Sebi chief: Special courts being set up under new powers

Armed with new powers to act against offenders and market manipulators,Securities and Exchange Board of India Sebi chairman UK Sinha says the regulator has already begun utilising them in a big way and a process has been initiated to set up a special court to hear Sebi-related matters for faster prosecution.

New powers have made it easier for the Sebi to prosecute culprits,recover money from fraudsters and erring companies,as also facilitate a faster refund of investors hard-earned money, Sinha said,while adding that sufficient safeguards have been incorporated to check any abuse or misuse of these powers.

My worry is that the Ordinance through which we have got these powers should be soon converted into an Act of Parliament,as we have already begun utilising them and have taken actions based on these powers, Sinha told PTI in an interview.

The Sebi chairman said that sufficient safeguards have been put in place against any misuse of the new powers and all the genuine questions and worries about any abuse of these powers have been addressed.