‘Relaxing penal action on deemed offers wasn’t easy’

MUMBAI: Easing the penal provisions for deemed public offers was “not an easy decision”, and there is no possibility of any further relaxations, Sebi chairman UK Sinha said Tuesday. Sebi had recently said unlisted companies raising funds through securities without a public offer document will be exempted from penal action if they provide a refund option along with 15% interest at the time of issuance.