SEBI for greater transparency by market entities, promoters

The SEBI board also decided that the currency derivative segment would have self-clearing members and they would be required to have networth of Rs 5 crore.

The two proposals -- one on the new Takeover Code and the second on governance and ownership of stock exchanges and other market infrastructure institutions -- were aimed at brining in sweeping changes in the way the takeovers are conducted and the bourses are owned, respectively. Bhave said that the government was still in consultations on the new Takeover Code and SEBI would take a decision once it hears the final word from the Centre on this issue. But, the regulator sought more time for new norms for takeover of companies, as also for ownership and governance issues of stock exchanges, clearing corporations and depositories. While the SEBI is awaiting some more clarity from the government on the Takeover Code, the regulator was collating the feedback received on Jalan panel recommendations. The Takeover Code has been awaiting a clearance for many months now and has been discussed in at least three meetings of the SEBI board, which has representations from the government also, so far without any final decision. While Bhave did not specify any reasons for delay in decisions on these two major issues, sources close to the development said that the government is of the view that these matters could be best taken up by the next SEBI chief. Asked about the end of his tenure, the outgoing SEBI chief said it was the institution that was supreme and not the person heading it.
"Sebi in an institution. Chairmen come and go, but SEBI remains there," Bhave said, adding that he enjoyed his tenure. "It's been pleasure intreracting with you people (as SEBI Chairman)," he said, but refused to take any further personal questions.
Bhave took charge as Sebi chairman on February 18, 2008 on a three-year term. His tenure as the most powerful person in the capital market was marked with many significant developments, including some steps lauded as highly pro-investor, as also some decisions that angered a host of entities including insurance regulator Irda and corporate houses like Sahara and FTIL-MCX group.