(FE)
Finance minister Arun Jaitley on Saturday asked Securities and Exchange Board of India (Sebi) to take more measures to deepen the corporate bond market. The regulator responded by announcing the release of detailed rules by September on a Budget proposal to mandate listed firms to raise a quarter of their funds via bonds.
Sebi is also examining alleged lapses by Fortis Healthcare in transferring funds to some promoter-linked firms, chairman Ajay Tyagi told reporters at a briefing after the board meeting of the regulator in the national capital, attended by the finance minister. Media reports claimed on Friday that Fortis’ promoters —the Singh bothers — took around Rs 500 crore at the current exchange rate out of the publicly-traded hospital company without board approval about a year ago. The news prompted stock exchanges to issue notices to the company.
