Sebi introduces framework for accredited investors in securities market

Regulator says appointment and removal of independent directors can be done through a special resolution of shareholders.

India's markets regulator on Tuesday announced decisions relating to independent directors, mutual fund regulations, and others at its board meeting.

The Securities and Exchanges Board of India (Sebi) will permit eligible resident Indian fund managers, other than individuals, to be constituent of Foreign Portfolio Investors.

The board further approved amendment to Mutual Fund regulations to provide for investment of a minimum amount as "skin in the game" in the MF schemes by Asset Management Companies (AMCs) based on the risk  associated with the scheme, instead of the current requirement of one per cent of the amount raised in new fund