Sebi readies action plan to use new powers
SAMIE MODAK
Mumbai, 28 August
The Securities and Exchange Board of India (Sebi) has readied an action plan to start exercising its new powers.
On July 18, the president had promulgated an ordinance granting the securities regulator more teeth to effectively act against violators by conducting search and seizure operations and recover dues from them by attachment and sale of assets. The regulator is in the process of framing new regulations and issuing new internal guidelines to exercise these new powers, a Sebi board meeting agenda paper reveals.
Sebi plans to tie up with both domestic and foreign regulators with functions or powers similar to the ones it has.
It would take prior approval from the government before entering into any agreement with a foreign regulator, it has said.
It plans to request the government to establish or designate special courts for speedy trials of offences under securities laws. It is in the process of framing regulations to use disgorged amounts; it plans to credit such amounts recovered from violators into the Investor Education and Protection Fund. It would amend the Sebi ( Investor Protection and Education Fund) Regulations, 2009.
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