SEBI ab sabhi IPOs ke liye external monitoring mandatory karne ki planning mein hai. Purane thresholds khatam ho rahe hain taaki public ka paisa misuse na ho. Ab companies ko quarterly report submit karni hogi, warna penalty lagegi.
Kya badalne wala hai?
Abhi tak rule ye tha ki sirf ₹100 Crore se zyada ke IPO (main board) ya ₹50 Crore se zyada ke SME IPOs ke liye monitoring zaroori thi. Lekin SEBI ab in thresholds ko hatane ki tayyari mein hai. Matlab ab chhota ho ya bada, har IPO ko independent monitoring se guzarna padega.
Report ka naya system
Naye proposal ke hisaab se, monitoring agencies ko har quarter ke khatam hone ke 45 din ke andar stock exchanges ko report deni hogi. Agar koi company report mein deri karti hai, toh monitoring agency seedhe exchange ko report bhej sakti hai. Rule todne par bhari fine lagega aur promoters ke shares bhi freeze ho sakte hain.
Investor protection ka chakkar
Kai baar aisa dekha gaya hai ki IPO ka paisa business expansion ke liye maanga gaya, lekin use luxury assets ya dusre faltu projects mein uda diya gaya. SEBI ka goal yahi hai ki retail investors ka paisa wahi lage jahan prospectus mein bola gaya tha.
Challenges kahan hain?
Market experts ko ek bada darr hai. Credit rating agencies ko monitoring ka kaam diya ja raha hai, lekin kya unke paas aisi 'forensic' expertise hai ki wo check kar sakein ki paisa sahi jagah kharch hua hai ya nahi? Upar se, ye agencies inhi companies se paisa kamati hain jinhe unhe police karna hai—toh conflict of interest ka mudda toh rahega hi. Ab dekhna hoga ki kya stock exchanges is oversight ko effectively handle kar paayenge ya nahi.