Sebi gets new powers to launch crackdowns against fraudsters

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Sebi notified new norms empowering its Chairman to order search and seizure operations during investigations (Reuters) Sebi notified new norms empowering its Chairman to order search and seizure operations during investigations (Reuters)
SummaryNew Sebi powers aimed at making Sebi more effective in protecting investor interest...

mark of identification.

The authorised officer may seek services of any police officer or of any officer of the Central Government, or State Government or both, to assist him in execution of warrant.

According to the new norms, the market regulator could seize documents including drawings and paintings, videotapes and computerised material, among others.

Further, as per the guidelines, if ingress into building or place required to be searched cannot be obtained or no one is present at the property, an authorised officer has the right to break open into the building. Similar procedure could be applied to search of vessel, vehicle or an aircraft.

Besides, the authorised officer would have the power to search any person if there is "reason to suspect that such person has secreted about his person any such books of account or other document". If the person being searched is a female, the search could be made only by another female officer.

For searching computer, the norms lay out that an authorised officer could use any reasonable measures to access a computer system or other data storage device, that the person being searched has in physical possession.

A statement could be recorded by the authorised officer in the presence of two witnesses. In the case where there is no witness the statement would have to be video-graphed.

An intermediary found to be in non-compliance with rules liable for adjudication.

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