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Under the current rules, large corporates are those that need to have an outstanding long-term borrowing of at least Rs 100 crore; a credit rating of 'AA and above' and a target to finance themselves with long-term borrowings (above 1 year).
Moreover, out of 120 entities, 116 cases are old (97 per cent) and the violation period dates back to over a decade ago, the Securities and Exchange Board of India (Sebi) said in a statement.
Under the process, the intermediary will have to make an online application to Sebi for prior approval through its intermediary portal.
Under current norms, introduction of stocks in the F&O segment are based on criteria such as the average daily market capitalization, average daily traded value, the market-wide position limit in the security, the quarter sigma values, and the average daily deliverable value as approved by Sebi
The decision has been taken considering into account the recommendation of the Alternative Investments Policy Advisory Committee, the Sebi said in a circular. Under the rule, AIFs and VCFs have a time limit of six months from the date of prior approval from Sebi to making the allocated investments in offshore venture capital undertakings