Securities and Exchange Board of India chairman UK Sinha said on Friday that investigations were currently on into the recent crash in mid-cap stocks. Sinha said Sebi had collected some data in this regard,adding,however,that the information garnered so far wasnt conclusive in nature and that the probe would take some more time. But we want to assure everyone that we are acting very fast whenever there are attempts at market manipulation, he said,addressing reporters after a Sebi board meeting. Sinha added that finance minister P Chidambaram also expressed satisfaction over various steps being taken by the regulator for the capital markets. The Sebi board met with the finance minister on Friday to discuss the manner in which the government and the regulator could work together for the overall growth of the capital markets. Issues like simplified KYC (know-your-customer) norms for overseas investors and technology-related challenges were also discussed in the meeting. The chairman further said that the Sebi board made a presentation to Chidambaram regarding various steps taken by the regulatory authority and also about its future agenda. "The finance minister emphasised on improving capital market norms. He was satisfied with the changes made in the OFS framework and debt limits. He is also satisfied with the shareholding norms and has confirmed that PSUs will comply with it," Sinha said. The issues discussed also included a simplified set of KYC norms for foreign investors and various new offices being opened by the regulator in different parts of the country for the benefit of the markets and investors. Asked about the changes announced in the Rajiv Gandhi Equity Savings Scheme (RGESS) in the Union Budget,Sinha said that the "changes relate to the tax treatment for which the laws will be amended by the government."
