Market regulator Securities and Exchange Board of India (SEBI) is considering a comprehensive tightening of the regulatory framework governing monitoring agencies to ensure timely, adequate and transparent reporting on the utilisation of issue proceeds raised through Initial Public Offers, rights issues and other equity fund-raising mechanisms, said sources aware of the discussion. SEBI is considering to amend the Issue of Capital and Disclosure Requirements (ICDR) Regulations. As per the sources, SEBI has discussed the issue with the key panel of primary markets to review the norms. SEBI has proposed that credit rating agencies, which act as fund tracking agency will directly submit the utilization report to stock exchanges besides the audit committee of the company. SEBI has a view that, delays in submission of monitoring agency reports and instances of inadequate disclosures have necessitated a review of the existing framework to strengthen investor protection.