SEBI asks bourses to save records till probe is over
Mumbai: Market regulator SEBI on Wednesday asked
bourses to preserve original records related to an
investigation till the trial is over instead of the current
practice of keeping the papers only for five years.
“The respective original is to be maintained till the
trial or investigation proceedings have concluded," market
regulator Securities and Exchange Board of India (SEBI) said
in a circular to all stock exchanges.
The regulator said enforcement agencies like the CBI,
police and the crime branch collect copy of the documents
during the course of the investigation but original records,
either in physical or electronic form, are required at the
time of the trial, SEBI said.
According to the SEBI (Stock Brokers and Sub-brokers)
Regulations, 1992, every stock broker is required to preserve
the specified books of account and other records for a minimum
period of five years.
In case such documents are maintained in electronic form,
provisions of Information Technology Act, 2000, would have to
be complied with, SEBI said.
Further, as per the Securities Contracts (Regulation)
Rules, 1957, bourses and their members are required to
preserve the specified books of account and documents for a
period ranging from two years to five years.
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