Sebi plans stronger surveillance systems in 2013-14
New Delhi: Market regulator Sebi plans to put in place a stronger and more effective surveillance system in the next fiscal 2013-14, by way of greater checks against money laundering and an overhaul of its regulations for various market entities and trade activities.
The measures proposed to be taken in the fiscal beginning next month include enhanced surveillance of derivatives market, first-stage monitoring by brokers, stronger audit mechanism for market entities and review of anti-money laundering and terror combating funding norms.
Besides, Sebi also plans to bring in guidelines to address conflict of interest for credit rating agencies, introduce regulatory framework for foreign intermediaries soliciting business from investors in India and put in place a centralised KYC framework for the entire financial sector.
The proposed steps are part of Sebi's budget proposals for the year 2013-14, which have been approved by its board and would be implemented during the course of the year.
One of the top priorities identified by Sebi for 2013-14 would be "protecting the integrity and safety of the market through a stronger and more effective surveillance mechanism and by strengthening the inspection process of intermediaries", a senior executive said.
Sebi is also planning to strengthen its manpower in the next fiscal, besides greater efforts towards training and skill building of existing staff members.
The regulator would also strengthen its Data Warehousing and Business Intelligence System (DWBIS), the project which has been initiated in phases to generate reports to identify, detect and investigate aberrations and market abuses that undermine market integrity.
In its budget proposals, Sebi also said that it is necessary for the intermediaries to maintain high levels of compliance with the stipulated norms.
In order to provide the services to the investors at their door step and to promote a balanced securities market, Sebi is also working on enhancing the physical proximity of Sebi offices to investors and intermediaries.
While ten new local offices are expected to be functional by the end of this month, six more local offices are proposed to be opened during the year 2013-14.
Enthused by a significant increase in receipt of grievances due to its mass media campaign in 2012-13, Sebi plans to further strengthen the campaign in next fiscal.
More from India
More from World
More from Sports
More from Entertaiment
- 7th Pay Commission recommends 23.55% hike in salary for central govt employees; minimum salary set at Rs 18,000 per month
- Shocking fact of pay 'hike' in 7th Pay Commission recommendations!
- Full Report of 7th Pay Commission
- E-commerce war: Paytm Diwali sale offers 100% cashback on 25 million products
- Unbelievable! Clean and healthy meals on Indian Railways at just Rs 20