Mumbai, Jun 19 (PTI) The board of markets regulator Sebi on Friday approved a wide range of proposals, including the reintroduction of open market share buybacks through stock exchanges, relaxation of intraday borrowing norms for mutual funds and simplification of securities transfer procedure following an investor's death.

Also, the board decided to establish a green-channel mechanism -- GARUDA-- to speed up the launch of schemes by alternative investment funds (AIFs). This mechanism allows them to begin fundraising within 10 working days of filing their placement memorandums, compared with the current waiting period of 30 days.

Further, the Sebi board approved measures aimed at reviving agricultural commodity derivatives trading.

In its board meeting, the regulator has decided to reintroduce open market share buybacks through stock exchanges with a faster execution timeline.

Reintroducing this buyback method would provide companies with an additional mechanism for undertaking buybacks while ensuring equitable opportunity and tax treatment for public shareholders. PTI MSU SP HVA

Open market share buybacks through exchanges gain a faster route, alongside eased fund borrowing and quicker AIF fundraising. Reintroduction of open market share buybacks through stock exchanges provides companies with an additional mechanism for undertaking buybacks and is intended to ensure equitable opportunity and tax treatment for public shareholders. The measure is accompanied by a faster execution timeline for such buybacks. Relaxation of intra-day borrowing norms for mutual funds eases borrowing constraints, while a green-channel mechanism for alternative investment funds permits fundraising to begin within 10 working days of filing placement memorandums.