The Securities and Exchange Board of India is in the process of ironing out differences on regulatory overlap, and harmonising various provisions of the listing agreement and the Companies Act with the ministry of company affairs.

"There are no two views about the regulatory overlap, which can at best be removed by the Sebi becoming the primary regulator for companies listed and to be listed on stock exchanges under Indian companies and securities laws," Sebi's head of listing Neelam Bhardwaj said at a PHDCCI seminar in New Delhi on Friday.

As "primary regulator", she said, "Sebi would then have the jurisdiction to regulate those activities of listed companies that generally affect shareholders' rights such as financial reporting, continuous disclosures, corporate governance, related party transactions, etc."