Markets regulator Sebi's board on Monday cleared a proposal to introduce a new asset class for high-risk profile investors to bridge the gap between mutual funds and portfolio management services and approved MF light-touch framework for passive schemes.
The board cleared 17 proposals, including an amendment to insider trading rules to clarify the definitions of 'connected person' and 'immediate relative' and relaxed eligibility criteria and compliance requirements for investment advisers and research analysts.
This was the first board meeting after the US-based short seller Hindenburg Research and Congress party made allegations against Sebi's chairperson Madhabi Puri Buch.
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