SEBI issues settlement order to Utkarsh Small Finance Bank
The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank upon the payment of Rs 1.24 crore by the lender.
Tightening corporate governance rules, the Security and
Exchange Board of India (Sebi) announced fresh norms in its board meet on
Wednesday.
The exchange has barred listed firms and their top officials
from signing compensation pacts with PE funds without public shareholders’
approval.
“No employee, including key managerial personnel, director
or promoter of a listed entity shall enter into any agreement for himself or on
behalf of any other person, with any shareholder or any other third party with
regard to compensation or profit sharing unless prior approval has been
obtained from the Board as well as public shareholders,” Sebi said in a
statement.
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“All such agreements entered during the past three years
from the date of notification shall be informed to the stock exchanges for
public dissemination including those which may not be currently valid,” it
added.
According to the statement, “the upper limit for number of
angel investors in a scheme is increased from 49 to 200”.
“The definition of start-up for Angel Funds investments be
similar to definition of DIPP as given in their start-up policy. Accordingly,
Angel Funds will be allowed to invest in start-ups incorporated within
five years, which was earlier 3 years,” Sebi added.
In order to further develop the alternative investment
industry and the startup ecosystem in India, SEBI, in March 2015, had
constituted a Committee of experts under the chairmanship of NR Narayana
Murthy.
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