Chennai: Market regulator Sebi today said its regional offices would be delegated powers to clear public offer proposals of companies planning to raise up to Rs 500 crore.
"Regional offices can clear proposals of IPO up to Rs 500 crore. Regional offices will be delegated powers with respect to mutual funds, inspection..", Securities and Exchange Board of India Chairman U K Sinha told reporters here after inaugurating the southern regional office.
In a statement issued recently, Sebi said it was decided that the draft offer documents in respect of issues of size up to Rs 500 crore shall be filed with the concerned regional office of the Board under the jurisdiction of which the registered office of the issuer company falls.
Noting that Sebi has planned to open 10 new regional offices, Sinha said, "one should look at markets on a long term basis".
"There will be periods when markets will do well, sometimes, they may not. People should not get carried away by short term developments", he said.
Former Sebi Chairman G V Ramakrishna, Sebi whole-time member Rajeev Agarwal were also present.