New Delhi: Working on ways to bolster its surveillance measures, the Securities and Exchange Board of India (Sebi) has plans to put in a framework for continuous listing norms for listed entities, according to a regulatory official.

The move also comes at a time when multiple agencies and regulators are clamping down on suspected shell companies as part of larger efforts to curb the black money menace. Sebi already has strict norms for listed entities and are updated on a continuous basis.

The person in the know said the regulator is looking to further strengthen the surveillance mechanism and weed out “paper- compliant companies". In this regard, the proposal to float an agenda paper to introduce the “initial and continuous listing norms" was discussed during a recent meeting of the secondary market advisory committee (SMAC), the person said quoting official documents.

Besides, a working group to study various aspects of a framework for continuous listing norms is to be set up, the official added. The SMAC has the mandate to review the developments in the secondary market and suggest measures for improvement, including changes to the regulatory framework.

Having initial and continuous listing norms will also help in stricter oversight and compliance regime for the listed entities. In recent times, the watchdog has been cracking the whip on companies, individuals and other entities for misuse of stock market platform to make illegal gains. Last month, Sebi had imposed curbs on 331 suspected shell companies and later following appeals, restrictions were lifted on some of them.