SEBI won't submit details of delay in quasi-judicial matters at April 26 meeting
The regulator had issued a guidance note on February 28 calling for regular monitoring of cases and to avoid delays.
The Securities and Exchange Board of India (SEBI) had issued a guidance note on February 28 calling for regular monitoring of cases and to avoid delays. However, the regulator in its forthcoming board meeting on April 26 will not be submitting details of delay in quasi-judicial matters and will only mention the guidance note.
“In SEBI, more than 10 thousand cases are pending of which nearly 90 percent cases are more than a year old. SEBI is ready to share this detail from next board meeting (after April 26),” a source privy to the information told Moneycontrol.
During the earlier meeting, Sebi had decided that if matters are pending beyond a year then a status report may be put up to the Board with chronology of events with reasons and justification in each case. The regulator also said that quasi-judicial authorities should endeavour to pass confirmatory orders within a period of three months and pass final order within one year of passing of interim order.The move comes after the previous SEBI chief UK Sinha met with Chief Vigilance Commission on February 10, during which the question of SEBI officials being questioned on vigilance and investigative agencies launching probes was discussed.