Noting that the surveillance and risk management framework in the commodity market is developing, Sinha said the process of bringing the system at par with the equities market would take a few months.
A Sebi probe found that the entities had not taken appropriate steps to comply with the minimum 25 per cent shareholding in the company
The proposed system would help make it easier for the existing and new market intermediaries to complete their registration and other regulatory filings with Sebi much faster and in a cost-effective way.
The move will help streamline procedures for issuance of debt securities on private placement basis, enhancing efficiency, transparency of the price discovery mechanism and improving liquidity in the secondary market.
Even as branch expansion for MF industry is considered important for penetration and offering direct service to retail investors and distributors, the industry witnessed a net decline in branch presence over the last one year.
This meeting is a part of the regulator’s effort to increase penetration of capital markets. The same issue was discussed in the annual brainstorming session of Sebi held from April 6-8.
Sebi also plans to put in place a mechanism for evaluating and enhancing the performance of CRAs, along with terms of reference for internal audits of CRAs.
Last month, the Securities and Exchange Board of India issued a circular stating that asset management companies (AMCs) have to disclose annual salaries on their respective websites under a separate head called ‘Remuneration’.
The event was attended by more than 100 senior Sebi officers including its entire top management — chairman UK Sinha, Whole Time Members R Raman, Rajeev Kumar Agarwal and Prashant Saran and executive directors.
A three-judge bench headed by Chief Justice T S Thakur also asked the regulator not to sell any of the properties of the beleaguered group below 90 per cent of the circle rates.
In an 18-page complaint, these investors have also alleged several financial irregularities at Cowtown Land Development.
Some analysts say that the disclosure with respect to absolute amount paid in commission and a comparison of TER in direct and regular plan will dissuade investors from taking the distributor route for investment.
The term ‘commission’ here refers to all direct monetary payments and other payments made in the form of gifts, rewards, trips, event sponsorships etc by AMCs/MFs to distributors.”
They can’t take positions in listed companies, says Sinha; new rules to hit Mallya, among others.
“The Economic Offences Wing of Mumbai Police has secured property worth Rs 6,375 crore under the Maharashtra Protection of Interest of Depositors Act (MPIDA),” the statement said.