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SEBI partially approves Kotak panel’s recommendations (Lead)
Mumbai, March 28 (IANS) Securities market regulator Sebi on Wednesday approved most of the measures suggested by the Kotak Committee for enhancing corporate governance, along with steps to strengthen algorithmic trading and encourage participation through the MF route.
According to Sebi Chairman Ajay Tyagi, the regulator’s board has approved many recommendations of the Kotak panel.
The recommendations accepted without modification included “reduction in maximum number of listed entity directorships from ten to eight, expanding the eligibility criteria for independent directors and mandatory disclosure of consolidated quarterly results with effect from 2019-20”, he said.
“Recommendations which have been referred to other agencies are strenghtening the role of ICAI, internal financial controls, adoption of index and governance aspects of public sector undertaking,” Tyagi said after the SEBI’s Board meeting here.
Besides, the recommendations accepted with modifications include appointment of “at least one woman independent director in the top listed entities with market capitalisation in top 500 companies by April 1, 2019, then (in) top 1,000 (companies) by April 2020, separation of CEO, MD and Chairperson in the top 500 conpanies.”
The regulator also made webcast of annual general meetings compulsory for the top 100 entities by market capitalisation with effect from FY20, the chairperson said.
The recommendations not accepted included “sharing of information with promoters, other significant shareholders, increase in minimum number of independent directors on board, minimum compensation to independent directors.”
Sebi had set up the Kotak Committee in June 2017 to make recommendations for improving the standards of corporate governance of listed entities in India.
Among measures for strengthening algorithmic trading framework, the board approved introduction of shared co-location services by stock exchanges, to reduce the cost for trading members wishing to operate from the co-location facility.
Stock exchanges would have to “provide tick-by-tick data feed (TBT Feed) to all the trading members, free of charge, subject to trading members creating the necessary infrastructure for receiving and processing it,” the regulator said in a statement.
In addition, the regulator approved measures to facilitate greater alignment of cash and derivative markets.
Further, Sebi approved the proposal to amend the provision permitting charging of additional expenses of up to 0.20 per cent of the daily net assets of MF schemes in lieu of the exit load credited to the scheme.
“Based on data and the recommendations of Mutual Fund Advisory Committee, the board approved the proposal to reduce the maximum additional expense permitted to be charged to a mutual fund scheme from 20 basis points to 5 basis points,” the statement added.
The regulator also reduced the requirement of minimum corpus of an angel fund from Rs 10 crore to Rs 5 crore and increased the maximum period for “accepting funds from angel investors from three years to five years”.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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