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SEBI to make trading formalities more investor-friendly
Sebi has revised the structure, design, format, contents and order of information of Application form and Abridged Prospectus. It has made a foray to move towards more investor- friendly and user-friendly approach.
"Sebi has been getting feedback from the investors that the present procedure is very cumbersome and requires a very large number of signatures on different documents. Board has approved the simplification and rationalisation of trading account opening process with stock brokers," Sebi said after a board meeting yesterday.
The new design of Bid-cum-Application form will come with 50% reduction in number of pages so as to provide information in more simpler and rational way.
Now, the trading formalities will come with the minimum required paperwork and easier form filling.
Sebi further said, “The number of signatures will reduce substantially and in most of the cases, signatures will be required only on one document -- the Account Opening Form."
The new prospectus will be in Abridged Form stating only important and relevant information highlighting material disclosures and price details.
The revised Abridged Prospectus shall contain company/ project specific information and highlight materially relevant disclosures such as peer comparison of important financial ratios and risk factors.
The prospectus will also provide track record of Book-Running Lead Mangers (BRLMs).
General Information about the issue shall now be circulated in the form of General Information Document (GID) in various regional languages along with the application form.
“This has been done based on recommendations of group constituted by SEBI, comprising cross section of market participants." stated in the document released on SEBI website.
This will reduce the cost of compliance for both clients and brokers and investors can get an additional information from the stock broker at the time of account opening process.
"The stock broker will give a tariff sheet specifying various charges, including brokerage, payable by the clients," Sebi said.
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