Sebi board clears frameworks for gold, social stock exchanges

regulator Sebi’s board on Tuesday approved a slew of reforms, including frameworks for gold and social stock exchanges. Instrument representing gold will be called “Electronic Gold Receipt” (EGR). EGR will have trading, clearing and settlement features akin to other securities, said the market regulator.

Besides, the regulator has decided to relax eligibility requirements related to shares having superior voting rights, Chairman Ajay Tyagi said at a press conference in Mumbai after the board meeting.

On the social stock exchange, Tyagi said a proposal has been cleared for the creation of this exchange for fundraising by social enterprises.

Tyagi further said he cannot specify the timeline for such exchange, and will coordinate with the government to take it ahead. “If there is any violation of regulations in Zee-Sony merger case, we will look into it,” said Tyagi after the board meeting.

The board also cleared a proposal to amend de-listing framework after an open offer and Investors Charter for securities market.

also decided to relax eligibility requirements related to superior voting rights shares. board approved proposal to amend de-listing framework after open offer

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