business can be considered for setting up mutual funds exclusively for the purpose of launching infrastructure debt funds.
  • The unique identification number issued to you will be accepted as an identification document for the know-your-customer process.
  • Sebi has allowed foreign retail investors to invest $10 billion in Indian equity mutual funds and another $3 billion in debt funds that invest for at least 5 years in infrastructure-related debt securities.
BANKING
  • The RBI has asked banks to offer customers both fund transfer options - RTGS and NEFT - as both have distinct objectives, features and charges. The funds have to be mandatorily transferred through the option selected by the customer.
  • The RBI has allowed banks to issue prepaid instruments to listed companies for further issuance to their employees. The upper limit of outstanding value on these individual prepaid cards will be Rs 50,000.

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