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O’Melveny’s Makarechian, Sinha Quoted in IFLR on Sebi Looking to HK Disclosure RulesNovember 30, 2012
O’Melveny & Myers LLP Singapore partner David Makarechian and counsel Pooja Sinha were quoted in the November 29, 2012, International Financial Law Review (IFLR) article, “Sebi looking to HK disclosure rules.” The lawyers recently participated in a panel discussion at IFLR’s Capital Markets Forum commenting on how the Securites and Exchange Board of India (Sebi) more and more is considering regional and international regulatory activity in mandating higher disclosure requirements.
Makarechian said, “Sebi has recently emphasized the need for counsel to move beyond checklist disclosure towards a much more involved standard.”
At the forum, Sinha pointed to Hong Kong as a key influencer. “Hong Kong has a similar market with high retail participation and many IPOs [initial public offerings], so Sebi may look towards its regulator’s activities,” she said.
However, she that India’s disclosure system appears to be working. “At the end of the day, we haven’t seen large-scale diligence fraud or failure in India,” Sinha said. “Regardless, it’s a good time to overhaul the framework.”