The impending changes, for which an independent global consultant Oliver Wyman has been roped in by Sebi, would help the capital markets watchdog enhance its focus on mobilising household savings into capital markets and strengthen its supervisory functions.
Sebi's board has accepted the consultant's recommendations for overall of its functions, role and organisational set-up with a stronger workforce and greater IT resources, and the same are in the process of being implemented.
Further, Sebi (Securities and Exchange Board of India) had asked the consultant to re-define the vision, mission and value statements with the help of top officials of the regulatory authority.
"As advised by Sebi, the consultant has further refined the vision, mission and value statements," a senior official said, while adding that a narrative form of the final report on 'Project Shikhar' is being prepared now.
Among others, it has been recommended that Sebi should impart a greater focus on mobilising household savings into capital market assets, strengthen its supervisory functions and its oversight of listed companies.
Besides, Sebi has also been asked to work for a re-organisation of its functional departments, increase its manpower, improve its IT strategy for organisational efficiency and strengthen its training and performance management system.
The regulator had engaged Oliver Wyman in 2011 to "to revisit the structural and organisational issues, re-prioritise areas of focus and to look at the technological and manpower needs of Sebi". The entire exercise has been named as 'Project Shikhar'.
Meanwhile, Sebi is considering a 'triple-A approach' of spreading awareness among investors, promoting appropriate products and ensuring proper audit of the marketplace.
This is one of the key suggestions made by an independent consultant for an overhaul of Sebi's functions, role, structure and vision.
After consulting the internal and external stakeholders, Oliver Wyman, has suggested eight key goals for Sebi over the next five years, the top-most being 'increasing mobilisation of household savings into capital markets'.
The other goals identified in this project are building a diversified and balanced investor base in the country, developing viable alternatives to bank credit, enhancing ability to prevent and respond to crises, empowerment o investors and ensuring full trust and confidence of investors in the securities market.