SEBI announced, it will put in place stringent norms for high frequency trades along with higher penalties for misuse and initiate strong action against auditors for lapses.
The interim plea, which was filed in a pending PIL seeking CBI inquiry against Indian offshore bank account holders named in the Panama papers, was mentioned before the vacation bench by lawyer M L Sharma.
The Sebi board took the decision after concerns were raised by the Supreme Court-appointed Special Investigation Team (SIT) on black money.
Sebi plans to approach the government seeking amendments to securities law for more clarity on adjudicating officers’ discretionary powers in determining the quantum of monetary penalty in cases of violations.
More than the food, the hot topic of discussion was loan defaulter Vijay Mallya and what needs to be done to recover the money from him and others like him.
Currently, the regulator does not have any pension scheme.
Major exchanges in the country include BSE and NSE, both of which have their own clearing corporations.
Sai Multi Services was collecting money from the public under its scheme for buying buffaloes and the investors were assured guaranteed monthly return by selling the milk produced from these buffaloes.
Sebi is also probing any possible violation of norms aimed at checking fraudulent and unfair trades and compromising the interest of minority shareholders.
According to sources, the exchange plans to file IPO papers with Sebi in July to mop-up around Rs 800 crore.
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.