India markets regulator panel seeks tighter monitoring of equity fundraises

Oct 13 (Reuters) — A panel reviewing India's securities market rules has called for tighter scrutiny of company equity fundraises, with monitoring agencies reporting directly to stock exchanges, which would be empowered to fine non-cooperating firms. The recommendations are part of a consultation paper published by the Securities and Exchange Board of India on Tuesday on proposed rule changes for listed companies. Here are the key recommendations: Companies should appoint a monitoring agency for all issuances, irrespective of issue size, excluding the size of offer for sale Monitoring agencies should be allowed to submit reports directly to stock exchanges within prescribed timelines Stock exchanges should levy fines on companies when agency reports non-cooperation If a company fails to cooperate, the agency should submit its report based on the best available information, with a statement of non-cooperation If an agreement between a listed entity and a monitoring agency is terminated before full