India markets regulator agrees to give more say to investors

MUMBAI: India’s market regulator on Wednesday agreed to give more power to shareholders and asked large corporations to make clearer disclosures to stock exchanges on market-moving events.

The Securities and Exchange Board of India (SEBI) also gave retail investors greater control over the money they invest by ensuring that funds do not need to stay with stock brokers for a long period of time.

The SEBI is currently conducting an enquiry into the Adani Group, following allegations of stock manipulation and accounting fraud by US short-seller Hindenburg Research. The Adani Group has denied all wrongdoing.

SEBI chief Madhabi Puri Buch declined to comment on any company specific issue, saying that its intent is “to ensure that the spirit of a law is followed and not just the letter.”