March 29 Reuters India39;s market regulator on Wednesday agreed to give more power to shareholders and asked large corporations to make clearer disclosures to stock exchanges on marketmoving events.

The Securities and Exchange Board of India SEBI also gave retail investors greater control over the money they invest by ensuring that funds do not need to stay with stock brokers for a long period of time.

The SEBI is currently conducting an enquiry into the Adani Group, following allegations of stock manipulation and accounting fraud by U.S. shortseller Hindenburg Research. The Adani Group has denied all wrongdoing.

SEBI chief Madhabi Puri Buch declined to comment on any company specific issue, saying that its intent is to ensure that the spirit of a law is followed and not just the letter.

The SEBI board is doing away with the current practice of having permanent board members for publicly listed companies, saying in a statement that board seats would come up for voting every five years, making shareholder approval mandatory for any director.

The regulator also said that any special rights granted to a shareholder of a listed entity will need to come up for periodic shareholder approval.

Separately, SEBI approved a 330 billion rupee 4.01 billion fund to backstop the corporate debt market, which will step in to buy illiquid securities in times of stress.

The markets regulator has asked that the top 100 companies listed on its stock exchanges confirm or deny market…