Sebi to list price-sensitive corporate info

Mehta said currently there are some legal difficulties to make it mandatory for companies to provide all information including press reports on the proposed website.

Sebi proposes to put across the information on its site as well as make it available to as many people as possible, said Mehta. Although the corporates are not required to do so, Sebi is seeking specific powers in relation to corporates to look into the issue of proper disclosure. "Sebi has not been given the power to inspect any corporate, but we are certainly seeking such powers," said Mehta.

Raising apprehensions over the valuations being given to the dotcoms, Mehta said that it is a serious problem across the world. An international technical committee under the aegis of Iosco is working out the methodology to arrive at a valuation formula. Mehta, who is also the chairman of the emerging markets (a division of Iosco) has recommended that Indian experts should be part of the Iosco’s technical committee, since India is the second largest country after the US generating a lot of dotcoms.

The Sebi chairman said the idea is to provide the investor all the information before he decides about investing in a particular scrip. The move would help present a total picture about the company, said Mehta.

The corporates would be required to furnish details like the balance sheet, results, shareholding pattern and changes in the holding pattern with Sebi. J R varma, a full-time member on sebi board, has been asked to prepare a report on this issue, Mehta said adding that a final decision after getting the report, he said.

Meanwhile, Sebi has also asked the international body of stock regulators to accept Indian nominee on its technical committee meant to formulate guidelines for valuations of the dotcom companies. "At present, even I have no idea about valuation of the dotcom. It is a difficult area as it involves valuation of intellectual properties," said Mehta.

Analysts reports

MUMBAI: Sebi is considering a proposal to curb misleading reports on stock markets appearing in the press so as to protect gullible investors, who often are taken on a ride by these reports. "Sebi will soon convene a round-table meeting of senior journalists to seek their opinion on the issue," Mehta said.

Mehta said that a few predictions or recommendations made by analysts in the past the print and electronic media have been misleading in nature, which often can mislead investors. The move to evolve a consensus was to protect investors’ who may buy or sell shares based on the misleading information. Mehta said some of the developed markets also regulate reports on analysts’ prediction of the stock markets and the movements of the individual stock prices.