New Delhi: Market regulator Securities and Exchange Board of India (SEBI), on June 14, spelt out a slew of market reform measures including a Central Listing Authority, tighter de-listing norms and tracking down of promoters of vanishing companies, to improve sentiments in the market which is slated to witness about 200 initial public offerings (IPOs) this fiscal.

"It is necessary that we have a first-entry-point screening of companies intending to raise funds from the market. The proposed CLA will look into listing agreements and carry out due diligence," SEBI chairman G N Bajpai said at a seminar in Delhi.

He said the proposed authority, which would be different from the National Listing Authority being tried out in the UK, would be an autonomous body separate from the ambit of SEBI and having representation from stock exchanges.

Pointing to the need for tightening de-listing norms, Bajpai said, "entrepreneurs should not create a situation where investors cannot exit nor get the profits of the wealth created by the company".

A SEBI committee was looking into the de-listing norms and would submit a final report within weeks. "We are working very strongly on various issues including de- listing norms for multinational companies (MNCs)," he added.

Bajpai said SEBI and Department of Company Affairs are working together to track promoters of 225 vanishing companies, which raised funds from the capital market and then disappeared. SEBI is in touch with the police to track down the promoters.

SEBI expected the market to chin up this fiscal following the initial public offer of 200 companies, he said.

PTI