New Delhi: Concerned over a massive Rs 11,000-crore fraud at PNB remaining undetected for years, markets regulator Sebi may give a fresh push to its "on-hold" proposal to mandate listed firms to disclose all loan defaults within a day.
With an aim to help investors take an informed decision at the earliest in cases of loan default, Sebi had proposed to mandate listed companies to make immediate disclosure about their loan defaults.
However, the proposal had to put "on-hold" apparently after reservations expressed by the banking industry that such a move can create a panic like situation.
"With the PNB fraud coming to light, it has become important to ensure timely disclosure of even a small loan default rather than the situation to balloon into a major crisis," a senior official said.
Sebi is planning to make a fresh push on its earlier proposal, although it is open to make a constructive changes to the proposed framework, he added.
The regulator plans to go ahead with its earlier proposal that mandated listed companies to disclose any payment defaults to banks and financial institutions within one working day of such a miss.