Capital markets regulator SEBI can be unpleasant to the extent that it creates confidence but it must send across a message that nobody can go unpunished, its former chief U K Sinha has said.
Capital markets watchdog SEBI may be among India's most powerful regulators today but there was a time when people used to introduce its former chief U K Sinha as Chairman of SBI -- a similar sounding acronym but of State Bank of India.
Tyagi, 58, will also inherit from outgoing SEBI Chairman U.K. Sinha critical regulatory decisions, including whether to penalise India's largest exchange, National Stock Exchange, over potential trading violations and whether to adopt tougher rules against high-frequency traders.
Sebi wants more clarity on imposition of 10 percent Long Term Capital Gains (LTCG) tax proposed in the Union Budget, Chairman U K Sinha said today while asserting that the regulator would not allow market manipulation by those abusing tax exemptions.
Regulator Sebi is working on a new set of regulations to check misuse of social and digital media platforms for "misguiding investors" with false promises of high returns, outgoing chief U K Sinha said today.
Sebi is looking at imposing a bigger penalty for misuse of high-speed algo trades as also "following up" on full implementation of directions it issued in the case involving NSE, outgoing chairman U K Sinha said today.
Regulator Sebi is in favour of a major overhaul of the way boards of listed firms discharge their duties, including for appointment and removal of directors, and also wants their audit committee to be empowered to identify future risks.
To make start-up listing platform more attractive, Sebi Chairman U K Sinha today said the regulator is willing to consider suggestions for possible changes in the norms for such companies.
Markets regulator Sebi today said foreign portfolio investment through participatory notes has plunged to just 8 percent after it introduced greater disclosure norms.
Sebi Chairman U K Sinha, who was among the financial sector regulators present at the FSDC meeting, offered suggestions for the forthcoming budget for 2017-18.
The process for selecting the next chief of the Securities and Exchange Board of India (Sebi) started in September, pursuant to which several applications were received for the position.
"The appointments, sacking and role of independent directors is prescribed in the Companies Act as well as Sebi regulations. Sebi regulations in this regard are more tighter than those under Companies Act," Sinha told reporters on the sidelines of AIBI summit on 'Indian capital markets'.
Sinha said that the Securities and Exchange Board of India (Sebi) has extended the deadline till November 30 for public comments on the proposed norms to regulate investment advsiors on request from various asset management companies.
Sebi has received many "strong comments" on its proposed norms for HFT including suggestions that it should focus on norms which would cater to India-specific requirements and not adopt practices from other parts of the world, he said.
With the tightened norms, the credit rating agencies will have to share more details about the criteria followed in rating instruments, provide information in a user-friendly manner on their websites and also specifically mention in case a particular issuer did not cooperate at the time of rating.
Delivering the JRD Tata Memorial Lecture here, the Sebi chief also said that making regulators accountable to the government would "impinge upon their independence".
The Securities and Exchange Board of India (Sebi) had issued guidelines in February 2015 asking companies to appoint at least one woman director on their boards.
Presently, it takes six days after the close of bidding in the initial public offer (IPO) for a company to list on stock exchanges, thus keeping the investors' funds locked in for a longer period of time.
Exchanges will have to design the product for option keeping in mind various parameters, including risk parameters and then send it for Sebi approval, Sinha added.
He was addressing a seminar on challenges in developing the bond market in BRICS, organised by Ministry of Finance and Confederation of Indian Industry (CII).
While expressing satisfaction over the overall growth of domestic mutual fund industry, the markets regulator has also emphasised that it is not against distributors.
Jaitley will deliver the valedictory address at the one day BRICS Seminar on 'Challenges in Developing the Bond market in BRICS' in Mumbai tomorrow, a finance ministry statement said.
Amid concerns among staff about CBI scrutiny in some high-profile cases including in MCX matter, Sebi Chairman U K Sinha today assured that the employees need not worry as their interest is safeguarded under the Act governing the regulatory body.
FSDC, which was set up in December 2010 to strengthen and institutionalise the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development, will hold its 15th meeting tomorrow, official sources said.