Sebi notifies new norms to conduct search and seizure

Written by PTI | Mumbai | Updated: Jan 11 2014, 09:02am hrs
Adding extra powers to its crackdown against fraudsters, Sebi on Friday notified new norms empowering the chairman to order search and seizure operations during investigations, while necessary safeguards have also been put in place to protect rights of affected persons.

These norms come a day after Sebi notified new regulations for greater oversight on collective investment schemes, a stricter set of settlement procedures and a framework for providing refunds to small investors hit by irregularities in the markets. The new norms providing Sebi with powers to conduct search and seizure have been finalised after taking into account suggestions from public and other stakeholders to draft regulations, issued in November 2013. These regulations, which run into 24 pages, provide detailed procedures to be followed for issuance of warrants and execution of search and seizure orders, among others.