The Securities and Exchange Board of India (Sebi) will phase out 16 offices spread across the country as part of a restructuring exercise. These offices were opened between 2012 and 2018 when Sebi was headed by U K Sinha.
After the leases of these offices end, the regulator will be left with six offices, including its HQ in Mumbai, four regional offices in Ahmedabad, Chennai, Kolkata and New Delhi, and one small office in Indore.
In a note to its board members, Sebi, now headed by Madhabi Puri Buch, said that it had opened smaller offices to spread financial literacy in local areas, redress investor grievances, gather market intelligence and handle enforcement matters. But it noticed that the number of investors has increased in the country, with 99% of all pin codes participating in the markets, largely through digital means.
Provides Methods to REITs, InvITs
The regulator has provided methods such as offer-for-sale mechanism, rights issue, bonus issue to public unit holders and allotment of units through institutional placement by REITs and InvITs to comply with the minimum public holding norms.
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